RESIDENTIAL ACCREDIT LOANS INC
8-K, 1999-11-09
ASSET-BACKED SECURITIES
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                                 EXECUTION COPY

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                              RESIDENTIAL ACCREDIT LOANS, INC.,

                                           Company,

                               RESIDENTIAL FUNDING CORPORATION,

                                       Master Servicer,

                                             and

                                    BANKERS TRUST COMPANY,

                                           Trustee

                                      SERIES SUPPLEMENT,

                                 DATED AS OF OCTOBER 1, 1999,

                                              TO

                                      STANDARD TERMS OF
                               POOLING AND SERVICING AGREEMENT

                                  dated as of August 1, 1999

                       Mortgage Asset-Backed Pass-Through Certificates

                                       Series 1999-QS13

===============================================================================


<PAGE>


<TABLE>
<CAPTION>

<S>                                                                                        <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>

<PAGE>


                                           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


<PAGE>



        This is a Series  Supplement,  dated as of October 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.


<PAGE>


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

<TABLE>
<CAPTION>


                                AGGREGATE
                                 INITIAL                                        STANDARD &
                               CERTIFICATE                                       POOR'S/

               PASS-THROUGH     PRINCIPAL                        MATURITY      ------------     MINIMUM
 DESIGNATION      RATE          BALANCE        FEATURES1           DATE           FITCH      DENOMINATIONS2

<S>               <C>       <C>                <C>           <C>                 <C>           <C>
Class CB-1        8.00%     $158,406,900.00       Senior     October 25, 2029    AAA/AAA       $25,000.00
Class CB-P        0.00%       $5,109,900.00      Principal    October 25, 2029   AAAr/AAA      $25,000.00
                                               Only/Senior

Class NB          7.75%     $86,842,100.00        Senior     October 25, 2029    AAA/AAA       $25,000.00

Class A-P         0.00%      $1,432,398.79      Principal    October 25, 2029    AAAr/AAA      $25,000.00
                                               Only/Senior
CLASS A-V       VARIABLE             $0.00(2)    VARIABLE    OCTOBER 25, 2029    AAAR/AAA    4
               RATE3                           Strip/Senior
CLASS R           7.75%            $100.00     RESIDUAL/SENIOOCTOBER 25, 2029    AAA/AAA     5
Class M-1         7.75%     $11,328,000.00      Mezzanine    October 25, 2029     NA/AA        $25,000.00
Class M-2         7.75%      $3,411,900.00      Mezzanine    October 25, 2029      NA/A       $250,000.00
Class M-3         7.75%      $2,866,000.00      Mezzanine    October 25, 2029     NA/BBB      $250,000.00
Class B-1         7.75%      $1,637,700.00     Subordinate   October 25, 2029     NA/BB       $250,000.00
Class B-2         7.75%        $818,900.00     Subordinate   October 25, 2029      NA/B       $250,000.00
Class B-3         7.75%      $1,091,849.28     Subordinate   October 25, 2029     NA/NA       $250,000.00
</TABLE>


        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $272,945,748.07.

        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 0.5483%. 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

<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.

        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

                                        3
<PAGE>


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

                                        4


<PAGE>

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, 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-QS13" and which must be an Eligible Account.

        CERTIFICATE POLICY:  None.

        CLASS CB CERTIFICATE:  Any one of the Class CB-1  Certificates and Class
CB-P 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),  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 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  Certificates  and  Class  R
Certificates  immediately prior to such Distribution Date

                                        5
<PAGE>

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),  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:  October 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-QS13.

        CUT-OFF DATE: October 1, 1999.

        DISCOUNT NET MORTGAGE RATE: 7.75% 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 minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of

                                        6
<PAGE>

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 of less than or
equal to (i)  $240,000  in the  case of  Mortgage  Loans  secured  by  Mortgaged
Properties  consisting of a single  dwelling unit,  (ii) $307,100 in the case of
Mortgage Loans secured by Mortgaged Properties consisting of two dwelling units,
(iii)  $371,200 in the case of Mortgage  Loans  secured by Mortgaged  Properties
consisting of three  dwelling  units,  and (iv) $461,350 in the case of Mortgage
Loans secured by Mortgaged Properties consisting of four dwelling units.

        GROUP NB LOANS:  The Mortgage  Loans  designated  on the  Mortgage  Loan
Schedule as Group NB Loans,  having original  principal balances exceeding those
amounts listed in clauses (i) through (iv) of the definition of Group CB Loans.

        INITIAL MONTHLY PAYMENT FUND: $28,037,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on November 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: 4.15%            Class B-1: 0.60%
        Class M-2: 1.25%            Class B-2: 0.30%
        Class M-3: 1.05%            Class B-3: 0.40%


                                        7
<PAGE>


     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.

        LOAN GROUP: Either or both of the CB Loan Group or the NB Loan Group.

     MATURITY  DATE:   October  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.

                                        8
<PAGE>


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 Principal Only 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 0.5483% 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:

                                        9
<PAGE>


        (i)    For any  Distribution  Date  prior  to the  Distribution  Date in
               November 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.

                                        10
<PAGE>


     PRINCIPAL ONLY  CERTIFICATES:  Any one of the Class CB-P  Certificates  and
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
$2,729,457  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 25.7%
(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.

                                        11
<PAGE>


        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  (without giving effect
to the related Senior  Percentages) 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  (without  giving effect to the
related  Senior  Accelerated  Distribution   Percentages)  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  2,114  uncertificated  partial  undivided  beneficial
ownership  interests in the Trust Fund,  numbered  sequentially  from 1 to 2,114
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.


                                        12
<PAGE>

                                   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 seven
     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  0.3% 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


                                        13
<PAGE>


     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 1.5% 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  37.76% 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  10.00%  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  1.8% 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  64.02%
     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  23.7% 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  0.7% 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  49.66% of the Group CB Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date,  and
        approximately  3.78% 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) One Mortgage Loan,  representing  0.2% of the Mortgage  Loans, is a Buydown
     Mortgage Loan;

(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);

                                        14
<PAGE>


(xiii)  A policy of title  insurance  was  effective  as of the  closing of each
        Mortgage  Loan and is valid and  binding  and  remains in full force and
        effect;

(xiv)   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)  Two  of the  Mortgage  Loans  contain  in the  related  Mortgage  File a
        Destroyed Mortgage Note;

(xviii) No more  than  0.8% of the  Group CB Loans  and no more than 1.6% 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

                                        15
<PAGE>

the option to substitute a Qualified  Substitute Mortgage Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered.  Any such  substitution  shall be effected by the Company
under  the  same  terms  and   conditions   as  provided  in  Section  2.04  for
substitutions  by  Residential  Funding.  It is  understood  and agreed that the
obligation  of the Company to cure such  breach or to so purchase or  substitute
for any Mortgage  Loan as to which such a breach has occurred and is  continuing
shall  constitute  the sole  remedy  respecting  such  breach  available  to the
Certificateholders   or  the  Trustee  on  behalf  of  the   Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

SECTION 2.04.  REPRESENTATIONS  AND WARRANTIES OF SELLERS.  (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.

                                        16


<PAGE>

                                  ARTICLE III


                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)


                                        17
<PAGE>



                                   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-1  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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<PAGE>

          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

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<PAGE>

          at a rate of 7.75% 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;

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<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


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<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


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<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-1 Certificates and Class CB-P  concurrently,  on a pro rata basis, in
        proportion to their respective Certificate Principal Balances, until the
        Certificate Principal Balances thereof have been reduced to zero; and

               (iii)  the  Class  NB  Principal  Distribution  Amount  shall  be
        distributed as follows:

                       (A)   FIRST,  to  the  Class  R  Certificates  until  the
                             Certificate  Principal  Balance  thereof  has  been
                             reduced to zero; and

                      (B)    SECOND,  to the  Class NB  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


                                        24
<PAGE>

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 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

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<PAGE>

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 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

                                        26
<PAGE>

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 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.


                                        27
<PAGE>

        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)

                                        28

<PAGE>


                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                        29

<PAGE>


                                   ARTICLE VI

                       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-1,  Class CB-P,  Class NB, 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:

- ---------------------------------- --------------------------------------------
            RECIPIENT                                         ADDRESS

- ---------------------------------- --------------------------------------------
- ---------------------------------- --------------------------------------------
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-QS13

                                   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

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


                                        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:  Randy Van Zee
      Title: Vice President

                                            RESIDENTIAL FUNDING CORPORATION

[Seal]

                                            BY:
                                                 Name:  Randy Van Zee
                                                 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 October,  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 October,  1999  before me, a notary  public in
and for said  State,  personally  appeared  Randy  Van Zee,  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 October, 1999 before me, a notary public in and
for said  State,  personally  appeared  _______________,  known to me to be a[n]
_________________ of Bankers Trust Company, 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>



DOCSNY1:619816.3                              O-2

DOCSNY1:619816.3

                                         EXHIBIT ONE

                                    MORTGAGE LOAN SCHEDULE



1

  RUN ON     : 10/28/99           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 10.26.99          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 1999-QS13                                 CUTOFF : 10/01/99
  POOL       : 0004405
             :
             :
  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 #
  ______________________________________________________________________________


    1595318          E22/K05             F          175,500.00         ZZ
                                         360        172,192.31          1
    178 BERTEL DRIVE                   8.250          1,318.47         90
                                       8.000          1,318.47      195,000.00
    COVINGTON        LA   70433          1            06/16/97         23
    0410315840                           05           08/01/97          0
    410315840                            O            07/01/27
    0


    1606650          H34/K05             F           50,575.00         ZZ
                                         360         49,329.78          1
    1 TETSWORTH LANE                   8.250            379.96         85
                                       8.000            379.96       59,500.00
    BELLA VISTA      AR   72714          5            07/18/97         12
    0430296327                           03           09/01/97         12
    213361                               O            08/01/27
    0


    1744712          891/G02             F           69,128.00         ZZ
                                         347         68,507.83          1
    6072 SW 32ND AVENUE                7.750            500.02         50
                                       7.500            500.02      140,000.00
    OWATONNA         MN   55060          2            05/07/99         00
    0431517721                           05           07/01/99          0
    98070290                             O            05/01/28
    0


    1792705          J86/G02             F           26,700.00         ZZ
                                         360         26,498.82          1
    327 ROYCROFT DRIVE                 8.625            207.67         90
                                       8.375            207.67       29,700.00
    ROCHESTER        NY   14621          1            09/24/98         14
    0431046259                           05           11/01/98         25
1


    KEELSR1750NY004                      N            10/01/28
    0


    1803777          757/G02             F           22,400.00         ZZ
                                         360         22,211.18          1
    13 PINE AVENUE                     8.375            170.26         70
                                       8.125            170.26       32,000.00
    DEERFIELD        NH   03101          1            08/07/98         00
    0431021963                           05           10/01/98          0
    3560158                              N            09/01/28
    0


    1814271          H49/G02             F           39,100.00         ZZ
                                         360         38,630.51          1
    2016 VALLEY VIEW DRIVE             8.125            290.32         77
                                       7.875            290.32       51,000.00
    FOLCROFT         PA   19032          1            12/04/98         11
    0431148956                           07           01/01/99         25
    0012699956                           N            12/01/28
    0


    1822237          E22/G02             F           28,800.00         ZZ
                                         360         28,516.87          1
    619 EAST 9TH STREET                8.250            216.36         90
                                       8.000            216.36       32,000.00
    CHEYENNE         WY   82001          1            10/07/98         04
    0411049406                           05           12/01/98         25
    411049406                            N            11/01/28
    0


    1829111          E26/G02             F           27,450.00         ZZ
                                         360         27,240.47          1
    535 PINE STREET                    8.000            201.42         90
                                       7.750            201.42       30,500.00
    BETHLEHEM        PA   18018          1            10/19/98         11
    0431083211                           07           12/01/98         25
    60800995                             N            11/01/28
    0


    1829119          E26/G02             F           27,450.00         ZZ
                                         360         27,239.00          1
    533 PINE STREET                    8.000            201.42         90
                                       7.750            201.42       30,500.00
    BETHLEHM         PA   18018          1            10/19/98         11
    0431083203                           07           12/01/98         25
    60800994                             N            11/01/28
    0


1


    1830064          638/G02             F           26,910.00         ZZ
                                         360         26,719.41          1
    1229 W ATLANTIC                    8.375            204.54         90
                                       8.125            204.54       29,900.00
    SPRINGFIELD      MO   65803          1            10/20/98         10
    0431086107                           05           12/01/98         25
    08804809                             N            11/01/28
    0


    1831354          E22/G02             F           26,950.00         ZZ
                                         360         26,759.17          1
    706 CAMDEN AVENUE                  8.375            204.84         52
                                       8.125            204.84       51,950.00
    LOUISVILLE       KY   40215          1            10/29/98         00
    0411087596                           05           12/01/98          0
    411087596                            O            11/01/28
    0


    1838853          H49/G02             F           28,800.00         ZZ
                                         360         28,624.40          1
    3136 ARLINGTON                     8.625            224.00         90
                                       8.375            224.00       32,000.00
    EVANSVILLE       IN   47712          1            11/30/98         12
    0431164722                           05           01/01/99         25
    0012707651                           N            12/01/28
    0


    1843328          638/G02             F           29,700.00         ZZ
                                         360         29,168.11          1
    3207 EAST MEMORIAL DRIVE           8.125            220.52         90
                                       7.875            220.52       33,000.00
    MUNCIE           IN   47302          1            11/06/98         10
    0431112093                           05           01/01/99         25
    08804014                             N            12/01/28
    0


    1846553          227/G02             F          111,200.00         ZZ
                                         360        111,200.00          1
    RR 1 BOX 4104                      8.875            884.76         80
                                       8.625            884.76      139,000.00
    DAVIS            OK   73030          4            09/03/99         00
    0431507052                           05           11/01/99          0
    1809804                              O            10/01/29
    0


    1848947          H19/G02             F           29,400.00         ZZ
                                         360         29,222.10          1
    2528 NW 24TH                       8.125            218.30         70
                                       7.875            218.30       42,000.00
1


    NEWCASTLE        OK   73065          1            12/23/98         00
    0431179506                           05           02/01/99          0
    0001895531                           N            01/01/29
    0


    1855679          A34/G02             F           27,000.00         ZZ
                                         360         26,840.76          1
    2296 PERKINS COURT                 8.250            202.84         73
                                       8.000            202.84       37,000.00
    COLUMBUS         OH   43229          1            12/10/98         00
    0431223957                           05           02/01/99          0
    TIMMONS                              O            01/01/29
    0


    1857816          E22/G02             F           28,700.00         ZZ
                                         360         28,534.90          1
    907 2ND AVENUE                     8.375            218.14         90
                                       8.125            218.14       31,900.00
    ROCKFORD         IL   61104          1            12/18/98         04
    0411195266                           05           02/01/99         25
    411195266                            N            01/01/29
    0


    1857835          E22/G02             F           27,450.00         ZZ
                                         360         27,267.08          1
    5295 CARROLL                       8.250            206.23         90
                                       8.000            206.22       30,500.00
    SOUTH BEND       IN   46614          1            12/18/98         04
    0411199060                           05           02/01/99         25
    411199060                            N            01/01/29
    0


    1857909          E22/G02             F           27,000.00         ZZ
                                         360         26,655.10          1
    3245 BINDER DRIVE                  9.000            217.25         90
                                       8.750            217.25       30,000.00
    HOLIDAY          FL   34691          1            12/17/98         04
    0411047590                           05           02/01/99         25
    411047590                            N            01/01/29
    0


    1861422          E22/G02             F           27,750.00         ZZ
                                         360         27,319.15          1
    111 E. 79TH STREET                 8.750            218.31         90
                                       8.500            218.31       30,839.00
    KANSAS CITY      MO   64114          1            12/08/98         10
    0411186703                           05           02/01/99         25
    411186703                            N            01/01/29
    0
1




    1866946          H76/G02             F          125,000.00         ZZ
                                         360        124,415.81          1
    2560 MAIN STREET                   8.125            928.13         72
                                       7.875            928.13      175,000.00
    BETHLEHAM        NH   03574          5            02/04/99         00
    0431218429                           05           04/01/99          0
    980000180924                         O            03/01/29
    0


    1870309          H49/G02             F           86,500.00         ZZ
                                         360         86,002.06          1
    9 EAST 191ST STREET                7.625            612.24         20
                                       7.375            612.24      448,000.00
    WESTFIELD        IN   46074          5            02/04/99         00
    0431224781                           05           04/01/99          0
    307337                               O            03/01/29
    0


    1870575          225/225             F           27,900.00         ZZ
                                         360         27,697.36          1
    2717 TUPELO                        8.250            209.61         90
                                       8.000            209.61       31,000.00
    LAKE CHARLES     LA   70601          1            10/16/98         14
    7052695                              05           12/01/98         25
    7052695                              N            11/01/28
    0


    1873683          E35/G02             F           84,000.00         ZZ
                                         360         83,638.46          1
    14930 NW 16 DR                     7.750            601.79         70
                                       7.500            601.79      120,000.00
    NORTH MIAMI BEA  FL   33167          2            03/25/99         00
    0431291970                           05           05/01/99          0
    0000                                 N            04/01/29
    0


    1880007          560/560             F           27,000.00         ZZ
                                         360         26,735.05          1
    394 CHEW STREET                    8.000            198.12         90
                                       7.750            198.12       30,000.00
    ALLENTOWN        PA   18102          1            07/16/98         21
    497358903                            05           09/01/98         25
    497358903                            N            08/01/28
    0


    1880076          560/560             F           29,700.00         ZZ
                                         360         29,430.29          1
1


    311 E EVERETT AVENUE               8.000            217.93         90
                                       7.750            217.93       33,000.00
    SPOKANE          WA   99207          1            08/14/98         21
    498363407                            05           10/01/98         25
    498363407                            N            09/01/28
    0


    1881316          B75/G02             F           24,750.00         ZZ
                                         360         24,646.14          1
    208 CONESTOGA ROAD                 7.875            179.45         75
                                       7.625            179.45       33,000.00
    PITTSBURGH       PA   15235          1            03/19/99         00
    0431322981                           05           05/01/99          0
    6570782                              O            04/01/29
    0


    1881799          H76/G02             F           76,000.00         ZZ
                                         360         75,653.09          2
    73-75 SACKETT STREET               8.000            557.67         95
                                       7.750            557.67       80,000.00
    PROVIDENCE       RI   02907          2            03/19/99         01
    0431262740                           05           05/01/99         30
    990000187571                         O            04/01/29
    0


    1888682          Q49/G02             F           24,500.00         ZZ
                                         360         24,407.01          2
    3478 BENITEAU                      8.375            186.22         81
                                       8.125            186.22       30,500.00
    DETROIT          MI   48214          5            03/24/99         12
    0431288950                           05           05/01/99         12
    0000                                 O            04/01/29
    0


    1890016          180/G02             F           35,000.00         ZZ
                                         359         34,836.21          1
    606 WILLOW CREEK DR                6.375            218.35         23
                                       6.125            218.35      155,000.00
    FOLSOM           CA   95630          1            03/25/99         00
    0431303908                           05           06/01/99          0
    0114274070                           O            04/01/29
    0


    1890047          229/G02             F           31,600.00         ZZ
                                         360         31,495.24          1
    216 MORSE STREET                   8.125            234.63         84
                                       7.875            234.63       37,800.00
    HAMDEN           CT   06517          1            04/27/99         10
    0431346329                           05           06/01/99         20
1


    16615445                             N            05/01/29
    0


    1890051          229/G02             F           30,600.00         ZZ
                                         360         30,539.53          1
    214 MORSE STREET                   8.125            227.21         87
                                       7.875            227.21       35,530.00
    HAMDEN           CT   06517          1            06/03/99         10
    0431391580                           05           08/01/99         25
    0016706384                           N            07/01/29
    0


    1890453          H37/G02             F           57,600.00         ZZ
                                         360         57,494.58          1
    2319 SOUTH 11TH STREET             8.500            442.89         90
                                       8.250            442.89       64,000.00
    PHILADELPHIA     PA   19148          1            06/22/99         14
    0431367267                           07           08/01/99         25
    990141                               N            07/01/29
    0


    1891427          B75/G02             F           30,000.00         ZZ
                                         360         29,307.92          1
    19847 ANITA AVENUE                 8.000            220.13         18
                                       7.750            220.13      170,000.00
    CASTRO VALLEY    CA   94546          1            02/05/99         00
    0431255108                           05           04/01/99          0
    6402820                              O            03/01/29
    0


    1891460          E45/E45             F           20,700.00         ZZ
                                         360         20,600.81          1
    4184 ROY AVENUE                    8.000            151.89         90
                                       7.750            151.89       23,000.00
    MACON            GA   31206          2            02/16/99         04
    47453                                05           04/01/99         25
    47453                                N            03/01/29
    0


    1892161          129/G02             F           30,600.00         ZZ
                                         360         30,498.53          1
    22740 MACARTHUR                    8.125            227.21         90
                                       7.875            227.21       34,000.00
    WARREN           MI   48089          1            04/09/99         11
    0431294107                           05           06/01/99         30
    3500344860                           N            05/01/29
    0


1


    1894168          Q07/G02             F          161,200.00         ZZ
                                         360        160,584.34          1
    4675 STONE RIDGE TRAIL             8.375          1,225.24         74
                                       8.125          1,225.24      220,000.00
    SARASOTA         FL   34232          2            03/23/99         00
    0431283274                           03           05/01/99          0
    98601844                             O            04/01/29
    0


    1894263          687/G02             F           27,000.00         ZZ
                                         360         26,912.75          1
    3412 BELDEN AVE                    8.250            202.84         90
                                       8.000            202.84       30,000.00
    YOUNGSTOWN       OH   44502          1            04/28/99         10
    0431332303                           05           06/01/99         25
    1800884                              N            05/01/29
    0


    1896318          134/G02             F           26,910.00         ZZ
                                         240         26,643.80          1
    881 VINE STREET                    8.375            231.41         90
                                       8.125            231.41       29,900.00
    ABILENE          TX   79602          1            03/24/99         11
    0431274026                           05           05/01/99         25
    7335848                              N            04/01/19
    0


    1897733          M29/G02             F          191,000.00         ZZ
                                         360        190,398.06          1
    2872 DANISH OAKS COURT             8.375          1,451.74         54
                                       8.125          1,451.74      360,000.00
    SANDY            UT   84093          5            04/22/99         00
    0431306752                           05           06/01/99          0
    0000                                 O            05/01/29
    0


    1898731          140/G02             F           23,600.00         ZZ
                                         360         23,519.75          1
    210 MASTIN LAKE ROAD NW            8.000            173.17         69
                                       7.750            173.17       34,500.00
    HUNTSVILLE       AL   35811          2            04/23/99         00
    0431304450                           05           06/01/99          0
    449570                               N            05/01/29
    0


    1899811          140/G02             F           33,500.00         ZZ
                                         360         33,388.91          1
    2505 MOUNTAINVIEW DR               8.125            248.74         45
                                       7.875            248.74       75,000.00
1


    ST ALBANS        WV   25177          5            04/28/99         00
    0431316421                           05           06/01/99          0
    445597                               N            05/01/29
    0


    1899815          L55/G02             F           39,000.00         ZZ
                                         360         38,894.27          2
    23-10 23RD AVENUE                  8.000            286.17         17
                                       7.750            286.17      235,000.00
    ASTORIA          NY   11105          5            05/11/99         00
    0431337070                           05           07/01/99          0
    6600                                 O            06/01/29
    0


    1900606          Q69/G02             F           32,855.00         ZZ
                                         360         32,629.88          1
    831 BUCKELEW STREET                8.500            252.63         61
                                       8.250            252.63       54,500.00
    DALLAS           TX   75208          5            05/20/99         00
    0431337815                           05           07/01/99          0
    9809008                              O            06/01/29
    0


    1901486          976/R18             F           44,000.00         ZZ
                                         360         43,845.31          3
    24 & 24R CHERRY STREET             8.750            346.15         80
                                       8.500            346.15       55,000.00
    PAWTUCKET        RI   02860          1            03/30/99         00
    655416212                            05           05/01/99          0
    5449979                              N            04/01/29
    0


    1901837          976/R18             F           45,000.00         ZZ
                                         360         44,844.37          4
    1540-1542 BLAIR AVENUE             8.875            358.05         90
                                       8.625            358.05       50,000.00
    CINCINNATI       OH   45207          1            03/26/99         11
    655420941                            05           05/01/99         25
    5641389                              N            04/01/29
    0


    1901890          976/R18             F           34,200.00         ZZ
                                         360         34,079.72          1
    4502 HARTWICK STREET               8.750            269.06         90
                                       8.500            269.06       38,000.00
    HOUSTON          TX   77093          1            03/12/99         04
    655421667                            05           05/01/99         25
    5653823                              N            04/01/29
    0
1




    1902541          B75/G02             F           34,650.00         ZZ
                                         360         34,483.95          1
    145 CLAY STREET                    8.000            254.25         90
                                       7.750            254.25       38,500.00
    BOYERS           PA   16020          1            02/26/99         04
    0431320456                           05           04/01/99         25
    6464390                              N            03/01/29
    0


    1903062          134/G02             F           33,500.00         ZZ
                                         360         33,391.68          1
    203 BARNETT N.E.                   8.250            251.68         72
                                       8.000            251.68       47,000.00
    GRAND RAPIDS     MI   49503          2            05/03/99         00
    0431337583                           05           06/01/99          0
    7855090                              N            05/01/29
    0


    1903234          H49/G02             F           47,400.00         ZZ
                                         360         47,258.06          1
    1059 BROOKWOOD LANE                8.625            368.67         90
                                       8.375            368.67       52,800.00
    DARBY TOWNSHIP   PA   19036          1            04/30/99         11
    0431315399                           07           06/01/99         25
    0000                                 N            05/01/29
    0


    1903379          638/G02             F           27,000.00         ZZ
                                         360         26,911.58          1
    1318 47TH STREET                   8.375            205.22         90
                                       8.125            205.22       30,000.00
    LUBBOCK          TX   79412          1            04/08/99         14
    0431301779                           05           06/01/99         25
    8868251                              O            05/01/29
    0


    1903446          140/G02             F           34,200.00         ZZ
                                         360         34,111.88          1
    1200 SEMINOLE DRIVE                8.250            256.93         90
                                       8.000            256.93       38,000.00
    DOTHAN           AL   36301          1            05/05/99         10
    0431322148                           05           07/01/99         25
    451303                               N            06/01/29
    0


    1904256          377/377             F           33,300.00         ZZ
                                         360         33,183.47          1
1


    3006 AVENUE SOUTH NW               8.500            256.05         90
                                       8.250            256.05       37,000.00
    WINTER HAVEN     FL   33881          1            04/12/99         10
    6620546                              05           06/01/99         25
    6620546                              N            05/01/29
    0


    1904647          B75/G02             F           29,700.00         ZZ
                                         360         29,608.74          1
    11013 CRENCHRUS COURT              8.500            228.37         90
                                       8.250            228.37       33,000.00
    HOUSTON          TX   77086          1            04/01/99         11
    0431316603                           03           06/01/99         25
    6486476                              N            05/01/29
    0


    1905027          G88/G02             F           38,800.00         ZZ
                                         360         38,725.24          1
    50 FRANKLIN HEIGHTS                8.250            291.50         80
                                       8.000            291.50       48,500.00
    ROCHESTER        NH   03867          2            06/17/99         00
    0431368760                           01           08/01/99          0
    9904031                              O            07/01/29
    0


    1905247          L94/G02             F           29,200.00         ZZ
                                         360         29,130.32          1
    6318 SPRAGUE STREET                8.625            227.11         80
                                       8.375            227.11       36,500.00
    OMAHA            NE   68106          1            05/12/99         00
    0431336460                           05           07/01/99          0
    1905247                              N            06/01/29
    0


    1905290          771/G02             F           33,600.00         ZZ
                                         240         33,438.09          1
    22 COUNTY ROUTE 1                  8.500            291.59         84
                                       8.250            291.59       40,000.00
    BOMBAY           NY   12914          5            06/11/99         10
    0431361765                           05           08/01/99         12
    0000                                 O            07/01/19
    0


    1905326          369/G02             F           33,650.00         ZZ
                                         360         33,538.40          1
    4207 BEAVER AVE                    8.125            249.86         90
                                       7.875            249.86       37,411.00
    FORT WAYNE       IN   46807          1            04/13/99         21
    0431308097                           05           06/01/99         25
1


    0071312169                           O            05/01/29
    0


    1906181          940/G02             F           33,750.00         ZZ
                                         360         33,640.85          1
    2361 SAN HELICE COURT              8.250            253.56         90
                                       8.000            253.56       37,500.00
    HEMET            CA   92545          1            04/19/99         10
    0431338805                           05           06/01/99         25
    62460                                N            05/01/29
    0


    1906259          A33/G02             F           30,600.00         ZZ
                                         360         30,519.14          1
    2459 N BOND                        8.125            227.20         90
                                       7.875            227.20       34,000.00
    SAGINAW          MI   48602          1            05/27/99         10
    0431345412                           05           07/01/99         25
    011072933                            N            06/01/29
    0


    1906557          940/G02             F           34,200.00         ZZ
                                         360         34,089.42          1
    1945 CALLE DIABLO                  8.250            256.94         90
                                       8.000            256.94       38,000.00
    HEMET            CA   92545          1            04/20/99         10
    0431338813                           05           06/01/99         25
    62444                                N            05/01/29
    0


    1907092          A33/G02             F           25,000.00         ZZ
                                         360         24,957.65          1
    208 EASON                          8.875            198.91         30
                                       8.625            198.91       86,000.00
    HIGHLAND PARK    MI   48203          5            06/10/99         00
    0431362946                           05           08/01/99          0
    01507102                             N            07/01/29
    0


    1907129          134/G02             F           24,300.00         ZZ
                                         360         23,926.71          1
    3904 STONE GATE DRIVE, #B          8.250            182.56         56
                                       8.000            182.56       44,000.00
    SUITLAND         MD   20746          2            04/26/99         00
    0431317288                           01           06/01/99          0
    7830530                              N            05/01/29
    0


1


    1907629          B35/G02             F           40,050.00         ZZ
                                         360         39,920.49          1
    541 BARBADOES STREET               8.250            300.89         90
                                       8.000            300.89       44,500.00
    NORRISTOWN       PA   19401          1            04/26/99         12
    0431320506                           07           06/01/99         25
    99002511                             N            05/01/29
    0


    1907707          638/G02             F           49,500.00         ZZ
                                         360         49,339.99          1
    208 W 22ND STREET                  8.250            371.88         90
                                       8.000            371.88       55,000.00
    WILMINGTON       DE   19802          1            04/22/99         10
    0431317742                           07           06/01/99         25
    8879792                              N            05/01/29
    0


    1907865          229/G02             F           31,500.00         ZZ
                                         360         31,422.84          1
    748 SOUTH CRESTWAY                 8.500            242.21         90
                                       8.250            242.21       35,000.00
    WICHITA          KS   67208          1            05/17/99         10
    0431356823                           05           07/01/99         25
    16819344                             N            06/01/29
    0


    1908215          K30/G02             F           31,140.00         ZZ
                                         360         31,041.85          1
    5029 HONDO PASS DRIVE              8.375            236.69         90
                                       8.125            236.69       34,600.00
    EL PASO          TX   79924          1            04/26/99         11
    0431317080                           05           06/01/99         25
    0062730                              N            05/01/29
    0


    1908387          687/G02             F           47,400.00         ZZ
                                         240         47,012.06          4
    309 N 6TH STREET                   8.500            411.35         90
                                       8.250            411.35       52,700.00
    ALLENTOWN        PA   18102          1            04/16/99         01
    0431318898                           07           06/01/99         25
    60900400                             N            05/01/19
    0


    1908592          Q46/G02             F           40,000.00         ZZ
                                         360         39,896.90          1
    613 SUNSET COURT                   8.250            300.51         31
                                       8.000            300.51      130,000.00
1


    NEWBERG          OR   97132          5            05/11/99         00
    0431334481                           05           07/01/99          0
    76999                                N            06/01/29
    0


    1908786          638/G02             F           57,600.00         ZZ
                                         360         57,418.49          1
    6154 GILLESPIE STREET              8.375            437.80         90
                                       8.125            437.80       64,000.00
    PHILADELPHIA     PA   19135          1            04/29/99         01
    0431320258                           07           06/01/99         25
    08877897                             N            05/01/29
    0


    1909028          K56/G02             F           34,298.00         ZZ
                                         360         34,202.67          1
    317 NW NEWPORT AVENUE              7.875            248.68         22
                                       7.625            248.68      155,900.00
    BEND             OR   97701          1            05/04/99         00
    0431318419                           05           07/01/99          0
    1020089                              O            06/01/29
    0


    1909657          E53/G02             F           25,600.00         ZZ
                                         360         25,534.04          1
    211 NE 8TH AVENUE UNIT 111         8.250            192.32         80
                                       8.000            192.32       32,000.00
    HALLANDALE       FL   33009          5            05/07/99         12
    0431327980                           01           07/01/99         20
    11109277                             N            06/01/29
    0


    1909733          687/G02             F           45,000.00         ZZ
                                         360         44,828.22          3
    509 EAST 13TH STREET               8.750            354.02         90
                                       8.500            354.02       50,000.00
    ERIE             PA   16503          1            06/10/99         04
    0431364991                           05           08/01/99         25
    9905130475                           N            07/01/29
    0


    1909745          687/G02             F           45,900.00         ZZ
                                         360         45,718.40          3
    503 EAST 13TH STREET               8.750            361.10         90
                                       8.500            361.10       51,000.00
    ERIE             PA   16503          1            06/09/99         04
    0431367135                           05           08/01/99         25
    9905130474                           N            07/01/29
    0
1




    1910295          N12/G02             F           33,200.00         ZZ
                                         360         33,086.09          1
    638 CHESTNUT STREET                8.250            249.42         90
                                       8.000            249.42       36,900.00
    HAMILTON         OH   45011          1            04/30/99         04
    0431324862                           05           06/01/99         25
    0000                                 N            05/01/29
    0


    1910685          687/G02             F           25,200.00         ZZ
                                         360         25,116.45          1
    1104 LIBERTY STREET                8.125            187.11         90
                                       7.875            187.11       28,000.00
    ALLENTOWN        PA   18102          1            04/05/99         11
    0431332170                           05           06/01/99         25
    60900287                             N            05/01/29
    0


    1910716          638/G02             F           33,150.00         ZZ
                                         360         33,025.44          1
    835 MANOR STREET                   7.500            231.79         90
                                       7.250            231.79       36,850.00
    LANCASTER        PA   17603          1            05/03/99         10
    0431331834                           05           06/01/99         25
    8879799                              N            05/01/29
    0


    1910957          P29/G02             F           37,800.00         ZZ
                                         360         37,714.31          1
    415 WEST PROSPECT STREET           8.875            300.75         90
                                       8.625            300.75       42,000.00
    SHELL ROCK       IA   50670          5            05/21/99         10
    0431344860                           05           07/01/99         25
    1689                                 O            06/01/29
    0


    1911614          638/G02             F           34,200.00         ZZ
                                         360         34,053.12          1
    1102 LINDEN STREET                 8.250            256.93         90
                                       8.000            256.93       38,000.00
    WILMINGTON       DE   19805          1            04/30/99         10
    0431333566                           07           06/01/99         25
    08873062                             N            05/01/29
    0


    1911960          687/G02             F           75,600.00         ZZ
                                         360         75,503.25          1
1


    6750 SCHOOL STREET                 8.250            567.96         90
    1401                               8.000            567.96       84,000.00
    WINDSOR HEIGHTS  IA   50311          1            07/02/99         04
    0431386762                           01           09/01/99         25
    1821865                              N            08/01/29
    0


    1912043          286/286             F           30,150.00         ZZ
                                         360         30,054.99          1
    944 COLE AVENUE                    8.375            229.16         90
                                       8.125            229.16       33,500.00
    AKRON            OH   44306          1            04/15/99         12
    9447189                              05           06/01/99         25
    9447189                              O            05/01/29
    0


    1912169          638/G02             F           99,200.00         ZZ
                                         360         97,261.57          1
    8431 VIA MALLORCA # 104            6.875            651.67         80
                                       6.625            651.67      124,000.00
    SAN DIEGO        CA   92037          1            04/22/99         00
    0431332733                           01           06/01/99          0
    8876502                              O            05/01/29
    0


    1912380          134/G02             F          190,400.00         T
                                         360        189,751.72          1
    1150 SIENNA HILLS LANE             8.000          1,397.09         80
                                       7.750          1,397.09      238,000.00
    HOUSTON          TX   77077          1            04/14/99         23
    0431480946                           03           06/01/99          0
    7298101                              O            05/01/29
    0


    1912388          687/G02             F           40,500.00         ZZ
                                         360         40,375.58          1
    532 NORTH 13TH STREET              8.500            311.41         90
                                       8.250            311.41       45,000.00
    ALLENTOWN        PA   18102          1            04/30/99         11
    0431334515                           07           06/01/99         25
    18008173                             N            05/01/29
    0


    1912825          962/G02             F           31,500.00         ZZ
                                         360         31,279.67          1
    1205 S UNIVERSITY DRIVE            8.750            247.81         70
                                       8.500            247.81       45,000.00
    FARGO            ND   58103          1            05/28/99         00
    0431346725                           05           07/01/99          0
1


    1912825                              N            06/01/29
    0


    1913105          L13/G02             F          125,716.00         ZZ
                                         360        125,716.00          1
    1519 EAST 1100 SOUTH               8.500            966.65         80
                                       8.250            966.65      157,144.00
    SPANISH FORK     UT   84660          1            09/22/99         00
    0431509777                           05           11/01/99          0
    1913105                              O            10/01/29
    0


    1913139          A38/G02             F           31,050.00         ZZ
                                         360         30,996.02          1
    208 MONTERREY STREET               8.750            244.27         90
                                       8.500            244.27       34,500.00
    ELGIN            TX   78621          1            06/11/99         12
    0431374727                           05           08/01/99         25
    6930261                              N            07/01/29
    0


    1913178          134/G02             F           26,100.00         ZZ
                                         360         26,036.07          1
    2901 WESTMOOR STREET               8.500            200.69         90
                                       8.250            200.69       29,000.00
    SOUTH BEND       IN   46628          1            05/11/99         11
    0431337377                           05           07/01/99         25
    7852001                              N            06/01/29
    0


    1913281          907/G02             F           66,600.00         ZZ
                                         360         66,263.10          1
    2905 NORTH DORCHESTER LANE         8.375            506.21         90
                                       8.125            506.21       74,000.00
    COOPER CITY      FL   33026          1            04/19/99         01
    0431340090                           07           06/01/99         25
    10005530                             N            05/01/29
    0


    1914082          B75/G02             F           96,300.00         ZZ
                                         360         96,182.91          1
    6139 WINFIELD COURT                8.500            740.46         90
                                       8.250            740.46      107,000.00
    TUCKER           GA   30084          1            07/20/99         01
    0431403609                           07           09/01/99         25
    1992973                              N            08/01/29
    0


1


    1914167          F32/G02             F           25,900.00         ZZ
                                         360         25,836.57          1
    2317 CUSSETA ROAD                  8.500            199.15         70
                                       8.250            199.15       37,000.00
    COLUBUS          GA   31903          5            05/24/99         00
    0431342039                           05           07/01/99          0
    407040059                            N            06/01/29
    0


    1914275          907/G02             F           38,700.00         ZZ
                                         360         38,610.23          3
    3660 N. 21ST STREET                8.875            307.91         90
                                       8.625            307.91       43,000.00
    PHILADELPHIA     PA   19140          1            05/18/99         01
    0431344183                           05           07/01/99         25
    10005594                             N            06/01/29
    0


    1914547          687/G02             F           59,400.00         ZZ
                                         360         59,197.96          4
    1116 S BUTLER STREET               8.250            446.26         90
                                       8.000            446.26       66,000.00
    EASTON           PA   18042          1            04/30/99         01
    0431344225                           07           06/01/99         25
    60900449                             N            05/01/29
    0


    1914646          637/G02             F           36,000.00         ZZ
                                         360         35,911.83          1
    4169 13TH AVENUE SOUTH             8.500            276.81         80
                                       8.250            276.81       45,000.00
    ST PETERSBURG    FL   33711          1            05/12/99         00
    0431341908                           05           07/01/99          0
    0011393022                           N            06/01/29
    0


    1914983          638/G02             F           26,900.00         ZZ
                                         360         26,523.04          1
    3374 TARA LANE                     8.375            204.46         90
                                       8.125            204.46       29,900.00
    INDIANAPOLIS     IN   46224          1            05/21/99         04
    0431345628                           05           07/01/99         25
    08884439                             N            06/01/29
    0


    1915160          N94/G02             F          123,000.00         ZZ
                                         240        122,143.28          1
    9 NICHOLAS AVENUE                  7.875          1,019.27         81
                                       7.625          1,019.27      153,000.00
1


    PLYMOUTH         MA   02360          2            05/20/99         04
    0431360866                           05           07/01/99         12
    0000                                 O            06/01/19
    0


    1915436          737/G02             F           22,100.00         ZZ
                                         360         22,044.46          1
    6355 N BARCELONA LANE              8.375            167.98         65
    #410                               8.125            167.98       34,000.00
    TUCSON           AZ   85704          5            05/21/99         00
    0431359900                           01           07/01/99          0
    960425                               N            06/01/29
    0


    1916633          134/G02             F           36,000.00         ZZ
                                         360         35,907.20          1
    5302 REMMELL AVE                   8.250            270.46         52
                                       8.000            270.46       70,000.00
    BALTIMORE        MD   21206          2            05/24/99         00
    0431389642                           05           07/01/99          0
    7856886                              N            06/01/29
    0


    1916841          664/G02             F           80,900.00         ZZ
                                         360         80,701.84          1
    531 533 TIMBER RIDGE COURT         8.500            622.05         90
                                       8.250            622.05       89,900.00
    LAWRENCEVILLE    GA   30045          1            05/25/99         11
    0431355551                           05           07/01/99         25
    3128279                              N            06/01/29
    0


    1918187          196/G02             F           99,900.00         ZZ
                                         360         99,778.52          1
    21834 SOUTH VERMONT AVENUE         8.500            768.15         90
    #4                                 8.250            768.15      111,100.00
    TORRANCE AREA    CA   90502          1            07/12/99         10
    0431445576                           01           09/01/99         25
    1287389                              N            08/01/29
    0


    1918721          377/377             F           34,200.00         ZZ
                                         360         34,134.11          1
    704 SHADYSIDE SW                   8.250            256.94         90
                                       8.000            256.94       38,000.00
    CANTON           OH   44710          1            06/03/99         04
    6929889                              05           08/01/99         25
    6929889                              N            07/01/29
    0
1




    1918755          A75/G02             F           60,000.00         ZZ
                                         360         59,820.20          4
    135 EAST 22ND STREET               7.500            419.53         60
                                       7.250            419.53      100,000.00
    CHESTER          PA   19013          5            05/13/99         00
    0431351030                           05           07/01/99          0
    1000008167                           N            06/01/29
    0


    1918851          480/G02             F           23,200.00         ZZ
                                         360         23,032.36          1
    3209 SW 46TH STREET                8.500            178.39         80
                                       8.250            178.39       29,000.00
    OKLAHOMA CITY    OK   73119          5            05/06/99         00
    0431362334                           05           06/01/99          0
    2702405                              N            05/01/29
    0


    1918928          480/G02             F          121,000.00         ZZ
                                         360        120,637.62          1
    1122 N CLARK ST #1802              8.625            941.13         90
                                       8.375            941.13      134,500.00
    CHICAGO          IL   60610          1            05/03/99         12
    0431362631                           06           06/01/99         30
    2810893                              N            05/01/29
    0


    1918985          129/G02             F          100,000.00         ZZ
                                         360         99,939.42          1
    122 RIVER ROAD                     8.500            768.91         71
                                       8.250            768.91      142,000.00
    NORTH ARLINGTON  NJ   07031          5            08/23/99         00
    0431507805                           05           10/01/99          0
    3500388057                           O            09/01/29
    0


    1919061          L93/G02             F           82,800.00         ZZ
                                         360         82,640.51          3
    114 EAST GRAND STREET              8.250            622.05         90
    403-403A WATER STREET              8.000            622.05       92,000.00
    CHILTON          WI   53014          5            06/22/99         23
    0431420207                           05           08/01/99          0
    0000                                 O            07/01/29
    0


    1919528          134/G02             F           22,500.00         ZZ
                                         360         22,040.48          2
1


    800-802 S MCDONEL ST               8.625            175.01         79
                                       8.375            175.01       28,500.00
    LIMA             OH   45804          2            06/04/99         00
    0431356476                           05           07/01/99          0
    7843483                              N            06/01/29
    0


    1919759          H58/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
    8630 MECCA ROAD                    8.375          1,398.53         80
                                       8.125          1,398.53      230,000.00
    ELK GROVE        CA   95624          5            09/08/99         00
    0431506468                           05           11/01/99          0
    34772                                O            10/01/29
    0


    1920092          H37/G02             F           32,400.00         ZZ
                                         360         32,380.88          1
    308 N 5TH STREET                   8.625            252.00         90
                                       8.375            252.00       36,000.00
    HOPEWELL         VA   23860          1            08/31/99         01
    0431474410                           05           10/01/99         25
    21927                                N            09/01/29
    0


    1920251          638/G02             F           62,900.00         ZZ
                                         360         62,745.94          1
    2021 GREEN STREET                  8.500            483.65         90
                                       8.250            483.65       69,900.00
    HARRISBURG       PA   17102          1            05/28/99         10
    0431357367                           07           07/01/99         25
    8893345                              N            06/01/29
    0


    1920461          687/G02             F           35,000.00         ZZ
                                         360         34,914.29          1
    130 S FRANKLIN STREET              8.500            269.12         62
                                       8.250            269.12       57,000.00
    ALLENTOWN        PA   18102          5            05/19/99         00
    0431357888                           07           07/01/99          0
    18072341                             N            06/01/29
    0


    1920737          J49/G02             F          152,000.00         ZZ
                                         360        151,929.09          4
    6121 BELLOTTA DRIVE                9.750          1,305.91         80
                                       9.500          1,305.91      190,000.00
    LAS VEGAS        NV   89108          2            08/12/99         00
    0431449602                           05           10/01/99          0
1


    99081201                             N            09/01/29
    0


    1921348          Q89/K05             F          216,240.25         ZZ
                                         333        215,729.49          1
    4433 51ST AVENUE SOUTH             8.250          1,655.74         79
                                       8.000          1,655.74      275,000.00
    SEATTLE          WA   98118          5            06/15/99         00
    0430201228                           05           08/01/99          0
    1570053                              O            04/01/27
    0


    1922001          P48/G02             F           30,000.00         ZZ
                                         360         29,708.72          1
    1042 WAKEFIELD AVENUE              8.875            238.69         27
                                       8.625            238.69      114,450.00
    ST. PAUL         MN   55106          1            06/23/99         00
    0431371244                           05           08/01/99          0
    2205FS                               O            07/01/29
    0


    1922733          F32/G02             F           37,800.00         ZZ
                                         360         37,730.81          1
    5567 BLUERIDGE COURT               8.500            290.65         70
                                       8.250            290.65       54,000.00
    COLUMBUS         GA   31907          5            06/15/99         00
    0431366665                           05           08/01/99          0
    407041114                            N            07/01/29
    0


    1923239          180/G02             F           39,600.00         ZZ
                                         360         39,113.93          1
    514 E MADISON                      8.500            304.49         90
                                       8.250            304.49       44,000.00
    RAPID CITY       SD   57701          1            03/02/98         04
    0431368521                           05           04/01/98         25
    0012479275                           O            03/01/28
    0


    1923262          E84/G02             F           30,000.00         ZZ
                                         360         29,930.20          1
    9247 HIGHWAY 17                    8.750            236.01         69
                                       8.500            236.01       43,900.00
    BUCYRUS          MO   65444          5            05/19/99         00
    0431381987                           05           07/01/99          0
    99999999                             O            06/01/29
    0


1


    1923273          R92/G02             F           60,800.00         ZZ
                                         360         60,699.62          1
    6033 SANDPIPER PLACE               9.000            489.21         80
                                       8.750            489.21       76,000.00
    PALMDALE         CA   93552          1            05/27/99         00
    0431409689                           05           08/01/99          0
    904RAM11                             N            07/01/29
    0


    1923315          134/G02             F           99,000.00         ZZ
                                         360         98,876.49          1
    2596 PARK COUNTY ROAD 12           8.375            752.48         75
                                       8.125            752.48      132,000.00
    ALMA             CO   80420          5            07/06/99         00
    0431465335                           05           09/01/99          0
    8331001                              O            08/01/29
    0


    1923397          E84/G02             F           30,350.00         ZZ
                                         360         30,279.40          1
    6 O'NEIL COURT                     8.750            238.76         80
                                       8.500            238.76       37,950.00
    CHAMPAIGN        IL   61820          1            06/02/99         00
    0431381367                           05           07/01/99          0
    15001030                             N            06/01/29
    0


    1923453          E84/G02             F           84,550.00         ZZ
                                         360         83,980.74          1
    515 WEST WRIGHTWOOD AVENUE         8.625            657.62         95
    #105                               8.375            657.62       89,000.00
    CHICAGO          IL   60614          1            06/03/99         11
    0431382142                           08           07/01/99         30
    11201059                             O            06/01/29
    0


    1923876          H49/G02             F           58,410.00         ZZ
                                         360         58,344.26          3
    4116 EAST ARTHINGTON               8.875            464.74         90
                                       8.625            464.74       64,900.00
    CHICAGO          IL   60624          1            07/21/99         11
    0431417450                           05           09/01/99         25
    31345953                             N            08/01/29
    0


    1924010          183/G02             F           95,200.00         ZZ
                                         360         94,941.37          1
    13 JONES ROAD                      7.990            697.89         85
                                       7.740            697.89      112,000.00
1


    SAUQUOIT         NY   13456          5            06/16/99         23
    0431370378                           05           07/21/99          0
    99999999                             O            06/21/29
    0


    1924066          E84/G02             F           39,200.00         ZZ
                                         360         38,956.30          1
    502 SUMMIT COURT #204              8.250            294.50         80
                                       8.000            294.50       49,000.00
    VIRGINIA BEACH   VA   23462          2            05/25/99         00
    0431382167                           01           07/01/99          0
    70500018                             N            06/01/29
    0


    1924126          B93/G02             F           31,500.00         ZZ
                                         360         31,445.21          1
    5703 NORTH 43RD LANE               8.750            247.82         90
                                       8.500            247.82       35,000.00
    GLENDALE         AZ   85301          1            06/17/99         14
    0431406792                           09           08/01/99         25
    1000018821                           N            07/01/29
    0


    1924152          R92/G02             F           60,800.00         ZZ
                                         360         60,665.66          1
    2613 DESERT OAK DRIVE              9.000            489.21         80
                                       8.750            489.21       76,000.00
    PALMDALE         CA   93550          1            05/18/99         00
    0431442482                           05           07/01/99          0
    0000                                 N            06/01/29
    0


    1924182          375/G02             F           33,200.00         ZZ
                                         360         32,757.33          1
    608 W FIFTH STREET                 8.625            258.23         90
                                       8.375            258.23       36,900.00
    LANCASTER        TX   75146          1            01/02/98         11
    0431371657                           05           02/01/98         25
    5802106806                           N            01/01/28
    0


    1924287          H49/G02             F           55,000.00         ZZ
                                         360         54,968.35          1
    4343 NORTH CLARENDON AVE           8.750            432.69         79
    #814                               8.500            432.69       70,000.00
    CHICAGO          IL   60613          1            08/02/99         00
    0431418656                           06           10/01/99          0
    313527                               O            09/01/29
    0
1




    1924326          180/G02             F          117,000.00         ZZ
                                         360        116,939.24          4
    2550 SOUTH PARK AVENUE             9.250            962.63         90
                                       9.000            962.63      130,000.00
    SANFORD          FL   32773          1            08/18/99         14
    0431507797                           05           10/01/99         25
    0014665152                           N            09/01/29
    0


    1924352          E65/G02             F           45,050.00         ZZ
                                         360         44,947.85          4
    2702 STURTEVANT                    8.875            358.44         90
                                       8.625            358.44       50,100.00
    DETROIT          MI   48206          1            06/04/99         11
    0431374214                           05           07/01/99         25
    224802                               N            06/01/29
    0


    1924948          A33/G02             F           31,400.00         ZZ
                                         360         31,364.67          1
    984 S BALLENGER HWY                8.875            249.83         90
                                       8.625            249.83       34,900.00
    FLINT            MI   48532          1            07/20/99         04
    0431395185                           05           09/01/99         25
    004076578                            N            08/01/29
    0


    1925077          N63/G02             F           85,000.00         ZZ
                                         360         84,906.79          2
    11 WENDOVER STREET                 9.000            683.93         59
                                       8.750            683.93      145,000.00
    DORCHESTER       MA   02125          5            07/21/99         00
    0431419407                           05           09/01/99          0
    0000                                 O            08/01/29
    0


    1925120          B23/G02             F          145,600.00         ZZ
                                         360        145,422.96          4
    2085 OLIVE AVE UNIT A B C D        8.500          1,119.54         80
                                       8.250          1,119.54      182,000.00
    LONG BEACH       CA   90806          1            07/27/99         00
    0431426220                           05           09/01/99          0
    88003545                             O            08/01/29
    0


    1925325          134/G02             F           50,000.00         ZZ
                                         360         49,939.20          4
1


    238 EAST STATE ST.                 8.500            384.46         35
                                       8.250            384.46      145,000.00
    BATON ROUGE      LA   70802          5            07/13/99         00
    0431474980                           05           09/01/99          0
    8339830                              N            08/01/29
    0


    1925388          E76/G02             F           23,262.00         ZZ
                                         360         23,219.43          1
    1022 EAST PETTIT AVENUE            8.500            178.86         90
                                       8.250            178.86       25,847.00
    FORT WAYNE       IN   46806          1            06/21/99         10
    0431376490                           05           08/01/99         25
    19905034                             N            07/01/29
    0


    1925469          H49/G02             F          124,200.00         ZZ
                                         360        124,063.81          1
    2345 WEST ALTGELD                  9.000            999.34         90
                                       8.750            999.34      138,000.00
    CHICAGO          IL   60647          1            07/22/99         11
    0431416205                           07           09/01/99         30
    313692502                            O            08/01/29
    0


    1925471          F22/G02             F           38,700.00         ZZ
                                         360         38,639.33          1
    846 SOUTH 23RD STREET              9.250            318.38         90
                                       9.000            318.38       43,000.00
    LOUISVILLE       KY   40211          1            06/29/99         01
    0431383710                           05           08/01/99         25
    85000742                             N            07/01/29
    0


    1925685          A37/G02             F           80,100.00         ZZ
                                         360         79,967.73          4
    6050 NORTH 64TH STREET             9.000            644.51         89
                                       8.750            644.51       90,000.00
    MILWAUKEE        WI   53218          1            06/18/99         10
    0431416643                           05           08/01/99         25
    NA                                   N            07/01/29
    0


    1925687          A37/G02             F           80,100.00         ZZ
                                         360         79,967.73          4
    6044 NORTH 64TH STREET             9.000            644.51         89
                                       8.750            644.51       90,000.00
    MILWAUKEE        WI   53218          1            06/18/99         10
    0431416627                           05           08/01/99         25
1


    NA                                   N            07/01/29
    0


    1925775          N12/G02             F           30,000.00         ZZ
                                         360         29,867.25          1
    3611 STATE LINE ROAD               8.500            230.67         48
                                       8.250            230.67       62,500.00
    KANSAS CITY      MO   64111          2            06/18/99         00
    0431385293                           05           08/01/99          0
    5003                                 N            07/01/29
    0


    1925776          M10/G02             F          166,950.00         ZZ
                                         360        166,628.42          1
    3031 SW 136TH COURT                8.250          1,254.24         75
                                       8.000          1,254.24      222,600.00
    MIAMI            FL   33175          1            06/29/99         00
    0431403682                           05           08/01/99          0
    81204                                O            07/01/29
    0


    1925789          637/G02             F           35,200.00         ZZ
                                         360         35,141.88          1
    11116 DAVID O DODD ROAD            9.000            283.23         80
                                       8.750            283.23       44,000.00
    LITTLE ROCK      AR   72204          1            06/23/99         00
    0431378959                           05           08/01/99          0
    0017512104                           N            07/01/29
    0


    1926402          F32/G02             F           95,400.00         ZZ
                                         360         95,238.35          1
    1501 CLAIRMONT ROAD #1119          8.875            759.05         90
                                       8.625            759.05      106,000.00
    DECATUR          GA   30033          1            06/30/99         12
    0431383256                           06           08/01/99         25
    409110966                            N            07/01/29
    0


    1926568          129/G02             F          103,500.00         ZZ
                                         360        103,441.98          4
    789-795 HAZLE STREET               8.875            823.49         90
                                       8.625            823.49      115,000.00
    HANOVER TOWNSHI  PA   18702          1            08/06/99         10
    0431436831                           05           10/01/99         25
    3500396522                           N            09/01/29
    0


1


    1926595          229/G02             F           31,500.00         ZZ
                                         360         31,462.66          1
    2203 E HODSON                      8.625            245.01         90
                                       8.375            245.01       35,000.00
    WICHITA          KS   67218          1            07/23/99         12
    0431424878                           05           09/01/99         25
    0016906075                           N            08/01/29
    0


    1926631          N32/G02             F          240,000.00         ZZ
                                         360        240,000.00          3
    4920,4922, & 4922 1/2              8.500          1,845.39         80
    WEST 99TH STREET                   8.250          1,845.39      300,000.00
    INGLEWOOD        CA   90301          2            09/15/99         00
    0431511310                           05           11/01/99          0
    3130801                              O            10/01/29
    0


    1926854          822/G02             F           93,600.00         ZZ
                                         360         93,538.77          1
    204 & 205 ROLLING HILLS DRIVE      8.125            694.98         80
                                       7.875            694.98      117,000.00
    LAKE ARIEL       PA   18436          1            08/13/99         00
    0431459262                           03           10/01/99          0
    1196006385                           O            09/01/29
    0


    1926994          M65/G02             F          142,500.00         ZZ
                                         360        142,500.00          2
    1748 RICHMOND TERRACE              9.000          1,146.59         95
                                       8.750          1,146.59      150,000.00
    STATEN ISLAND    NY   10310          1            09/22/99         01
    0431508837                           05           11/01/99         30
    2185                                 O            10/01/29
    0


    1927387          G75/G75             F           62,900.00         ZZ
                                         360         62,613.34          1
    1327 FLORIDA AVENUE NW             8.250            472.55         85
                                       8.000            472.55       74,000.00
    WASHINGTON       DC   20009          1            02/23/99         12
    3752145                              05           04/01/99         17
    3752145                              N            03/01/29
    0


    1927662          K88/G02             F           78,375.00         ZZ
                                         360         78,272.10          1
    145 E CLINTON AVENUE               8.125            581.94         95
                                       7.875            581.94       82,500.00
1


    BERGENFIELD      NJ   07621          1            07/09/99         04
    0431390327                           01           09/01/99         30
    11036                                O            08/01/29
    0


    1927686          Q98/G02             F          163,850.00         ZZ
                                         360        163,769.41          2
    401 HAWTHORN                       9.500          1,377.74         95
                                       9.250          1,377.74      172,500.00
    ROYAL OAK        MI   48067          1            08/17/99         11
    0431440668                           05           10/01/99         30
    1950892                              O            09/01/29
    0


    1927847          G15/G02             F           72,000.00         ZZ
                                         360         71,918.98          1
    3 FOXTAIL COURT                    8.875            572.86         90
                                       8.625            572.86       80,000.00
    SOMERS POINT     NJ   08244          1            07/30/99         12
    0431417070                           05           09/01/99         25
    30302303                             N            08/01/29
    0


    1927850          800/G02             F           63,000.00         ZZ
                                         360         62,967.33          3
    22-24A WAKULLAH STREET             9.250            518.29         90
                                       9.000            518.29       70,000.00
    ROXBURY          MA   02119          1            08/27/99         04
    0431453430                           05           10/01/99         25
    991074                               O            09/01/29
    0


    1927913          H93/G02             F           23,400.00         ZZ
                                         360         23,358.32          1
    8009 NE 26TH STREET                8.750            184.09         90
                                       8.500            184.09       26,000.00
    SPENCER          OK   73084          1            06/18/99         04
    0431388560                           05           08/01/99         25
    9936588                              N            07/01/29
    0


    1928110          N88/G02             F           96,300.00         ZZ
                                         360         96,235.38          1
    49 MARYLAND AVENUE                 8.000            706.62         90
                                       7.750            706.62      107,000.00
    PENNSVILLE       NJ   08070          5            08/05/99         10
    0431424639                           05           10/01/99         25
    0000                                 O            09/01/29
    0
1




    1928230          N88/G02             F          245,250.00         ZZ
                                         360        244,966.75          4
    2035 SPRING GARDEN STREET          8.750          1,929.39         90
                                       8.500          1,929.39      272,500.00
    PHILADEPHIA      PA   19130          1            07/30/99         10
    0431429679                           05           09/01/99         25
    0199070012                           N            08/01/29
    0


    1928309          375/G02             F           27,000.00         ZZ
                                         360         26,947.98          1
    519 PINEHURST DRIVE                8.250            202.85         90
                                       8.000            202.85       30,000.00
    NORTH VERSAILLE  PA   15137          1            06/18/99         04
    0431385640                           05           08/01/99         25
    5810942283                           N            07/01/29
    0


    1928377          G10/G02             F           47,250.00         ZZ
                                         360         46,719.01          1
    1102 COLEBROOK DRIVE               9.125            384.45         90
                                       8.875            384.45       52,500.00
    HOUSTON          TX   77072          1            06/29/99         10
    0431496827                           05           08/01/99         25
    00                                   N            07/01/29
    0


    1928698          A33/G02             F           33,750.00         ZZ
                                         360         33,733.40          1
    23806 MAC AUTHUR                   9.500            283.79         75
                                       9.250            283.79       45,000.00
    WARREN           MI   48089          1            08/30/99         00
    0431480243                           05           10/01/99          0
    006077029                            N            09/01/29
    0


    1928711          H19/G02             F          103,900.00         ZZ
                                         360        103,779.99          2
    3417 SE 20TH STREET                8.750            817.39         90
                                       8.500            817.39      115,500.00
    DES MOINES       IA   50320          1            07/30/99         10
    0431434083                           05           09/01/99         25
    0002126076                           N            08/01/29
    0


    1928993          638/G02             F          109,800.00         ZZ
                                         360        109,577.51          1
1


    2054 PINE RIVER DRIVE              8.000            805.67         90
                                       7.750            805.67      122,000.00
    KINGWOOD         TX   77339          1            06/30/99         10
    0431393958                           03           08/01/99         25
    08906074                             O            07/01/29
    0


    1929004          005/G02             F           47,500.00         ZZ
                                         360         47,442.23          1
    942 LYNN DALE LANE                 8.500            365.24         95
                                       8.250            365.24       50,000.00
    BIRMINGHAM       AL   35214          1            07/22/99         12
    0431450873                           05           09/01/99         30
    003010854812                         O            08/01/29
    0


    1929045          815/G02             F           63,000.00         ZZ
                                         360         62,878.65          1
    1117 NORTHVILLE TURNPIKE           8.250            473.30         90
                                       8.000            473.30       70,000.00
    RIVERHEAD        NY   11901          1            06/11/99         04
    0431392620                           05           08/01/99         25
    301040                               N            07/01/29
    0


    1929050          815/G02             F          191,600.00         ZZ
                                         360        190,795.72          2
    22 HICKORY ROAD                    7.875          1,389.24         80
                                       7.625          1,389.24      239,500.00
    PORT WASHINGTON  NY   11050          1            03/29/99         00
    0431392083                           05           05/01/99          0
    300800                               O            04/01/29
    0


    1929147          G72/G02             F           39,100.00         ZZ
                                         360         39,052.45          1
    1444 WINTER STREET                 8.500            300.65         82
                                       8.250            300.65       48,000.00
    MUSKEGON         MI   49442          5            07/15/99         10
    0431409317                           05           09/01/99         17
    58870160                             O            08/01/29
    0


    1929508          800/G02             F           83,700.00         ZZ
                                         360         83,653.08          3
    96 CONCORD STREET                  8.875            665.95         90
                                       8.625            665.95       93,000.00
    NEW BRITAIN      CT   06053          1            08/13/99         04
    0431433614                           05           10/01/99         25
1


    991102                               N            09/01/29
    0


    1929665          H19/G02             F           95,900.00         ZZ
                                         360         95,850.28          1
    10244 MOLLY COURT                  9.250            788.95         70
                                       9.000            788.95      137,000.00
    BOISE            ID   83704          5            08/18/99         00
    0431477181                           05           10/01/99          0
    2145670                              N            09/01/29
    0


    1929672          623/623             F           81,600.00         ZZ
                                         360         81,162.70          1
    18315 SHARON RD                    8.125            605.88         85
                                       7.875            605.88       96,000.00
    OAKLEY           MI   48649          2            01/25/99         10
    1218521                              05           03/01/99         12
    1218521                              O            02/01/29
    0


    1930029          687/G02             F           81,000.00         ZZ
                                         360         80,911.19          1
    6213 MILHAVEN LANE                 9.000            651.74         90
                                       8.750            651.74       90,000.00
    CHARLOTTE        NC   28269          1            07/28/99         10
    0431416791                           05           09/01/99         25
    9906240950                           N            08/01/29
    0


    1930044          134/G02             F           77,500.00         ZZ
                                         360         77,453.05          1
    112 MONTANO  LANE                  8.500            595.91         53
                                       8.250            595.91      147,000.00
    TAOS             NM   87571          5            08/02/99         00
    0431474949                           05           10/01/99          0
    8380750                              O            09/01/29
    0


    1930070          H93/G02             F           44,100.00         ZZ
                                         360         44,040.62          1
    2410 E 29TH STREET                 8.000            323.59         75
                                       7.750            323.59       59,000.00
    LORAIN           OH   44055          1            07/08/99         12
    0431394014                           05           09/01/99         25
    9948769                              O            08/01/29
    0


1


    1930092          638/G02             F           80,750.00         ZZ
                                         360         80,641.28          1
    309 NORTH MELROSE DRIVE            8.000            592.51         95
    #H                                 7.750            592.51       85,000.00
    VISTA            CA   92083          1            07/08/99         14
    0431400266                           01           09/01/99         30
    8899614                              O            08/01/29
    0


    1930108          815/G02             F           80,000.00         ZZ
                                         240         79,735.79          1
    127 KINGS CROFT                    8.250            681.65         75
                                       8.000            681.65      107,000.00
    CHERRY HILL      NJ   08002          1            07/09/99         00
    0431392604                           01           09/01/99          0
    305142                               O            08/01/19
    0


    1930219          G72/G02             F          103,500.00         ZZ
                                         360        103,383.53          1
    135 RED MILL ROAD                  8.875            823.49         90
                                       8.625            823.49      115,500.00
    ETTERS           PA   17319          2            07/18/99         10
    0431411438                           05           09/01/99         25
    60139310                             O            08/01/29
    0


    1930258          Q85/G02             F           75,000.00         ZZ
                                         360         74,963.11          1
    1003 KENYON STREET NW,             9.500            630.64         95
                                       9.250            630.64       79,000.00
    WASHINGTON       DC   20010          2            08/03/99         10
    0431417518                           07           10/01/99         30
    0000                                 O            09/01/29
    0


    1930260          J41/G02             F           51,000.00         ZZ
                                         360         50,974.91          2
    3750 W GRAND STREET                9.500            428.84         85
                                       9.250            428.84       60,000.00
    DETROIT          MI   48238          5            08/10/99         10
    0431419324                           05           10/01/99         12
    1930260                              O            09/01/29
    0


    1930387          M29/G02             F          169,900.00         ZZ
                                         360        169,807.19          3
    6095 OTIS STREET                   9.000          1,367.06         68
                                       8.750          1,367.06      249,900.00
1


    ARVADA           CO   80003          1            08/20/99         00
    0431438241                           05           10/01/99          0
    0000                                 N            09/01/29
    0


    1930585          P92/G02             F           26,910.00         ZZ
                                         360         26,910.00          1
    410 W 7TH UNIT 100 0507 D          8.250            202.17         90
                                       8.000            202.17       29,900.00
    TULSA            OK   74119          1            09/15/99         04
    0431492164                           06           11/01/99         25
    0600181                              O            10/01/29
    0


    1930587          134/G02             F           68,000.00         ZZ
                                         360         67,960.87          2
    18 A & B PINEWOOD COURT            8.750            534.96         90
                                       8.500            534.96       76,000.00
    STATESBORO       GA   30458          2            08/09/99         10
    0431433697                           05           10/01/99         25
    8258162                              N            09/01/29
    0


    1930613          K37/G02             F          123,500.00         ZZ
                                         360        123,208.33          2
    3701-3703 CLOVER CIRCLE            8.625            960.57         95
                                       8.375            960.57      130,000.00
    LINCOLN          NE   68516          1            07/30/99         04
    0431411552                           05           09/01/99         30
    00000                                O            08/01/29
    0


    1930637          Q70/G02             F           72,400.00         ZZ
                                         360         72,311.97          1
    329 E EL PASO STREET               8.500            556.69         80
    UNIT 6                             8.250            556.69       90,500.00
    MANITOU SPRINGS  CO   80829          1            07/29/99         00
    0431444231                           01           09/01/99          0
    91055                                O            08/01/29
    0


    1930712          638/G02             F           90,250.00         ZZ
                                         360         90,148.43          2
    31 EAST WOODWARD DRIVE             8.875            718.07         95
                                       8.625            718.07       95,000.00
    PHOENIX          AZ   85004          1            07/09/99         10
    0431398767                           05           09/01/99         30
    08905121                             O            08/01/29
    0
1




    1930753          B75/G02             F           66,400.00         ZZ
                                         360         66,287.49          2
    6351 LARGE STREET                  8.875            528.31         95
                                       8.625            528.31       70,000.00
    PHILADELPHIA     PA   19149          1            06/25/99         12
    0431404102                           07           08/01/99         30
    2183382                              O            07/01/29
    0


    1931006          J86/G02             F          157,250.00         ZZ
                                         360        157,058.79          4
    497-499 OXFORD STREET              8.500          1,209.12         85
                                       8.250          1,209.12      185,000.00
    ROCHESTER        NY   14607          1            07/26/99         10
    0431397959                           05           09/01/99         20
    0041068                              N            08/01/29
    0


    1931032          B98/G02             F          224,000.00         ZZ
                                         360        223,892.69          4
    589 SHEPHARD AVENUE                9.625          1,903.98         80
                                       9.375          1,903.98      280,000.00
    HAYWARD          CA   94544          1            08/12/99         00
    0431426162                           05           10/01/99          0
    79230428                             N            09/01/29
    0


    1931047          G34/G02             F           47,450.00         ZZ
                                         360         47,426.66          2
    14-16 OAK RIDGE AVE                9.500            398.99         65
                                       9.250            398.99       73,000.00
    SOUTHBRIDGE      MA   01550          5            08/25/99         00
    0431453489                           07           10/01/99          0
    9076211                              N            09/01/29
    0


    1931082          P92/G02             F           31,200.00         ZZ
                                         360         31,160.06          1
    3546 EAST LATIMER PL               8.250            234.40         80
                                       8.000            234.40       39,000.00
    TULSA            OK   74115          1            07/16/99         12
    0431395664                           05           09/01/99         12
    0500318                              N            08/01/29
    0


    1931128          N12/G02             F           40,000.00         ZZ
                                         360         39,946.14          1
1


    5919 CHAMBERBURG ROAD              8.000            293.51         49
                                       7.750            293.51       82,000.00
    HUBER HEIGHTS    OH   45424          2            07/12/99         00
    0431396522                           05           09/01/99          0
    0000                                 O            08/01/29
    0


    1931278          369/G02             F           73,800.00         ZZ
                                         360         73,548.96          1
    819 E ALTO ROAD                    8.250            554.44         90
                                       8.000            554.44       82,000.00
    KOKOMO           IN   46902          1            05/25/99         12
    0431405380                           05           07/01/99         25
    0071423990                           N            06/01/29
    0


    1931309          369/G02             F           32,000.00         ZZ
                                         360         31,941.41          1
    1019 S COURTLAND AVENUE            8.500            246.06         80
                                       8.250            246.06       40,000.00
    KOKOMO           IN   46902          1            06/07/99         00
    0431404227                           05           08/01/99          0
    0071483416                           N            07/01/29
    0


    1931336          A19/G02             F          112,500.00         ZZ
                                         360        112,446.10          1
    150 LYNNWAY                        9.625            956.24         90
    UNIT #102-II                       9.375            956.24      125,000.00
    LYNN             MA   01902          1            08/24/99         10
    0431444561                           01           10/01/99         25
    1931336                              N            09/01/29
    0


    1931385          A02/G02             F           27,200.00         ZZ
                                         360         27,170.93          1
    602 LEWIS STREET                   9.125            221.31         80
                                       8.875            221.31       34,000.00
    ROCKFORD         IL   61104          2            07/14/99         00
    0431416197                           05           09/01/99          0
    03990713                             N            08/01/29
    0


    1931421          G52/G02             F           34,700.00         ZZ
                                         360         34,652.08          1
    351 EAST THOMAS ROAD #D202         7.875            251.60         76
                                       7.625            251.60       46,000.00
    PHOENIX          AZ   85012          2            07/19/99         00
    0431397066                           01           09/01/99          0
1


    98505644                             O            08/01/29
    0


    1931425          A02/G02             F           29,000.00         ZZ
                                         360         28,966.52          1
    1453 JOHN STREET                   8.750            228.14         23
                                       8.500            228.14      129,000.00
    SYCAMORE         IL   60178          1            07/15/99         00
    0431400647                           05           09/01/99          0
    03990881                             O            08/01/29
    0


    1931466          H49/G02             F           93,600.00         ZZ
                                         360         93,600.00          1
    3767 CR 312                        9.250            770.02         65
                                       9.000            770.02      144,000.00
    DUMONT           CO   80436          5            09/21/99         00
    0431506252                           05           11/01/99          0
    314757306                            N            10/01/29
    0


    1931841          J41/G02             F          136,000.00         ZZ
                                         360        135,927.63          1
    9211 CHESTERFIELD DRIVE            9.125          1,106.54         85
                                       8.875          1,106.54      160,000.00
    SWARTZ CREEK     MI   48473          5            08/27/99         10
    0431487644                           05           10/01/99         12
    0000                                 O            09/01/29
    0


    1931848          P12/G02             F           75,000.00         ZZ
                                         360         74,904.03          1
    201 205 SOUTH EVA STREET           8.250            563.45         65
                                       8.000            563.45      116,000.00
    BLOOMFIELD       NM   87413          5            07/22/99         00
    0431443928                           05           09/01/99          0
    370592                               N            08/01/29
    0


    1931920          Q76/G02             F          163,600.00         ZZ
                                         360        163,515.18          3
    739 NORTH STEWART STREET           9.250          1,345.90         80
                                       9.000          1,345.90      204,500.00
    MESA             AZ   85201          1            08/06/99         00
    0431417187                           05           10/01/99          0
    9907026                              O            09/01/29
    0


1


    1931985          E19/G02             F          100,000.00         ZZ
                                         360         99,816.94          1
    13 MEADERS LN                      8.500            768.92         71
                                       8.250            768.92      142,000.00
    SALISBURY        MA   01952          5            07/02/99         00
    0431458421                           05           08/01/99          0
    002200192210                         O            07/01/29
    0


    1932019          L50/G02             F           85,800.00         ZZ
                                         360         85,750.64          1
    4505 CALIFORNIA AVENUE  #402       8.750            674.99         76
                                       8.500            674.99      113,000.00
    LONG BEACH       CA   90807          1            08/05/99         00
    0431425875                           01           10/01/99          0
    100364                               O            09/01/29
    0


    1932248          J41/G02             F           52,000.00         ZZ
                                         360         51,973.04          1
    5341 DEARING DRIVE                 9.250            427.79         59
                                       9.000            427.79       88,350.00
    FLINT            MI   48506          1            08/30/99         00
    0431465186                           05           10/01/99          0
    0000                                 N            09/01/29
    0


    1932274          G18/G02             F           62,850.00         ZZ
                                         360         62,821.44          3
    682 SOUTH ROBERT STREET            9.875            545.76         90
                                       9.625            545.76       69,850.00
    ST PAUL          MN   55107          1            08/30/99         01
    0431449578                           05           10/01/99         25
    0000                                 N            09/01/29
    0


    1932306          808/G02             F           60,900.00         ZZ
                                         360         60,863.10          2
    1529 & 1601 WEISS WAY              8.500            468.27         70
                                       8.250            468.27       87,000.00
    ESCALON          CA   95320          2            08/20/99         00
    0431473461                           05           10/01/99          0
    9414745                              N            09/01/29
    0


    1932319          134/G02             F           73,800.00         ZZ
                                         360         73,758.62          1
    2123 W. UNIVERSITY                 8.875            587.19         90
                                       8.625            587.19       82,000.00
1


    STILLWATER       OK   74337          1            08/13/99         14
    0431456565                           05           10/01/99         25
    8202988                              N            09/01/29
    0


    1932509          K45/G02             F          111,257.00         ZZ
                                         360        111,121.72          1
    1445 EAST BROADWAY ROAD #221       8.500            855.47         80
                                       8.250            855.47      139,072.00
    TEMPE            AZ   85282          1            07/21/99         00
    0431417724                           01           09/01/99          0
    0000                                 O            08/01/29
    0


    1932619          828/G02             F           45,000.00         ZZ
                                         360         44,912.17          1
    1025 NORTH 57TH STREET             9.000            362.09         90
                                       8.750            362.09       50,000.00
    WACO             TX   76710          1            07/27/99         11
    0431402536                           05           09/01/99         25
    95250039                             O            08/01/29
    0


    1932641          L38/G02             F          168,750.00         ZZ
                                         360        168,655.39          1
    303 DOGWOOD DR                     8.875          1,342.66         75
                                       8.625          1,342.66      225,000.00
    LEBANON TWP      NJ   08833          1            08/25/99         00
    0431487016                           05           10/01/99          0
    0000                                 O            09/01/29
    0


    1932662          H49/G02             F           52,500.00         ZZ
                                         360         52,500.00          2
    705 ASH                            8.750            413.02         70
                                       8.500            413.02       75,000.00
    WAMEGO           KS   66547          5            09/08/99         00
    0431511054                           05           11/01/99          0
    315206                               N            10/01/29
    0


    1932663          H49/G02             F           23,800.00         ZZ
                                         360         23,800.00          1
    706 MAPLE                          8.750            187.23         70
                                       8.500            187.23       34,000.00
    WAMEGO           KS   66547          5            09/08/99         00
    0431511047                           05           11/01/99          0
    315208                               N            10/01/29
    0
1




    1932670          H49/G02             F           21,000.00         ZZ
                                         360         21,000.00          1
    209 PINE STREET                    8.750            165.21         70
                                       8.500            165.21       30,000.00
    WAMEGO           KS   66547          5            09/08/99         00
    0431511039                           05           11/01/99          0
    315210                               N            10/01/29
    0


    1932724          K15/G02             F           66,400.00         ZZ
                                         360         66,272.11          2
    3736 WEST 129TH STREET             8.250            498.84         80
                                       8.000            498.84       83,000.00
    CLEVELAND        OH   44111          5            06/11/99         00
    0431432137                           05           08/01/99          0
    028705405131                         O            07/01/29
    0


    1932726          K15/G02             F           50,500.00         ZZ
                                         360         50,420.12          2
    973 IDA AVENUE                     9.500            424.63         67
                                       9.250            424.63       76,000.00
    CLEVELAND        OH   44103          5            06/21/99         00
    0431410414                           05           08/01/99          0
    028605407826                         O            07/01/29
    0


    1932728          K15/G02             F           63,700.00         ZZ
                                         360         63,577.30          1
    630 GRIFTON AVENUE                 8.250            478.56         85
                                       8.000            478.56       75,000.00
    AKRON            OH   44305          5            06/16/99         10
    0431410422                           05           08/01/99         17
    028005405284                         O            07/01/29
    0


    1932743          K15/G02             F           69,600.00         ZZ
                                         240         69,254.01          1
    23 SEATON ROAD 13A-3               8.250            593.04         80
                                       8.000            593.04       88,000.00
    STAMFORD         CT   06902          5            06/17/99         00
    0431434885                           01           08/01/99          0
    013505300113                         O            07/01/19
    0


    1932851          B75/G02             F           36,000.00         ZZ
                                         360         35,960.53          1
1


    14 SPRUCE STREET                   9.000            289.66         90
                                       8.750            289.66       40,000.00
    COATESVILLE      PA   19320          1            07/09/99         01
    0431406826                           05           09/01/99         30
    2175198                              N            08/01/29
    0


    1932857          455/G02             F          115,200.00         ZZ
                                         360        115,092.06          2
    5101 NEVADA AVENUE                 9.750            989.75         90
                                       9.500            989.75      128,000.00
    NASHVILLE        TN   37203          1            07/30/99         01
    0431406842                           05           09/01/99         25
    85616                                N            08/01/29
    0


    1932875          Q69/G02             F           90,000.00         ZZ
                                         360         89,956.88          1
    1700 RAMONA CIRCLE                 9.625            764.99         90
                                       9.375            764.99      100,000.00
    SAN MARCOS       TX   78666          1            08/13/99         04
    0431419233                           05           10/01/99         25
    9905020                              N            09/01/29
    0


    1932890          354/354             F           88,800.00         ZZ
                                         360         88,624.55          1
    33146 KAYLEE WAY                   8.125            659.34         80
                                       7.875            659.34      111,886.00
    LEESBURG         FL   34788          1            06/04/99         00
    28286698                             03           08/01/99          0
    28286698                             O            07/01/29
    0


    1932917          354/354             F          104,675.00         ZZ
                                         360        104,310.04          1
    1965 BROOKSTONE WAY                7.875            758.97         77
                                       7.625            758.97      136,000.00
    CLEARWATER       FL   33760          2            04/19/99         00
    28014694                             03           06/01/99          0
    28014694                             O            05/01/29
    0


    1932956          A26/G02             F          140,000.00         ZZ
                                         360        139,846.47          3
    412 HALSEY STREET                  9.000          1,126.48         70
                                       8.750          1,126.48      200,000.00
    BROOKLYN         NY   11233          5            07/09/99         00
    0431403369                           07           09/01/99          0
1


    14316                                N            08/01/29
    0


    1932976          P16/G02             F          142,900.00         ZZ
                                         360        142,821.94          1
    2710 WEST LINGAN LANE              9.000          1,149.81         90
                                       8.750          1,149.81      159,000.00
    SANTA ANA        CA   92704          1            08/16/99         10
    0431461136                           05           10/01/99         25
    50002692                             N            09/01/29
    0


    1933011          H19/G02             F           94,500.00         ZZ
                                         360         94,453.52          3
    25 WILMINGTON STREET               9.500            794.61         70
                                       9.250            794.61      135,000.00
    BROCKTON         MA   02401          5            08/20/99         00
    0431477249                           05           10/01/99          0
    0001941624                           N            09/01/29
    0


    1933032          H49/G02             F           82,800.00         ZZ
                                         360         82,761.37          1
    1306 WEST 109TH STREET             9.750            711.38         90
                                       9.500            711.38       92,000.00
    CHICATO          IL   60643          1            08/12/99         11
    0431471879                           05           10/01/99         25
    314600                               N            09/01/29
    0


    1933034          H49/G02             F           21,000.00         ZZ
                                         360         20,988.53          1
    310 SW POLK STREET                 9.000            168.97         70
                                       8.750            168.97       30,000.00
    TOPEKA           KS   66603          5            08/18/99         00
    0431448125                           05           10/01/99          0
    00000                                N            09/01/29
    0


    1933035          H49/G02             F           24,500.00         ZZ
                                         360         24,486.62          1
    1121 SW TAYLOR STREET              9.000            197.13         70
                                       8.750            197.13       35,000.00
    TOPEKA           KS   66612          5            08/18/99         00
    0431448455                           05           10/01/99          0
    0000                                 N            09/01/29
    0


1


    1933036          H49/G02             F           24,500.00         ZZ
                                         360         24,486.62          1
    512 SW BUCHANAN STREET             9.000            197.13         70
                                       8.750            197.13       35,000.00
    TOPEKA           KS   66606          5            08/18/99         00
    0431448208                           05           10/01/99          0
    0000                                 N            09/01/29
    0


    1933037          H49/G02             F           24,500.00         ZZ
                                         360         24,486.62          1
    1111 SW TAYLOR                     9.000            197.13         70
                                       8.750            197.13       35,000.00
    TOPEKA           KS   66612          5            08/18/99         00
    0431448638                           05           10/01/99          0
    0000                                 N            09/01/29
    0


    1933047          H76/G02             F           84,000.00         ZZ
                                         360         83,960.81          1
    103 ORCHARD ROAD                   9.750            721.69         80
                                       9.500            721.69      105,000.00
    ROCHESTER        NY   14612          1            08/13/99         00
    0431443225                           05           10/01/99          0
    0                                    O            09/01/29
    0


    1933052          R61/G02             F          126,000.00         ZZ
                                         360        125,927.51          4
    1904 WEST LOOP                     8.750            991.24         90
                                       8.500            991.24      140,500.00
    AUSTIN           TX   78758          5            08/02/99         04
    0431408889                           05           10/01/99         25
    10043                                N            09/01/29
    0


    1933116          E45/G02             F          105,000.00         ZZ
                                         240        104,679.36          1
    1202 MIMOSA                        8.875            936.29         70
                                       8.625            936.29      150,000.00
    ALAMOGORDO       NM   88311          5            07/30/99         00
    0431403708                           05           09/01/99          0
    54949                                N            08/01/19
    0


    1933117          E45/G02             F           40,000.00         ZZ
                                         360         39,954.98          1
    4225 ROY AVENUE                    8.875            318.26         84
                                       8.625            318.26       48,000.00
1


    MACON            GA   31206          2            07/30/99         14
    0431403740                           05           09/01/99         12
    53761                                N            08/01/29
    0


    1933216          A80/G02             F           74,700.00         ZZ
                                         360         74,599.41          1
    4630 SW 94 COURT                   8.000            548.13         57
                                       7.750            548.13      133,000.00
    MIAMI            FL   33165          5            07/20/99         00
    0431404292                           05           09/01/99          0
    9952071                              O            08/01/29
    0


    1933408          637/G02             F           34,200.00         ZZ
                                         360         34,162.50          1
    3740 FILLMORE                      9.000            275.18         90
                                       8.750            275.18       38,000.00
    GARY             IN   46408          1            07/22/99         12
    0431406149                           05           09/01/99         25
    0012228821                           N            08/01/29
    0


    1933441          E11/G02             F           82,800.00         ZZ
                                         360         82,704.37          1
    5612 S XERXES AVENUE               8.750            651.39         90
                                       8.500            651.39       92,000.00
    EDINA            MN   55410          1            07/30/99         12
    0431410216                           05           09/01/99         25
    0010001016597                        N            08/01/29
    0


    1933525          966/G02             F           73,500.00         ZZ
                                         360         73,315.36          1
    7616 WINDCREST DRIVE               8.375            558.65         81
                                       8.125            558.65       91,000.00
    EL PASO          TX   79912          2            05/24/99         14
    0431410364                           05           07/01/99         20
    30010441                             N            06/01/29
    0


    1933542          L47/G02             F           60,000.00         ZZ
                                         360         59,967.23          1
    18181 NORTHEAST 31ST COURT         9.000            482.77         42
    UNIT 2709                          8.750            482.77      145,000.00
    AVENTURA         FL   33160          5            08/03/99         00
    0431407683                           06           10/01/99          0
    XX                                   N            09/01/29
    0
1




    1933558          253/253             F           90,000.00         ZZ
                                         360         89,755.96          1
    1582 COUNTRY ROAD 233              8.000            660.39         57
                                       7.750            660.39      158,000.00
    RIFLE            CO   81650          5            07/26/99         00
    942643                               05           09/01/99          0
    942643                               O            08/01/29
    0


    1933560          R61/G02             F           75,000.00         ZZ
                                         360         74,953.39          1
    1229 MEADOW MOUNTAIN DRIVE         8.375            570.05         44
                                       8.125            570.05      171,900.00
    WACO             TX   76712          1            08/02/99         00
    0431410265                           05           10/01/99          0
    10095                                O            09/01/29
    0


    1933586          R43/G02             F          135,200.00         ZZ
                                         360        135,200.00          1
    9765 WAINWRIGHT TERRACE            8.625          1,051.57         80
                                       8.375          1,051.57      169,000.00
    OLMSTED FALLS    OH   44138          1            09/09/99         00
    0431476431                           05           11/01/99          0
    2220                                 O            10/01/29
    0


    1933613          K31/G02             F           82,700.00         ZZ
                                         360         82,594.16          1
    5375 ROSWELL ROAD A-2              8.250            621.30         90
                                       8.000            621.30       91,900.00
    ATLANTA          GA   30342          1            07/22/99         14
    0431405885                           01           09/01/99         25
    369286                               N            08/01/29
    0


    1933617          M18/G02             F          141,000.00         ZZ
                                         360        140,907.77          1
    5635 VIA INEZ                      8.125          1,046.92         71
                                       7.875          1,046.92      200,000.00
    YORBA LINDA      CA   92887          5            08/25/99         00
    0431506492                           07           10/01/99          0
    980100645                            O            09/01/29
    0


    1933658          E60/G02             F           83,000.00         ZZ
                                         360         82,931.96          1
1


    22153 J STREET                     7.000            552.21         59
                                       6.750            552.21      143,000.00
    SANTA MARGARITA  CA   93453          1            08/01/99         00
    0431416338                           05           10/01/99          0
    511959                               O            09/01/29
    0


    1933770          M96/G02             F           66,500.00         ZZ
                                         360         66,500.00          1
    92090 M 51                         9.375            553.11         95
                                       9.125            553.11       70,000.00
    DOWAGIAC         MI   49047          1            09/02/99         10
    0431508084                           05           11/01/99         30
    0000                                 O            10/01/29
    0


    1933892          B75/G02             F           91,900.00         ZZ
                                         360         91,791.09          1
    7637 NORTH GREENVIEW AVENUE        8.625            714.79         80
    #3E                                8.375            714.79      114,900.00
    CHICAGO          IL   60626          1            07/20/99         00
    0431409598                           01           09/01/99          0
    1976141                              O            08/01/29
    0


    1933948          562/G02             F          300,000.00         ZZ
                                         360        299,852.43          3
    2826 ROEBLING AVENUE               9.500          2,522.57         89
                                       9.250          2,522.57      340,000.00
    BRONX            NY   10461          1            08/05/99         04
    0431408293                           05           10/01/99         25
    613158                               N            09/01/29
    0


    1933990          664/G02             F           91,500.00         ZZ
                                         360         91,394.31          2
    4208-4210 DOZIER STREET            8.750            719.84         75
                                       8.500            719.84      122,000.00
    LOS ANGELES ARE  CA   90063          1            07/27/99         00
    0431420538                           05           09/01/99          0
    0003160447                           N            08/01/29
    0


    1933997          962/G02             F           54,000.00         ZZ
                                         360         53,973.43          1
    1026 4TH STREET S                  9.500            454.07         90
                                       9.250            454.07       60,000.00
    MOORHEAD         MN   56560          1            08/31/99         04
    0431481522                           05           10/01/99         25
1


    1933997                              N            09/01/29
    0


    1934026          J49/G02             F           81,000.00         ZZ
                                         360         80,955.76          4
    213 EAST JACKSON STREET            9.000            651.74         90
    #A B C D                           8.750            651.74       90,000.00
    RIALTO           CA   92376          1            08/23/99         14
    0431462191                           05           10/01/99         25
    99070072                             N            09/01/29
    0


    1934030          A38/G02             F           58,770.00         ZZ
                                         360         58,740.32          1
    6509 ALTA VISTA DRIVE              9.375            488.82         90
                                       9.125            488.82       65,300.00
    WATAUGA          TX   76148          1            08/12/99         12
    0431460633                           05           10/01/99         25
    1230960                              N            09/01/29
    0


    1934033          P44/G02             F          119,700.00         ZZ
                                         360        119,644.16          1
    65 WILLIAM ONTHANK LANE            9.750          1,028.40         65
                                       9.500          1,028.40      184,214.00
    SOUTHBOROUGH     MA   01772          1            08/24/99         00
    0431476571                           01           10/01/99          0
    0000                                 N            09/01/29
    0


    1934040          N13/G02             F           25,000.00         ZZ
                                         360         25,000.00          1
    16501 WEST 126TH TERR              8.875            198.91         23
                                       8.625            198.91      110,000.00
    OLATHE           KS   66062          5            09/15/99         00
    0431503481                           05           11/01/99          0
    0000                                 O            10/01/29
    0


    1934102          183/G02             F          115,600.00         ZZ
                                         360        115,459.43          1
    1687 WINDEMERE LA                  8.500            888.87         85
                                       8.250            888.87      136,000.00
    LAKE ARIEL       PA   18436          5            07/29/99         23
    0431407048                           03           09/03/99          0
    800145902                            O            08/03/29
    0


1


    1934168          665/G02             F           75,000.00         ZZ
                                         360         74,904.03          1
    9514 N. SENECA STREET              8.250            563.45         50
                                       8.000            563.45      150,000.00
    PORTLAND         OR   97203          5            07/28/99         00
    0431417237                           05           09/01/99          0
    9901231006                           O            08/01/29
    0


    1934195          F60/G02             F          182,000.00         ZZ
                                         360        181,895.29          2
    1621-23 COLISEUM STREET            8.750          1,431.79         73
                                       8.500          1,431.79      250,000.00
    NEW ORLEANS      LA   70130          5            08/18/99         00
    0431456102                           05           10/01/99          0
    444680                               O            09/01/29
    0


    1934200          313/G02             F          134,900.00         ZZ
                                         360        134,820.35          1
    424 E 50TH ST                      8.625          1,049.24         90
                                       8.375          1,049.24      149,900.00
    SAVANNAH         GA   31405          1            08/18/99         04
    0431497551                           05           10/01/99         25
    0006691489                           N            09/01/29
    0


    1934205          R43/G02             F           28,980.00         ZZ
                                         360         28,962.89          1
    523 SUMNER STREET                  8.625            225.40         90
                                       8.375            225.40       32,200.00
    AKRON            OH   44304          1            08/19/99         14
    0431441344                           05           10/01/99         25
    OH000002206                          N            09/01/29
    0


    1934211          P68/G02             F          292,000.00         ZZ
                                         360        292,000.00          4
    161 GATES AVENUE                   9.500          2,455.29         90
                                       9.250          2,455.29      324,450.00
    BROOKLYN         NY   11238          1            09/02/99         01
    0431476688                           05           11/01/99         25
    990778601                            N            10/01/29
    0


    1934268          B75/G02             F           42,400.00         ZZ
                                         360         42,349.76          2
    6614 GUYER AVENUE                  8.625            329.78         80
                                       8.375            329.78       53,000.00
1


    PHILADELPHIA     PA   19142          5            07/19/99         00
    0431412824                           07           09/01/99          0
    8460735                              O            08/01/29
    0


    1934269          737/G02             F           72,900.00         ZZ
                                         360         72,828.01          1
    107 ELLIOTTS WAY                   9.500            612.98         90
                                       9.250            612.98       81,000.00
    ST MARY'S        GA   31558          1            07/30/99         10
    0431410992                           03           09/01/99         25
    955539                               N            08/01/29
    0


    1934272          B75/G02             F           76,000.00         ZZ
                                         360         75,907.60          1
    401 NW 35TH STREET                 8.500            584.37         80
                                       8.250            584.37       95,900.00
    GAINESVILLE      FL   32605          1            07/27/99         00
    0431460138                           05           09/01/99          0
    1989524                              N            08/01/29
    0


    1934575          575/G02             F           97,200.00         ZZ
                                         360         97,084.82          2
    2186 BUNTS RD                      8.625            756.01         90
                                       8.375            756.01      108,000.00
    LAKEWOOD         OH   44107          1            07/30/99         11
    0431413632                           05           09/01/99         25
    9316712                              O            08/01/29
    0


    1934673          K15/G02             F          117,800.00         ZZ
                                         360        117,573.11          1
    2722 NORTH BARTLETT AVE            8.250            884.99         88
                                       8.000            884.99      135,000.00
    MILWAUKEE        WI   53211          2            06/22/99         10
    0431414549                           05           08/01/99         25
    008805405034                         O            07/01/29
    0


    1934675          K15/G02             F           78,200.00         ZZ
                                         360         78,099.93          1
    232 SOUTH 1ST ST                   8.250            587.49         90
                                       8.000            587.49       87,000.00
    UNION CITY       OH   45390          2            07/09/99         10
    0431414317                           05           09/01/99         25
    0033705401704                        O            08/01/29
    0
1




    1934676          K15/G02             F           51,800.00         ZZ
                                         240         51,656.22          1
    1027 WOODWARD AVE                  9.625            487.08         80
                                       9.375            487.08       65,000.00
    SOUTH BEND       IN   46616          5            07/15/99         00
    0431414275                           05           09/01/99          0
    034205410359                         O            08/01/19
    0


    1934677          K15/G02             F           40,800.00         ZZ
                                         360         40,729.05          1
    310 W CHESTNUT STREET              8.750            320.97         89
                                       8.500            320.97       46,000.00
    OLNEY            IL   62450          2            06/19/99         10
    0431413830                           05           08/01/99         25
    018105405071                         O            07/01/29
    0


    1934678          J33/G02             F           59,500.00         ZZ
                                         360         59,433.04          1
    2660 TREADWAY DRIVE                8.875            473.41         70
                                       8.625            473.41       85,000.00
    DECATUR          GA   30034          1            07/21/99         00
    0431416676                           05           09/01/99          0
    9954120197                           N            08/01/29
    0


    1934681          K15/G02             F           64,100.00         ZZ
                                         240         63,900.52          1
    21164 STATE ROUTE 47               8.725            565.44         85
                                       8.475            565.44       76,000.00
    WEST MANSFIELD   OH   43358          2            07/15/99         10
    0431413467                           05           09/01/99         12
    028505411999                         O            08/01/19
    0


    1934696          069/G02             F           80,200.00         ZZ
                                         360         79,988.58          1
    1563 FINCH AVENUE                  7.875            581.51         56
                                       7.625            581.51      145,000.00
    REDLANDS         CA   92374          1            07/13/99         00
    0431428705                           09           09/01/99          0
    20224200990                          O            08/01/29
    0


    1934708          E46/G02             F          126,000.00         ZZ
                                         360        125,846.80          2
1


    299 PAXTON STREET                  8.500            968.83         90
                                       8.250            968.83      140,000.00
    PATERSON         NJ   07503          1            07/22/99         04
    0431414663                           05           09/01/99         25
    37397                                O            08/01/29
    0


    1934729          536/536             F          100,000.00         ZZ
                                         360         99,861.91          1
    2615A POKO PLACE                   7.875            725.07         32
                                       7.625            725.07      320,000.00
    HAIKU            HI   96708          5            07/06/99         00
    1237866                              05           09/01/99          0
    1237866                              O            08/01/29
    0


    1934766          163/G02             F           81,400.00         ZZ
                                         360         81,285.49          1
    9199 SOUTH 1500 WEST               7.875            590.21         62
                                       7.625            590.21      133,000.00
    JORDAN           UT   84088          5            07/19/99         00
    0431415520                           05           09/01/99          0
    6517019029                           O            08/01/29
    0


    1934786          420/G02             F           90,000.00         ZZ
                                         360         89,853.78          1
    1384 HENRY STREET                  8.750            708.04         32
                                       8.500            708.04      290,000.00
    BERKELEY         CA   94709          1            07/26/99         00
    0431411834                           01           09/01/99          0
    0000426163                           O            08/01/29
    0


    1934788          944/G02             F           80,000.00         T
                                         360         79,947.67          1
    23239 CRESTA DRIVE                 8.125            594.00         68
                                       7.875            594.00      118,000.00
    TWAIN HARTE      CA   95383          1            08/05/99         00
    0431429950                           05           10/01/99          0
    17804                                O            09/01/29
    0


    1934792          687/G02             F           53,100.00         ZZ
                                         360         53,069.45          1
    1818 WEST 13TH STREET              8.750            417.74         90
                                       8.500            417.74       59,000.00
    ASHTABULA        OH   44004          1            08/31/99         10
    0431471051                           05           10/01/99         25
1


    9907160026                           N            09/01/29
    0


    1934798          L42/G02             F           98,850.00         ZZ
                                         360         98,741.61          2
    4021 & 4023 COLFAX AVENUE NO       9.000            795.37         90
                                       8.750            795.37      110,000.00
    MINNEAPOLIS      MN   55412          1            08/06/99         04
    0431442565                           05           09/01/99         25
    15900001                             N            08/01/29
    0


    1935055          637/G02             F          150,000.00         ZZ
                                         360        149,738.84          4
    4560-4568 KELLY DRIVE              8.125          1,113.75         89
                                       7.875          1,113.75      170,000.00
    WEST PALM BEACH  FL   33415          1            07/16/99         04
    0431415140                           05           09/01/99         25
    0017130923                           N            08/01/29
    0


    1935071          K15/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    1380 DESERET AVENUE                9.625          1,223.99         80
    AKA 1370 DESERET                   9.375          1,223.99      180,000.00
    BARSTOW          CA   92311          5            09/09/99         00
    0431513522                           05           11/01/99          0
    646514                               N            10/01/29
    0


    1935072          665/G02             F           99,000.00         ZZ
                                         360         98,945.92          3
    228,230,232 H STREET               9.000            796.58         90
                                       8.750            796.58      110,000.00
    ARCATA           CA   95521          1            08/03/99         10
    0431455773                           05           10/01/99         25
    9901230111                           N            09/01/29
    0


    1935074          K15/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    1261 BARSTOW ROAD                  9.625          1,223.99         80
                                       9.375          1,223.99      180,000.00
    BARSTOW          CA   92311          5            09/09/99         00
    0431498211                           05           11/01/99          0
    646517                               N            10/01/29
    0


1


    1935118          709/G02             F          135,600.00         ZZ
                                         360        135,344.63          1
    4014 NORTH 33RD STREET             8.250          1,018.72         80
                                       8.000          1,018.72      169,500.00
    TACOMA           WA   98407          1            07/22/99         00
    0431419167                           05           09/01/99          0
    444034                               O            08/01/29
    0


    1935155          K30/G02             F          112,490.00         ZZ
                                         360        112,433.20          4
    521 PAULINE STREET                 9.375            935.63         90
                                       9.125            935.63      124,990.00
    CLIFTON          CO   81520          1            08/05/99         11
    0431416833                           05           10/01/99         25
    0064079                              N            09/01/29
    0


    1935169          709/G02             F           72,750.00         ZZ
                                         360         72,235.19          1
    8009 SOUTH PARK AVENUE             8.750            572.33         75
                                       8.500            572.33       97,000.00
    TACOMA           WA   98408          2            07/22/99         00
    0431416916                           05           09/01/99          0
    444018                               O            08/01/29
    0


    1935190          253/253             F           75,600.00         ZZ
                                         360         75,215.97          4
    2004 CLOVER LANE                   9.000            608.30         90
                                       8.750            608.30       84,000.00
    FORTH WORTH      TX   76107          1            07/27/99         10
    000                                  05           09/01/99         25
    000                                  N            08/01/29
    0


    1935202          638/G02             F           33,350.00         ZZ
                                         360         33,310.48          1
    3839 N WINTHROP AVENUE             8.625            259.39         90
                                       8.375            259.39       37,065.00
    INDIANAPOLIS     IN   46205          1            07/30/99         10
    0431419514                           05           09/01/99         25
    8904116                              N            08/01/29
    0


    1935210          253/253             F           80,000.00         ZZ
                                         360         79,900.20          1
    2713 CALLE CEDRO                   8.375            608.06         46
                                       8.125            608.06      174,000.00
1


    SANTA FE         NM   87505          5            07/29/99         00
    942648                               05           09/01/99          0
    942648                               O            08/01/29
    0


    1935303          L86/G02             F          101,600.00         ZZ
                                         360        101,600.00          1
    26901 NORTH RAINBOW GLEN DRIVE     8.250            763.29         80
    #644                               8.000            763.29      127,000.00
    SANTA CLARITA    CA   91351          2            09/02/99         00
    0431517689                           01           11/01/99          0
    20501060                             O            10/01/29
    0


    1935323          F62/G02             F          145,000.00         ZZ
                                         360        144,914.39          1
    1980 PICCADILLY CIRCUS             8.625          1,127.80         75
                                       8.375          1,127.80      195,000.00
    NAPLES           FL   34112          5            08/25/99         00
    0431512169                           05           10/01/99          0
    0000                                 O            09/01/29
    0


    1935327          N34/G02             F           48,000.00         ZZ
                                         360         47,975.12          1
    526 WEST ROSCOE UNIT 2B            9.250            394.88         80
                                       9.000            394.88       60,000.00
    CHICAGO          IL   60657          5            08/24/99         00
    0431452051                           01           10/01/99          0
    0000                                 O            09/01/29
    0


    1935328          Q56/G02             F          283,500.00         ZZ
                                         360        283,500.00          4
    10459 RIVERSIDE DRIVE A,B,C,D      9.375          2,358.01         90
                                       9.125          2,358.01      315,000.00
    TOLUCA LAKE      CA   91602          1            08/25/99         04
    0431483189                           05           11/01/99         30
    991199                               O            10/01/29
    0


    1935411          665/G02             F           75,000.00         ZZ
                                         360         74,950.94          1
    415 EVERGREEN ROAD                 8.125            556.87         23
                                       7.875            556.87      335,000.00
    PACIFIC GROVE    CA   93950          5            08/05/99         00
    0431417609                           05           10/01/99          0
    9901231039                           O            09/01/29
    0
1




    1935422          H17/G02             F           75,000.00         ZZ
                                         360         74,954.56          1
    622 23RD STREET                    8.500            576.69         60
                                       8.250            576.69      125,000.00
    FLAGLER BEACH    FL   32136          1            08/13/99         00
    0431417062                           05           10/01/99          0
    0371754                              N            09/01/29
    0


    1935488          638/G02             F           70,250.00         ZZ
                                         360         70,172.97          1
    121 WEST CAMPBELL                  9.000            565.25         90
                                       8.750            565.25       78,100.00
    RANTOUL          IL   61866          1            07/30/99         10
    0431420983                           05           09/01/99         25
    8905138                              O            08/01/29
    0


    1935489          638/G02             F           53,200.00         ZZ
                                         360         53,140.14          1
    1880 WHITE OAK DRIVE UNIT 109      8.875            423.28         95
                                       8.625            423.28       56,000.00
    HOUSTON          TX   77009          1            07/26/99         10
    0431420652                           01           09/01/99         30
    8910941                              O            08/01/29
    0


    1935502          638/G02             F          114,300.00         ZZ
                                         360        114,187.11          3
    1804 CROMWELL DRIVE                9.500            961.10         90
                                       9.250            961.10      127,000.00
    AKRON            OH   44313          1            07/30/99         04
    0431420595                           05           09/01/99         25
    08908531                             O            08/01/29
    0


    1935514          638/G02             F           93,812.00         ZZ
                                         360         93,474.86          2
    809 & 811 17TH STREET              9.000            754.83         95
                                       8.750            754.83       98,750.00
    GALVESTON        TX   77550          1            07/29/99         10
    0431420785                           05           09/01/99         30
    08907567                             O            08/01/29
    0


    1935516          005/G02             F           85,500.00         ZZ
                                         360         85,455.67          1
1


    3216 WAGON GAP TRAIL               9.250            703.39         90
                                       9.000            703.39       95,000.00
    VESTAVIA         AL   35216          1            08/19/99         12
    0431446764                           05           10/01/99         25
    3010842254                           O            09/01/29
    0


    1935525          G92/G02             F           46,000.00         ZZ
                                         360         45,974.21          1
    10270 BROADVIEW DRIVE              8.875            366.00         21
                                       8.625            366.00      225,000.00
    SAN JOSE         CA   95127          2            08/19/99         00
    0431471176                           05           10/01/99          0
    374236                               O            09/01/29
    0


    1935526          624/G02             F          288,750.00         ZZ
                                         360        288,592.28          2
    515 N QUARANTINA                   9.000          2,323.35         75
                                       8.750          2,323.35      385,000.00
    SANTA BARBARA    CA   93103          1            08/20/99         00
    0431464114                           05           10/01/99          0
    72011790386                          N            09/01/29
    0


    1935632          N12/G02             F          123,600.00         ZZ
                                         360        123,514.94          3
    1308 S OAK PARK AVE                7.875            896.19         80
                                       7.625            896.19      154,500.00
    BERWYN           IL   60402          1            08/03/99         00
    0431427418                           05           10/01/99          0
    0000                                 N            09/01/29
    0


    1935806          183/G02             F           90,950.00         ZZ
                                         360         90,831.82          1
    127 DENNISON AVE                   8.175            678.49         85
                                       7.925            678.49      107,000.00
    WYOMING          PA   18644          5            08/10/99         23
    0431419035                           05           09/16/99          0
    800150393                            O            08/16/29
    0


    1935826          B75/G02             F          106,500.00         ZZ
                                         360        106,074.86          2
    31 CENTER STREET                   8.125            790.76         51
                                       7.875            790.76      212,000.00
    BERNARDSVILLE    NJ   07924          2            03/18/99         00
    0431446756                           05           05/01/99          0
1


    6441471                              N            04/01/29
    0


    1935856          B75/G02             F           52,800.00         ZZ
                                         360         52,742.10          4
    120 EAST 31ST STREET               9.000            424.84         80
                                       8.750            424.84       66,000.00
    TUCSON           AZ   85713          1            07/16/99         00
    0431454743                           05           09/01/99          0
    1989748                              N            08/01/29
    0


    1935872          A60/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
    169 BARBARA ROAD                   8.750          1,132.85         54
                                       8.500          1,132.85      270,000.00
    BELLMORE         NY   11710          5            09/15/99         00
    0431508563                           05           11/01/99          0
    61309                                O            10/01/29
    0


    1935885          001/G02             F          107,900.00         ZZ
                                         360        107,900.00          1
    31 PLANTS DAM ROAD                 8.875            858.50         80
                                       8.625            858.50      134,900.00
    EAST LYME        CT   06333          1            09/17/99         00
    0431497163                           05           11/01/99          0
    1536132                              O            10/01/29
    0


    1935887          H93/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
    39 SUSAN COURT                     9.500          1,202.42         90
                                       9.250          1,202.42      158,900.00
    CARMEL           IN   46032          1            09/15/99         04
    0431506534                           03           11/01/99         25
    9966103                              N            10/01/29
    0


    1935942          E82/G02             F           92,950.00         ZZ
                                         360         92,897.89          1
    2639 NORTH WOOD AVENUE             8.875            739.55         65
                                       8.625            739.55      143,000.00
    LINDEN           NJ   07036          5            08/11/99         00
    0400219044                           05           10/01/99          0
    0400219044                           O            09/01/29
    0


1


    1936020          129/G02             F           51,000.00         ZZ
                                         360         50,933.06          1
    7F PARKSHORE PLAZA                 8.125            378.67         80
                                       7.875            378.67       64,000.00
    SOMERS POINT     NJ   08244          2            07/16/99         00
    0431439579                           01           09/01/99          0
    3500385012                           O            08/01/29
    0


    1936192          964/G02             F           56,000.00         ZZ
                                         360         55,935.33          1
    34 EAST HAMPTON WAY                8.750            440.55         70
                                       8.500            440.55       80,000.00
    FRESNO           CA   93704          5            07/23/99         00
    0431420082                           05           09/01/99          0
    60528                                O            08/01/29
    0


    1936200          964/G02             F          116,800.00         ZZ
                                         360        116,727.41          1
    15335 MAGNOLIA BOULEVARD #210      8.375            887.76         80
                                       8.125            887.76      146,000.00
    SHERMAN OAKS (A  CA   91403          1            08/05/99         00
    0431419423                           01           10/01/99          0
    60701                                O            09/01/29
    0


    1936204          964/G02             F          112,500.00         ZZ
                                         360        112,441.68          4
    1342 OAK STREET #1,2,3,4           9.250            925.51         90
                                       9.000            925.51      125,000.00
    SAN BERNARDINO   CA   92410          1            08/03/99         19
    0431419522                           05           10/01/99         25
    60195                                N            09/01/29
    0


    1936216          R91/G02             F           45,900.00         ZZ
                                         360         45,900.00          1
    306 WAINWRIGHT                     9.000            369.32         89
                                       8.750            369.32       52,000.00
    GRAND ISLAND     NE   68801          1            09/15/99         12
    0431507367                           05           11/01/99         25
    0000                                 N            10/01/29
    0


    1936221          R91/G02             F           28,500.00         ZZ
                                         360         28,500.00          1
    1042 S PINE                        9.500            239.64         75
                                       9.250            239.64       38,000.00
1


    GRAND ISLAND     NE   68801          5            09/15/99         00
    0431507557                           05           11/01/99          0
    0000                                 N            10/01/29
    0


    1936384          965/G02             F           88,000.00         ZZ
                                         360         87,949.37          3
    127 131 133 WEST 4TH STREET        8.750            692.30         80
                                       8.500            692.30      110,000.00
    TUCSON           AZ   85705          1            08/02/99         00
    0431428432                           05           10/01/99          0
    000                                  N            09/01/29
    0


    1936553          H93/G02             F           99,000.00         ZZ
                                         360         98,888.59          4
    1602 OAK CROFT COURT               8.875            787.69         90
                                       8.625            787.69      110,000.00
    WINSTON-SALEM    NC   27107          1            07/30/99         04
    0431425602                           07           09/01/99         25
    9956868                              N            08/01/29
    0


    1936559          H93/G02             F           40,000.00         ZZ
                                         360         39,951.35          4
    7112-14 ROSWELL                    8.500            307.57         69
                                       8.250            307.57       58,000.00
    KANSAS CITY      KS   66109          5            07/29/99         00
    0431426113                           07           09/01/99          0
    9930073                              N            08/01/29
    0


    1936571          H93/G02             F           40,600.00         ZZ
                                         360         40,554.31          4
    7104-06 ROSWELL                    8.875            323.03         70
                                       8.625            323.03       58,000.00
    KANSAS CITY      KS   66109          5            07/29/99         00
    0431426667                           05           09/01/99          0
    9930086                              N            08/01/29
    0


    1936573          811/G02             F           95,000.00         ZZ
                                         360         94,953.27          1
    1690 ZENITH WAY                    9.500            798.81         75
                                       9.250            798.81      126,667.00
    WESTON           FL   33327          1            08/12/99         00
    0431482231                           03           10/01/99          0
    00119589                             N            09/01/29
    0
1




    1936576          637/G02             F          224,100.00         ZZ
                                         360        223,854.26          4
    11420- 26 NW 43RD STREET           9.000          1,803.16         90
                                       8.750          1,803.16      249,000.00
    CORAL SPRINGS    FL   33065          1            07/23/99         01
    0431430651                           05           09/01/99         25
    0013667829                           N            08/01/29
    0


    1936595          637/G02             F           88,050.00         ZZ
                                         360         87,931.45          1
    7400 HADDICK CIRCLE                8.000            646.08         79
                                       7.750            646.08      112,500.00
    AUSTIN           TX   78745          2            07/29/99         00
    0431424902                           05           09/01/99          0
    16517559                             O            08/01/29
    0


    1936605          637/G02             F           59,200.00         ZZ
                                         360         59,135.08          4
    9-11 LAUREL STREET                 9.000            476.34         80
                                       8.750            476.34       74,000.00
    SANFORD          ME   04073          1            07/28/99         00
    0431423102                           05           09/01/99          0
    0017553165                           N            08/01/29
    0


    1936620          134/G02             F           60,300.00         ZZ
                                         360         60,230.34          1
    6821 W. CAMPBELL AVENUE            8.750            474.39         82
                                       8.500            474.39       74,000.00
    PHOENIX          AZ   85033          1            07/26/99         11
    0431497072                           05           09/01/99         25
    8367716                              N            08/01/29
    0


    1936639          637/G02             F           90,000.00         ZZ
                                         360         89,896.06          1
    15 MECHANIC ST                     8.750            708.03         60
                                       8.500            708.03      150,000.00
    ATTLEBORO        MA   02703          5            07/29/99         00
    0431423094                           05           09/01/99          0
    0011518230                           N            08/01/29
    0


    1936664          896/G02             F           26,850.00         ZZ
                                         360         26,820.54          1
1


    126 ASPENWOOD DRIVE                9.000            216.05         80
                                       8.750            216.05       33,600.00
    RIVERDALE        GA   30296          1            08/05/99         00
    0431425800                           05           09/01/99          0
    16303                                N            08/01/29
    0


    1936681          700/G02             F           87,750.00         ZZ
                                         360         87,694.04          1
    693 BLUEWATER WAY                  8.250            659.24         65
                                       8.000            659.24      135,000.00
    PORT HUENEME     CA   93041          1            08/03/99         00
    0431441245                           05           10/01/99          0
    000                                  N            09/01/29
    0


    1936686          K31/G02             F           96,900.00         ZZ
                                         360         96,852.34          1
    3320 PIERCE ARROW CIRCLE           9.500            814.79         55
                                       9.250            814.79      176,900.00
    SUWANEE          GA   30024          1            08/10/99         00
    0431432335                           03           10/01/99          0
    372754                               O            09/01/29
    0


    1936691          K31/G02             F           83,500.00         ZZ
                                         360         83,454.39          1
    5675-5677 WILLIAMSBURG TRACE       9.000            671.86         90
                                       8.750            671.86       92,800.00
    COLLEGE PARK     GA   30349          1            08/12/99         10
    0431431691                           05           10/01/99         25
    0372746                              N            09/01/29
    0


    1936706          F32/G02             F           78,500.00         ZZ
                                         360         78,453.66          1
    174 SHALLOW RIDGE LANE             8.625            610.56         66
                                       8.375            610.56      120,000.00
    KENNESAW         GA   30144          2            08/06/99         00
    0431425297                           05           10/01/99          0
    407042492                            N            09/01/29
    0


    1936737          702/702             F           73,700.00         ZZ
                                         360         73,700.00          1
    279 EAST TOWN FARM ROAD            9.125            599.65         70
                                       8.875            599.65      105,500.00
    PUTNEY           VT   05346          2            09/10/99         00
    2096737                              05           11/01/99          0
1


    2096737                              O            10/01/29
    0


    1936741          Q51/G02             F          146,700.00         ZZ
                                         360        146,617.76          4
    10393 AMHERST AVENUE               8.875          1,167.21         90
                                       8.625          1,167.21      163,000.00
    MONTCLAIR        CA   91763          1            08/26/99         01
    0431468412                           05           10/01/99         25
    02004271A                            O            09/01/29
    0


    1936838          P16/G02             F           43,200.00         ZZ
                                         360         43,200.00          1
    9281 WESTWOOD VILLAGE CIRCLE       8.250            324.55         90
                                       8.000            324.55       48,000.00
    HOUSTON          TX   77036          1            09/21/99         11
    0431507169                           09           11/01/99         35
    550003141                            N            10/01/29
    0


    1936867          H19/G02             F           86,850.00         ZZ
                                         360         86,801.31          1
    3296 WEST 4100 SOUTH               8.875            691.02         90
                                       8.625            691.02       96,500.00
    SALT LAKE CITY   UT   84119          2            08/26/99         12
    0431480060                           05           10/01/99         25
    2146926                              N            09/01/29
    0


    1936872          Q11/G02             F           93,600.00         ZZ
                                         360         93,551.47          1
    7310 NW 45 COURT                   9.250            770.03         80
                                       9.000            770.03      117,000.00
    LAUDERHILL       FL   33319          1            08/04/99         00
    0431427160                           05           10/01/99          0
    0711818433                           O            09/01/29
    0


    1936970          G52/G02             F           70,000.00         ZZ
                                         360         69,960.76          1
    2323 NORTH CENTRAL AVENUE          8.875            556.95         50
    #1506                              8.625            556.95      140,000.00
    PHOENIX          AZ   85004          1            08/02/99         00
    0431429539                           01           10/01/99          0
    99003835                             O            09/01/29
    0


1


    1936973          E53/G02             F           88,200.00         ZZ
                                         360         88,157.75          3
    3501 WINDSOR AVE                   9.625            749.69         90
                                       9.375            749.69       98,000.00
    WEST PALM BEACH  FL   33407          2            08/13/99         14
    0431438076                           05           10/01/99         25
    0011109397                           N            09/01/29
    0


    1937038          F32/G02             F          104,000.00         ZZ
                                         360        103,938.60          1
    286 HOLT ROAD                      8.625            808.90         60
                                       8.375            808.90      176,000.00
    MARIETTA         GA   30067          2            08/06/99         00
    0431434877                           05           10/01/99          0
    407042484                            N            09/01/29
    0


    1937132          P44/G02             F           60,000.00         ZZ
                                         360         60,000.00          2
    275 MANCHAUG ROAD                  9.250            493.61         48
                                       9.000            493.61      125,000.00
    SUTTON           MA   01590          5            09/08/99         00
    0431512060                           05           11/01/99          0
    0000                                 N            10/01/29
    0


    1937156          P44/G02             F          104,000.00         ZZ
                                         360        103,944.65          3
    24 UPSALA STREET                   9.125            846.18         78
                                       8.875            846.18      134,000.00
    WORCESTER        MA   01610          2            08/31/99         00
    0431458074                           05           10/01/99          0
    0000                                 N            09/01/29
    0


    1937188          Q69/G02             F           61,200.00         ZZ
                                         360         61,166.57          1
    1013 WEST MARY STREET              9.000            492.43         90
                                       8.750            492.43       68,000.00
    AUSTIN           TX   78704          1            08/18/99         12
    0431429802                           05           10/01/99         25
    9907021                              N            09/01/29
    0


    1937191          Q69/G02             F           72,000.00         ZZ
                                         360         71,962.67          1
    3309 LAFAYETTE AVENUE              9.250            592.33         90
                                       9.000            592.33       80,000.00
1


    AUSTIN           TX   78722          1            08/11/99         04
    0431429638                           05           10/01/99         25
    9905002A                             N            09/01/29
    0


    1937457          N27/G02             F           37,050.00         ZZ
                                         360         37,001.36          1
    1961 MIRAMAR GREEN DRIVE           8.125            275.10         95
                                       7.875            275.10       39,000.00
    SEABROOK         TX   77586          1            07/21/99         04
    0431436591                           01           09/01/99         30
    3003360                              O            08/01/29
    0


    1937461          A33/G02             F           63,900.00         ZZ
                                         360         63,861.28          1
    625 HILLCREST COURT                8.500            491.34         90
                                       8.250            491.34       71,000.00
    WENDELL          NC   27591          1            08/06/99         11
    0431443357                           05           10/01/99         25
    031076091                            N            09/01/29
    0


    1937495          E77/G02             F          209,000.00         ZZ
                                         360        208,885.84          1
    1308 W HORATIO STREET              9.000          1,681.66         95
                                       8.750          1,681.66      220,000.00
    TAMPA            FL   33606          2            08/13/99         14
    0431456490                           03           10/01/99         30
    9F410008                             O            09/01/29
    0


    1937524          637/G02             F           73,600.00         ZZ
                                         360         73,503.38          3
    2725 RIVERSIDE DRIVE               8.125            546.48         70
                                       7.875            546.48      105,200.00
    SARASOTA         FL   34234          1            07/30/99         00
    0431431469                           05           09/01/99          0
    0011410768                           N            08/01/29
    0


    1937578          765/G02             F          225,000.00         ZZ
                                         360        224,570.17          4
    907 MARTIN DRIVE                   8.750          1,770.08         90
                                       8.500          1,770.08      250,000.00
    ESCONDIDO        CA   92026          1            07/29/99         11
    0431429588                           05           09/01/99         25
    146045                               N            08/01/29
    0
1




    1937593          940/G02             F           86,000.00         ZZ
                                         360         85,900.65          1
    39809 NOTTINGHILL ROAD             8.750            676.57         49
                                       8.500            676.57      176,000.00
    MURRIETA         CA   92563          1            07/23/99         00
    0431434331                           05           09/01/99          0
    62545                                O            08/01/29
    0


    1937599          134/G02             F           68,000.00         ZZ
                                         360         67,960.87          2
    20 A & B PINEWOOD COURT            8.750            534.96         90
                                       8.500            534.96       75,600.00
    STATESBORO       GA   30458          2            08/09/99         14
    0431434174                           05           10/01/99         25
    8258154                              N            09/01/29
    0


    1937620          638/G02             F           57,600.00         ZZ
                                         360         57,570.91          4
    61 STATE STREET                    9.375            479.09         88
                                       9.125            479.09       66,000.00
    NEW BEDFORD      MA   02740          1            08/16/99         14
    0431437003                           05           10/01/99         25
    8915523                              N            09/01/29
    0


    1937646          638/G02             F          110,000.00         ZZ
                                         360        109,944.46          4
    22419 AND 22425 6TH STREET         9.375            914.92         70
                                       9.125            914.92      158,000.00
    SANTA CLARITA A  CA   91321          1            08/05/99         00
    0431434430                           05           10/01/99          0
    8914298                              N            09/01/29
    0


    1937658          253/253             F           73,000.00         ZZ
                                         360         72,749.04          1
    242 WISCONSIN ST NE                9.375            607.18         77
                                       9.125            607.18       95,000.00
    ALBUQUERQUE      NM   87108          2            08/02/99         00
    943028                               05           09/01/99          0
    943028                               N            08/01/29
    0


    1937755          931/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
1


    39 MESSIER ROAD                    8.750            590.03         60
                                       8.500            590.03      125,000.00
    THOMPSON         CT   06277          1            09/22/99         00
    0431511773                           05           11/01/99          0
    046981                               O            10/01/29
    0


    1937923          F53/G02             F          220,000.00         ZZ
                                         360        219,447.33          4
    4318 WILLOW BROOK AVENUE           8.500          1,691.61         90
                                       8.250          1,691.61      246,000.00
    LOS ANGELES      CA   90029          1            06/18/99         10
    0431433150                           05           08/01/99         25
    0000                                 O            07/01/29
    0


    1938016          A26/G02             F          157,700.00         ZZ
                                         360        157,517.87          4
    371 NORTH 15TH STREET              8.750          1,240.63         95
                                       8.500          1,240.63      166,000.00
    LAS VEGAS        NV   89101          1            07/14/99         04
    0431440643                           05           09/01/99         30
    30733                                O            08/01/29
    0


    1938061          225/225             F           81,000.00         ZZ
                                         360         80,893.66          3
    705-713-721 NORTH NORTHPOINT       8.125            601.43         90
    CIRCLE                             7.875            601.43       90,000.00
    JACKSONVILLE     FL   32218          1            07/15/99         11
    7143623                              07           09/01/99         25
    7143623                              N            08/01/29
    0


    1938102          225/225             F           51,300.00         ZZ
                                         360         51,232.64          1
    4334 WINDERGATE DRIVE              8.125            380.91         90
                                       7.875            380.91       57,000.00
    JACKSONVILLE     FL   32257          1            07/20/99         11
    7145521                              07           09/01/99         25
    7145521                              N            08/01/29
    0


    1938122          687/G02             F           83,700.00         ZZ
                                         360         83,657.74          2
    1850 SYCAMORE UNITS A & B          9.375            696.17         90
                                       9.125            696.17       93,000.00
    PAHRUMP          NV   89048          1            08/31/99         10
    0431465012                           05           10/01/99         25
1


    9908170885                           N            09/01/29
    0


    1938128          687/G02             F           63,600.00         ZZ
                                         360         63,566.16          1
    3788 LAKESHORE DRIVE               9.125            517.47         90
                                       8.875            517.47       70,700.00
    PALM HARBOR      FL   34684          1            08/27/99         01
    0431464353                           03           10/01/99         25
    68301                                N            09/01/29
    0


    1938245          L94/G02             F          178,200.00         ZZ
                                         360        178,200.00          1
    11432 S. CRANBERRY HILL COURT      8.875          1,417.84         90
                                       8.625          1,417.84      198,000.00
    DRAPER           UT   84020          2            09/01/99         23
    0431464437                           05           11/01/99          0
    0000                                 O            10/01/29
    0


    1938250          964/G02             F           95,000.00         ZZ
                                         360         94,939.43          1
    761 PRESCOTT AVENUE                8.250            713.70         31
                                       8.000            713.70      314,000.00
    MONTEREY         CA   93940          1            08/03/99         00
    0431436286                           05           10/01/99          0
    0000                                 O            09/01/29
    0


    1938259          964/G02             F           87,200.00         ZZ
                                         360         87,152.37          1
    338 SOUTH MIRALESTE DRIVE #266     9.000            701.63         80
                                       8.750            701.63      109,000.00
    SAN PEDRO AREA   CA   90732          1            08/16/99         00
    0431436625                           01           10/01/99          0
    62571                                O            09/01/29
    0


    1938305          562/G02             F          324,000.00         ZZ
                                         360        323,832.03          4
    867 RIVERSIDE DRIVE                9.250          2,665.47         90
                                       9.000          2,665.47      360,000.00
    NEW YORK         NY   10030          1            08/19/99         04
    0431441518                           07           10/01/99         25
    613604                               O            09/01/29
    0


1


    1938318          001/G02             F           87,000.00         ZZ
                                         360         87,000.00          1
    11 ROGER ROAD                      8.750            684.42         60
                                       8.500            684.42      147,000.00
    JOHNSTON         RI   02919          1            09/03/99         00
    0431476290                           05           11/01/99          0
    1535739                              O            10/01/29
    0


    1938333          227/G02             F           58,100.00         ZZ
                                         360         58,100.00          1
    5331 BULEN                         9.000            467.49         70
                                       8.750            467.49       83,000.00
    FRIENDSWOOD      TX   77546          1            09/13/99         00
    0431514504                           03           11/01/99          0
    1799668                              N            10/01/29
    0


    1938345          H19/G02             F           91,000.00         ZZ
                                         360         91,000.00          1
    3855 NORTH PENNFIELD AVENUE        9.250            748.64         70
                                       9.000            748.64      130,000.00
    BOISE            ID   83713          5            09/20/99         00
    0431513985                           05           11/01/99          0
    2147098                              N            10/01/29
    0


    1938379          134/G02             F           53,500.00         ZZ
                                         360         53,500.00          1
    3054 GLENDALE COURT                8.750            420.89         57
                                       8.500            420.89       95,000.00
    DECATUR          GA   30135          5            09/08/99         00
    0431509967                           05           11/01/99          0
    8882508                              N            10/01/29
    0


    1938388          H93/G02             F           96,750.00         ZZ
                                         360         96,635.35          1
    7819 WOODSON                       8.625            752.51         90
                                       8.375            752.51      107,500.00
    RAYTOWN          MO   64138          1            07/30/99         04
    0431489228                           05           09/01/99         25
    9955103                              O            08/01/29
    0


    1938395          638/G02             F           84,000.00         ZZ
                                         360         83,951.67          3
    1111 1113 1115 YOSEMITE STREET     8.750            660.83         80
                                       8.500            660.83      105,000.00
1


    STOCKTON         CA   95203          1            08/04/99         00
    0431440403                           05           10/01/99          0
    089065067                            O            09/01/29
    0


    1938415          638/G02             F          124,500.00         ZZ
                                         360        124,431.99          4
    733-739 ELDER PLACE                9.000          1,001.76         56
                                       8.750          1,001.76      225,000.00
    ESCONDIDO        CA   92025          1            08/09/99         00
    0431440429                           05           10/01/99          0
    08914145                             N            09/01/29
    0


    1938416          687/G02             F           31,500.00         ZZ
                                         360         31,464.55          1
    391 W TURNER STREET                8.875            250.63         88
                                       8.625            250.63       36,000.00
    ALLENTOWN        PA   18102          1            07/30/99         11
    0431444025                           07           09/01/99         25
    KL6819                               N            08/01/29
    0


    1938423          B49/G02             F          194,400.00         ZZ
                                         360        194,400.00          1
    3365 PARK COUNTY ROAD 72           8.750          1,529.35         80
                                       8.500          1,529.35      243,000.00
    BAILEY           CO   80421          1            09/16/99         00
    0431487768                           05           11/01/99          0
    0374700                              O            10/01/29
    0


    1938434          575/G02             F           95,200.00         ZZ
                                         360         95,140.83          2
    224 224A Q STREET NW               8.375            723.59         80
                                       8.125            723.59      119,000.00
    WASHINGTON       DC   20001          1            08/20/99         00
    0431439660                           05           10/01/99          0
    4191458                              N            09/01/29
    0


    1938447          H93/G02             F           80,100.00         ZZ
                                         360         80,014.42          1
    4134 G CHARLOTTE HIGHWAY           9.125            651.72         90
                                       8.875            651.72       89,000.00
    LAKE WYLIE       SC   29710          5            07/26/99         14
    0431439827                           01           09/01/99         25
    9956171                              O            08/01/29
    0
1




    1938460          964/G02             F          264,100.00         ZZ
                                         360        263,778.89          4
    1237 1237 1/2 1239 1239 1/2        8.500          2,030.70         95
    4TH AVENUE                         8.250          2,030.70      278,000.00
    LOS ANGELES      CA   90019          1            07/14/99         14
    0431438613                           05           09/01/99         30
    60616                                O            08/01/29
    0


    1938468          964/G02             F           79,150.00         ZZ
                                         360         79,106.77          1
    6131 VIA CASITAS                   9.000            636.86         90
                                       8.750            636.86       87,950.00
    CARMICHAEL       CA   95608          1            08/13/99         04
    0431437334                           03           10/01/99         25
    61974                                N            09/01/29
    0


    1938500          136/136             F           87,500.00         ZZ
                                         360         87,500.00          1
    334 THREE MILE HARBOR RD           8.875            696.19         70
                                       8.625            696.19      125,000.00
    EAST HAMPTON     NY   11937          1            09/07/99         00
    1122479                              05           11/01/99          0
    1122479                              N            10/01/29
    0


    1938529          623/G02             F          168,210.00         ZZ
                                         360        168,020.71          1
    3063 SUTTON WOODS DRIVE            8.875          1,338.35         90
                                       8.625          1,338.35      186,953.00
    PLANT CITY       FL   33567          1            07/30/99         10
    0431438258                           03           09/01/99         25
    1367194                              N            08/01/29
    0


    1938531          623/G02             F           89,100.00         ZZ
                                         360         89,047.40          4
    112 EAST MAC IVER PLACE            8.625            693.01         90
                                       8.375            693.01       99,000.00
    TUCSON           AZ   85705          1            08/05/99         10
    0431438225                           05           10/01/99         25
    6302958                              O            09/01/29
    0


    1938536          687/G02             F           46,800.00         ZZ
                                         360         46,800.00          1
1


    439 JACKSON STREET                 8.750            368.18         90
                                       8.500            368.18       52,000.00
    CONNEAUT         OH   44030          1            09/08/99         10
    0431487461                           05           11/01/99         30
    9908040012                           N            10/01/29
    0


    1938540          Q25/G02             F           72,250.00         ZZ
                                         360         72,207.35          1
    3421 NORTH 14TH PLACE              8.625            561.95         85
                                       8.375            561.95       85,000.00
    PHOENIX          AZ   85014          5            08/04/99         10
    0431440452                           05           10/01/99         12
    0000                                 O            09/01/29
    0


    1938546          455/G02             F          107,100.00         ZZ
                                         360        107,047.32          1
    757 MONROE DRIVE #1                9.500            900.56         90
                                       9.250            900.56      119,000.00
    ATLANTA          GA   30308          1            08/20/99         01
    0431439850                           01           10/01/99         25
    09000008                             O            09/01/29
    0


    1938547          455/G02             F          166,155.00         ZZ
                                         360        166,077.48          1
    1110 PINE HEIGHTS DRIVE            9.750          1,427.53         95
                                       9.500          1,427.53      174,900.00
    ATLANTA          GA   30324          1            08/19/99         01
    0431446277                           01           10/01/99         30
    09000004                             O            09/01/29
    0


    1938558          134/G02             F           44,100.00         ZZ
                                         360         44,073.96          1
    1228 LOGAN SE                      8.625            343.01         90
                                       8.375            343.01       49,000.00
    GRAND RAPIDS     MI   49506          1            08/05/99         11
    0431509918                           05           10/01/99         25
    8342677                              N            09/01/29
    0


    1938560          637/G02             F           84,000.00         ZZ
                                         360         83,952.90          4
    818 818 1/2 820 820 1/2            8.875            668.35         80
    C STREET                           8.625            668.35      105,000.00
    MARYSVILLE       CA   95901          1            08/04/99         00
    0431463470                           05           10/01/99          0
1


    0015268535                           N            09/01/29
    0


    1938569          637/G02             F          175,000.00         ZZ
                                         360        174,776.05          4
    7941 PAMALITO CIRCLE               8.250          1,314.72         77
                                       8.000          1,314.72      228,882.00
    MILTON           FL   32583          1            07/30/99         00
    0431441146                           05           09/01/99          0
    11404084                             N            08/01/29
    0


    1938571          637/G02             F           51,700.00         ZZ
                                         360         51,635.50          1
    2780 RHETT BUTLER DRIVE            8.375            392.96         70
                                       8.125            392.96       73,900.00
    DOUGLASVILLE     GA   30135          1            07/30/99         00
    0431447242                           05           09/01/99          0
    0012050761                           N            08/01/29
    0


    1938588          M63/G02             F           94,000.00         ZZ
                                         360         93,943.05          1
    W182 S6495 GARNET DRIVE            8.500            722.78         75
                                       8.250            722.78      127,000.00
    MUSKEGO          WI   53150          5            08/07/99         00
    0431505916                           05           10/01/99          0
    9907736                              O            09/01/29
    0


    1938589          623/G02             F          106,500.00         ZZ
                                         360        106,320.58          1
    1135 CUSTER PASS                   8.250            800.10         75
                                       8.000            800.10      142,000.00
    SAN ANTONIO      TX   78232          1            07/29/99         00
    0431438647                           05           09/01/99          0
    5217631                              O            08/01/29
    0


    1938600          P76/G02             F           64,800.00         ZZ
                                         360         64,768.13          1
    8528 MARKS LANE                    9.500            544.87         90
                                       9.250            544.87       72,000.00
    FORT WORTH       TX   76135          1            09/03/99         10
    0431487149                           05           10/01/99         25
    MCHAM                                N            09/01/29
    0


1


    1938650          G81/G02             F          191,900.00         T
                                         360        191,900.00          1
    19601 E COUNRTY CLUB DR            9.250          1,578.71         90
    #7106                              9.000          1,578.71      213,250.00
    AVENTURA         FL   33180          1            09/10/99         10
    0431484948                           08           11/01/99         30
    021907040                            O            10/01/29
    0


    1938684          638/G02             F           77,000.00         ZZ
                                         360         76,955.70          1
    4008 DICKERSON COURT               8.750            605.76         70
                                       8.500            605.76      110,000.00
    PLANO            TX   75093          1            08/20/99         00
    0431466747                           05           10/01/99          0
    08908771                             N            09/01/29
    0


    1938703          709/G02             F          145,600.00         ZZ
                                         360        145,436.14          1
    4510 & 4514 S LAWRENCE STREET      8.875          1,158.46         80
                                       8.625          1,158.46      183,000.00
    TACOMA           WA   98409          1            07/23/99         00
    0431440387                           05           09/01/99          0
    443788                               O            08/01/29
    0


    1938718          E45/G02             F           98,000.00         ZZ
                                         360         97,945.06          2
    716 GLENN PARKWAY                  8.875            779.73         70
                                       8.625            779.73      140,000.00
    HOLLYWOOD        FL   33021          2            08/19/99         00
    0431441625                           05           10/01/99          0
    49112                                N            09/01/29
    0


    1938722          M98/G02             F          108,446.00         ZZ
                                         360        108,446.00          1
    5650 GUNSHOT PASS                  9.250            892.16         80
                                       9.000            892.16      135,557.00
    COLORADO SPRING  CO   80917          1            09/17/99         00
    0431488766                           05           11/01/99          0
    376360                               N            10/01/29
    0


    1938724          227/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
    2662 EUDORA STREET                 9.250          1,369.76         90
                                       9.000          1,369.76      185,000.00
1


    DENVER           CO   80207          1            09/02/99         11
    0431508860                           05           11/01/99         25
    1799566                              N            10/01/29
    0


    1938740          J87/G02             F          131,200.00         ZZ
                                         360        131,200.00          1
    12323 SE CLAYBOURNE STREET         8.750          1,032.15         80
                                       8.500          1,032.15      164,000.00
    PORTLAND         OR   97236          5            09/07/99         00
    0431466788                           05           11/01/99          0
    1274                                 O            10/01/29
    0


    1938882          637/G02             F           96,800.00         ZZ
                                         360         96,662.92          1
    5245 CROOKED MOUNTAIN CT           7.750            693.49         80
                                       7.500            693.49      121,000.00
    LAS VEGAS        NV   89129          1            07/27/99         00
    0431471929                           03           09/01/99          0
    0016170854                           O            08/01/29
    0


    1938897          R21/G02             F           37,050.00         ZZ
                                         360         37,050.00          1
    7954 S LOWE                        9.625            314.92         95
                                       9.375            314.92       39,000.00
    CHICAGO          IL   60620          1            09/08/99         10
    0431468883                           05           11/01/99         30
    0000                                 O            10/01/29
    0


    1938960          A52/G02             F           78,500.00         ZZ
                                         360         78,500.00          4
    511 GRESHAM PARK DRIVE             9.250            645.80         57
                                       9.000            645.80      140,000.00
    MARIETTA         GA   30060          2            09/14/99         00
    0431476225                           07           11/01/99          0
    9904138                              N            10/01/29
    0


    1938991          B75/G02             F           84,000.00         ZZ
                                         360         83,949.11          1
    130 INGRID PLACE                   8.500            645.89         78
                                       8.250            645.89      108,000.00
    OLDSMAR          FL   34677          1            08/19/99         00
    0431443696                           07           10/01/99          0
    1704386                              O            09/01/29
    0
1




    1939066          624/G02             F          183,200.00         ZZ
                                         360        183,200.00          1
    765 GETTYSBURG WAY                 8.875          1,457.62         80
                                       8.625          1,457.62      229,000.00
    GILROY           CA   95020          1            09/09/99         00
    0431476001                           09           11/01/99          0
    41101690383                          N            10/01/29
    0


    1939088          K65/G02             F          180,500.00         ZZ
                                         360        180,500.00          1
    206 REINHARDT STREET               9.375          1,501.31         77
                                       9.125          1,501.31      235,000.00
    ATLANTA          GA   30312          5            09/10/99         00
    0431485788                           05           11/01/99          0
    9901337B                             N            10/01/29
    0


    1939246          F44/G02             F           60,000.00         ZZ
                                         360         59,917.15          1
    108 WEST NINTH STREET              7.875            435.04         45
                                       7.625            435.04      135,000.00
    NEW CASTLE       DE   19720          2            07/23/99         00
    0431447291                           05           09/01/99          0
    209232                               O            08/01/29
    0


    1939257          A52/G02             F           96,000.00         ZZ
                                         360         95,938.78          2
    105 A/B RIDGEVIEW CIRCLE           8.250            721.22         90
                                       8.000            721.22      107,000.00
    CUMMING          GA   30040          1            08/20/99         11
    0431456466                           05           10/01/99         25
    000                                  N            09/01/29
    0


    1939289          E46/G02             F          100,000.00         ZZ
                                         360         99,950.82          2
    17 MAPLE AVENUE                    9.500            840.85         72
                                       9.250            840.85      140,000.00
    FLEMINGTON       NJ   08822          1            08/09/99         00
    0431447689                           05           10/01/99          0
    36664                                O            09/01/29
    0


    1939311          B75/G02             F           88,200.00         ZZ
                                         360         88,110.57          1
1


    74 DEVON LANE                      9.375            733.60         90
                                       9.125            733.60       98,000.00
    AVONDALE ESTATE  GA   30002          1            08/06/99         01
    0431446087                           01           09/01/99         25
    1966084                              N            08/01/29
    0


    1939322          A19/G02             F          166,400.00         ZZ
                                         360        166,400.00          2
    37 PICKERING STREET                8.500          1,279.47         80
                                       8.250          1,279.47      208,000.00
    DANVERS          MA   01923          1            09/17/99         00
    0431491893                           05           11/01/99          0
    1939322                              O            10/01/29
    0


    1939342          E45/G02             F           90,000.00         ZZ
                                         360         89,945.48          2
    350-352 DOWNING STREET             8.500            692.02         77
                                       8.250            692.02      118,000.00
    LAWRENCEVILLE    GA   30045          2            08/12/99         00
    0431446210                           05           10/01/99          0
    55693                                N            09/01/29
    0


    1939357          G28/G02             F          207,900.00         ZZ
                                         360        207,797.74          1
    807-809 MALTMAN AVENUE             9.500          1,748.14         90
                                       9.250          1,748.14      231,000.00
    LOS ANGELES      CA   90026          1            08/02/99         10
    0431445923                           07           10/01/99         35
    370996                               N            09/01/29
    0


    1939369          514/G02             F           64,000.00         ZZ
                                         360         63,867.01          1
    5907 SPRING CROSSING               7.875            464.04         80
                                       7.625            464.04       80,000.00
    SAN ANTONIO      TX   78247          2            06/08/99         00
    0431460799                           05           08/01/99          0
    380077                               O            07/01/29
    0


    1939372          514/G02             F           88,200.00         ZZ
                                         360         88,050.56          1
    973 VERDI WAY                      8.875            701.76         90
                                       8.625            701.76       98,500.00
    CLARKSTON        GA   30021          1            06/04/99         19
    0431496900                           05           08/01/99         25
1


    380903                               N            07/01/29
    0


    1939404          514/G02             F          172,900.00         ZZ
                                         360        172,789.75          1
    11395 CALGARY RD                   8.250          1,298.94         73
                                       8.000          1,298.94      237,500.00
    PEYTON           CO   80831          1            08/12/99         00
    0431450022                           05           10/01/99          0
    098045                               O            09/01/29
    0


    1939502          H93/G02             F           80,600.00         ZZ
                                         360         80,561.39          1
    292 CARMEL WOODS DRIVE             9.625            685.09         90
                                       9.375            685.09       90,000.00
    ELLISVILLE       MO   63021          1            08/13/99         04
    0431452531                           01           10/01/99         25
    9959369                              N            09/01/29
    0


    1939560          P44/G02             F           98,400.00         ZZ
                                         360         98,400.00          3
    12 PEMBERTON STREET                8.875            782.92         80
                                       8.625            782.92      123,000.00
    WORCESTER        MA   01610          5            09/14/99         00
    0431507086                           05           11/01/99          0
    0000                                 O            10/01/29
    0


    1939579          705/G02             F           50,000.00         ZZ
                                         240         50,000.00          1
    1004 MELISSA LANE                  8.500            433.91         21
                                       8.250            433.91      245,000.00
    N BELLMORE       NY   11710          5            09/23/99         00
    0431515691                           05           11/01/99          0
    99030552                             O            10/01/19
    0


    1939589          L79/G02             F          108,000.00         T
                                         360        107,937.86          2
    6216/6218 SOUTH BELL STREET        8.750            849.64         90
                                       8.500            849.64      120,000.00
    TACOMA           WA   98408          1            08/25/99         12
    0431459007                           05           10/01/99         25
    199985301329                         O            09/01/29
    0


1


    1939592          G15/G02             F          151,200.00         ZZ
                                         360        151,101.09          2
    8602 NEWKIRK AVENUE                8.125          1,122.66         90
                                       7.875          1,122.66      168,000.00
    NORTH BERGEN TW  NJ   07047          1            08/27/99         11
    0431446293                           05           10/01/99         25
    04340533                             O            09/01/29
    0


    1939612          964/G02             F          152,400.00         ZZ
                                         360        152,310.23          1
    4515 MOUNT BACHELOR DRIVE          8.625          1,185.15         78
                                       8.375          1,185.15      195,500.00
    SPARKS           NV   89436          1            08/12/99         00
    0431448869                           05           10/01/99          0
    61980                                O            09/01/29
    0


    1939630          J87/G02             F           83,500.00         ZZ
                                         360         83,454.39          1
    6636 BUGLE DRIVE                   9.000            671.86         62
                                       8.750            671.86      136,000.00
    COLORADO SPRING  CO   80918          5            08/26/99         00
    0431452267                           05           10/01/99          0
    0000                                 O            09/01/29
    0


    1939697          Q48/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
    132 WASHBURNS LANE                 8.875          1,193.47         80
                                       8.625          1,193.47      189,000.00
    STONY POINT      NY   10980          5            09/12/99         00
    0431480052                           05           11/01/99          0
    1939697                              O            10/01/29
    0


    1939700          F32/G02             F           84,900.00         ZZ
                                         360         84,857.12          1
    824 GREENWOOD AVENUE #8            9.375            706.16         74
                                       9.125            706.16      114,900.00
    ATLANTA          GA   30306          1            08/26/99         00
    0431449024                           01           10/01/99          0
    407043706                            N            09/01/29
    0


    1939704          L47/G02             F          130,050.00         ZZ
                                         360        129,986.03          1
    RR 3 BOX 3234                      9.500          1,093.53         90
    SLOCUM ROAD                        9.250          1,093.53      144,500.00
1


    WAPWALLOPEN      PA   18660          5            08/20/99         04
    0431477819                           05           10/01/99         25
    373220                               O            09/01/29
    0


    1939735          638/G02             F           84,850.00         ZZ
                                         360         84,808.27          1
    3212 EAST CAPTAIN DREYFUS AVEN     9.500            713.46         90
                                       9.250            713.46       94,300.00
    PHOENIX          AZ   85032          1            08/20/99         10
    0431448836                           05           10/01/99         25
    08917700                             N            09/01/29
    0


    1939743          M98/G02             F          161,910.00         ZZ
                                         360        161,910.00          4
    330 BONNIE COURT                   9.250          1,332.00         90
                                       9.000          1,332.00      179,900.00
    COLORADO SPRING  CO   80916          1            09/10/99         11
    0431479955                           05           11/01/99         25
    374875                               N            10/01/29
    0


    1939758          N34/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
    2741 TENNYSON PLACE                8.875            507.22         85
                                       8.625            507.22       75,000.00
    HAZELCREST       IL   60429          5            09/10/99         04
    0431481340                           05           11/01/99         12
    0000                                 O            10/01/29
    0


    1939760          M98/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
    13330 MURPHY ROAD                  8.500          1,691.61         67
                                       8.250          1,691.61      328,900.00
    ELBERT           CO   80106          5            09/16/99         00
    0431517895                           05           11/01/99          0
    376200                               O            10/01/29
    0


    1939766          F44/G02             F           90,000.00         ZZ
                                         360         89,952.11          1
    1227 CARIBBEAN CIRCLE              9.125            732.27         90
                                       8.875            732.27      100,000.00
    ALABASTER        AL   35007          5            08/25/99         10
    0431447804                           05           10/01/99         25
    209565                               O            09/01/29
    0
1




    1939799          966/G02             F           53,200.00         ZZ
                                         360         53,141.66          1
    326 S 7TH STREET                   9.000            428.06         80
                                       8.750            428.06       66,500.00
    BROKEN ARROW     OK   74012          5            08/20/99         00
    0431450378                           05           10/01/99          0
    90344                                O            09/01/29
    0


    1939806          F62/G02             F           79,414.00         ZZ
                                         360         79,367.11          1
    20869 NW 2ND STREET                8.625            617.68         77
                                       8.375            617.68      104,414.00
    PEMBROKE PINES   FL   33028          1            08/27/99         00
    0431450592                           09           10/01/99          0
    0000                                 O            09/01/29
    0


    1939824          549/549             F          268,000.00         ZZ
                                         360        267,343.63          4
    23856 - 23862 SANTA CLARA ST       8.500          2,060.69         80
                                       8.250          2,060.69      335,000.00
    HAYWARD          CA   94541          1            05/05/99         00
    5000580919                           05           07/01/99          0
    5000580919                           O            06/01/29
    0


    1939838          S48/S48             F          437,500.00         ZZ
                                         360        436,635.60          4
    43187 GALLEGOS AVENUE              8.125          3,248.43         70
                                       7.875          3,248.43      625,000.00
    FREMONT          CA   94539          1            06/24/99         00
    6248510320                           05           08/01/99          0
    6248510320                           O            07/01/29
    0


    1939854          313/G02             F           60,750.00         ZZ
                                         360         60,750.00          1
    2780 GLENVALLEY DRIVE              9.375            505.29         90
                                       9.125            505.29       67,500.00
    DECATUR          GA   30032          1            09/14/99         04
    0431513720                           05           11/01/99         25
    0006839682                           N            10/01/29
    0


    1939855          638/G02             F          134,400.00         ZZ
                                         360        134,309.82          1
1


    2001 TERRACE DRIVE                 8.000            986.18         80
                                       7.750            986.18      168,000.00
    SACRAMENTO       CA   95825          2            08/11/99         00
    0431447721                           05           10/01/99          0
    08899411                             O            09/01/29
    0


    1939860          638/G02             F           67,500.00         ZZ
                                         360         67,462.16          4
    50 GARFIELD STREET                 8.875            537.06         90
                                       8.625            537.06       75,000.00
    CENTRAL FALLS    RI   02863          1            08/19/99         14
    0431459601                           05           10/01/99         25
    08907051                             O            09/01/29
    0


    1939866          742/G02             F           89,120.00         ZZ
                                         360         89,120.00          1
    566 CHADWOOD DRIVE                 8.750            701.11         80
                                       8.500            701.11      111,400.00
    GAHANNA          OH   43230          1            09/10/99         00
    0431486869                           07           11/01/99          0
    4849907                              O            10/01/29
    0


    1939896          940/G02             F           51,300.00         ZZ
                                         360         51,274.09          1
    27333 DEL MONTE LANE               9.375            426.69         86
                                       9.125            426.69       60,000.00
    SUN CITY         CA   92586          1            08/20/99         10
    0431462167                           05           10/01/99         25
    48182                                N            09/01/29
    0


    1939910          758/G02             F           96,500.00         ZZ
                                         360         96,452.54          1
    1127 WINSTON STREET                9.500            811.42         90
                                       9.250            811.42      107,260.00
    HOUSTON          TX   77009          1            08/26/99         04
    0431458777                           05           10/01/99         25
    19630                                N            09/01/29
    0


    1939914          514/G02             F           90,000.00         ZZ
                                         360         83,328.93          1
    7611 CORBIN AVENUE                 8.625            700.01         50
                                       8.375            700.01      180,000.00
    WINNETKA         CA   91306          2            06/10/99         00
    0431455260                           05           08/01/99          0
1


    664695                               O            07/01/29
    0


    1939917          514/G02             F          106,900.00         ZZ
                                         360        106,835.24          1
    4025 CORNISH PLACE                 8.500            821.97         80
                                       8.250            821.97      133,900.00
    PLANO            TX   75023          1            08/05/99         00
    0431496637                           03           10/01/99          0
    381667                               O            09/01/29
    0


    1939918          514/G02             F           46,000.00         ZZ
                                         360         45,945.50          1
    5021 GREENSBORO CT                 8.625            357.78         79
                                       8.375            357.78       58,900.00
    MONTGOMERY       AL   36116          1            07/19/99         00
    0431507839                           05           09/01/99          0
    614668                               O            08/01/29
    0


    1939937          A46/G02             F           31,350.00         ZZ
                                         360         31,332.88          1
    2100 TANGLEWILDE STREET            9.000            252.25         95
    UNIT 224                           8.750            252.25       33,000.00
    HOUSTON          TX   77063          1            08/24/99         04
    0431466994                           05           10/01/99         30
    0137068                              O            09/01/29
    0


    1940013          H93/G02             F           88,000.00         ZZ
                                         360         87,854.71          1
    109 HIGHGATE CIRCLE                9.000            708.07         80
                                       8.750            708.07      110,000.00
    WAKE FOREST      NC   27587          1            08/23/99         00
    0431459502                           05           10/01/99          0
    9963057000000                        O            09/01/29
    0


    1940018          637/G02             F           49,500.00         ZZ
                                         360         49,475.00          1
    3100 PRESBURY STREET               9.375            411.72         90
                                       9.125            411.72       55,000.00
    BALTIMORE        MD   21216          1            08/13/99         11
    0431458900                           07           10/01/99         25
    0016101396                           N            09/01/29
    0


1


    1940055          A75/G02             F           26,900.00         ZZ
                                         360         26,885.68          1
    129 CHURCH STREET                  9.125            218.87         90
                                       8.875            218.87       29,900.00
    BRIDGETON        NJ   08302          1            08/31/99         01
    0431460807                           05           10/01/99         25
    1000011005                           N            09/01/29
    0


    1940068          L86/G02             F          239,950.00         ZZ
                                         360        239,950.00          1
    12302 ENRAMADA DRIVE               8.125          1,781.62         64
                                       7.875          1,781.62      380,000.00
    SANTA ANA AREA   CA   92705          5            09/08/99         00
    0431476969                           05           11/01/99          0
    20501254                             O            10/01/29
    0


    1940083          E53/G02             F           51,900.00         ZZ
                                         360         51,900.00          1
    1715 N CONGRESS AVE                8.875            412.94         80
                                       8.625            412.94       64,900.00
    WEST PALM BEACH  FL   33401          1            09/01/99         00
    0431464148                           09           11/01/99          0
    0011502547                           O            10/01/29
    0


    1940099          163/G02             F          146,850.00         ZZ
                                         360        146,680.41          4
    822-828 NORTH 50 WEST              8.750          1,155.27         62
                                       8.500          1,155.27      237,500.00
    OREM             UT   84057          1            07/22/99         00
    0431455526                           05           09/01/99          0
    6517048176                           N            08/01/29
    0


    1940147          H19/G02             F          112,500.00         ZZ
                                         360        112,500.00          4
    2309 PATTERSON ROAD                9.125            915.34         90
                                       8.875            915.34      125,000.00
    KETTERING        OH   45420          1            09/16/99         12
    0431513563                           05           11/01/99         25
    2161370                              N            10/01/29
    0


    1940148          758/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
    830 SOUTH BROWNLEAF STREET         8.875            445.56         70
                                       8.625            445.56       80,000.00
1


    SAN ANTONIO      TX   78227          2            09/21/99         00
    0431521947                           05           11/01/99          0
    UNKNOWN                              N            10/01/29
    0


    1940152          A02/G02             F           72,600.00         ZZ
                                         360         72,511.73          1
    1211 MAIN                          8.500            558.23         55
                                       8.250            558.23      132,000.00
    SPRING GROVE     IL   60081          1            07/26/99         00
    0431504711                           05           09/01/99          0
    329735                               O            08/01/29
    0


    1940157          E45/G02             F           24,750.00         ZZ
                                         360         24,738.15          1
    3579 JONATHAN CIRCLE               9.625            210.37         90
                                       9.375            210.37       27,500.00
    AUGUSTA          GA   30906          1            08/31/99         14
    0431457670                           05           10/01/99         25
    54836                                N            09/01/29
    0


    1940188          E82/G02             F           48,000.00         ZZ
                                         360         47,930.13          1
    POPLAR STREET                      8.875            381.91         80
                                       8.625            381.91       60,000.00
    HAZARD           KY   41701          5            08/30/99         00
    0400223988                           05           10/01/99          0
    0400223988                           N            09/01/29
    0


    1940192          E82/G02             F           75,000.00         ZZ
                                         360         74,962.13          1
    16 WOODCREST AVENUE                9.375            623.81         75
                                       9.125            623.81      100,000.00
    BRIDGETON        NJ   08302          1            09/03/99         00
    0400226809                           05           10/01/99          0
    0400226809                           O            09/01/29
    0


    1940208          M46/G02             F           81,000.00         ZZ
                                         360         80,954.59          1
    10051-10053 EMERALD CREEK DR       8.875            644.47         90
                                       8.625            644.47       91,000.00
    HOUSTON          TX   77070          1            08/25/99         01
    0431512284                           05           10/01/99         25
    7353406                              N            09/01/29
    0
1




    1940215          H47/G02             F          127,200.00         ZZ
                                         360        127,130.52          1
    809 PENSBY COURT                   9.000          1,023.48         80
                                       8.750          1,023.48      159,000.00
    HOLLY SPRINGS    NC   27540          1            08/26/99         00
    0431460898                           03           10/01/99          0
    595262771                            O            09/01/29
    0


    1940237          757/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    106 BRANDON LANE                   9.250          1,184.66         90
                                       9.000          1,184.66      160,000.00
    SAVANNAH         GA   31406          1            09/02/99         01
    0431475524                           05           11/01/99         25
    2248789                              N            10/01/29
    0


    1940241          P32/G02             F          189,050.00         ZZ
                                         360        189,050.00          4
    5597, 5599, 5601, 5603 WINWOOD     9.625          1,606.90         95
    ROAD                               9.375          1,606.90      199,000.00
    COLLEGE PARK     GA   30349          1            09/16/99         01
    0431504331                           05           11/01/99         30
    0000                                 O            10/01/29
    0


    1940245          830/G02             F           20,000.00         ZZ
                                         360         19,986.92          1
    718 NORTH IRWIN DRIVE              8.125            148.50         29
                                       7.875            148.50       70,000.00
    ORLANDO          FL   32807          5            08/26/99         00
    0431475227                           05           10/01/99          0
    1923952                              O            09/01/29
    0


    1940253          E45/G02             F           44,100.00         ZZ
                                         360         44,052.89          1
    3434 TRAVIS BLVD                   9.125            358.81         90
                                       8.875            358.81       49,000.00
    MACON            GA   31206          2            07/30/99         14
    0431459890                           05           09/01/99         25
    55637                                N            08/01/29
    0


    1940260          A52/G02             F           89,550.00         ZZ
                                         360         89,501.09          2
1


    5 AND 7 PENNY LANE                 9.000            720.54         90
                                       8.750            720.54       99,500.00
    CARTERSVILLE     GA   30120          1            08/30/99         11
    0431461003                           05           10/01/99         25
    67970080                             N            09/01/29
    0


    1940265          A02/G02             F          239,900.00         ZZ
                                         360        239,630.03          3
    836 SOUTH MORGAN                   8.875          1,908.75         56
                                       8.625          1,908.75      430,000.00
    CHICAGO          IL   60607          2            07/26/99         00
    0431480748                           05           09/01/99          0
    07991164                             N            08/01/29
    0


    1940266          644/G02             F           84,000.00         ZZ
                                         360         83,950.41          1
    5644 STEAMBOAT ISLAND RD NW        8.625            653.34         70
                                       8.375            653.34      120,000.00
    OLYMPIA          WA   98502          5            08/27/99         00
    0431467703                           05           10/01/99          0
    9476253                              N            09/01/29
    0


    1940267          P92/G02             F           76,000.00         ZZ
                                         360         75,956.28          1
    6117 FREDERICK STREET              8.750            597.89         77
                                       8.500            597.89       99,000.00
    OMAHA            NE   68106          2            08/26/99         00
    0431459841                           05           10/01/99          0
    60045                                O            09/01/29
    0


    1940268          G52/G02             F           56,000.00         ZZ
                                         360         55,970.97          1
    12629 N PEBBLE BEACH DRIVE         9.250            460.70         70
                                       9.000            460.70       80,000.00
    SUN CITY         AZ   85351          2            08/23/99         00
    0431456052                           03           10/01/99          0
    98506040                             O            09/01/29
    0


    1940291          K15/G02             F           60,600.00         ZZ
                                         360         60,554.80          1
    205 EAST SOUTH STREET              7.475            422.69         80
                                       7.225            422.69       76,000.00
    GRATIS           OH   45330          5            07/28/99         00
    0431482652                           05           10/01/99          0
1


    029005411391                         O            09/01/29
    0


    1940293          K15/G02             F           91,000.00         ZZ
                                         360         90,932.12          1
    HC 88 BOX 151                      7.475            634.73         80
                                       7.225            634.73      115,000.00
    HUDSON           KY   40145          5            08/11/99         00
    0431482686                           05           10/01/99          0
    023705300033                         O            09/01/29
    0


    1940297          K15/G02             F           73,300.00         ZZ
                                         360         73,172.46          1
    14105 STARPINE LN                  9.600            621.70         79
                                       9.350            621.70       93,000.00
    CHESTER          VA   23836          5            07/23/99         00
    0431482660                           05           09/01/99          0
    007305409068                         O            08/01/29
    0


    1940299          K15/G02             F           68,000.00         ZZ
                                         360         67,956.41          1
    3911 70TH ST                       8.225            509.67         80
                                       7.975            509.67       85,000.00
    URBANDALE        IA   50322          5            08/09/99         00
    0431482678                           05           10/01/99          0
    037705415605                         O            09/01/29
    0


    1940362          593/G02             F          132,000.00         ZZ
                                         360        131,922.06          1
    9036 DOVE RIVER ROAD               8.625          1,026.69         80
                                       8.375          1,026.69      165,000.00
    LAS VEGAS        NV   89134          5            08/06/99         00
    0431463991                           03           10/01/99          0
    0007494016                           O            09/01/29
    0


    1940463          593/G02             F           69,500.00         ZZ
                                         360         69,464.90          1
    1343 EAST ALAMEDA ROAD             9.375            578.07         90
                                       9.125            578.07       77,250.00
    POCATELLO        ID   83201          1            08/23/99         12
    0431464791                           05           10/01/99         25
    0007571052                           N            09/01/29
    0


1


    1940486          883/G02             F          219,200.00         ZZ
                                         360        218,919.48          1
    11547 PERSIMMON BLVD               8.250          1,646.78         80
                                       8.000          1,646.78      274,000.00
    WEST PALM BEACH  FL   33411          4            07/22/99         00
    0431457423                           05           09/01/99          0
    30004831                             O            08/01/29
    0


    1940505          A33/G02             F           55,900.00         ZZ
                                         360         55,872.50          1
    2580 E WINSTON DR                  9.500            470.04         65
                                       9.250            470.04       86,000.00
    PHOENIX          AZ   85040          5            08/24/99         00
    0431469519                           05           10/01/99          0
    501079230                            O            09/01/29
    0


    1940513          E45/G02             F           69,900.00         ZZ
                                         360         69,862.80          1
    402 SQUIRREL HOLLOW ROAD           9.125            568.73         78
                                       8.875            568.73       89,900.00
    CLINTON          TN   37716          1            08/31/99         00
    0431464585                           05           10/01/99          0
    56033                                O            09/01/29
    0


    1940520          163/G02             F           42,000.00         ZZ
                                         360         41,975.84          1
    81 MIMOSA LANE                     8.750            330.41         29
                                       8.500            330.41      148,000.00
    STATEN ISLAND    NY   10023          2            08/13/99         00
    0431463587                           07           10/01/99          0
    373906499                            O            09/01/29
    0


    1940545          E45/G02             F           64,400.00         ZZ
                                         360         64,361.98          2
    289 PIERCE AVENUE                  8.625            500.90         70
                                       8.375            500.90       92,000.00
    MACON            GA   31204          2            08/19/99         00
    0431464569                           05           10/01/99          0
    55708                                N            09/01/29
    0


    1940548          H93/G02             F           61,650.00         ZZ
                                         360         61,619.67          1
    827 INTERURBAN AVENUE              9.500            518.39         90
                                       9.250            518.39       68,500.00
1


    CHARLOTTE        NC   28208          1            08/24/99         01
    0431480086                           05           10/01/99         25
    9961282000000                        N            09/01/29
    0


    1940550          H93/G02             F          164,700.00         ZZ
                                         360        164,612.36          1
    21628 WEST 54TH STREET             9.125          1,340.05         90
                                       8.875          1,340.05      183,000.00
    SHAWNEE          KS   66226          1            08/26/99         04
    0431458561                           03           10/01/99         25
    9964967000000                        O            09/01/29
    0


    1940551          638/G02             F          284,400.00         ZZ
                                         360        284,263.75          2
    99-101 WOODS AVENUE                9.625          2,417.37         90
                                       9.375          2,417.37      316,000.00
    SOMERVILLE       MA   02144          1            08/27/99         14
    0431486042                           05           10/01/99         25
    08900728                             N            09/01/29
    0


    1940561          638/G02             F          112,500.00         ZZ
                                         360        112,444.67          2
    4125 WEST 21ST PALCE               9.500            945.96         90
                                       9.250            945.96      125,000.00
    CHICAGO          IL   60623          1            08/25/99         10
    0431461698                           05           10/01/99         25
    08916259                             N            09/01/29
    0


    1940570          209/G02             F           72,000.00         ZZ
                                         360         71,959.63          1
    2303 WAUGHTOWN STREET              8.875            572.87         90
                                       8.625            572.87       80,000.00
    WINSTON SALEM    NC   27107          1            08/25/99         10
    0431463538                           05           10/01/99         25
    997256282                            N            09/01/29
    0


    1940600          Q25/G02             F          104,000.00         ZZ
                                         360        104,000.00          4
    10401 NORTH 15TH AVENUE            9.750            893.52         80
                                       9.500            893.52      130,000.00
    PHOENIX          AZ   85021          5            09/01/99         00
    0431482124                           05           11/01/99          0
    0375032                              N            10/01/29
    0
1




    1940643          E57/G02             F           81,900.00         ZZ
                                         360         81,849.09          1
    2021 RUDY SERRA DRIVE              8.375            622.50         88
    UNIT 1B                            8.125            622.50       93,900.00
    ELDERSBURG       MD   21784          1            08/31/99         12
    0431469881                           01           10/01/99         25
    258252010                            O            09/01/29
    0


    1940718          Q76/G02             F           89,350.00         ZZ
                                         360         89,350.00          1
    23 EAST DUKE                       8.750            702.92         80
                                       8.500            702.92      111,700.00
    TEMPE            AZ   85283          1            09/01/99         00
    0431459874                           05           11/01/99          0
    9908016                              O            10/01/29
    0


    1940758          H93/G02             F           69,600.00         ZZ
                                         360         69,563.92          1
    18309 HANTHORN DRIVE               9.250            572.58         80
                                       9.000            572.58       87,000.00
    INDEPENDENCE     MO   64057          5            08/25/99         00
    0431461813                           05           10/01/99          0
    9963831000000                        N            09/01/29
    0


    1940819          926/926             F           50,000.00         ZZ
                                         360         49,975.40          1
    119 SEA SIDE VILLA                 9.500            420.43         59
                                       9.250            420.43       86,000.00
    HILTON HEAD ISL  SC   29928          5            08/31/99         00
    163017779                            01           10/01/99          0
    163017779                            N            09/01/29
    0


    1940831          926/926             F          110,800.00         ZZ
                                         360        110,742.55          1
    659 QUEENS GRANT                   9.250            911.53         80
                                       9.000            911.53      138,500.00
    HILTON HEAD ISL  SC   29928          1            08/31/99         00
    163017720                            01           10/01/99          0
    163017720                            N            09/01/29
    0


    1940836          926/926             F           96,000.00         ZZ
                                         360         95,950.23          1
1


    1868 ST ANDREWS COMMON             9.250            789.77         80
                                       9.000            789.77      120,000.00
    HILTON HEAD ISL  SC   29928          1            08/23/99         00
    163017712                            01           10/01/99          0
    163017712                            N            09/01/29
    0


    1940841          E45/G02             F           71,000.00         ZZ
                                         360         70,949.89          1
    12 NORWOOD COURT                   7.750            508.65         68
                                       7.500            508.65      105,000.00
    SAVANNAH         GA   31406          2            09/02/99         00
    0431467059                           05           10/01/99          0
    55743                                N            09/01/29
    0


    1940881          A45/G02             F           79,200.00         ZZ
                                         360         79,200.00          2
    15 & 17 REINDEER LANE              9.000            637.26         90
                                       8.750            637.26       88,000.00
    WEST YARMOUTH    MA   02673          1            09/23/99         01
    0431511112                           05           11/01/99         25
    0000                                 N            10/01/29
    0


    1940892          G13/G02             F           49,500.00         ZZ
                                         360         49,475.66          1
    820 LILAC DRIVE                    9.500            416.22         90
                                       9.250            416.22       55,000.00
    GARLAND          TX   75040          1            08/19/99         10
    0431458314                           05           10/01/99         25
    08808                                N            09/01/29
    0


    1940931          E82/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
    300 WINSTON TOWERS UNIT 2812       8.625          1,166.68         67
                                       8.375          1,166.68      225,000.00
    CLIFFSIDE PARK   NJ   07010          5            09/03/99         00
    0400228839                           06           11/01/99          0
    0400228839                           O            10/01/29
    0


    1940948          K69/G02             F           72,400.00         ZZ
                                         360         72,365.32          1
    821 TAYLOR STREET                  9.625            615.39         90
                                       9.375            615.39       80,500.00
    AURORA           IL   60506          1            08/13/99         14
    0431481498                           05           10/01/99         25
1


    9925611990907                        N            09/01/29
    0


    1941051          S29/G02             F          175,000.00         ZZ
                                         360        174,571.40          2
    4801 & 4807 AVOCA STREET           8.500          1,345.60         80
                                       8.250          1,345.60      219,000.00
    EAGLE ROCK       CA   90041          2            05/25/99         00
    0431504786                           05           07/01/99          0
    990531                               N            06/01/29
    0


    1941122          A52/G02             F           89,550.00         ZZ
                                         360         89,501.09          2
    1 AND 3 PENNY LANE                 9.000            720.54         90
                                       8.750            720.54       99,500.00
    CARTERSVILLE     GA   30120          1            08/30/99         11
    0431464320                           05           10/01/99         25
    66407170                             N            09/01/29
    0


    1941154          B75/G02             F           80,000.00         ZZ
                                         360         79,958.53          2
    11413 SOUTH FOREST AVENUE          9.250            658.14         80
                                       9.000            658.14      100,000.00
    CHICAGO          IL   60628          5            08/30/99         00
    0431466739                           05           10/01/99          0
    1713015                              O            09/01/29
    0


    1941162          883/G02             F           73,600.00         ZZ
                                         360         73,557.65          1
    1912 MYRTLE AVENUE                 8.750            579.02         80
                                       8.500            579.02       92,000.00
    MOBILE           AL   36606          1            08/30/99         00
    0431464304                           05           10/01/99          0
    5008917                              O            09/01/29
    0


    1941184          575/G02             F           38,700.00         ZZ
                                         360         38,700.00          1
    202 SOUTH PENN STREET              8.875            307.92         90
                                       8.625            307.92       43,000.00
    YORK             PA   17404          1            09/02/99         10
    0431462449                           05           11/01/99         25
    4213914                              N            10/01/29
    0


1


    1941227          L47/G02             F          112,425.00         ZZ
                                         360        112,425.00          1
    716 WHITEBRIAR ROAD                8.875            894.50         75
                                       8.625            894.50      149,900.00
    HOCKESSIN        DE   19707          1            09/21/99         00
    0431512136                           05           11/01/99          0
    9802607                              N            10/01/29
    0


    1941229          M65/G02             F          261,000.00         ZZ
                                         360        261,000.00          3
    577 GREENE AVENUE                  9.250          2,147.18         90
                                       9.000          2,147.18      290,000.00
    BROOKLYN         NY   11212          1            09/17/99         10
    0431512300                           07           11/01/99         25
    CORREA                               O            10/01/29
    0


    1941264          907/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
    32 RYERSON AVENUE                  8.875          1,082.08         85
                                       8.625          1,082.08      160,000.00
    MANORVILLE       NY   11949          5            08/31/99         14
    0431466721                           05           11/01/99         12
    10006234                             O            10/01/29
    0


    1941265          K30/G02             F           67,500.00         ZZ
                                         360         67,465.00          1
    500 OAK STREET                     9.250            555.31         90
                                       9.000            555.31       75,000.00
    ROSEVILLE        CA   95678          1            08/24/99         11
    0431461805                           05           10/01/99         25
    0067863                              N            09/01/29
    0


    1941282          E86/G02             F          165,200.00         ZZ
                                         360        165,200.00          1
    FLINT HILL ROAD                    8.000          1,212.18         80
                                       7.750          1,212.18      206,500.00
    AMENIA           NY   12501          1            09/08/99         00
    0431463108                           05           11/01/99          0
    43727                                O            10/01/29
    0


    1941318          944/G02             F          102,000.00         ZZ
                                         360        101,934.96          1
    322 DUNSMUIR TERRACE #6            8.250            766.29         29
                                       8.000            766.29      352,000.00
1


    SUNNYVALE        CA   94086          1            08/23/99         00
    0431486299                           01           10/01/99          0
    17796                                O            09/01/29
    0


    1941414          Q76/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
    111 STARGAE DRIVE                  8.750          1,180.05         50
                                       8.500          1,180.05      300,000.00
    DEWEY            AZ   86327          5            09/01/99         00
    0431466838                           05           11/01/99          0
    9908018                              O            10/01/29
    0


    1941453          A26/G02             F          162,000.00         ZZ
                                         360        161,906.79          2
    2723 WEST 16TH STREET              8.750          1,274.46         90
                                       8.500          1,274.46      180,000.00
    BROOKLYN         NY   11224          1            08/30/99         01
    0431465103                           05           10/01/99         30
    14030                                N            09/01/29
    0


    1941505          455/G02             F           79,600.00         ZZ
                                         360         79,600.00          1
    2730 MEADOW MERE EAST              8.875            633.34         80
                                       8.625            633.34       99,500.00
    CHAMBLEE         GA   30341          1            09/09/99         00
    0431484245                           01           11/01/99          0
    86038                                O            10/01/29
    0


    1941514          L81/G02             F          213,600.00         ZZ
                                         360        213,600.00          4
    1829 WEST NEIGHBORS AVE            8.500          1,642.40         80
                                       8.250          1,642.40      267,000.00
    ANAHEIM          CA   92801          1            09/16/99         00
    0431508548                           05           11/01/99          0
    0000                                 N            10/01/29
    0


    1941697          F32/G02             F           77,600.00         ZZ
                                         360         77,600.00          1
    7965 FAYETTEVILLE ROAD             9.375            645.44         90
                                       9.125            645.44       86,300.00
    FAIRBURN         GA   30213          1            09/07/99         14
    0431465566                           05           11/01/99         25
    405082656                            N            10/01/29
    0
1




    1941797          737/G02             F          166,500.00         ZZ
                                         360        166,500.00          4
    6771 SOUTHERN SPRINGS DRIVE        9.375          1,384.86         90
                                       9.125          1,384.86      185,000.00
    MORROW           GA   30260          1            09/02/99         10
    0431467299                           05           11/01/99         25
    955688                               N            10/01/29
    0


    1941802          F32/G02             F           81,150.00         ZZ
                                         360         81,150.00          1
    7521 NORTH SPRINGS COURT           8.625            631.18         80
                                       8.375            631.18      101,477.00
    ACWORTH          GA   30101          1            09/02/99         00
    0431474188                           05           11/01/99          0
    407043441                            N            10/01/29
    0


    1941807          B93/G02             F           42,300.00         ZZ
                                         360         42,300.00          1
    9015 NORTH 52ND AVENUE             8.750            332.78         90
                                       8.500            332.78       47,000.00
    GLENDALE         AZ   85302          1            09/08/99         14
    0431467968                           07           11/01/99         25
    1000019038                           N            10/01/29
    0


    1941872          P34/G02             F           63,500.00         ZZ
                                         360         63,468.76          2
    161 PETTEYS AVENUE                 9.500            533.95         71
                                       9.250            533.95       90,000.00
    PROVIDENCE       RI   02909          5            08/30/99         00
    0431476613                           05           10/01/99          0
    0000                                 N            09/01/29
    0


    1941880          B75/G02             F          306,000.00         ZZ
                                         360        306,000.00          4
    8601 NORTHEAST 27TH CIRCLE         8.875          2,434.67         90
                                       8.625          2,434.67      340,000.00
    VANCOUVER        WA   98662          1            09/03/99         11
    0431466713                           05           11/01/99         25
    1967546                              O            10/01/29
    0


    1941884          P34/G02             F           71,000.00         ZZ
                                         360         70,965.07          2
1


    65-67 BELMONT STREET               9.500            597.01         65
                                       9.250            597.01      110,000.00
    PROVIDENCE       RI   02908          5            08/30/99         00
    0431476654                           05           10/01/99          0
    61229                                N            09/01/29
    0


    1941895          P34/G02             F          251,000.00         ZZ
                                         360        250,583.39          3
    28-32 BARNES STREET                8.250          1,885.68         67
                                       8.000          1,885.68      380,000.00
    PROVIDENCE       RI   02906          5            06/28/99         00
    0431468180                           05           08/01/99          0
    61184                                N            07/01/29
    0


    1941896          F96/G02             F           75,000.00         ZZ
                                         360         74,953.39          1
    1 LIBERTY CIRCLE                   8.375            570.05         24
                                       8.125            570.05      320,000.00
    NEW CITY         NY   10956          5            08/25/99         00
    0431467174                           05           10/01/99          0
    9901602                              O            09/01/29
    0


    1941901          P34/G02             F          212,800.00         ZZ
                                         360        212,390.10          3
    8 BARNES STREET                    8.250          1,598.70         80
                                       8.000          1,598.70      266,000.00
    PROVIDENCE       RI   02906          2            06/28/99         00
    0431468115                           05           08/01/99          0
    61155                                N            07/01/29
    0


    1941926          163/G02             F           51,100.00         ZZ
                                         360         51,064.83          1
    117 GROVE PLACE                    7.875            370.51         47
                                       7.625            370.51      110,000.00
    WEST HAVEN       CT   06516          2            08/23/99         00
    0431468909                           05           10/01/99          0
    1000170079                           O            09/01/29
    0


    1941928          P01/G02             F          137,700.00         ZZ
                                         360        137,700.00          1
    10 LAKE HILL ROAD                  9.125          1,120.38         85
                                       8.875          1,120.38      162,000.00
    BALLSTON LAKE    NY   12019          5            09/01/99         04
    0431486406                           05           11/01/99         12
1


    FOGG                                 O            10/01/29
    0


    1941936          E23/G02             F          134,950.00         ZZ
                                         360        134,950.00          1
    914 SOUTH 48TH STREET              8.750          1,061.65         86
                                       8.500          1,061.65      157,000.00
    TACOMA           WA   98408          1            09/08/99         04
    0431468289                           05           11/01/99         25
    70501650                             O            10/01/29
    0


    1941955          B75/G02             F          104,000.00         ZZ
                                         360        103,941.70          1
    3925 BRAXTON CIRCLE                8.875            827.47         80
                                       8.625            827.47      130,000.00
    SUN VALLEY       NV   89433          1            08/24/99         00
    0431468867                           05           10/01/99          0
    1688241                              O            09/01/29
    0


    1942071          575/G02             F           62,900.00         ZZ
                                         360         62,900.00          1
    6018 SW 112TH PLACE ROAD           8.875            500.47         70
                                       8.625            500.47       89,900.00
    OCALA            FL   34476          1            09/03/99         00
    0431476191                           05           11/01/99          0
    0009322819                           O            10/01/29
    0


    1942081          H93/G02             F           44,955.00         ZZ
                                         360         44,930.44          1
    941 CONNECTICUT STREET             9.000            361.72         90
                                       8.750            361.72       49,950.00
    LAWERNCE         KS   66044          1            08/27/99         04
    0431480151                           05           10/01/99         25
    9964667                              O            09/01/29
    0


    1942093          H93/G02             F           44,955.00         ZZ
                                         360         44,930.44          1
    937 CONNECTICUT STREET             9.000            361.72         90
                                       8.750            361.72       49,950.00
    LAWRENCE         KS   66044          1            08/27/99         04
    0431480268                           05           10/01/99         25
    0009965051                           O            09/01/29
    0


1


    1942158          B57/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
    6413 HANNUM AVENUE                 9.250          1,941.52         80
                                       9.000          1,941.52      295,000.00
    CULVER CITY      CA   90230          2            09/02/99         00
    0431472893                           05           11/01/99          0
    9920888                              O            10/01/29
    0


    1942159          687/G02             F           73,100.00         ZZ
                                         360         73,063.08          1
    1188 DRIVER PLACE                  9.375            608.01         90
                                       9.125            608.01       81,250.00
    WESCOSVILLE      PA   18106          1            08/30/99         11
    0431477074                           07           10/01/99         25
    1830414                              N            09/01/29
    0


    1942166          K15/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
    521 SCRIPPS DRIVE                  8.500          1,691.61         80
                                       8.250          1,691.61      275,000.00
    DAVIS            CA   95616          5            09/03/99         00
    0431470525                           05           11/01/99          0
    646291                               O            10/01/29
    0


    1942171          L16/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
    4309 NORTH IVY LANE                8.875          1,519.68         80
                                       8.625          1,519.68      240,000.00
    PROVO            UT   84604          2            09/22/99         00
    0431512011                           01           11/01/99          0
    99080022                             O            10/01/29
    0


    1942174          896/G02             F          177,300.00         ZZ
                                         360        177,197.99          1
    33 ABERNATHY RD                    8.750          1,394.82         90
                                       8.500          1,394.82      197,000.00
    ATLANTA          GA   30328          5            08/26/99         10
    0431477066                           05           10/01/99         25
    16394                                O            09/01/29
    0


    1942178          B60/G02             F          220,000.00         ZZ
                                         360        219,866.72          2
    271 273 PARIS STREET               8.500          1,691.61         66
                                       8.250          1,691.61      334,000.00
1


    SAN FRANCISCO    CA   94112          2            08/05/99         00
    0431470806                           07           10/01/99          0
    274917                               N            09/01/29
    0


    1942184          G52/G02             F           68,600.00         ZZ
                                         360         68,600.00          1
    8714 EAST VISTA DRIVE              9.500            576.83          7
                                       9.250            576.83      980,000.00
    SCOTTSDALE       AZ   85250          1            09/09/99         00
    0431472844                           05           11/01/99          0
    98506119                             N            10/01/29
    0


    1942185          E01/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    187-13 122ND AVENUE                9.500            714.73         48
                                       9.250            714.73      180,000.00
    JAMAICA          NY   11413          5            09/28/99         00
    0431518877                           05           11/01/99          0
    99C3689                              O            10/01/29
    0


    1942208          808/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
    4865 VALENCIA AVENUE               8.250          1,014.21         65
                                       8.000          1,014.21      210,000.00
    YORBA LINDA      CA   92886          2            09/07/99         00
    0431482645                           05           11/01/99          0
    9312425                              O            10/01/29
    0


    1942212          975/G02             F          116,000.00         ZZ
                                         360        116,000.00          2
    4486 4488 ESTRELLA AVENUE          8.500            891.94         80
                                       8.250            891.94      145,000.00
    SAN DIEGO        CA   92115          1            09/01/99         00
    0431473784                           05           11/01/99          0
    992289                               O            10/01/29
    0


    1942216          664/G02             F          138,000.00         ZZ
                                         360        137,918.53          1
    30890 CAROLWOOD                    8.625          1,073.35         71
                                       8.375          1,073.35      195,000.00
    GENOA            IL   60135          1            08/27/99         00
    0431468552                           05           10/01/99          0
    000                                  O            09/01/29
    0
1




    1942229          P67/G02             F          141,000.00         ZZ
                                         360        141,000.00          4
    240-244 AMERICAN LEGION            8.375          1,071.70         58
    HIGHWAY                            8.125          1,071.70      246,000.00
    REVERE           MA   02151          5            09/22/99         00
    0431508613                           05           11/01/99          0
    CICIULLA                             O            10/01/29
    0


    1942422          637/G02             F          180,000.00         ZZ
                                         360        179,890.95          1
    20 CHURCH STREET                   8.500          1,384.05         75
                                       8.250          1,384.05      240,000.00
    NEW PALTZ        NY   12561          5            08/05/99         00
    0431469139                           05           10/01/99          0
    0013298443                           O            09/01/29
    0


    1942424          H93/G02             F           29,700.00         ZZ
                                         360         29,685.40          1
    9246 WALNUT                        9.500            249.73         90
                                       9.250            249.73       33,000.00
    KANSAS CITY      MO   64114          1            09/02/99         04
    0431480482                           05           10/01/99         25
    9962092000000                        N            09/01/29
    0


    1942425          637/G02             F          189,450.00         ZZ
                                         360        189,349.18          4
    3827 MORAN WAY                     9.125          1,541.43         90
                                       8.875          1,541.43      210,500.00
    NORCROSS         GA   30092          1            08/12/99         04
    0431496165                           05           10/01/99         25
    0012051983                           N            09/01/29
    0


    1942427          637/G02             F          121,000.00         ZZ
                                         360        120,849.05          4
    262 MONTROSE DRIVE                 8.375            919.69         68
                                       8.125            919.69      178,750.00
    FOLSOM           CA   95630          1            07/30/99         00
    0431506179                           05           09/01/99          0
    0015274798                           N            08/01/29
    0


    1942431          H93/G02             F          178,000.00         ZZ
                                         360        177,897.59          1
1


    3215 N 124TH ST W CT               8.750          1,400.33         72
                                       8.500          1,400.33      248,500.00
    WITCHITA         KS   67223          4            08/31/99         00
    0431488642                           05           10/01/99          0
    9962192                              O            09/01/29
    0


    1942442          637/G02             F          123,750.00         ZZ
                                         360        123,689.13          1
    7228 SOUTH ALDER DRIVE             9.500          1,040.56         90
                                       9.250          1,040.56      137,500.00
    TEMPE            AZ   85283          1            08/02/99         14
    0431501386                           05           10/01/99         25
    0017038738                           N            09/01/29
    0


    1942445          637/G02             F          121,800.00         ZZ
                                         360        121,714.03          1
    7016 SE MABEL AVENUE               7.750            872.59         70
                                       7.500            872.59      174,000.00
    MILWAUKIE        OR   97267          1            08/02/99         00
    0431506195                           05           10/01/99          0
    0010276699                           O            09/01/29
    0


    1942447          637/G02             F          213,600.00         ZZ
                                         360        213,497.67          2
    172 DOUGLAS AVENUE                 9.625          1,815.58         80
                                       9.375          1,815.58      267,000.00
    YONKERS          NY   10703          1            08/12/99         00
    0431485804                           05           10/01/99          0
    0013295597                           O            09/01/29
    0


    1942448          637/G02             F          117,500.00         ZZ
                                         360        117,428.81          1
    111 AVENIDA #23                    8.500            903.47         59
                                       8.250            903.47      200,000.00
    PENSACOLA BEACH  FL   32561          5            08/03/99         00
    0431486364                           02           10/01/99          0
    0011410339                           O            09/01/29
    0


    1942449          G18/G02             F          138,000.00         ZZ
                                         360        138,000.00          3
    2540-2542 ULYSESS STREET NE        9.250          1,135.29         80
                                       9.000          1,135.29      172,500.00
    MINNEAPOLIS      MN   55418          1            09/22/99         00
    0431503911                           05           11/01/99          0
1


    1942449                              N            10/01/29
    0


    1942450          637/G02             F           63,000.00         ZZ
                                         360         62,965.58          4
    714 PEACH STREET                   9.000            506.92         84
                                       8.750            506.92       75,000.00
    ARLINGTON        TX   76011          1            08/12/99         11
    0431472109                           05           10/01/99         25
    0017525742                           N            09/01/29
    0


    1942489          B75/G02             F          109,800.00         ZZ
                                         360        109,745.99          1
    4948 CENTRAL DRIVE                 9.500            923.26         90
                                       9.250            923.26      122,000.00
    STONE MOUNTAIN   GA   30083          1            08/27/99         04
    0431494186                           05           10/01/99         25
    1708635                              O            09/01/29
    0


    1942490          573/G02             F           55,250.00         ZZ
                                         360         55,219.83          1
    1456 WEST TRENTON STREET           9.000            444.55         65
                                       8.750            444.55       85,000.00
    SAN BERNARDINO   CA   92411          5            08/26/99         00
    0431475383                           05           10/01/99          0
    150689                               N            09/01/29
    0


    1942500          F03/G02             F          147,950.00         ZZ
                                         360        147,950.00          1
    3424 WEST 33RD AVENUE              9.125          1,203.77         90
                                       8.875          1,203.77      164,400.00
    DENVER           CO   80211          1            09/10/99         11
    0431482629                           05           11/01/99         25
    DEN13570                             N            10/01/29
    0


    1942533          455/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    4210 LONG BRANCH DRIVE             8.875          1,273.04         78
                                       8.625          1,273.04      206,000.00
    MARIETTA         GA   30066          5            09/08/99         00
    0431515519                           05           11/01/99          0
    09000025                             O            10/01/29
    0


1


    1942552          Q11/G02             F           75,900.00         ZZ
                                         360         75,860.65          1
    7354 SOUTHWEST 152 AVENUE #109     9.250            624.41         80
                                       9.000            624.41       95,000.00
    MIAMI            FL   33193          1            08/31/99         00
    0431489152                           01           10/01/99          0
    9907006201                           O            09/01/29
    0


    1942558          M51/G02             F           62,900.00         ZZ
                                         360         62,900.00          1
    14616 SOUTH KENWOOD                9.000            506.11         90
                                       8.750            506.11       69,900.00
    DOLTON           IL   60419          1            09/15/99         04
    0431489244                           05           11/01/99         25
    0000                                 N            10/01/29
    0


    1942566          731/G02             F           48,500.00         ZZ
                                         360         48,472.10          1
    10087 CENTER ROAD                  8.750            381.55         75
                                       8.500            381.55       65,000.00
    PHELAN           CA   92371          1            08/26/99         00
    0431509058                           05           10/01/99          0
    105                                  N            09/01/29
    0


    1942574          664/G02             F           89,600.00         ZZ
                                         360         89,548.44          1
    8422 S UPHAM WAY                   8.750            704.89         80
    #H 75                              8.500            704.89      112,000.00
    LITTLETON        CO   80128          1            08/31/99         00
    0431475292                           05           10/01/99          0
    0003248093                           O            09/01/29
    0


    1942728          455/G02             F           78,750.00         ZZ
                                         360         78,750.00          1
    505 BOONE STREET                   9.125            640.74         70
                                       8.875            640.74      112,500.00
    KINGSLAND        GA   31548          2            09/07/99         00
    0431517507                           05           11/01/99          0
    09000021                             O            10/01/29
    0


    1942761          K88/G02             F          150,000.00         ZZ
                                         360        149,913.69          1
    21 PEACH BLOSSOM LANE              8.750          1,180.06         72
                                       8.500          1,180.06      210,000.00
1


    MIDDLETOWN       NJ   07748          1            08/25/99         00
    0431481191                           05           10/01/99          0
    10988                                O            09/01/29
    0


    1942764          F42/G02             F           96,000.00         ZZ
                                         360         95,897.43          4
    1652 WEST VIRGINIA AVENUE NE       9.125            781.09         80
                                       8.875            781.09      120,000.00
    WASHINGTON       DC   20002          1            07/22/99         00
    0431503580                           07           09/01/99          0
    NJ01632                              N            08/01/29
    0


    1942768          F42/G02             F           96,000.00         ZZ
                                         360         95,897.43          4
    1662 WEST VIRGINIA AVENUE NE       9.125            781.09         80
                                       8.875            781.09      120,000.00
    WASHINGTON       DC   20002          1            07/22/99         00
    0431503762                           07           09/01/99          0
    NJ01633                              N            08/01/29
    0


    1942786          624/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
    17992 HIGHWAY 94                   8.500            269.12         39
                                       8.250            269.12       90,000.00
    DULZURA          CA   91917          5            09/03/99         00
    0431474113                           05           11/01/99          0
    37400290013                          O            10/01/29
    0


    1942787          964/G02             F          124,450.00         ZZ
                                         360        124,450.00          1
    4810 EAST HUNTINGTON AVENUE        8.875            990.18         95
                                       8.625            990.18      131,000.00
    FRESNO           CA   93727          1            09/07/99         01
    0431472521                           05           11/01/99         30
    63614                                O            10/01/29
    0


    1942801          A46/G02             F          136,000.00         ZZ
                                         360        135,923.75          1
    611 LIDO                           8.875          1,082.08         80
                                       8.625          1,082.08      170,000.00
    AUSTIN           TX   78734          1            08/26/99         00
    0431486489                           05           10/01/99          0
    0785036                              N            09/01/29
    0
1




    1942804          P59/G02             F          200,000.00         ZZ
                                         360        199,884.93          1
    944 VERNON AVENUE                  8.750          1,573.40         84
                                       8.500          1,573.40      240,000.00
    LOS ANGELES      CA   90291          1            08/24/99         01
    0431498583                           05           10/01/99         12
    99134534                             N            09/01/29
    0


    1942825          Q69/G02             F           66,400.00         ZZ
                                         360         66,400.00          1
    1610 SOUTH CREEK DRIVE             8.500            510.56         80
                                       8.250            510.56       83,000.00
    LEANDER          TX   78641          1            09/22/99         00
    0431508894                           05           11/01/99          0
    0000                                 N            10/01/29
    0


    1942839          P01/G02             F           46,500.00         ZZ
                                         360         46,500.00          2
    484 WASHINGTON AVENUE              8.875            369.98         75
                                       8.625            369.98       62,000.00
    ALBANY           NY   12203          2            09/29/99         00
    0431521665                           07           11/01/99          0
    GABRIELS                             N            10/01/29
    0


    1942876          R61/G02             F          101,610.00         ZZ
                                         360        101,610.00          1
    4515 MEREDITH WOODS                9.000            817.58         90
                                       8.750            817.58      114,000.00
    SAN ANTONIO      TX   78249          1            09/13/99         04
    0431478213                           05           11/01/99         25
    10232                                O            10/01/29
    0


    1942908          638/G02             F           99,400.00         ZZ
                                         360         99,334.98          3
    837 841 MANOR STREET               8.125            738.04         90
                                       7.875            738.04      110,550.00
    LANCASTER        PA   17603          1            08/31/99         04
    0431497478                           05           10/01/99         25
    08912172                             N            09/01/29
    0


    1942916          638/G02             F          116,550.00         ZZ
                                         360        116,484.66          1
1


    4320 MENTONE STREET #2             8.875            927.32         90
                                       8.625            927.32      129,500.00
    SAN DIEGO        CA   92107          1            08/26/99         11
    0431489103                           01           10/01/99         25
    08902456                             O            09/01/29
    0


    1942917          209/G02             F          134,100.00         ZZ
                                         360        134,024.82          1
    20517 WARBURTON BAY SQ 24          8.875          1,066.96         90
                                       8.625          1,066.96      149,000.00
    STERLING         VA   20165          1            08/18/99         10
    0431481407                           01           10/01/99         25
    992005122                            N            09/01/29
    0


    1942921          R61/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    1103 COUNTRY COURT                 8.500            653.58         54
                                       8.250            653.58      160,000.00
    SAN ANTONIO      TX   78216          1            09/14/99         00
    0431478064                           05           11/01/99          0
    10256                                O            10/01/29
    0


    1942922          E40/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
    4 SUZANNE TERRACE                  8.125            928.12         79
                                       7.875            928.12      160,000.00
    NORTH GRAFTON    MA   01536          2            09/07/99         00
    0431481035                           05           11/01/99          0
    199900411                            O            10/01/29
    0


    1942949          638/G02             F           80,800.00         ZZ
                                         360         80,800.00          1
    6538 OVERHEART LANE                8.500            621.28         80
                                       8.250            621.28      101,000.00
    COLUMBIA         MD   21045          2            09/01/99         00
    0431484161                           07           11/01/99          0
    8918906                              O            10/01/29
    0


    1942962          638/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
    3332 WEST TANGERINE LANE           8.750            346.93         90
                                       8.500            346.93       49,000.00
    PHOENIX          AZ   85051          1            09/07/99         04
    0431484575                           09           11/01/99         25
1


    08884075                             N            10/01/29
    0


    1942969          638/G02             F          160,000.00         ZZ
                                         360        159,889.89          4
    3620  3622 ELLSWORTH STREET        7.875          1,160.11         80
                                       7.625          1,160.11      200,000.00
    LOS ANGELES      CA   90026          1            08/23/99         00
    0431485911                           05           10/01/99          0
    08914286                             O            09/01/29
    0


    1942972          638/G02             F          179,550.00         ZZ
                                         360        179,459.32          3
    631 61ST STREET                    9.375          1,493.41         90
                                       9.125          1,493.41      199,500.00
    WEST NEW YORK    NJ   07093          1            08/31/99         14
    0431486075                           05           10/01/99         25
    08919350                             O            09/01/29
    0


    1942975          638/G02             F          243,000.00         ZZ
                                         360        242,841.04          4
    2318 LOWELL AVENUE                 8.125          1,804.27         90
                                       7.875          1,804.27      270,000.00
    RICHMOND         CA   94804          1            08/20/99         10
    0431488808                           07           10/01/99         25
    08918806                             O            09/01/29
    0


    1942982          624/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
    28 CARRIAGE WAY                    9.375            415.87         63
                                       9.125            415.87       80,000.00
    POMONA           CA   91766          2            09/09/99         00
    0431512532                           01           11/01/99          0
    35300290043                          O            10/01/29
    0


    1943020          E23/G02             F          106,400.00         ZZ
                                         360        106,338.78          1
    72435 PARK VIEW DRIVE              8.750            837.05         74
                                       8.500            837.05      145,000.00
    PALM DESERT      CA   92260          5            08/20/99         00
    0431472638                           05           10/01/99          0
    50100018                             N            09/01/29
    0


1


    1943158          637/G02             F           29,700.00         ZZ
                                         360         29,649.67          1
    907 E 75TH STREET                  8.875            236.31         88
                                       8.625            236.31       34,000.00
    KANSAS CITY      MO   64131          1            06/10/99         04
    0431476324                           05           08/01/99         25
    0017897018                           N            07/01/29
    0


    1943162          637/G02             F          160,000.00         ZZ
                                         360        159,900.55          1
    15 WESLEY AVE                      8.375          1,216.12         62
                                       8.125          1,216.12      260,000.00
    PORT CHESTER     NY   10573          5            08/20/99         00
    0431476464                           05           10/01/99          0
    0011517034                           O            09/01/29
    0


    1943166          637/G02             F           57,200.00         ZZ
                                         360         57,164.44          1
    367 RABBITT VALLEY ROAD            8.375            434.77         80
                                       8.125            434.77       71,500.00
    OXFORD           ME   04270          1            08/25/99         00
    0431476506                           05           10/01/99          0
    0017553744                           N            09/01/29
    0


    1943176          A52/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
    2837-2839 SHALLOWFORD RD           9.375            711.15         90
                                       9.125            711.15       95,000.00
    DORAVILLE        GA   30341          1            09/15/99         11
    0431487719                           05           11/01/99         25
    70673280                             N            10/01/29
    0


    1943189          637/G02             F           92,500.00         ZZ
                                         360         92,455.69          3
    1211 WEST CHESTNUT AVENUE          9.625            786.24         69
                                       9.375            786.24      135,000.00
    YAKIMA           WA   98902          5            08/19/99         00
    0431478882                           05           10/01/99          0
    0012476727                           N            09/01/29
    0


    1943195          637/G02             F          239,900.00         ZZ
                                         360        239,772.33          1
    1365 NORTH 1100 EAST               9.125          1,951.91         77
                                       8.875          1,951.91      314,000.00
1


    AMERICAN FORK    UT   84003          2            08/20/99         00
    0431477835                           05           10/01/99          0
    0012484184                           O            09/01/29
    0


    1943198          637/G02             F           80,000.00         ZZ
                                         360         79,951.54          1
    1212 WEST 131ST STREET             8.500            615.13         62
                                       8.250            615.13      130,000.00
    COMPTON          CA   90222          5            08/16/99         00
    0431476712                           05           10/01/99          0
    0010838290                           O            09/01/29
    0


    1943210          G51/G02             F           68,000.00         ZZ
                                         360         67,962.85          1
    65 OAKBROOK DRIVE UNIT I           9.000            547.15         78
                                       8.750            547.15       88,000.00
    AMHERST          NY   14221          1            08/31/99         00
    0431498559                           05           10/01/99          0
    382876                               O            09/01/29
    0


    1943562          E29/G02             F          144,900.00         ZZ
                                         360        144,900.00          2
    1870 WEST MOSIER PLACE             9.000          1,165.90         90
                                       8.750          1,165.90      161,000.00
    DENVER           CO   80223          1            09/16/99         10
    0431498062                           05           11/01/99         25
    9908153                              N            10/01/29
    0


    1943605          E65/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
    3754 BENJAMIN AVE. NE              8.750            778.83         90
                                       8.500            778.83      110,000.00
    GRAND RAPIDS     MI   49525          5            09/16/99         10
    0431491430                           05           11/01/99         25
    9811197079                           O            10/01/29
    0


    1943654          E46/G02             F           42,300.00         ZZ
                                         360         42,279.20          1
    188 OAK DRIVE                      9.500            355.68         90
                                       9.250            355.68       47,000.00
    ALTLANTA         GA   30354          1            09/02/99         19
    0431488055                           05           10/01/99         25
    38532                                N            09/01/29
    0
1




    1943659          B93/G02             F           42,300.00         ZZ
                                         360         42,300.00          1
    4620 WEST KRALL STREET             8.625            329.01         90
                                       8.375            329.01       47,000.00
    GLENDALE         AZ   85301          1            09/01/99         14
    0431515022                           09           11/01/99         30
    1000018921                           N            10/01/29
    0


    1943686          536/536             F           50,000.00         ZZ
                                         360         49,971.97          1
    909 UNIVERSITY AVENUE              8.875            397.82         56
    APT 206                            8.625            397.82       90,000.00
    HONOLULU         HI   96826          5            08/11/99         00
    1238633                              01           10/01/99          0
    1238633                              N            09/01/29
    0


    1943691          E23/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    5127 BRIAR KNOB LOOP NE            8.875            795.64         42
                                       8.625            795.64      240,000.00
    SCOTTS MILLS     OR   97375          5            09/09/99         00
    0431491414                           05           11/01/99          0
    70501832                             O            10/01/29
    0


    1943698          B57/G02             F           59,925.00         T
                                         360         59,925.00          1
    NO 15 MIDDLEVIEW COURT             8.625            466.10         75
                                       8.375            466.10       79,900.00
    BALTIMORE        MD   21244          1            09/09/99         00
    0431491406                           05           11/01/99          0
    9913212                              O            10/01/29
    0


    1943700          A50/A50             F          115,050.00         ZZ
                                         360        114,891.14          1
    702 BOOKMAN PT                     7.875            834.19         65
                                       7.625            834.19      177,000.00
    PEACHTREE CITY   GA   30269          2            07/29/99         00
    125495                               05           09/01/99          0
    125495                               O            08/01/29
    0


    1943702          B60/G02             F           70,000.00         ZZ
                                         360         69,958.68          1
1


    4859 WEST 134TH PLACE              8.625            544.45         42
                                       8.375            544.45      170,000.00
    HAWTHORNE        CA   90245          5            08/20/99         00
    0431486448                           05           10/01/99          0
    275583                               N            09/01/29
    0


    1943703          A50/A50             F          265,000.00         ZZ
                                         360        264,847.53          4
    404-410 EAST DUFFY STREET          8.750          2,084.76         67
                                       8.500          2,084.76      400,000.00
    SAVANNAH         GA   31401          5            08/04/99         00
    125479                               03           10/01/99          0
    125479                               N            09/01/29
    0


    1943725          975/G02             F          152,700.00         ZZ
                                         360        152,700.00          1
    20902 SOUTH WESTERN AVENUE         8.750          1,201.29         65
    A B C AND D                        8.500          1,201.29      235,000.00
    LOS ANGELES      CA   90501          5            09/13/99         00
    0431491521                           05           11/01/99          0
    992293                               N            10/01/29
    0


    1943728          A06/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
    844 EMMONS                         9.250            814.45         90
                                       9.000            814.45      110,000.00
    BIRMINGHAM       MI   48009          1            09/15/99         12
    0431491513                           05           11/01/99         25
    001000009935953                      N            10/01/29
    0


    1943735          163/G02             F           73,500.00         ZZ
                                         360         73,500.00          1
    8530 BOLLIER AVENUE                8.375            558.65         80
                                       8.125            558.65       92,000.00
    NIAGARA FALLS    NY   14304          1            09/02/99         00
    0431497031                           05           11/01/99          0
    0373937918                           O            10/01/29
    0


    1943747          F96/G02             F          293,550.00         ZZ
                                         360        293,397.82          3
    103 ST FRANCIS STREET              9.250          2,414.96         95
                                       9.000          2,414.96      309,000.00
    CITY OF NEWARK   NJ   07105          1            08/31/99         10
    0431488212                           05           10/01/99         30
1


    9901123                              O            09/01/29
    0


    1943822          E40/G02             F           61,250.00         ZZ
                                         360         61,250.00          1
    50 RANTOUL STREET  UNIT 209S       9.500            515.02         70
                                       9.250            515.02       87,500.00
    BEVERLY          MA   01915          1            09/02/99         00
    0431497742                           08           11/01/99          0
    199900145                            O            10/01/29
    0


    1943836          B35/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
    2350   WASHINGTON LANE             8.875          1,432.16         70
                                       8.625          1,432.16      260,000.00
    HUNTINGDON VALL  PA   19006          2            09/14/99         00
    0431506716                           05           11/01/99          0
    99000424                             O            10/01/29
    0


    1943987          F27/F27             F           56,700.00         ZZ
                                         360         56,661.95          1
    10725 GRETA LYNN COURT             8.000            416.05         90
                                       7.750            416.05       63,000.00
    FREDERICKSBURG   VA   22407          1            08/12/99         12
    6060095866                           09           10/01/99         25
    6060095866                           N            09/01/29
    0


    1944026          E11/G02             F           97,650.00         ZZ
                                         360         97,650.00          1
    424 DOGWOOD AVENUE NW              8.625            759.51         80
                                       8.375            759.51      122,080.00
    ST MICHAEL       MN   55376          1            09/16/99         00
    0431491455                           05           11/01/99          0
    0010001018558                        N            10/01/29
    0


    1944031          536/536             F           89,000.00         ZZ
                                         360         88,952.64          3
    205 PUKALANI STREET                9.125            724.13         28
                                       8.875            724.13      325,000.00
    PUKALANI         HI   96768          2            08/04/99         00
    1239862                              05           10/01/99          0
    1239862                              N            09/01/29
    0


1


    1944032          665/G02             F          207,000.00         ZZ
                                         360        207,000.00          1
    43909 BARLETTA STREET              8.750          1,628.47         62
                                       8.500          1,628.47      335,000.00
    TEMECULA         CA   92592          5            09/08/99         00
    0431517218                           03           11/01/99          0
    9901232011                           O            10/01/29
    0


    1944048          A93/G02             F          119,200.00         ZZ
                                         360        119,200.00          1
    111 ALMA AVENUE                    8.875            948.41         80
                                       8.625            948.41      149,000.00
    SELDEN           NY   11784          1            09/24/99         00
    0431514645                           05           11/01/99          0
    9993054                              O            10/01/29
    0


    1944053          M29/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
    1001 SATURN DRIVE                  8.250            713.71         66
                                       8.000            713.71      146,000.00
    COLORADO SPRING  CO   80906          5            09/24/99         00
    0431513621                           05           11/01/99          0
    378514                               O            10/01/29
    0


    1944056          163/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
    2908 SOUTH MARTIN STREET           8.750            503.49         80
                                       8.500            503.49       80,000.00
    VISALIA          CA   93277          1            08/31/99         00
    0431504216                           05           11/01/99          0
    217100225                            O            10/01/29
    0


    1944063          163/G02             F           55,250.00         ZZ
                                         360         55,221.36          2
    67 Q STREET SW                     9.250            454.53         65
                                       9.000            454.53       85,000.00
    WASHINGTON       DC   20024          5            09/03/99         00
    0431503747                           05           10/01/99          0
    217100159                            N            09/01/29
    0


    1944066          638/G02             F          194,850.00         ZZ
                                         360        194,756.66          3
    172-180 NORTH FIR STREET           9.625          1,656.20         90
                                       9.375          1,656.20      216,500.00
1


    ORANGE           CA   92869          1            08/26/99         04
    0431508118                           05           10/01/99         25
    8917065                              N            09/01/29
    0


    1944088          638/G02             F          135,900.00         ZZ
                                         360        135,900.00          1
    73 WALNUT STREET UNIT # 7          9.500          1,142.72         90
                                       9.250          1,142.72      151,000.00
    NEWTON           MA   02460          1            09/07/99         14
    0431501931                           01           11/01/99         25
    8924753                              N            10/01/29
    0


    1944113          765/G02             F          130,500.00         ZZ
                                         360        130,500.00          4
    940 VERMONT AVENUE                 9.625          1,109.24         90
                                       9.375          1,109.24      145,000.00
    TURLOCK          CA   95380          1            09/14/99         11
    0431493816                           05           11/01/99         25
    182072                               N            10/01/29
    0


    1944120          664/G02             F          150,400.00         ZZ
                                         360        150,400.00          1
    3325 ROYAL BAY DRIVE               8.750          1,183.20         80
                                       8.500          1,183.20      188,000.00
    LAS VEGAS        NV   89117          1            09/01/99         00
    0431515253                           05           11/01/99          0
    0003261351                           N            10/01/29
    0


    1944123          638/G02             F           80,550.00         ZZ
                                         360         80,509.33          3
    20 LAWRENCE STREET                 9.375            669.97         90
                                       9.125            669.97       89,500.00
    NEW HAVEN        CT   06511          5            09/03/99         10
    0431504109                           05           10/01/99         25
    8878498                              N            09/01/29
    0


    1944128          638/G02             F          103,400.00         ZZ
                                         360        103,343.52          3
    32 CHARLES STREET                  9.000            831.98         90
                                       8.750            831.98      115,000.00
    FITCHBURG        MA   01420          1            09/03/99         14
    0431504190                           05           10/01/99         25
    8917765                              N            09/01/29
    0
1




    1944133          638/G02             F          194,850.00         ZZ
                                         360        194,756.66          1
    184-192 NORTH FIR STREET           9.625          1,656.20         90
                                       9.375          1,656.20      216,500.00
    ORANGE           CA   92869          1            08/26/99         04
    0431503002                           05           10/01/99         25
    8917074                              O            09/01/29
    0


    1944136          638/G02             F           44,900.00         T
                                         360         44,875.47          1
    53 FABER AVENUE                    9.000            361.28         90
                                       8.750            361.28       49,900.00
    WATERBURY        CT   06704          1            09/03/99         14
    0431502749                           05           10/01/99         25
    8916560                              O            09/01/29
    0


    1944149          A52/G02             F           70,700.00         ZZ
                                         360         70,700.00          1
    3106 BROOKS LANE                   9.125            575.24         70
                                       8.875            575.24      101,000.00
    POWDER SPRINGS   GA   30127          1            09/17/99         00
    0431492842                           05           11/01/99          0
    257701736                            O            10/01/29
    0


    1944208          664/G02             F           83,000.00         ZZ
                                         360         82,955.83          1
    7833 W SUNSET DRIVE                9.125            675.32         45
                                       8.875            675.32      187,000.00
    ELMWOOD PARK     IL   60707          5            08/25/99         00
    0431486430                           05           10/01/99          0
    0003243052                           O            09/01/29
    0


    1944302          134/G02             F          116,000.00         ZZ
                                         360        115,934.97          1
    2320 WIRTH PLACE                   8.875            922.95         69
                                       8.625            922.95      169,000.00
    NEW ORLEANS      LA   70115          2            08/27/99         00
    0431509975                           05           10/01/99          0
    8202202                              O            09/01/29
    0


    1944336          A46/G02             F          147,200.00         ZZ
                                         360        147,200.00          1
1


    17803 JEANIE ROAD                  8.750          1,158.03         80
                                       8.500          1,158.03      184,000.00
    TOMBALL          TX   77375          2            09/03/99         00
    0431501477                           05           11/01/99          0
    0190398                              O            10/01/29
    0


    1944339          665/G02             F          161,200.00         ZZ
                                         360        161,200.00          3
    1269 ALCATRAZ AVENUE               8.625          1,253.80         66
                                       8.375          1,253.80      245,000.00
    BERKELEY         CA   94702          5            09/01/99         00
    0431501543                           05           11/01/99          0
    9901231605                           N            10/01/29
    0


    1944350          A35/G02             F          220,000.00         ZZ
                                         360        219,859.71          1
    310 WAVE PLACE                     8.250          1,652.79         80
                                       8.000          1,652.79      275,000.00
    EAST NORTHPORT   NY   11731          1            08/30/99         00
    0431505445                           05           10/01/99          0
    9661                                 O            09/01/29
    0


    1944351          966/G02             F           53,050.00         ZZ
                                         360         53,050.00          1
    1116 SOUTH MARLBOROUGH AVENUE      8.500            407.91         86
                                       8.250            407.91       62,000.00
    DALLAS           TX   75208          2            09/10/99         19
    0431491380                           05           11/01/99         20
    300013164                            O            10/01/29
    0


    1944368          687/G02             F           67,950.00         ZZ
                                         360         67,950.00          1
    2812 NORTH SHORE DRIVE             9.000            546.75         90
                                       8.750            546.75       75,500.00
    SUFFOLK          VA   23435          1            09/08/99         11
    0431505395                           05           11/01/99         25
    KH3639                               N            10/01/29
    0


    1944371          664/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
    17030 JUDY COURT                   8.750          1,353.13         80
                                       8.500          1,353.13      215,000.00
    OAK FOREST       IL   60452          1            09/14/99         00
    0431500818                           05           11/01/99          0
1


    99000907                             O            10/01/29
    0


    1944372          Q69/G02             F          121,950.00         ZZ
                                         360        121,950.00          1
    1803 S 1ST STREET                  9.500          1,025.42         90
                                       9.250          1,025.42      135,500.00
    AUSTIN           TX   78704          1            09/17/99         04
    0431504893                           07           11/01/99         25
    9906025                              N            10/01/29
    0


    1944375          A26/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
    1015 ARDEN AVENUE                  8.750          1,541.94         80
                                       8.500          1,541.94      245,000.00
    STATEN ISLAND    NY   10312          1            09/21/99         00
    0431505544                           05           11/01/99          0
    14455                                O            10/01/29
    0


    1944396          737/G02             F           87,650.00         ZZ
                                         360         87,650.00          1
    3452 AVENSONG VILLAGE CIRCLE       8.375            666.20         75
                                       8.125            666.20      116,900.00
    ALPHARETTA       GA   30004          1            09/15/99         00
    0431493733                           05           11/01/99          0
    00300202                             O            10/01/29
    0


    1944404          896/G02             F           78,300.00         ZZ
                                         360         78,300.00          1
    1814 CLEARWATER DRIVE              9.375            651.26         90
                                       9.125            651.26       87,000.00
    MARIETTA         GA   30067          1            09/10/99         10
    0431505528                           05           11/01/99         25
    16436                                N            10/01/29
    0


    1944408          A53/G02             F           48,000.00         ZZ
                                         360         47,941.63          1
    331 W 107TH STREET                 8.500            369.08         64
                                       8.250            369.08       76,000.00
    CHICAGO          IL   60643          5            07/06/99         00
    0431501667                           05           09/01/99          0
    0290036516                           N            08/01/29
    0


1


    1944432          811/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
    4380, 4382, 4384 RIVERSIDE DR      8.500            865.03         90
                                       8.250            865.03      125,000.00
    CORAL SPRINGS    FL   33065          1            09/17/99         19
    0431504364                           05           11/01/99         25
    FM80029612                           N            10/01/29
    0


    1944439          964/G02             F          100,000.00         ZZ
                                         360        100,000.00          2
    426 AND 428 29TH STREET            8.875            795.65         80
                                       8.625            795.65      125,000.00
    RICHMOND         CA   94804          1            09/08/99         00
    0431495423                           05           11/01/99          0
    61320                                O            10/01/29
    0


    1944453          P59/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
    25404 ORBIT COURT                  8.750            704.89         80
                                       8.500            704.89      112,000.00
    MORENO VALLEY    CA   92551          1            09/15/99         00
    0431507896                           05           11/01/99          0
    99162798                             O            10/01/29
    0


    1944507          163/G02             F          148,500.00         ZZ
                                         360        148,412.32          1
    3821 124TH STREET                  8.625          1,155.02         89
                                       8.375          1,155.02      167,000.00
    PLEASANT PRAIRI  WI   53158          5            08/25/99         04
    0431507631                           05           10/01/99         25
    217087968                            O            09/01/29
    0


    1944511          E45/G02             F           38,250.00         ZZ
                                         360         38,209.14          1
    748 ORMAND TERRACE                 9.125            311.21         90
                                       8.875            311.21       42,500.00
    MACON            GA   31206          2            07/28/99         14
    0431507235                           05           09/01/99         25
    53100                                N            08/01/29
    0


    1944521          A35/G02             F          131,100.00         ZZ
                                         360        131,100.00          1
    273 CONKLIN STREET                 9.000          1,054.86         90
                                       8.750          1,054.86      145,700.00
1


    FARMINGDALE      NY   11735          1            09/14/99         01
    0431507136                           05           11/01/99         30
    9804                                 N            10/01/29
    0


    1944529          E45/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
    5380 SW 83RD PLACE                 9.375            415.87         33
                                       9.125            415.87      154,000.00
    OSCALA           FL   34476          1            09/21/99         00
    0431505866                           05           11/01/99          0
    57367                                N            10/01/29
    0


    1944570          134/G02             F           37,800.00         ZZ
                                         360         37,800.00          1
    4622 TRADEWINDS RD                 9.500            317.85         90
                                       9.250            317.85       42,000.00
    WICHITA FALLS    TX   76310          1            09/13/99         11
    0431509868                           05           11/01/99         25
    8270803                              N            10/01/29
    0


    1944622          F27/F27             F          200,000.00         ZZ
                                         360        199,730.71          1
    9576 MAGENTA STREET                8.000          1,467.53         80
                                       7.750          1,467.53      250,000.00
    MANASSAS         VA   20110          1            07/27/99         00
    6060090651                           03           09/01/99          0
    6060090651                           O            08/01/29
    0


    1944631          A06/G02             F           65,000.00         ZZ
                                         360         65,000.00          1
    1109  CODLING RD                   9.375            540.64         60
                                       9.125            540.64      110,000.00
    ADRAIN           MI   49221          5            09/17/99         00
    0431507649                           05           11/01/99          0
    001000009906396                      O            10/01/29
    0


    1944640          K81/G02             F          148,800.00         ZZ
                                         360        148,800.00          1
    8045 EAST MI CASITA STREET         8.750          1,170.61         80
                                       8.500          1,170.61      186,000.00
    TUCSON           AZ   85715          1            09/16/99         00
    0431506286                           05           11/01/99          0
    9001516                              O            10/01/29
    0
1




    1944663          K81/G02             F          116,800.00         ZZ
                                         360        116,800.00          1
    14260 NORTH CARISSA DRIVE          8.375            887.76         80
                                       8.125            887.76      146,000.00
    TUCSON           AZ   85737          2            09/03/99         00
    0431506278                           03           11/01/99          0
    9001529                              O            10/01/29
    0


    1944670          B93/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
    32005 W RAY RD                     8.500          1,384.05         72
                                       8.250          1,384.05      250,000.00
    ARLINGTON        AZ   85322          4            09/16/99         00
    0431515063                           05           11/01/99          0
    1000018690                           O            10/01/29
    0


    1944671          M63/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
    1301 9TH STREET                    8.500            530.55         90
                                       8.250            530.55       77,000.00
    MENOMONIE        WI   54751          1            09/03/99         14
    0431513001                           05           11/01/99         25
    0000                                 N            10/01/29
    0


    1944673          A34/G02             F           65,700.00         ZZ
                                         360         65,665.03          1
    361 S STATE STREET                 9.125            534.56         83
                                       8.875            534.56       80,000.00
    MARION           OH   43302          1            08/23/99         04
    0431505999                           05           10/01/99         25
    0000                                 N            09/01/29
    0


    1944677          E86/G02             F          153,225.00         ZZ
                                         360        153,225.00          2
    834 EAST 224TH STREET              8.625          1,191.77         90
                                       8.375          1,191.77      170,250.00
    BRONX            NY   10466          1            09/22/99         01
    0431508142                           07           11/01/99         25
    49009                                N            10/01/29
    0


    1944679          907/G02             F          129,000.00         ZZ
                                         360        129,000.00          1
1


    53 ORANGEBURG ROAD                 8.625          1,003.35         50
                                       8.375          1,003.35      260,000.00
    ORANGEBURG       NY   10962          5            09/09/99         00
    0431505379                           05           11/01/99          0
    10006425                             O            10/01/29
    0


    1944699          G51/G02             F           59,900.00         ZZ
                                         360         59,900.00          1
    16366-A EAST RICE PLACE            8.500            460.58         60
                                       8.250            460.58       99,900.00
    AURORA           CO   80015          1            09/17/99         00
    0431500776                           05           11/01/99          0
    UNKNOWN                              O            10/01/29
    0


    1944737          E45/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
    27 CAREY STREET                    8.750            346.15         71
                                       8.500            346.15       62,000.00
    ELBERTON         GA   30635          5            09/15/99         00
    0431508571                           05           11/01/99          0
    56669                                O            10/01/29
    0


    1944743          313/G02             F          127,200.00         ZZ
                                         360        127,132.30          1
    1784 WILLIS MILL ROAD              9.125          1,034.95         85
                                       8.875          1,034.95      150,000.00
    ATLANTA          GA   30311          2            09/10/99         14
    0431517853                           05           10/01/99         20
    6859201                              N            09/01/29
    0


    1944751          B28/G02             F           78,300.00         ZZ
                                         360         78,300.00          4
    252 NORTH SHILLING AVENUE          9.125            637.08         90
                                       8.875            637.08       87,000.00
    BLACKFOOT        ID   83221          1            09/16/99         11
    0431509090                           05           11/01/99         25
    05991452                             N            10/01/29
    0


    1944758          964/G02             F           96,100.00         ZZ
                                         360         96,100.00          1
    2909 WASHINGTON STREET             9.000            773.24         90
                                       8.750            773.24      106,800.00
    RIVERSIDE        CA   92504          1            08/31/99         04
    0431503622                           05           11/01/99         25
1


    61254                                O            10/01/29
    0


    1944762          J40/G02             F           35,250.00         ZZ
                                         360         35,232.66          1
    183 EDGEWOOD CIRCLE                9.500            296.40         90
                                       9.250            296.40       39,200.00
    WINSTON SALEM    NC   27127          1            08/26/99         14
    0431508167                           05           10/01/99         25
    7652379                              N            09/01/29
    0


    1944804          638/G02             F          104,400.00         ZZ
                                         360        104,400.00          1
    4862& 4866 PENNSYLVANIA AVENU      9.625            887.39         89
    ?                                  9.375            887.39      118,000.00
    SALEM            OR   97301          1            09/13/99         04
    0431508738                           07           11/01/99         25
    08922626                             N            10/01/29
    0


    1944811          637/G02             F          157,500.00         ZZ
                                         360        157,399.56          1
    6433 SW LOOP DRIVE                 8.250          1,183.25         70
                                       8.000          1,183.25      225,000.00
    PORTLAND         OR   97221          1            08/24/99         00
    0431508266                           05           10/01/99          0
    0018072330                           O            09/01/29
    0


    1944813          637/G02             F          232,000.00         ZZ
                                         360        231,876.54          4
    700 METROPOLITAN AVE               9.125          1,887.63         80
                                       8.875          1,887.63      290,000.00
    HYDE PARK        MA   02136          1            08/30/99         00
    0431507284                           05           10/01/99          0
    0011519329                           N            09/01/29
    0


    1944816          637/G02             F           93,600.00         ZZ
                                         360         93,547.52          1
    1235 KEWEN STREET #A               8.875            744.73         80
                                       8.625            744.73      117,000.00
    SAN FERNANDO     CA   91340          1            08/23/99         00
    0431512052                           01           10/01/99          0
    0010738193                           O            09/01/29
    0


1


    1944823          637/G02             F          136,000.00         ZZ
                                         360        135,923.75          1
    224 HAMPTON COURT                  8.875          1,082.08         80
                                       8.625          1,082.08      172,000.00
    JUPITER          FL   33458          1            08/31/99         00
    0431506518                           05           10/01/99          0
    0016978397                           O            09/01/29
    0


    1944849          638/G02             F          154,800.00         ZZ
                                         360        154,800.00          3
    807 N W 2ND AVENUE                 9.375          1,287.55         90
                                       9.125          1,287.55      172,000.00
    FORT LAUDERDALE  FL   33323          1            09/10/99         10
    0431507763                           05           11/01/99         25
    08927243                             N            10/01/29
    0


    1944853          638/G02             F          260,000.00         ZZ
                                         360        260,000.00          2
    1626 KAINS AVENUE                  9.500          2,186.22         80
                                       9.250          2,186.22      325,000.00
    BERKELEY         CA   94702          1            09/09/99         00
    0431507581                           05           11/01/99          0
    999999999999                         N            10/01/29
    0


    1944854          638/G02             F           65,700.00         ZZ
                                         360         65,664.11          1
    7614 CROWN LEDGE                   9.000            528.64         90
                                       8.750            528.64       73,000.00
    SAN ANTONIO      TX   78251          1            08/30/99         01
    0431507615                           05           10/01/99         25
    08912375                             N            09/01/29
    0


    1944891          638/G02             F           52,200.00         ZZ
                                         360         52,200.00          1
    47 NORTH HAMILTON AVENUE           9.625            443.69         90
                                       9.375            443.69       58,000.00
    INDIANAPOLIS     IN   46201          1            09/03/99         04
    0431515055                           05           11/01/99         25
    8926633                              N            10/01/29
    0


    1944893          B65/G02             F           58,400.00         ZZ
                                         360         58,400.00          1
    1374 NEW HAMPSHIRE AVENUE          9.500            491.06         75
                                       9.250            491.06       78,000.00
1


    LORAIN           OH   44052          5            09/22/99         00
    0431515840                           05           11/01/99          0
    LINN                                 N            10/01/29
    0


    1944899          S27/G02             F           76,000.00         ZZ
                                         360         75,949.01          1
    773 209TH STREET                   8.000            557.66         80
                                       7.750            557.66       95,000.00
    PASADENA         MD   21122          5            08/26/99         00
    0431511278                           05           10/01/99          0
    10200000285                          O            09/01/29
    0


    1945020          Q99/G02             F          134,000.00         ZZ
                                         360        134,000.00          1
    11 CHIPMAN STREET                  9.125          1,090.27         77
                                       8.875          1,090.27      175,000.00
    CLINTON          MA   01510          5            09/24/99         00
    0431521921                           05           11/01/99          0
    0000                                 O            10/01/29
    0


    1945025          G51/G02             F           68,400.00         ZZ
                                         360         68,400.00          1
    629 631 LE MOYNE AVENUE            9.500            575.15         90
                                       9.250            575.15       76,000.00
    SYRACUSE         NY   13203          1            09/23/99         04
    0431511906                           05           11/01/99         25
    371689                               N            10/01/29
    0


    1945038          F18/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
    3840 KNIGHTSEN AVENUE              8.500          1,814.64         80
                                       8.250          1,814.64      295,000.00
    OAKLEY           CA   94548          1            09/21/99         00
    0431510890                           05           11/01/99          0
    R021779                              O            10/01/29
    0


    1945043          H93/G02             F          111,900.00         ZZ
                                         360        111,900.00          1
    310 N BAY COUNTRY                  9.000            900.38         80
                                       8.750            900.38      139,900.00
    WITCHITA         KS   67235          1            09/22/99         00
    0431512375                           03           11/01/99          0
    9971914                              O            10/01/29
    0
1




    1945050          F18/G02             F          147,500.00         ZZ
                                         360        147,500.00          1
    377 MANDARIN DRIVE #206            8.125          1,095.19         72
                                       7.875          1,095.19      205,000.00
    DALY CITY        CA   94015          5            09/13/99         00
    0431510924                           01           11/01/99          0
    RO2156                               N            10/01/29
    0


    1945089          637/G02             F           72,000.00         ZZ
                                         360         71,964.58          4
    3513-19 CAMBRONNE STREET           9.500            605.42         90
                                       9.250            605.42       80,000.00
    NEW ORLEANS      LA   70118          2            08/30/99         11
    0431512474                           05           10/01/99         25
    0017596560                           N            09/01/29
    0


    1945097          637/G02             F           72,000.00         ZZ
                                         360         71,964.58          4
    8322-28 PALM STREET                9.500            605.42         90
                                       9.250            605.42       80,000.00
    NEW ORLEANS      LA   70118          2            08/30/99         11
    0431512599                           05           10/01/99         25
    0017668732                           N            09/01/29
    0


    1945109          664/G02             F          364,450.00         ZZ
                                         360        364,450.00          4
    2121A B C D OAK STREET             9.250          2,998.25         90
                                       9.000          2,998.25      405,000.00
    SANTA MONICA     CA   90405          1            09/14/99         14
    0431511690                           05           11/01/99         25
    0003259702                           O            10/01/29
    0


    1945116          637/G02             F           90,000.00         ZZ
                                         360         89,948.22          1
    1908 WEST 24TH STREET              8.750            708.03         55
                                       8.500            708.03      164,000.00
    LOVELAND         CO   80538          1            09/02/99         00
    0431512201                           05           10/01/99          0
    0014977458                           O            09/01/29
    0


    1945216          964/G02             F          192,400.00         ZZ
                                         360        192,400.00          1
1


    11193 BOESSOW ROAD                 8.625          1,496.47         80
                                       8.375          1,496.47      240,500.00
    GALT             CA   95632          2            09/14/99         00
    0431509900                           05           11/01/99          0
    60274                                O            10/01/29
    0


    1945296          163/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    14 ORANGE STREET                   8.625            661.12         80
                                       8.375            661.12      107,200.00
    ROCKLAND         ME   04841          1            09/13/99         00
    0431510940                           05           11/01/99          0
    1000176941                           O            10/01/29
    0


    1945349          593/G02             F          167,700.00         ZZ
                                         360        167,479.86          1
    12837 SOUTH DUNHAMMER DRIVE        8.125          1,245.17         65
                                       7.875          1,245.17      258,000.00
    RIVERTON         UT   84065          5            07/28/99         00
    0431514058                           05           09/01/99          0
    0007144991                           O            08/01/29
    0


    1945350          593/G02             F           50,400.00         ZZ
                                         360         50,337.12          1
    2611 E 8TH STREET                  8.375            383.08         70
                                       8.125            383.08       72,000.00
    VANCOUVER        WA   98661          1            07/08/99         00
    0431514215                           05           09/01/99          0
    0007041502                           N            08/01/29
    0


    1945381          808/G02             F          218,000.00         ZZ
                                         360        218,000.00          1
    2454 TOPEKA STREET                 8.875          1,734.51         88
                                       8.625          1,734.51      250,000.00
    RIVERBANK        CA   95367          2            09/16/99         19
    0431515279                           05           11/01/99         25
    9415176                              N            10/01/29
    0


    1945431          G44/G02             F          132,000.00         ZZ
                                         360        132,000.00          3
    619 SW 11 AVENUE                   9.125          1,074.00         80
                                       8.875          1,074.00      165,000.00
    MIAMI            FL   33130          1            09/24/99         00
    0431515212                           05           11/01/99          0
1


    0999029                              N            10/01/29
    0


    1945432          163/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
    1421 POULSON STREET                8.625          1,750.03         75
                                       8.375          1,750.03      300,000.00
    WANTAGH          NY   11793          1            09/16/99         00
    0431515097                           05           11/01/99          0
    1000160831                           O            10/01/29
    0


    1945462          420/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    65 MANANA WAY                      7.875            435.05         17
                                       7.625            435.05      358,000.00
    POINT REYES STA  CA   94956          5            09/17/99         00
    0431512433                           05           11/01/99          0
    0000431098                           O            10/01/29
    0


    1945467          F18/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
    5618 BRIDGEPORT CIRCLE             8.625          1,633.36         80
                                       8.375          1,633.36      265,000.00
    LIVERMORE        CA   94550          2            09/13/99         00
    0431513407                           05           11/01/99          0
    02151                                O            10/01/29
    0


    1945509          253/253             F          139,200.00         ZZ
                                         360        139,200.00          3
    514 E 38TH ST                      9.250          1,145.17         80
                                       9.000          1,145.17      174,000.00
    AUSTIN           TX   78705          1            09/20/99         00
    944654                               05           11/01/99          0
    944654                               N            10/01/29
    0


    1945569          G51/G02             F           45,450.00         ZZ
                                         360         45,450.00          1
    1707C AZALEA COURT                 9.250            373.91         85
                                       9.000            373.91       54,000.00
    OLDSMAR          FL   34677          1            09/24/99         12
    0431514132                           05           11/01/99         25
    377531                               N            10/01/29
    0


1


    1945650          K15/G02             F           61,600.00         ZZ
                                         360         61,600.00          1
    3197 BERO ROAD                     8.875            490.12         80
                                       8.625            490.12       77,500.00
    BALTIMORE        MD   21227          1            09/24/99         00
    0431515188                           05           11/01/99          0
    100014700006470                      N            10/01/29
    0


    1945653          637/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    1401 NORTH 2ND STREET              9.000            772.44         80
                                       8.750            772.44      120,000.00
    SILVERTON        OR   97381          5            08/31/99         00
    0431514918                           27           11/01/99          0
    0010274397                           O            10/01/29
    0


    1945694          664/G02             F          222,400.00         ZZ
                                         360        222,400.00          1
    10 BARCLAY ROAD                    8.625          1,729.81         80
                                       8.375          1,729.81      278,000.00
    CANDLER          NC   28715          5            09/15/99         00
    0431521962                           05           11/01/99          0
    0003214343                           O            10/01/29
    0


    1945707          623/G02             F          104,000.00         ZZ
                                         360        103,948.84          1
    61554 PARRELL ROAD                 9.500            874.49         65
                                       9.250            874.49      160,000.00
    BEND             OR   97702          5            08/20/99         00
    0431513787                           05           10/01/99          0
    6398097                              N            09/01/29
    0


    1945793          964/G02             F          159,900.00         ZZ
                                         360        159,789.95          1
    5930 PIMENTA AVENUE                7.875          1,159.39         80
                                       7.625          1,159.39      199,888.00
    LAKEWOOD         CA   90712          1            08/11/99         00
    0431514454                           05           10/01/99          0
    61614                                O            09/01/29
    0


    1945952          P06/G02             F          205,000.00         ZZ
                                         360        204,882.05          1
    911 SOUTH AMHERST CIRCLE           8.750          1,612.74         61
                                       8.500          1,612.74      340,000.00
1


    ANAHEIM          CA   92807          5            08/20/99         00
    0431514942                           05           10/01/99          0
    9901155                              O            09/01/29
    0


    1946289          638/G02             F           41,500.00         ZZ
                                         360         41,500.00          1
    3801 NORTH 9TH PLACE               8.875            330.19         65
                                       8.625            330.19       64,000.00
    PHOENIX          AZ   85014          5            09/21/99         00
    0431521558                           05           11/01/99          0
    8928584                              O            10/01/29
    0


    2725834          286/286             F           28,800.00         ZZ
                                         360         28,600.79          1
    5418 LAKE DR                       8.000            211.33         90
                                       7.750            211.33       32,000.00
    PANAMA CITY BCH  FL   32408          1            11/25/98         11
    0009353635                           05           01/01/99         25
    0009353635                           N            12/01/28
    0


    2725917          286/286             F           28,900.00         ZZ
                                         360         28,714.03          1
    2373 LEO AVE SW                    8.125            214.59         85
                                       7.875            214.59       34,000.00
    CANTON           OH   44706          1            12/08/98         10
    0009412398                           05           02/01/99         12
    0009412398                           N            01/01/29
    0


    2746743          E22/G02             F           25,500.00         ZZ
                                         360         25,349.50          1
    121 METTLER STREET                 8.500            196.08         90
                                       8.250            196.08       28,351.00
    TOLEDO           OH   43608          1            02/18/99         04
    0411264138                           05           04/01/99         25
    0411264138                           N            03/01/29
    0


    2747467          E22/G02             F           27,000.00         ZZ
                                         360         26,894.40          1
    8090 OAK LANE                      9.000            217.25         90
                                       8.750            217.25       30,000.00
    DITTMER          MO   63023          1            02/19/99         04
    0411239163                           05           04/01/99         25
    0411239163                           N            03/01/29
    0
1




    2748078          E22/G02             F           28,800.00         ZZ
                                         360         28,658.50          1
    2704 MIDLOTHIAN TURNPIKE           7.875            208.82         90
                                       7.625            208.82       32,000.00
    RICHMOND         VA   23224          1            02/22/99         04
    0411244692                           05           04/01/99         25
    0411244692                           N            03/01/29
    0


    2751901          E22/G02             F           26,750.00         ZZ
                                         360         26,618.54          1
    16890 MANOR                        7.875            193.96         49
                                       7.625            193.96       55,000.00
    DETROIT          MI   48221          2            02/24/99         00
    0411294093                           05           04/01/99          0
    0411294093                           O            03/01/29
    0


    2751971          E22/G02             F           25,450.00         ZZ
                                         360         25,336.92          1
    626 SOUTH FOREST                   8.375            193.44         90
                                       8.125            193.44       28,300.00
    SPRINGFIELD      MO   65806          1            02/26/99         10
    0411295009                           05           04/01/99         25
    0411295009                           N            03/01/29
    0


    2761306          E22/G02             F           26,400.00         ZZ
                                         360         26,285.67          1
    16237 LIBERAL STREET               8.500            202.99         80
                                       8.250            202.99       33,000.00
    DETROIT          MI   48205          1            03/03/99         00
    0411304850                           05           04/01/99          0
    0411304850                           N            03/01/29
    0


    2761307          E22/G02             F           28,800.00         ZZ
                                         360         28,668.80          1
    4547 DELTONA BLVD.                 8.250            216.36         90
                                       8.000            216.36       32,000.00
    SPRING HILL      FL   34606          1            02/26/99         04
    0411281629                           05           04/01/99         25
    0411281629                           N            03/01/29
    0


    2767548          E22/G02             F           27,000.00         ZZ
                                         360         26,874.84          1
1


    3315 SW 12TH PLACE                 7.375            186.48         90
                                       7.125            186.48       30,000.00
    DES MOINES       IA   50315          1            03/24/99         10
    0411300692                           05           05/01/99         25
    0411300692                           N            04/01/29
    0


    2768916          K08/G02             F          101,500.00         ZZ
                                         360        101,073.92          1
    929 HARPETH BEND DRIVE             7.875            735.95         83
                                       7.625            735.95      123,000.00
    NASHVILLE        TN   37221          2            03/22/99         04
    0411314685                           05           05/01/99         20
    0411314685                           O            04/01/29
    0


    2787678          076/076             F           27,470.00         ZZ
                                         360         27,310.04          1
    5201 LYNCH DR                      7.875            199.18         81
                                       7.625            199.18       34,000.00
    NORTH LITTLE RO  AR   72117          1            02/04/99         10
    8482887                              05           04/01/99         25
    8482887                              N            03/01/29
    0


    2788085          K08/G02             F           25,650.00         ZZ
                                         360         25,567.08          1
    3611 GEORGIA                       8.250            192.70         66
                                       8.000            192.70       39,000.00
    KANSAS CITY      KS   66104          5            04/15/99         00
    0411374515                           05           06/01/99          0
    0411374515                           N            05/01/29
    0


    2793515          K08/G02             F           82,000.00         ZZ
                                         360         81,748.07          1
    2740 NEW JERSEY CT.                8.500            630.51         75
                                       8.250            630.51      110,000.00
    REYNOLDSBURG     OH   43068          2            04/26/99         00
    0411375736                           05           06/01/99          0
    0411375736                           N            05/01/29
    0


    2795433          K08/G02             F           28,800.00         ZZ
                                         360         28,706.93          1
    922 S. LIBERTY STREET              8.250            216.36         80
                                       8.000            216.36       36,000.00
    INDEPENDENCE     MO   64050          1            04/29/99         00
    0411410988                           05           06/01/99          0
1


    0411410988                           O            05/01/29
    0


    2796076          K08/G02             F           39,850.00         ZZ
                                         360         39,545.72          1
    225 SW KENTWOOD ROAD               8.375            302.89         90
                                       8.125            302.89       44,300.00
    PORT ST LUCIE    FL   34953          1            04/30/99         04
    0411373160                           03           06/01/99         25
    0411373160                           N            05/01/29
    0


    2796136          K08/G02             F           31,500.00         ZZ
                                         360         31,399.37          1
    135 EVANS AV                       9.000            253.46         90
                                       8.750            253.46       35,000.00
    XENIA            OH   45385          1            04/30/99         04
    0411402605                           05           06/01/99         25
    0411402605                           N            05/01/29
    0


    2796366          F28/G02             F           30,750.00         ZZ
                                         360         30,557.57          1
    599 SHELLEY AVENUE                 8.500            236.45         80
                                       8.250            236.45       38,464.00
    PAINESVILLE      OH   44077          1            11/18/98         00
    0431326313                           05           01/01/99          0
    4280301                              N            12/01/28
    0


    2796417          F28/G02             F           37,134.00         ZZ
                                         360         36,937.78          1
    17 LAWTON CR                       8.875            295.46         90
                                       8.625            295.46       41,260.00
    SUMTER           SC   29150          1            02/24/99         10
    0431327469                           05           04/01/99         25
    4577090                              N            03/01/29
    0


    2796521          F28/G02             F           35,450.00         ZZ
                                         360         35,304.87          1
    471 S. OGDEN AV                    8.000            260.12         90
                                       7.750            260.12       39,400.00
    COLUMBUS         OH   43204          1            03/12/99         10
    0431327105                           05           05/01/99         25
    4668782                              O            04/01/29
    0


1


    2796541          F28/G02             F           32,800.00         ZZ
                                         360         32,512.47          1
    611 W. 6TH ST                      8.500            252.20         80
                                       8.250            252.20       41,500.00
    NEILLSVILLE      WI   54456          2            04/05/99         00
    0431328640                           05           06/01/99          0
    4694380                              N            05/01/29
    0


    2796569          F28/G02             F           34,200.00         ZZ
                                         360         34,089.10          1
    6523 HOSMER AVENUE                 8.750            269.05         90
                                       8.500            269.05       38,000.00
    CLEVELAND        OH   44105          1            04/15/99         04
    0431328392                           05           06/01/99         25
    4717456                              N            05/01/29
    0


    2799057          526/526             F           33,300.00         ZZ
                                         360         33,163.65          1
    802 GRIFFIN STREET                 8.000            244.35         90
                                       7.750            244.35       37,000.00
    MCKINNEY         TX   75069          1            03/19/99         04
    0364595                              05           05/01/99         25
    0364595                              N            04/01/29
    0


    2799068          526/526             F          131,100.00         ZZ
                                         360        130,453.98          2
    1622 AND 1624 COLLEGE STREET       7.875            950.57         95
                                       7.625            950.57      138,000.00
    PHILOMATH        OR   97370          1            03/01/99         11
    0364923                              05           05/01/99         30
    0364923                              O            04/01/29
    0


    2800374          K08/G02             F           67,500.00         ZZ
                                         360         67,317.66          3
    523 NELSON AVENUE                  9.125            549.20         90
                                       8.875            549.20       75,000.00
    CHARLOTTE        NC   28216          1            05/07/99         10
    0411408073                           05           06/01/99         25
    0411408073                           N            05/01/29
    0


    2800375          K08/G02             F           67,500.00         ZZ
                                         360         67,317.66          3
    519 NELSON AVENUE                  9.125            549.20         90
                                       8.875            549.20       75,000.00
1


    CHARLOTTE        NC   28216          1            05/07/99         10
    0411408024                           05           06/01/99         25
    0411408024                           N            05/01/29
    0


    2803343          286/286             F           35,000.00         ZZ
                                         360         34,867.15          1
    154 PARKVIEW DR                    8.375            266.03         70
                                       8.125            266.03       50,000.00
    HARPERSVILLE     NY   13787          1            03/10/99         00
    0009033988                           05           05/01/99          0
    0009033988                           N            04/01/29
    0


    2803394          286/286             F           28,800.00         ZZ
                                         360         28,691.29          1
    155 PARKERVIEW ST                  8.625            224.01         90
                                       8.375            224.01       32,000.00
    SPRINGFIELD      MA   01129          1            03/31/99         11
    0009422139                           05           05/01/99         25
    0009422139                           N            04/01/29
    0


    2804895          K08/G02             F           35,000.00         ZZ
                                         360         34,914.29          1
    2117 DENUNE AVENUE                 8.500            269.12         78
                                       8.250            269.12       45,000.00
    COLUMBUS         OH   43211          2            05/12/99         00
    0411407257                           05           07/01/99          0
    0411407257                           N            06/01/29
    0


    2808397          K08/G02             F           25,200.00         ZZ
                                         360         25,142.87          1
    26641 NEW YORK                     8.875            200.50         90
                                       8.625            200.50       28,000.00
    INKSTER          MI   48141          1            05/17/99         12
    0411361140                           05           07/01/99         25
    0411361140                           N            06/01/29
    0


    2808398          K08/G02             F           25,200.00         ZZ
                                         360         25,142.87          1
    3735 WILLIAMS                      8.875            200.50         90
                                       8.625            200.50       28,000.00
    INKSTER          MI   48141          1            05/17/99         12
    0411361108                           05           07/01/99         25
    0411361108                           N            06/01/29
    0
1




    2808399          K08/G02             F           25,200.00         ZZ
                                         360         25,142.87          1
    29619 GLENWOOD                     8.875            200.50         90
                                       8.625            200.50       28,000.00
    INKSTER          MI   48141          1            05/17/99         10
    0411361074                           05           07/01/99         25
    0411361074                           N            06/01/29
    0


    2809115          K08/G02             F           25,250.00         ZZ
                                         360         25,188.17          1
    6003 LANDSDOWNE DRIVE              8.500            194.15         90
                                       8.250            194.15       28,100.00
    FORT WAYNE       IN   46816          1            05/18/99         04
    0411415151                           05           07/01/99         25
    0411415151                           N            06/01/29
    0


    2809665          K08/G02             F           37,800.00         ZZ
                                         360         37,702.58          1
    1013 SACRAMENTO                    8.250            283.98         90
                                       8.000            283.98       42,000.00
    SAN ANTONIO      TX   78212          1            05/18/99         04
    0411430275                           05           07/01/99         25
    0411430275                           N            06/01/29
    0


    2811135          K08/G02             F           35,000.00         ZZ
                                         360         34,894.44          1
    922 N ORCHARD AVENUE               8.500            269.12         69
                                       8.250            269.12       51,000.00
    FARMINGTON       NM   87401          5            05/20/99         00
    0411425994                           05           07/01/99          0
    0411425994                           N            06/01/29
    0


    2812971          K08/G02             F           84,000.00         ZZ
                                         360         83,804.05          4
    8408 RIVERSTONE DRIVE              9.500            706.32         80
    UNIT #A-D                          9.250            706.32      105,000.00
    AUSTIN           TX   78724          2            05/27/99         00
    0411425044                           05           07/01/99          0
    0411425044                           N            06/01/29
    0


    2818354          K08/G02             F           35,200.00         ZZ
                                         360         35,038.01          1
1


    1095 ANGOLA                        9.125            286.40         90
                                       8.875            286.40       39,200.00
    MT. MORRIS       MI   48458          1            06/02/99         04
    0411442809                           05           07/01/99         25
    0411442809                           N            06/01/29
    0


    2820392          K08/G02             F          119,000.00         ZZ
                                         360        117,783.94          1
    2106 JARMAN                        7.750            852.53         85
                                       7.500            852.53      140,000.00
    TROY             MI   48098          2            05/28/99         04
    0411434681                           05           07/01/99         20
    0411434681                           O            06/01/29
    0


    2820938          K08/G02             F           37,050.00         ZZ
                                         360         36,988.84          1
    7451 CLAYBURN                      9.000            298.11         65
                                       8.750            298.11       57,000.00
    DETROIT          MI   48228          5            06/04/99         00
    0411459639                           05           08/01/99          0
    0411459639                           N            07/01/29
    0


    2822747          K08/G02             F           43,150.00         ZZ
                                         360         43,076.89          1
    8640 CHALMERS AVENUE               8.875            343.32         90
                                       8.625            343.32       47,955.00
    WARREN           MI   48089          1            06/08/99         10
    0411177520                           05           08/01/99         25
    0411177520                           N            07/01/29
    0


    2822770          K08/G02             F           35,100.00         ZZ
                                         360         35,037.39          1
    46 CLOVER ST                       8.625            273.00         90
                                       8.375            273.00       39,000.00
    DAYTON           OH   45410          1            06/08/99         04
    0411443732                           05           08/01/99         25
    0411443732                           N            07/01/29
    0


    2823829          K08/G02             F           40,500.00         ZZ
                                         360         40,417.23          1
    24647 ANDOVER                      9.375            336.86         90
                                       9.125            336.86       45,000.00
    DEARBORN HEIGHT  MI   48125          1            05/21/99         04
    0411376486                           05           07/01/99         25
1


    0411376486                           N            06/01/29
    0


    2824961          K08/G02             F           36,900.00         ZZ
                                         360         36,840.63          1
    2083 TAFT AVENUE                   9.125            300.23         90
                                       8.875            300.23       41,000.00
    SHEFFIELD TOWNS  OH   44055          1            06/10/99         10
    0411463664                           05           08/01/99         25
    0411463664                           N            07/01/29
    0


    2826321          K08/G02             F           38,700.00         ZZ
                                         360         38,634.20          1
    7317 ROME AVENUE                   9.000            311.39         90
                                       8.750            311.39       43,000.00
    BIRMINGHAM       AL   35206          1            06/11/99         04
    0411411143                           05           08/01/99         25
    0411411143                           N            07/01/29
    0


    2827149          976/R97             F           44,000.00         ZZ
                                         360         43,820.44          1
    525 EAST LYNWOOD STREET            8.875            350.09         80
                                       8.625            350.09       55,000.00
    PHOENIX          AZ   85004          1            05/27/99         00
    TO BE ASSIGNED                       05           07/01/99          0
    5627965                              N            06/01/29
    0


    2827190          976/R97             F           33,000.00         ZZ
                                         360         32,908.22          1
    307 EAST 43RD STREET               7.875            239.28         90
                                       7.625            239.28       36,750.00
    LATONIA          KY   41015          1            05/28/99         04
    TO BE ASSIGNED                       05           07/01/99         25
    5644821                              N            06/01/29
    0


    2827239          976/R97             F           43,450.00         ZZ
                                         360         43,372.49          1
    5003 KITLEY AVENUE                 8.625            337.95         80
                                       8.375            337.95       54,370.00
    INDIANAPOLIS     IN   46226          1            06/07/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5761062                              N            07/01/29
    0


1


    2827394          976/R97             F           71,900.00         ZZ
                                         360         71,709.92          1
    10400 FLAGSHIP AVENUE              8.125            533.86         90
                                       7.875            533.86       79,900.00
    PORT RICHEY      FL   34668          1            05/27/99         10
    TO BE ASSIGNED                       03           07/01/99         25
    5669018                              O            06/01/29
    0


    2827415          976/R97             F           39,200.00         ZZ
                                         360         39,066.69          1
    8047 PANTANO PLACE, UNIT 4         8.000            287.64         80
                                       7.750            287.64       49,000.00
    ALEXANDRIA       VA   22309          5            04/26/99         00
    TO BE ASSIGNED                       01           06/01/99          0
    5686502                              N            05/01/29
    0


    2827416          976/R97             F           39,200.00         ZZ
                                         360         39,066.69          1
    3952 WOODHUE PLACE, #14            8.000            287.64         80
                                       7.750            287.64       49,000.00
    ALEXANDRIA       VA   22309          5            04/26/99         00
    TO BE ASSIGNED                       01           06/01/99          0
    5686667                              N            05/01/29
    0


    2827441          976/R97             F           78,000.00         ZZ
                                         360         77,850.73          1
    1752 STONEWOOD DRIVE               8.375            592.86         83
                                       8.125            592.86       95,000.00
    WINSTON-SALEM    NC   27103          2            06/08/99         11
    TO BE ASSIGNED                       03           08/01/99         12
    5735358                              O            07/01/29
    0


    2827512          976/976             F           40,050.00         ZZ
                                         360         39,959.17          1
    909 LOWRY AVENUE NORTHEAST         8.875            318.66         90
                                       8.625            318.66       44,500.00
    MINNEAPOLIS      MN   55418          1            05/25/99         11
    5698842                              05           07/01/99         25
    5698842                              N            06/01/29
    0


    2827521          976/R97             F           40,000.00         ZZ
                                         360         39,904.50          2
    3586 ELMAURST AVENUE               8.625            311.12         65
                                       8.375            311.12       62,000.00
1


    PITTSBURGH       PA   15214          5            05/24/99         00
    TO BE ASSIGNED                       05           07/01/99          0
    5719225                              N            06/01/29
    0


    2827541          976/R97             F           76,000.00         ZZ
                                         360         75,793.94          1
    33 NORTH LAKERIDGE CIRCLE          8.000            557.67         80
                                       7.750            557.67       95,000.00
    THE WOODLANDS    TX   77381          1            05/25/99         00
    TO BE ASSIGNED                       03           07/01/99          0
    5733339                              O            06/01/29
    0


    2828141          K08/G02             F           34,450.00         ZZ
                                         360         34,385.32          1
    630 WILLIAM                        8.375            261.84         65
                                       8.125            261.84       53,000.00
    KINGSVILLE       TX   78363          5            06/14/99         00
    0411335615                           05           08/01/99          0
    0411335615                           N            07/01/29
    0


    2828179          K08/G02             F           25,100.00         ZZ
                                         360         25,058.56          1
    1136 HERMAN AVENUE                 9.000            201.96         90
                                       8.750            201.96       27,935.00
    DAYTON           OH   45404          1            06/14/99         04
    0411454457                           05           08/01/99         25
    0411454457                           N            07/01/29
    0


    2828187          K08/G02             F           28,000.00         ZZ
                                         360         27,948.73          1
    1703 ROSS STREET                   8.500            215.30         70
                                       8.250            215.30       40,000.00
    CLOVIS           NM   88101          5            06/14/99         00
    0411473358                           05           08/01/99          0
    0411473358                           N            07/01/29
    0


    2829282          623/623             F           35,000.00         ZZ
                                         360         34,895.15          1
    1307 LOGAN SE                      8.625            272.23         90
                                       8.375            272.23       38,900.00
    GRAND RAPIDS     MI   49506          1            04/13/99         10
    1242577                              05           06/01/99         25
    1242577                              N            05/01/29
    0
1




    2829994          K08/G02             F           99,450.00         ZZ
                                         360         99,105.90          1
    680 BAINES MOUNTIAN ROAD           8.000            729.73         85
                                       7.750            729.73      117,000.00
    BRYSON CITY      NC   28713          1            06/16/99         10
    0411461452                           05           08/01/99         12
    0411461452                           O            07/01/29
    0


    2830459          K08/G02             F           27,000.00         ZZ
                                         360         26,955.42          1
    1930 DURFOR STREET                 9.000            217.25         90
                                       8.750            217.25       30,000.00
    PHILADELPHIA     PA   19145          1            06/17/99         04
    0411475015                           05           08/01/99         25
    0411475015                           N            07/01/29
    0


    2831002          K08/G02             F          225,000.00         ZZ
                                         360        224,608.80          1
    1 GREY ROCK ROAD                   8.750          1,770.08         85
                                       8.500          1,770.08      265,000.00
    PORT CHESTER     NY   10573          1            06/18/99         04
    0411470701                           05           08/01/99         20
    0411470701                           O            07/01/29
    0


    2835391          074/074             F          211,500.00         ZZ
                                         360        210,954.94          4
    357 GRANT STREET                   8.250          1,588.93         90
                                       8.000          1,588.93      235,000.00
    DENVER           CO   80203          1            05/12/99         01
    1579113410                           05           07/01/99         25
    1579113410                           N            06/01/29
    0


    2835406          074/074             F           55,250.00         ZZ
                                         360         55,057.33          1
    242 RIVERBEND                      7.875            400.61         85
                                       7.625            400.61       65,000.00
    MILAN            MI   48160          5            04/26/99         14
    1581307249                           01           06/01/99         12
    1581307249                           O            05/01/29
    0


    2835413          074/074             F           42,300.00         ZZ
                                         360         42,226.44          3
1


    2097 BRIDGE STREET                 8.750            332.78         90
                                       8.500            332.78       47,000.00
    PHILADELPHIA     PA   19124          1            06/04/99         11
    1581321341                           05           08/01/99         25
    1581321341                           N            07/01/29
    0


    2835414          074/074             F           49,950.00         T
                                         360         49,792.55          4
    3313-15 MAGNOLIA                   8.375            379.66         90
                                       8.125            379.66       55,500.00
    ST LOUIS         MO   63104          1            04/22/99         11
    1583209740                           05           06/01/99         25
    1583209740                           O            05/01/29
    0


    2835442          074/074             F           89,900.00         ZZ
                                         360         89,690.80          3
    509 SW 2 COURT                     8.750            707.25         90
                                       8.500            707.25       99,900.00
    POMPANO BEACH    FL   33060          1            05/19/99         01
    1589338290                           05           07/01/99         25
    1589338290                           N            06/01/29
    0


    2836326          K08/G02             F           36,900.00         ZZ
                                         360         36,835.85          1
    1347 GILHAM STREET                 8.750            290.29         90
                                       8.500            290.29       41,000.00
    PHILADELPHA      PA   19111          1            06/29/99         10
    0411419609                           07           08/01/99         25
    0411419609                           N            07/01/29
    0


    2836981          K08/G02             F           61,200.00         ZZ
                                         360         61,053.90          1
    27 S INDIANA STREET                8.625            476.01         90
                                       8.375            476.01       68,000.00
    BARGARSVILLE     IN   46106          1            05/26/99         04
    0411382815                           05           07/01/99         25
    0411382815                           N            06/01/29
    0


    2837034          K08/G02             F           80,500.00         ZZ
                                         360         80,348.83          1
    707 HAWORTH LANE                   8.375            611.86         70
                                       8.125            611.86      115,000.00
    GUNTER           TX   75058          2            06/14/99         00
    0411474919                           05           08/01/99          0
1


    0411474919                           N            07/01/29
    0


    2837049          K08/G02             F           35,000.00         ZZ
                                         360         34,939.13          1
    665 NORTH SECOND STREET            8.750            275.35         70
                                       8.500            275.35       50,000.00
    FRESNO           CA   93702          5            06/17/99         00
    0411478357                           05           08/01/99          0
    0411478357                           N            07/01/29
    0


    2838630          K08/G02             F          109,250.00         ZZ
                                         360        109,064.90          3
    1531 SOUTH KOLIN                   8.875            869.24         95
                                       8.625            869.24      115,000.00
    CHICAGO          IL   60623          1            07/02/99         10
    0411424617                           05           08/01/99         30
    0411424617                           O            07/01/29
    0


    2841878          K08/G02             F           33,300.00         ZZ
                                         360         33,262.52          1
    238 BOBBIE'S LANE                  8.875            264.95         90
                                       8.625            264.95       37,000.00
    SAN ANTONIO      TX   78201          1            07/08/99         04
    0411485022                           05           09/01/99         25
    0411485022                           N            08/01/29
    0


    2842732          K08/G02             F           30,600.00         ZZ
                                         360         30,570.56          1
    1013 WEST MARION                   9.625            260.10         90
                                       9.375            260.10       34,000.00
    MISHAWAKA        IN   46545          1            07/09/99         04
    0411413024                           05           09/01/99         25
    0411413024                           N            08/01/29
    0


    2842736          K08/G02             F           29,700.00         ZZ
                                         360         29,669.88          1
    24534 LATHRUP                      9.375            247.03         90
                                       9.125            247.03       33,000.00
    SOUTHFIELD       MI   48075          1            07/09/99         04
    0411457864                           05           09/01/99         25
    0411457864                           N            08/01/29
    0


1


    2842747          K08/G02             F           31,500.00         ZZ
                                         360         31,467.22          1
    29910 OAKWOOD                      9.250            259.14         90
                                       9.000            259.14       35,000.00
    INKSTER          MI   48141          1            07/09/99         04
    0411480312                           05           09/01/99         25
    0411480312                           N            08/01/29
    0


    2842892          G75/G75             F           25,200.00         ZZ
                                         360         25,140.66          1
    1708 W. DIVISION                   7.250            171.91         72
                                       7.000            171.91       35,000.00
    SPRINGFIELD      MO   65802          1            06/22/99         14
    03894222                             05           08/01/99         25
    03894222                             N            07/01/29
    0


    2842902          G75/G75             F           76,000.00         ZZ
                                         360         75,772.36          1
    1711 WATERSEDGE DR.                8.625            591.13         95
                                       8.375            591.13       80,000.00
    DOVER            NJ   08753          1            04/28/99         12
    03838907                             01           06/01/99         30
    03838907                             O            05/01/29
    0


    2844465          526/526             F           34,200.00         ZZ
                                         360         34,107.28          1
    2810 NW 22ND STREET                8.000            250.95         90
                                       7.750            250.95       38,000.00
    LAWTON           OK   73505          1            05/06/99         11
    0368300                              05           07/01/99         25
    0368300                              N            06/01/29
    0


    2844466          526/526             F           32,400.00         ZZ
                                         360         32,309.94          1
    6323 CATTAILS LANE                 7.875            234.92         90
                                       7.625            234.92       36,000.00
    HOUSTON          TX   77035          1            05/18/99         11
    0368331                              09           07/01/99         25
    0368331                              N            06/01/29
    0


    2844484          526/526             F           35,100.00         ZZ
                                         360         35,007.21          1
    7753 WEST GLENN DRIVE              8.125            260.62         90
                                       7.875            260.62       39,000.00
1


    GLENDALE         AZ   85303          1            05/07/99         11
    0369203                              09           07/01/99         25
    0369203                              N            06/01/29
    0


    2844523          526/526             F           29,750.00         ZZ
                                         360         29,667.28          1
    98 PURDY ST                        7.875            215.71         85
                                       7.625            215.71       35,000.00
    BUFFALO          NY   14208          5            05/28/99         11
    0371016                              05           07/01/99         12
    0371016                              O            06/01/29
    0


    2844551          526/526             F           27,900.00         ZZ
                                         360         27,826.24          1
    1418 ASHMORE DR                    8.125            207.16         90
                                       7.875            207.16       31,000.00
    SAN ANTONIO      TX   78245          1            05/27/99         11
    0372891                              05           07/01/99         25
    0372891                              N            06/01/29
    0


    2844569          526/526             F           32,470.00         ZZ
                                         360         32,410.57          1
    1605 MARKET STREET                 8.500            249.67         90
                                       8.250            249.67       36,080.00
    GALVESTON        TX   77550          1            06/17/99         01
    0374044                              05           08/01/99         25
    0374044                              N            07/01/29
    0


    2844576          526/526             F           26,820.00         ZZ
                                         360         26,773.35          1
    1119 WALNUT AVE NE                 8.750            211.00         90
                                       8.500            211.00       29,800.00
    CANTON           OH   44704          1            06/28/99         12
    0374382                              05           08/01/99         25
    0374382                              N            07/01/29
    0


    2844589          526/526             F           40,000.00         ZZ
                                         360         39,894.27          1
    48988 HWY 101 SOUTH 138F           8.125            297.00         49
                                       7.875            297.00       83,000.00
    NESKOWIN         OR   97149          5            06/02/99         00
    0368549                              01           07/01/99          0
    0368549                              N            06/01/29
    0
1




    2844943          K08/G02             F           36,000.00         ZZ
                                         360         35,956.23          1
    3810 GRACE STREET                  8.500            276.81         90
                                       8.250            276.81       40,000.00
    MUNHALL          PA   15120          1            07/12/99         10
    0411435514                           05           09/01/99         25
    0411435514                           N            08/01/29
    0


    2844963          K08/G02             F           27,450.00         ZZ
                                         360         27,419.90          1
    2254 JOHN B                        9.000            220.87         90
                                       8.750            220.87       30,500.00
    WARREN           MI   48089          1            07/12/99         10
    0411492499                           05           09/01/99         25
    0411492499                           N            08/01/29
    0


    2845373          K08/G02             F           33,000.00         ZZ
                                         360         32,965.65          1
    605 STASSEN AVE                    9.250            271.48         55
                                       9.000            271.48       60,000.00
    KALAMAZOO        MI   49007          5            07/13/99         00
    0411508856                           05           09/01/99          0
    0411508856                           N            08/01/29
    0


    2848480          976/R97             F          107,600.00         ZZ
                                         360        107,381.93          1
    9805 WOODFALL DR                   8.000            789.54         80
                                       7.750            789.54      134,500.00
    ROSWELL          GA   30076          1            06/11/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5717233                              N            07/01/29
    0


    2848499          976/R97             F           83,650.00         ZZ
                                         360         82,970.87          1
    13 TURNBRIDGE WELLES               7.875            606.53         70
                                       7.625            606.53      119,500.00
    CHICO            CA   95973          1            06/01/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5704899                              N            07/01/29
    0


    2848579          976/R97             F           64,800.00         ZZ
                                         360         64,585.15          1
1


    7309 FLAMELEAF PLACE               8.125            481.14         90
                                       7.875            481.14       72,000.00
    DALLAS           TX   75249          1            04/22/99         04
    TO BE ASSIGNED                       05           06/01/99         25
    5679782                              N            05/01/29
    0


    2848594          976/R97             F           96,900.00         ZZ
                                         360         96,752.03          1
    561 N. HAIRSTON ROAD               9.375            805.97         90
                                       9.125            805.97      107,700.00
    STONE MOUNTAIN   GA   30083          1            06/16/99         04
    TO BE ASSIGNED                       05           08/01/99         25
    5717294                              N            07/01/29
    0


    2848616          976/R97             F           63,000.00         ZZ
                                         360         62,881.69          1
    7200 SPRINGVALE LANE               8.375            478.85         90
                                       8.125            478.85       70,000.00
    KNOXVILLE        TN   37918          1            06/09/99         04
    TO BE ASSIGNED                       05           08/01/99         25
    5738078                              N            07/01/29
    0


    2848623          976/R97             F           84,000.00         ZZ
                                         360         83,842.28          1
    2734 LOVINGTON                     8.375            638.46         80
                                       8.125            638.46      105,000.00
    TROY             MI   48083          1            06/14/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5613897                              N            07/01/29
    0


    2848633          976/R97             F          156,000.00         ZZ
                                         360        152,689.21          1
    1503 WEST RIVER LANE               8.875          1,241.21         80
                                       8.625          1,241.21      195,000.00
    TAMPA            FL   33603          1            06/21/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5675787                              N            07/01/29
    0


    2848635          976/R97             F           75,000.00         ZZ
                                         360         74,879.33          1
    38 VALLEY ROAD                     9.125            610.23         79
                                       8.875            610.23       95,000.00
    BATH             ME   04530          5            06/24/99         00
    TO BE ASSIGNED                       05           08/01/99          0
1


    5712883                              N            07/01/29
    0


    2848650          976/R97             F           53,200.00         ZZ
                                         360         53,105.08          1
    11903 BONAPARTE DRIVE              8.625            413.79         80
                                       8.375            413.79       66,500.00
    CYPRESS          TX   77429          1            06/15/99         00
    TO BE ASSIGNED                       03           08/01/99          0
    5657869                              N            07/01/29
    0


    2848651          976/R97             F           51,600.00         ZZ
                                         360         51,507.96          1
    14003 DOMINIQUE DRIVE              8.625            401.34         80
                                       8.375            401.34       64,500.00
    CYPRESS          TX   77429          1            06/15/99         00
    TO BE ASSIGNED                       03           08/01/99          0
    5657870                              N            07/01/29
    0


    2848655          976/R97             F           85,000.00         ZZ
                                         360         84,854.57          1
    8479 WEST THUNDER MOUNTAIN RD      8.875            676.30         59
                                       8.625            676.30      145,000.00
    BOISE            ID   83709          1            06/25/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5546459                              N            07/01/29
    0


    2848703          976/R97             F           96,650.00         ZZ
                                         360         96,477.56          1
    369 PHILLIPS DRIVE                 8.625            751.74         75
                                       8.375            751.74      128,900.00
    COPPELL          TX   75019          1            06/16/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5703263                              O            07/01/29
    0


    2848711          976/R97             F           63,200.00         ZZ
                                         360         63,092.91          1
    2313 WESTCHESTER                   8.875            502.85         80
                                       8.625            502.85       79,000.00
    LAWRENCE         KS   66049          1            06/29/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5413764                              N            07/01/29
    0


1


    2848727          976/R97             F           64,000.00         ZZ
                                         360         63,882.84          1
    2325 E 21ST STREET                 8.500            492.11         80
                                       8.250            492.11       80,000.00
    OAKLAND          CA   94601          1            06/11/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5577052                              N            07/01/29
    0


    2848729          976/R97             F          207,000.00         ZZ
                                         360        206,657.82          1
    36 BRADFORD STREET                 9.500          1,740.57         90
                                       9.250          1,740.57      230,000.00
    WAYLAND          MA   01778          1            06/24/99         04
    TO BE ASSIGNED                       05           08/01/99         25
    5710302                              N            07/01/29
    0


    2848740          976/R97             F           67,500.00         ZZ
                                         360         67,268.59          1
    506 5TH AVENUE SOUTH               8.250            507.11         72
                                       8.000            507.11       94,000.00
    ST. CLOUD        MN   56301          5            06/23/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5776364                              N            07/01/29
    0


    2848786          976/R97             F           81,000.00         ZZ
                                         360         80,847.90          1
    4532 NORTH NEWBURGH PLACE          8.375            615.66         58
                                       8.125            615.66      141,000.00
    BOISE            ID   83713          1            06/25/99         00
    TO BE ASSIGNED                       03           08/01/99          0
    5688757                              O            07/01/29
    0


    2848810          976/R97             F           33,300.00         ZZ
                                         360         33,242.07          1
    1227 MEWS LANE                     8.750            261.98         90
                                       8.500            261.98       37,000.00
    LAS VEGAS        NV   89101          1            06/21/99         04
    TO BE ASSIGNED                       09           08/01/99         25
    5711031                              N            07/01/29
    0


    2848812          976/R97             F           73,200.00         ZZ
                                         360         73,062.54          1
    10722 NORTH PLATT RIVER DRIVE      8.375            556.38         80
                                       8.125            556.38       91,500.00
1


    AUSTIN           TX   78748          1            06/14/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5548300                              N            07/01/29
    0


    2848813          976/R97             F           68,400.00         ZZ
                                         360         68,271.57          1
    702 MALTESE CROSS DRIVE            8.375            519.89         80
                                       8.125            519.89       85,549.00
    AUSTIN           TX   78748          1            06/25/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5700291                              N            07/01/29
    0


    2848815          976/R97             F           75,000.00         ZZ
                                         360         74,844.12          1
    1701 B VALHALLA LANE               7.875            543.81         69
                                       7.625            543.81      110,000.00
    BELLINGHAM       WA   98226          5            06/14/99         00
    TO BE ASSIGNED                       01           08/01/99          0
    5690831                              N            07/01/29
    0


    2848846          976/R97             F          172,000.00         ZZ
                                         360        171,708.57          1
    38 HEMLOCK TRAIL                   8.875          1,368.51         80
                                       8.625          1,368.51      215,000.00
    TRUMBULL         CT   06611          1            06/30/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5705458                              N            07/01/29
    0


    2848848          976/R97             F          144,000.00         ZZ
                                         360        143,762.25          1
    24 WHIPPLE STREET                  9.000          1,158.66         80
                                       8.750          1,158.66      180,000.00
    SOMERVILLE       MA   02144          1            07/01/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5683373                              N            07/01/29
    0


    2848930          976/R97             F           97,600.00         ZZ
                                         360         97,360.96          1
    5649 OLIVER AVE S                  8.500            750.46         80
                                       8.250            750.46      122,000.00
    MINNEAPOLIS      MN   55419          1            06/01/99         00
    TO BE ASSIGNED                       05           07/01/99          0
    7532980                              N            06/01/29
    0
1




    2849048          K08/G02             F           38,700.00         ZZ
                                         360         38,657.56          1
    2905 MARSHALL STREET               9.000            311.39         90
                                       8.750            311.39       43,000.00
    ROCKFORD         IL   61109          1            07/15/99         04
    0411422991                           05           09/01/99         25
    0411422991                           N            08/01/29
    0


    2850128          K08/G02             F          106,700.00         T
                                         360        106,576.77          1
    1232 SANDBROOK DRIVE               8.750            839.41         80
                                       8.500            839.41      133,395.00
    ORLANDO          FL   32824          1            07/16/99         00
    0411342678                           09           09/01/99          0
    0411342678                           O            08/01/29
    0


    2851984          K08/G02             F           72,250.00         ZZ
                                         360         72,157.54          1
    1401 WEST OCALA ST.                8.250            542.79         85
                                       8.000            542.79       85,000.00
    BROKEN ARROW     OK   74011          1            07/19/99         04
    0411497613                           05           09/01/99         20
    0411497613                           O            08/01/29
    0


    2854553          K08/G02             F          133,800.00         ZZ
                                         360        133,649.43          3
    14-16-18 KELLY PLACE               8.875          1,064.57         80
                                       8.625          1,064.57      167,250.00
    STANHOPE         NJ   07874          1            07/22/99         00
    0411470883                           05           09/01/99          0
    0411470883                           N            08/01/29
    0


    2854575          K08/G02             F           79,750.00         ZZ
                                         360         79,662.55          4
    4010-12 OLEATHA                    9.000            641.69         90
                                       8.750            641.69       88,650.00
    ST LOUIS         MO   63118          1            07/22/99         04
    0411525900                           05           09/01/99         25
    0411525900                           N            08/01/29
    0


    2855175          K08/G02             F           90,000.00         ZZ
                                         360         89,893.35          2
1


    7064-7066 N MANOR DR               8.625            700.01         80
                                       8.375            700.01      112,500.00
    BROWNSBURG       IN   47456          1            07/23/99         00
    0411475056                           05           09/01/99          0
    0411475056                           N            08/01/29
    0


    2855176          K08/G02             F           30,600.00         ZZ
                                         360         30,565.56          1
    19466 GREENFIELD                   8.875            243.47         90
                                       8.625            243.47       34,000.00
    DETROIT          MI   48235          1            07/23/99         04
    0411477276                           05           09/01/99         25
    0411477276                           O            08/01/29
    0


    2855179          K08/G02             F           90,000.00         ZZ
                                         360         89,893.35          2
    7110-7112 PIN OAK DRIVE            8.625            700.01         80
                                       8.375            700.01      112,500.00
    BROWNSBURG       IN   46112          1            07/23/99         00
    0411486608                           05           09/01/99          0
    0411486608                           N            08/01/29
    0


    2855203          K08/G02             F           55,350.00         ZZ
                                         360         55,186.97          1
    3802 RAMPART DR                    8.875            440.39         90
                                       8.625            440.39       61,500.00
    ORLANDO          FL   32812          1            07/23/99         10
    0411527310                           03           09/01/99         25
    0411527310                           N            08/01/29
    0


    2855880          K08/G02             F          121,000.00         ZZ
                                         360        120,748.03          1
    14526 MIDWAY ROAD                  8.000            887.86         90
                                       7.750            887.86      134,900.00
    NAMPA            ID   83651          1            07/20/99         04
    0411529662                           05           09/01/99         25
    0411529662                           N            08/01/29
    0


    2856615          K08/G02             F          209,700.00         ZZ
                                         360        209,479.99          1
    66 MADISON STREET                  9.250          1,725.15         90
                                       9.000          1,725.15      233,000.00
    HOBOKEN          NJ   07030          1            07/27/99         04
    0411500168                           08           09/01/99         25
1


    0411500168                           N            08/01/29
    0


    2856689          E82/G02             F           72,900.00         ZZ
                                         360         72,828.01          4
    3308 SABLEWOOD                     9.500            612.98         90
                                       9.250            612.98       81,000.00
    ROCKFORD         IL   61109          1            07/30/99         04
    0400215026                           05           09/01/99         25
    0400215026                           N            08/01/29
    0


    2856707          B57/G02             F          153,000.00         ZZ
                                         360        152,809.13          3
    6402 6404 DENSMORE AVENUE          8.375          1,162.92         90
                                       8.125          1,162.92      170,000.00
    LOS ANGELES      CA   91406          1            07/21/99         11
    0431508951                           05           09/01/99         25
    9940287                              N            08/01/29
    0


    2857223          K08/G02             F           72,500.00         ZZ
                                         360         72,409.57          1
    5610 NW BRIARWOOD DRIVE            8.375            551.05         90
                                       8.125            551.05       81,000.00
    LAWTON           OK   73505          5            07/23/99         04
    0411501612                           05           09/01/99         25
    0411501612                           O            08/01/29
    0


    2857242          K08/G02             F           72,200.00         ZZ
                                         360         72,122.87          1
    1314 CHURCH STREET                 9.125            587.44         95
                                       8.875            587.44       76,000.00
    PLANT CITY       FL   33566          2            07/23/99         10
    0411523665                           05           09/01/99         30
    0411523665                           O            08/01/29
    0


    2858344          K08/G02             F          104,700.00         T
                                         360        104,579.08          1
    1170 SANDESTIN WAY                 8.750            823.68         80
                                       8.500            823.68      130,955.00
    ORLANDO          FL   32824          1            07/29/99         00
    0411344161                           09           09/01/99          0
    0411344161                           O            08/01/29
    0


1


    2858345          K08/G02             F          182,750.00         ZZ
                                         360        182,497.65          1
    13536 SOUTHEAST 189TH PLACE        7.875          1,325.06         80
                                       7.625          1,325.06      228,479.00
    RENTON           WA   98058          1            07/16/99         00
    0411415383                           03           09/01/99          0
    0411415383                           O            08/01/29
    0


    2858346          K08/G02             F           94,800.00         ZZ
                                         360         94,681.74          1
    248 GAZANIA COURT                  8.375            720.55         80
                                       8.125            720.55      118,500.00
    THOUSAND OAKS    CA   91362          1            07/23/99         00
    0411448384                           01           09/01/99          0
    0411448384                           O            08/01/29
    0


    2858354          K08/G02             F          208,000.00         ZZ
                                         360        207,712.78          2
    1052-1054 NORTH MARTEL AV          7.875          1,508.14         80
                                       7.625          1,508.14      260,000.00
    WEST HOLLYWOOD   CA   90046          1            07/16/99         00
    0411493885                           05           09/01/99          0
    0411493885                           O            08/01/29
    0


    2858365          K08/G02             F           78,000.00         ZZ
                                         360         77,920.93          2
    170-172 ELLIS STREET               9.375            648.76         70
                                       9.125            648.76      111,500.00
    NEW BRITAIN      CT   06050          2            07/29/99         00
    0411510977                           05           09/01/99          0
    0411510977                           N            08/01/29
    0


    2858372          K08/G02             F           61,100.00         ZZ
                                         360         61,029.44          1
    31837 118TH PLACE SOUTHEAST        8.750            480.67         65
                                       8.500            480.67       94,000.00
    AUBURN           WA   98092          5            07/23/99         00
    0411520174                           09           09/01/99          0
    0411520174                           N            08/01/29
    0


    2858392          K08/G02             F          138,000.00         ZZ
                                         360        137,722.71          4
    506 FIFTH STREET UNIT A-D          8.250          1,036.75         75
                                       8.000          1,036.75      184,000.00
1


    GEORGETOWN       CO   80444          1            07/29/99         00
    0411542244                           05           09/01/99          0
    0411542244                           N            08/01/29
    0


    2858950          976/R97             F           69,300.00         ZZ
                                         360         69,215.73          4
    212 FIRST AVENUE                   8.500            532.86         90
                                       8.250            532.86       77,000.00
    WOONSOCKET       RI   02895          1            07/23/99         04
    TO BE ASSIGNED                       05           09/01/99         25
    5765469                              N            08/01/29
    0


    2858952          976/R97             F          112,500.00         ZZ
                                         360        112,370.07          2
    833 835 GARDENDALE                 8.750            885.04         75
                                       8.500            885.04      150,000.00
    FERNDALE         MI   48220          5            07/16/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5753951                              N            08/01/29
    0


    2858954          976/R97             F           65,250.00         ZZ
                                         360         65,178.45          1
    2723 EAST BIRCHDALE                9.000            525.02         90
                                       8.750            525.02       72,500.00
    MISSOURI CITY    TX   77459          1            07/15/99         11
    TO BE ASSIGNED                       03           09/01/99         25
    5733577                              N            08/01/29
    0


    2858960          976/R97             F           59,850.00         ZZ
                                         360         59,790.87          3
    5220 CARTHAGE AVENUE               9.500            503.26         90
                                       9.250            503.26       66,500.00
    CINCINNATI       OH   45212          1            07/21/99         21
    TO BE ASSIGNED                       05           09/01/99         25
    5782407                              N            08/01/29
    0


    2858970          976/R97             F          152,100.00         ZZ
                                         360        151,933.20          4
    6019 MAIN STREET NORTHEAST         9.000          1,223.84         90
                                       8.750          1,223.84      169,000.00
    FRIDLEY          MN   55432          1            07/12/99         10
    TO BE ASSIGNED                       05           09/01/99         25
    5775231                              N            08/01/29
    0
1




    2858972          976/R97             F          108,000.00         ZZ
                                         360        107,878.45          2
    5-7 N. GRANT STREET                8.875            859.30         75
                                       8.625            859.30      145,000.00
    GALESBURG        MI   49053          2            07/16/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5737191                              N            08/01/29
    0


    2858976          976/R97             F           80,900.00         ZZ
                                         360         80,796.46          1
    132 AUCKLAND DRIVE                 8.250            607.78         90
                                       8.000            607.78       89,900.00
    NEWARK           DE   19702          1            07/21/99         21
    TO BE ASSIGNED                       05           09/01/99         25
    5748520                              N            08/01/29
    0


    2858978          976/R97             F          133,200.00         ZZ
                                         360        133,061.35          3
    7 PARROTT STREET                   9.250          1,095.81         90
                                       9.000          1,095.81      148,000.00
    LYNN             MA   01902          1            07/16/99         11
    TO BE ASSIGNED                       05           09/01/99         25
    5715059                              N            08/01/29
    0


    2858983          976/R97             F           96,000.00         ZZ
                                         360         95,891.96          2
    4862-4864 COUGAR COURT SE          8.875            763.82         80
                                       8.625            763.82      120,000.00
    SALEM            OR   97301          5            07/06/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5635584                              N            08/01/29
    0


    2858988          976/R97             F           46,000.00         ZZ
                                         360         45,946.86          1
    14238 BATEAU DRIVE                 8.750            361.89         66
                                       8.500            361.89       70,000.00
    CYPRESS          TX   77429          2            07/09/99         00
    TO BE ASSIGNED                       03           09/01/99          0
    5657989                              N            08/01/29
    0


    2858989          976/R97             F           92,000.00         ZZ
                                         360         91,851.98          3
1


    261 BORDER STREET                  9.125            748.55         80
                                       8.875            748.55      115,000.00
    EAST BOSTON      MA   02128          1            07/02/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5715534                              N            07/01/29
    0


    2858994          976/R97             F          160,200.00         ZZ
                                         360        160,024.32          3
    21 HAROLD STREET                   9.000          1,289.01         89
                                       8.750          1,289.01      180,000.00
    ROXBURY          MA   02119          1            07/07/99         10
    TO BE ASSIGNED                       05           09/01/99         25
    5683289                              N            08/01/29
    0


    2858997          976/R97             F           63,450.00         ZZ
                                         360         63,368.80          1
    214 N GOMEZ AVENUE                 8.250            476.68         90
                                       8.000            476.68       70,500.00
    TAMPA            FL   33609          1            07/21/99         04
    TO BE ASSIGNED                       05           09/01/99         25
    5675879                              N            08/01/29
    0


    2859008          976/R97             F           72,000.00         ZZ
                                         360         71,910.17          1
    3970 INVERRARY DRIVE               8.375            547.26         90
                                       8.125            547.26       80,000.00
    LAUDERHILL       FL   33319          1            07/19/99         04
    TO BE ASSIGNED                       01           09/01/99         25
    5777907                              O            08/01/29
    0


    2859010          976/R97             F          114,400.00         ZZ
                                         360        114,167.14          1
    15242 PURCHE AVENUE                8.750            899.99         80
                                       8.500            899.99      143,000.00
    GARDENA          CA   90249          1            07/01/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5752126                              N            08/01/29
    0


    2859011          976/R97             F           57,900.00         ZZ
                                         360         57,820.04          1
    11601 TAZWELL DRIVE                7.875            419.82         72
                                       7.625            419.82       81,500.00
    LOUISVILLE       KY   40245          2            07/01/99         00
    TO BE ASSIGNED                       05           09/01/99          0
1


    5761739                              N            08/01/29
    0


    2859013          976/R97             F           75,000.00         ZZ
                                         360         73,583.50          1
    7861 YATES STREEET                 8.125            556.88         56
                                       7.875            556.88      135,000.00
    WESTMINSTER      CO   80030          5            03/26/99         00
    TO BE ASSIGNED                       05           05/01/99          0
    7519752                              N            04/01/29
    0


    2859022          976/R97             F          100,000.00         ZZ
                                         360         99,875.24          1
    23 SPARROW LANE                    8.375            760.08         77
                                       8.125            760.08      129,900.00
    BARNEGAT         NJ   08005          1            07/09/99         00
    TO BE ASSIGNED                       03           09/01/99          0
    5268479                              O            08/01/29
    0


    2859034          976/R97             F           53,100.00         ZZ
                                         360         53,018.91          3
    1822 SOUTH 10TH STREET             9.375            441.66         90
                                       9.125            441.66       59,000.00
    MILWAUKEE        WI   53204          1            06/30/99         04
    TO BE ASSIGNED                       05           08/01/99         25
    5665438                              N            07/01/29
    0


    2859042          976/R97             F           89,200.00         ZZ
                                         360         89,104.68          2
    3800-02 WILLIAMS DRIVE             9.125            725.77         80
                                       8.875            725.77      112,000.00
    ST. CHALRES      MO   63304          5            07/14/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5767274                              N            08/01/29
    0


    2859045          976/R97             F           52,000.00         ZZ
                                         360         51,942.97          3
    32 NICHOLS STREET                  9.000            418.41         80
                                       8.750            418.41       65,000.00
    HAVERHILL        MA   01830          1            07/22/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5787814                              N            08/01/29
    0


1


    2859047          976/R97             F          139,500.00         ZZ
                                         360        139,330.37          4
    22813 BAY AVENUE                   8.500          1,072.64         90
                                       8.250          1,072.64      155,000.00
    MORENO VALLEY    CA   92553          1            07/08/99         11
    TO BE ASSIGNED                       05           09/01/99         25
    5717960                              O            08/01/29
    0


    2859048          976/R97             F          161,900.00         ZZ
                                         360        161,664.66          3
    21 PINE STREET                     8.250          1,216.31         90
                                       8.000          1,216.31      179,900.00
    GLOUCESTER       MA   01930          1            07/15/99         21
    TO BE ASSIGNED                       05           09/01/99         25
    5710781                              N            08/01/29
    0


    2859049          976/R97             F          128,000.00         ZZ
                                         360        127,866.77          3
    1081-1083 MAMMOTH ROAD             9.250          1,053.03         80
                                       9.000          1,053.03      160,000.00
    DRACUT           MA   01826          5            07/21/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5710898                              N            08/01/29
    0


    2859050          976/R97             F           63,000.00         ZZ
                                         360         62,932.69          1
    6430 MISSOURI AVENUE               9.125            512.59         90
                                       8.875            512.59       70,040.00
    NEW PORT RICHEY  FL   34653          1            07/09/99         04
    TO BE ASSIGNED                       05           09/01/99         25
    5763728                              N            08/01/29
    0


    2859053          976/R97             F           70,000.00         ZZ
                                         360         69,778.06          4
    537 WEST 46TH PLACE                8.375            532.06         90
                                       8.125            532.06       77,800.00
    CHICAGO          IL   60609          1            04/15/99         11
    TO BE ASSIGNED                       05           06/01/99         25
    5564493                              N            05/01/29
    0


    2859055          976/R97             F           56,700.00         ZZ
                                         360         56,639.43          4
    1420-26 91ST AVENUE WEST           9.125            461.33         90
                                       8.875            461.33       63,000.00
1


    DULUTH           MN   55808          1            07/14/99         10
    TO BE ASSIGNED                       05           09/01/99         25
    5774893                              N            08/01/29
    0


    2859062          976/R97             F           75,500.00         ZZ
                                         360         75,403.37          1
    1850 EAGLE RIDGE DRIVE #105        8.250            567.21         90
                                       8.000            567.21       83,900.00
    MENDOTA HEIGHTS  MN   55118          1            07/12/99         10
    TO BE ASSIGNED                       01           09/01/99         25
    5774972                              N            08/01/29
    0


    2859069          976/R97             F           88,000.00         ZZ
                                         360         87,890.21          2
    848-850 WEST HURON                 8.375            668.87         80
                                       8.125            668.87      110,000.00
    PONTIAC          MI   48342          5            07/19/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5753923                              N            08/01/29
    0


    2859070          976/R97             F           88,800.00         ZZ
                                         360         88,689.21          2
    844-846 WEST HURON                 8.375            674.95         80
                                       8.125            674.95      111,000.00
    PONTIAC          MI   48342          5            07/19/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5753924                              N            08/01/29
    0


    2859076          976/R97             F           80,000.00         ZZ
                                         360         79,905.18          1
    673 MOSLEY'S BLUFF ROAD            8.625            622.24         64
                                       8.375            622.24      125,000.00
    DOWNSVILLE       LA   71234          2            07/06/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5709487                              O            08/01/29
    0


    2859083          976/R97             F           85,000.00         ZZ
                                         360         84,747.62          1
    732 STATE HIGHWAY O                8.625            661.13         46
                                       8.375            661.13      186,000.00
    KISSEE MILLS     MO   65680          5            06/30/99         00
    TO BE ASSIGNED                       05           08/01/99          0
    5767393                              O            07/01/29
    0
1




    2859090          976/R97             F          140,000.00         ZZ
                                         360        139,850.42          3
    19 LEE AVE.                        9.125          1,139.09         80
                                       8.875          1,139.09      175,000.00
    HALEDON          NJ   07508          1            07/14/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5559951                              N            08/01/29
    0


    2859091          976/R97             F          184,500.00         ZZ
                                         360        184,292.36          1
    806 LAKE MIST DRIVE                8.875          1,467.97         90
                                       8.625          1,467.97      205,000.00
    WOODSTOCK        GA   30188          1            07/06/99         11
    TO BE ASSIGNED                       03           09/01/99         25
    5653589                              O            08/01/29
    0


    2859097          976/R97             F          124,000.00         ZZ
                                         360        123,864.01          3
    249 21ST STREET                    9.000            997.74         75
                                       8.750            997.74      166,000.00
    IRVINGTON        NJ   07111          2            07/14/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5624944                              N            08/01/29
    0


    2859098          976/R97             F           51,750.00         ZZ
                                         360         51,598.94          4
    4115-4117 HARTFORD                 8.750            407.12         90
                                       8.500            407.12       57,500.00
    ST. LOUIS        MO   63116          1            05/04/99         04
    TO BE ASSIGNED                       05           06/01/99         25
    5692372                              N            05/01/29
    0


    2859101          976/R97             F          100,000.00         ZZ
                                         360         99,865.35          1
    1128 LAKE WILLISARA CIRCLE         8.000            733.77         58
                                       7.750            733.77      175,000.00
    ORLANDO          FL   32806          1            07/19/99         00
    TO BE ASSIGNED                       01           09/01/99          0
    5778275                              O            08/01/29
    0


    2859103          976/R97             F           75,600.00         ZZ
                                         360         75,519.23          1
1


    15 HERITAGE CIRCLE                 9.125            615.11         80
                                       8.875            615.11       94,500.00
    EAST FALMOUTH    MA   02536          1            07/12/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5632629                              N            08/01/29
    0


    2859105          976/R97             F           64,800.00         ZZ
                                         360         64,728.93          1
    720 SOUTH STATE STREET             9.000            521.40         90
                                       8.750            521.40       72,000.00
    GREENFIELD       IN   46140          1            07/14/99         21
    TO BE ASSIGNED                       05           09/01/99         25
    5782347                              N            08/01/29
    0


    2859113          976/R97             F          132,300.00         ZZ
                                         360        132,147.20          2
    48 WINTER STREET                   8.750          1,040.81         90
                                       8.500          1,040.81      147,000.00
    EXETER           NH   03833          1            07/15/99         21
    TO BE ASSIGNED                       05           09/01/99         25
    5673047                              N            08/01/29
    0


    2859126          976/R97             F          159,200.00         ZZ
                                         360        158,996.26          1
    4442 BEACON HILL DRIVE             8.250          1,196.02         90
                                       8.000          1,196.02      176,900.00
    LILBURN          GA   30047          1            07/19/99         10
    TO BE ASSIGNED                       03           09/01/99         25
    5743632                              O            08/01/29
    0


    2859127          976/R97             F           60,300.00         ZZ
                                         360         60,237.22          1
    521 SOUTHEAST 2ND STREET           9.250            496.08         90
                                       9.000            496.08       67,000.00
    ORTONVILLE       MN   56278          1            07/15/99         11
    TO BE ASSIGNED                       05           09/01/99         25
    5776285                              N            08/01/29
    0


    2859132          976/R97             F           95,000.00         ZZ
                                         360         94,875.28          1
    6738 NORTH 12TH PLACE              8.125            705.38         65
                                       7.875            705.38      148,000.00
    PHOENIX          AZ   85014          5            07/16/99         00
    TO BE ASSIGNED                       05           09/01/99          0
1


    5758794                              O            08/01/29
    0


    2859134          976/R97             F           87,000.00         ZZ
                                         360         86,882.85          1
    4445 NORRIS FREEWAY                8.000            638.38         73
                                       7.750            638.38      120,000.00
    POWELL           TN   37849          2            07/08/99         00
    TO BE ASSIGNED                       05           09/01/99          0
    5716987                              O            08/01/29
    0


    2860317          K08/G02             F          130,500.00         T
                                         360        130,349.30          1
    1012 LAKE BISCAYNE WAY             8.750          1,026.64         80
                                       8.500          1,026.64      163,165.00
    ORLANDO          FL   32824          1            07/22/99         95
    0411344237                           03           09/01/99          0
    0411344237                           O            08/01/29
    0


    2860318          K08/G02             F           99,250.00         T
                                         360         99,135.38          1
    14249 CRYSTAL KEY PLACE            8.750            780.80         80
                                       8.500            780.80      124,095.00
    ORLANDO          FL   32824          1            07/22/99         95
    0411344351                           09           09/01/99          0
    0411344351                           O            08/01/29
    0


    2860331          K08/G02             F           84,150.00         ZZ
                                         360         84,057.73          4
    6 YOUNG AVENUE                     9.000            677.09         90
                                       8.750            677.09       93,500.00
    PROVIDENCE       RI   02908          1            07/30/99         10
    0411494016                           05           09/01/99         25
    0411494016                           N            08/01/29
    0


    2860333          K08/G02             F           86,450.00         ZZ
                                         360         86,333.60          4
    7502-7508 OAK CHASE                8.000            634.34         65
                                       7.750            634.34      133,000.00
    SAN ANTONIO      TX   78239          5            07/20/99         00
    0411500366                           05           09/01/99          0
    0411500366                           N            08/01/29
    0


1


    2860342          K08/G02             F           45,000.00         ZZ
                                         360         44,955.56          4
    6033-6035 W FLORISSANT             9.500            378.38         90
                                       9.250            378.38       50,000.00
    ST LOUIS         MO   63136          1            07/30/99         04
    0411513955                           05           09/01/99         25
    0411513955                           N            08/01/29
    0


    2860343          K08/G02             F           58,500.00         ZZ
                                         360         58,442.23          4
    6037-6039 WEST FLORISSANT AVE      9.500            491.90         90
                                       9.250            491.90       65,000.00
    ST LOUIS         MO   63136          1            07/30/99         01
    0411513963                           05           09/01/99         25
    0411513963                           N            08/01/29
    0


    2860348          K08/G02             F           79,950.00         ZZ
                                         360         79,839.60          1
    221 POWERLINE ROAD                 7.875            579.69         58
                                       7.625            579.69      140,000.00
    NEW SYMRNA BEAC  FL   32168          5            07/26/99         00
    0411516800                           05           09/01/99          0
    0411516800                           O            08/01/29
    0


    2860371          K08/G02             F           24,750.00         ZZ
                                         360         24,724.90          1
    1213 IDAHO                         9.375            205.86         90
                                       9.125            205.86       27,500.00
    TOLEDO           OH   43605          1            07/30/99         04
    0411534415                           05           09/01/99         25
    0411534415                           N            08/01/29
    0


    2860388          K08/G02             F           79,200.00         ZZ
                                         360         79,103.70          1
    644 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
    0411545593                           03           09/01/99          0
    0411545593                           N            08/01/29
    0


    2860390          K08/G02             F           79,200.00         ZZ
                                         360         79,103.70          1
    640 CARLOS JULIO AVENUE            8.500            608.98         80
                                       8.250            608.98       99,000.00
1


    NORTH LAS VEGAS  NV   89031          1            07/29/99         00
    0411545841                           03           09/01/99          0
    0411545841                           N            08/01/29
    0


    2860391          K08/G02             F           79,200.00         ZZ
                                         360         79,103.70          1
    629 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
    0411545890                           03           09/01/99          0
    0411545890                           N            08/01/29
    0


    2862090          E19/G02             F           95,000.00         ZZ
                                         360         94,884.49          1
    2619 DOIDGE AVENUE                 8.500            730.47         58
                                       8.250            730.47      165,000.00
    PINOLE           CA   94564          2            07/07/99         00
    0431419084                           05           09/01/99          0
    002200202509                         N            08/01/29
    0


    2863116          074/074             F           97,200.00         ZZ
                                         360         97,017.49          1
    30 SILZER AVENUE                   8.375            738.79         90
                                       8.125            738.79      108,000.00
    WOODBRIDGE       NJ   07095          1            06/22/99         21
    1101266551                           05           08/01/99         25
    1101266551                           N            07/01/29
    0


    2863122          074/074             F           92,800.00         ZZ
                                         360         92,675.04          1
    4 SMITH COMMONS                    8.000            680.94         80
                                       7.750            680.94      116,000.00
    YAPHANK          NY   11980          1            07/07/99         00
    1109000310                           01           09/01/99          0
    1109000310                           O            08/01/29
    0


    2863124          074/074             F          360,000.00         ZZ
                                         360        359,357.75          4
    1313-1315 66TH STREET              8.625          2,800.05         86
                                       8.375          2,800.05      420,000.00
    BROOKLYN         NY   11219          1            06/16/99         11
    1111291599                           05           08/01/99         25
    1111291599                           O            07/01/29
    0
1




    2863126          074/074             F          107,500.00         ZZ
                                         360        107,362.41          3
    258 GORDON STREET                  8.250            807.62         90
                                       8.000            807.62      120,000.00
    STATEN ISLAND    NY   10304          1            07/06/99         14
    1111302072                           05           09/01/99         25
    1111302072                           N            08/01/29
    0


    2863138          074/074             F          110,700.00         ZZ
                                         360        110,502.53          4
    700 SW 16TH AVENUE                 8.625            861.01         90
                                       8.375            861.01      123,000.00
    FT LAUDERDALE    FL   33312          1            06/29/99         10
    1302047626                           05           08/01/99         25
    1302047626                           N            07/01/29
    0


    2863139          074/074             F          111,600.00         ZZ
                                         360        111,400.92          4
    704 SW 16TH AVENUE                 8.625            868.01         90
                                       8.375            868.01      124,000.00
    FT LAUDERDALE    FL   33312          1            06/29/99         21
    1302047659                           05           08/01/99         25
    1302047659                           N            07/01/29
    0


    2863140          074/074             F          114,900.00         ZZ
                                         360        114,700.22          4
    601 SW 14TH TERRACE                8.750            903.92         90
                                       8.500            903.92      127,720.00
    FT LAUDERDALE    FL   33312          1            06/15/99         21
    1302048050                           05           08/01/99         25
    1302048050                           N            07/01/29
    0


    2863142          074/074             F           74,000.00         ZZ
                                         360         73,757.12          1
    7546 S PINEWALK DRIVE              8.250            555.94         65
                                       8.000            555.94      114,000.00
    MARGATE          FL   33063          1            06/28/99         00
    1302048571                           09           08/01/99          0
    1302048571                           O            07/01/29
    0


    2863144          074/074             F           30,000.00         ZZ
                                         360         29,939.21          1
1


    9054 SW 181 TERRACE                8.000            220.13         26
                                       7.750            220.13      119,000.00
    MIAMI            FL   33157          1            06/25/99         00
    1311354750                           05           08/01/99          0
    1311354750                           O            07/01/29
    0


    2863147          074/074             F           90,000.00         ZZ
                                         360         89,835.27          3
    625 4TH AVENUE N                   8.500            692.02         80
                                       8.250            692.02      112,500.00
    SAFETY HARBOR    FL   34695          1            06/18/99         00
    1361111580                           05           08/01/99          0
    1361111580                           N            07/01/29
    0


    2863152          074/074             F           85,000.00         ZZ
                                         360         84,891.22          1
    19840 BELLEVUE WAY                 8.250            638.58         30
                                       8.000            638.58      285,000.00
    WEST LINN        OR   97068          1            07/14/99         00
    1417008619                           05           09/01/99          0
    1417008619                           N            08/01/29
    0


    2863162          074/074             F          144,000.00         ZZ
                                         360        143,546.59          3
    46 ORCHARD STREET # 50             7.250            982.33         90
                                       7.000            982.33      160,000.00
    GREENFIELD       MA   01301          1            05/28/99         11
    1507829734                           05           07/01/99         25
    1507829734                           N            06/01/29
    0


    2863165          074/074             F          100,000.00         ZZ
                                         360         99,342.21          1
    7626 S PIERCE WAY                  8.250            751.27         40
                                       8.000            751.27      253,000.00
    LITTLETON        CO   80128          5            11/20/98         00
    1507874659                           05           01/01/99          0
    1507874659                           O            12/01/28
    0


    2863169          074/074             F           73,800.00         ZZ
                                         360         73,668.34          3
    3745 FELDWOOD DRIVE                8.625            574.01         90
                                       8.375            574.01       82,000.00
    COLLEGE PARK     GA   30349          1            06/11/99         01
    1511807564                           05           08/01/99         25
1


    1511807564                           N            07/01/29
    0


    2863176          074/074             F          128,000.00         ZZ
                                         360        127,156.06          1
    2602 KIMBLETON COURT               7.875            928.09         80
                                       7.625            928.09      160,000.00
    HOUSTON          TX   77082          1            06/30/99         00
    1532044471                           03           08/01/99          0
    1532044471                           O            07/01/29
    0


    2863178          074/074             F          112,400.00         ZZ
                                         360        112,199.48          4
    14054 AZALEA PARK AVE              8.625            874.24         90
                                       8.375            874.24      124,900.00
    BATON ROUGE      LA   70816          1            06/21/99         12
    1539023232                           05           08/01/99         25
    1539023232                           N            07/01/29
    0


    2863182          074/074             F           67,200.00         ZZ
                                         360         67,122.38          4
    5640 RICKOVER STREET               8.750            528.67         80
                                       8.500            528.67       84,000.00
    BATON ROUGE      LA   70811          1            07/07/99         00
    1539026401                           05           09/01/99          0
    1539026401                           N            08/01/29
    0


    2863189          074/074             F           35,550.00         ZZ
                                         360         35,491.29          1
    6005 N ATLANTA COURT               9.000            286.05         90
                                       8.750            286.05       39,500.00
    TULSA            OK   74130          1            07/02/99         01
    1563278251                           05           08/01/99         25
    1563278251                           N            07/01/29
    0


    2863195          074/074             F           80,900.00         ZZ
                                         360         80,144.27          4
    236 N SAGUARO DRIVE                8.500            622.06         90
                                       8.250            622.06       89,900.00
    APACHE JUNCTION  AZ   85220          1            06/22/99         01
    1569251189                           05           08/01/99         25
    1569251189                           N            07/01/29
    0


1


    2863203          074/074             F           85,550.00         ZZ
                                         360         85,405.03          3
    11 FIFTH STREET                    8.875            680.68         90
                                       8.625            680.68       95,060.00
    ANSONIA          CT   06401          1            06/15/99         14
    1580162071                           05           08/01/99         25
    1580162071                           N            07/01/29
    0


    2863205          074/074             F           43,850.00         ZZ
                                         360         43,773.76          3
    744746 DIXWELL AVENUE              8.750            344.97         90
                                       8.500            344.97       48,760.00
    NEW HAVEN        CT   06515          1            06/23/99         01
    1580163438                           05           08/01/99         25
    1580163438                           N            07/01/29
    0


    2863206          074/074             F          104,000.00         ZZ
                                         360        103,819.18          3
    4648 TROY STREET                   8.750            818.17         90
                                       8.500            818.17      116,000.00
    WEST HARTFORD    CT   06127          1            07/06/99         14
    1580163868                           05           08/01/99         25
    1580163868                           N            07/01/29
    0


    2863207          074/074             F          106,200.00         ZZ
                                         360        106,064.09          3
    133 BRACKETT STREET                8.250            797.85         90
                                       8.000            797.85      118,000.00
    WESTBROOK        ME   04092          1            07/16/99         11
    1580166447                           05           09/01/99         25
    1580166447                           N            08/01/29
    0


    2863214          074/074             F           54,000.00         ZZ
                                         360         53,757.32          4
    100 S CYPRESS AVENUE               8.000            396.23         80
                                       7.750            396.23       67,500.00
    KANSAS CITY      MO   64123          1            03/25/99         00
    1583192964                           05           05/01/99          0
    1583192964                           N            04/01/29
    0


    2863215          074/074             F          111,050.00         ZZ
                                         360        110,918.39          2
    1309-1311 STONEY BROOK DR          8.625            863.74         95
                                       8.375            863.74      116,900.00
1


    GRAIN VALLEY     MO   64029          1            07/12/99         14
    1583208678                           05           09/01/99         30
    1583208678                           O            08/01/29
    0


    2863218          074/074             F          179,550.00         ZZ
                                         360        179,204.16          4
    8245 S DREXEL                      8.250          1,348.90         95
                                       8.000          1,348.90      189,000.00
    CHICAGO          IL   60619          1            06/30/99         12
    1583225123                           05           08/01/99         30
    1583225123                           O            07/01/29
    0


    2863220          074/074             F          117,000.00         ZZ
                                         360        116,707.17          4
    86 NORTH PARK STREET               8.375            889.29         90
                                       8.125            889.29      130,000.00
    EAST ORANGE      NJ   07017          1            06/18/99         11
    1587218356                           05           08/01/99         25
    1587218356                           N            07/01/29
    0


    2863225          074/074             F           49,050.00         ZZ
                                         360         48,953.07          1
    3850 WASHINGTON STREET             8.125            364.20         90
    UNIT 1108                          7.875            364.20       54,500.00
    HOLLYWOOD        FL   33021          1            06/21/99         14
    1589340215                           06           08/01/99         25
    1589340215                           N            07/01/29
    0


    2863226          074/074             F           80,550.00         ZZ
                                         360         80,413.49          3
    4117 RIVERSIDE DRIVE               8.875            640.90         90
                                       8.625            640.90       89,500.00
    CORAL SPRINGS    FL   33065          1            06/30/99         11
    1589343745                           05           08/01/99         25
    1589343745                           N            07/01/29
    0


    2863239          074/074             F           72,000.00         ZZ
                                         360         71,852.42          1
    1800 FAYETTE WALK                  8.000            528.31         90
                                       7.750            528.31       80,000.00
    HOFFMAN ESTATES  IL   60196          1            06/24/99         11
    1613055360                           01           08/01/99         25
    1613055360                           N            07/01/29
    0
1




    2863242          074/074             F           96,300.00         ZZ
                                         360         96,104.85          4
    517 N MAIN STREET                  8.000            706.62         90
                                       7.750            706.62      107,000.00
    WELLINGTON       OH   44090          1            06/14/99         11
    1620001622                           05           08/01/99         25
    1620001622                           N            07/01/29
    0


    2863252          074/074             F           91,800.00         ZZ
                                         360         91,644.47          3
    520 MONTGOMERY STREET              8.875            730.40         90
                                       8.625            730.40      102,000.00
    MANCHESTER       NH   03102          1            06/30/99         04
    1815071790                           05           08/01/99         25
    1815071790                           N            07/01/29
    0


    2863570          076/076             F           90,000.00         ZZ
                                         360         89,822.18          1
    20854   PALOMA                     8.125            668.25         54
                                       7.875            668.25      167,000.00
    SAINT CLAIR SHO  MI   48080          2            06/01/99         00
    1839129                              05           08/01/99          0
    1839129                              O            07/01/29
    0


    2863572          076/076             F          194,750.00         ZZ
                                         360        194,319.13          1
    641 ATHERTON PL                    8.250          1,463.09         95
                                       8.000          1,463.09      205,000.00
    HAYWARD          CA   94541          2            06/11/99         10
    1852624                              03           08/01/99         30
    1852624                              O            07/01/29
    0


    2863582          076/076             F           64,800.00         ZZ
                                         360         64,671.96          1
    1144 E GARFIELD                    8.125            481.14         90
                                       7.875            481.14       72,000.00
    DAVENPORT        IA   52803          1            06/30/99         10
    1904903                              05           08/01/99         25
    1904903                              N            07/01/29
    0


    2863585          076/076             F           74,550.00         ZZ
                                         360         74,347.87          1
1


    1620 SASSAFRAS DR                  8.000            547.03         70
                                       7.750            547.03      107,000.00
    WESLEY CHAPEL    FL   33543          1            05/14/99         00
    2355514                              03           07/01/99          0
    2355514                              N            06/01/29
    0


    2863595          076/076             F           32,850.00         ZZ
                                         360         32,785.10          1
    820 S FAIRMONT ST                  8.125            243.91         87
                                       7.875            243.91       38,000.00
    AMARILLO         TX   79106          1            06/11/99         14
    5868158                              05           08/01/99         25
    5868158                              N            07/01/29
    0


    2863600          076/076             F           96,750.00         ZZ
                                         360         96,548.95          1
    474-8  REVERE BCH BLVD             7.875            701.50         68
                                       7.625            701.50      143,000.00
    REVERE           MA   02151          1            06/18/99         00
    7393559                              06           08/01/99          0
    7393559                              O            07/01/29
    0


    2863606          076/076             F           90,000.00         ZZ
                                         360         89,687.41          1
    12 OAK COURT                       6.750            583.74         56
                                       6.500            583.74      162,000.00
    ROCKLAND         MA   02370          1            05/24/99         00
    7396625                              01           07/01/99          0
    7396625                              O            06/01/29
    0


    2863612          076/076             F           76,000.00         ZZ
                                         360         75,825.45          3
    9       FORBES ST                  7.375            524.91         33
                                       7.125            524.91      235,000.00
    JAMAICA PLAIN    MA   02130          5            06/18/99         00
    9352368                              05           08/01/99          0
    9352368                              N            07/01/29
    0


    2863646          K08/G02             F           76,000.00         ZZ
                                         360         75,828.28          1
    6 PINK CLOUD COURT                 8.125            564.30         29
                                       7.875            564.30      270,000.00
    NORWALK          CT   06851          5            07/28/99         00
    0411496433                           05           09/01/99          0
1


    0411496433                           O            08/01/29
    0


    2863654          K08/G02             F           93,600.00         ZZ
                                         360         93,548.87          3
    12 CAMPVIEW PLACE                  9.000            753.13         90
                                       8.750            753.13      104,000.00
    KEANSBURG        NJ   07734          1            08/04/99         10
    0411525652                           05           10/01/99         25
    0411525652                           N            09/01/29
    0


    2863663          K08/G02             F           76,500.00         ZZ
                                         360         76,461.06          3
    307 N ARLINGTON                    9.625            650.24         90
                                       9.375            650.24       85,000.00
    INDIANAPOLIS     IN   46219          1            08/04/99         04
    0411535727                           05           10/01/99         25
    0411535727                           N            09/01/29
    0


    2863808          K08/G02             F           45,500.00         ZZ
                                         360         45,458.49          3
    217 W WASHINGTON                   9.875            395.10         65
                                       9.625            395.10       71,000.00
    ELKHART          IN   46516          5            08/03/99         00
    0411498249                           05           09/01/99          0
    0411498249                           N            08/01/29
    0


    2863814          K08/G02             F           73,400.00         ZZ
                                         360         73,315.23          1
    216 GIDDINGS                       8.750            577.44         71
                                       8.500            577.44      104,000.00
    SAINT LOUIS      MI   48880          5            07/29/99         00
    0411523301                           05           09/01/99          0
    0411523301                           O            08/01/29
    0


    2863840          K08/G02             F           30,000.00         ZZ
                                         360         29,983.61          1
    1005 DAFFODIL                      9.000            241.39         28
                                       8.750            241.39      111,000.00
    WATERFORD        MI   48327          5            07/27/99         00
    0411491988                           05           10/01/99          0
    0411491988                           O            09/01/29
    0


1


    2863845          K08/G02             F           73,800.00         ZZ
                                         360         73,761.74          1
    901 CLEARY                         9.250            607.13         90
                                       9.000            607.13       82,000.00
    JOLIET           IL   60435          1            08/02/99         10
    0411509151                           05           10/01/99         25
    0411509151                           N            09/01/29
    0


    2864149          E82/G02             F          177,600.00         ZZ
                                         360        177,495.15          4
    4014 AVENUE D                      8.625          1,381.35         80
                                       8.375          1,381.35      222,000.00
    AUSTIN           TX   78751          1            08/09/99         00
    0400214789                           05           10/01/99          0
    0400214789                           O            09/01/29
    0


    2864255          K08/G02             F           85,500.00         ZZ
                                         360         85,406.25          3
    4927 AVENUE R 1/2 & 2412 -50TH     9.000            687.95         90
    ST                                 8.750            687.95       95,000.00
    GALVESTON        TX   77551          1            08/04/99         04
    0411533953                           05           09/01/99         25
    0411533953                           N            08/01/29
    0


    2864968          K08/G02             F          118,800.00         ZZ
                                         360        118,603.42          4
    18-22 GOLD STREET                  8.875            945.23         90
                                       8.625            945.23      132,000.00
    EAST HARTFORD    CT   06118          1            08/06/99         11
    0411429392                           05           10/01/99         25
    0411429392                           N            09/01/29
    0


    2864972          K08/G02             F           56,700.00         ZZ
                                         360         56,668.21          1
    690 SOUTH STIRLING                 8.875            451.13         90
                                       8.625            451.13       63,000.00
    PONTIAC          MI   48340          5            08/02/99         04
    0411503592                           05           10/01/99         25
    0411503592                           O            09/01/29
    0


    2864974          K08/G02             F           82,000.00         ZZ
                                         360         81,907.72          2
    529 AND 529 1/2 AZTEC ROAD NW      8.875            652.43         75
                                       8.625            652.43      110,000.00
1


    ALBUQUERQUE      NM   87107          2            08/06/99         00
    0411527435                           05           09/01/99          0
    0411527435                           N            08/01/29
    0


    2864976          K08/G02             F          125,500.00         ZZ
                                         360        125,355.06          1
    25031 FLYING ARROW                 8.750            987.31         76
                                       8.500            987.31      166,500.00
    SAN ANTONIO      TX   78258          2            07/29/99         00
    0411536964                           03           09/01/99          0
    0411536964                           O            08/01/29
    0


    2864984          K08/G02             F          112,000.00         ZZ
                                         360        111,856.67          4
    715 GLENWOOD STREET                8.250            841.42         70
    UNIT #ABCD                         8.000            841.42      160,000.00
    DELANO           CA   93215          5            08/04/99         00
    0411550882                           05           09/01/99          0
    0411550882                           N            08/01/29
    0


    2864985          K08/G02             F          112,000.00         ZZ
                                         360        111,856.67          4
    330 FREMONT STREET                 8.250            841.42         70
    UNIT # ABCD                        8.000            841.42      160,000.00
    DELANO           CA   93215          5            08/04/99         00
    0411551062                           05           09/01/99          0
    0411551062                           N            08/01/29
    0


    2865382          736/G02             F           56,800.00         ZZ
                                         360         56,713.27          1
    10091 ZEOLITE DIVE                 9.375            472.44         80
                                       9.125            472.44       71,000.00
    RENO             NV   89506          2            06/25/99         00
    0431427350                           05           08/01/99          0
    738222                               N            07/01/29
    0


    2865398          736/G02             F           40,950.00         ZZ
                                         180         40,898.92          1
    2015 EAST SOUTHERN AVENUE          8.375            311.25         70
    UNIT #28                           8.125            311.25       58,500.00
    TEMPE            AZ   85282          5            07/19/99         00
    0431427590                           01           09/01/99          0
    913005                               N            08/01/14
    0
1




    2865402          736/G02             F           36,000.00         T
                                         180         35,959.47          1
    297 WEST MAIN STREET UNIT 9        8.875            286.44         70
                                       8.625            286.44       51,500.00
    HYANNIS          MA   02601          5            07/28/99         00
    0431427657                           01           09/01/99          0
    914962                               O            08/01/14
    0


    2865404          736/G02             F           89,600.00         ZZ
                                         180         89,488.21          1
    2164 WEST 5200 SOUTH               8.375            681.03         80
                                       8.125            681.03      112,000.00
    ROY              UT   84067          5            07/16/99         00
    0431427681                           05           09/01/99          0
    916762                               O            08/01/14
    0


    2865412          736/G02             F          125,000.00         ZZ
                                         180        124,851.87          1
    10830 320TH AVENUE NORTHEAST       8.625            972.24         68
                                       8.375            972.24      185,000.00
    CARNATION        WA   98014          2            07/23/99         00
    0431427780                           05           09/01/99          0
    919165                               O            08/01/14
    0


    2865413          736/G02             F           75,000.00         ZZ
                                         180         74,913.38          1
    561 SUNSET AVENUE NORTH            8.750            590.03         63
                                       8.500            590.03      120,000.00
    KEIZER           OR   97303          5            07/16/99         00
    0431427798                           05           09/01/99          0
    919458                               N            08/01/14
    0


    2865421          736/G02             F           74,400.00         ZZ
                                         360         74,322.54          3
    1458 SOUTH SECOND AVENUE           9.250            612.08         80
    306 EAST LAWTON STREET             9.000            612.08       93,000.00
    POCATELLO        ID   83201          5            07/20/99         00
    0431427855                           05           09/01/99          0
    922400                               N            08/01/29
    0


    2865425          736/G02             F           89,950.00         ZZ
                                         180         89,766.11          1
1


    494 NORTH 6TH STREET               8.750            707.64         70
                                       8.500            707.64      128,500.00
    ST HELENS        OR   97051          5            07/27/99         00
    0431427897                           05           09/01/99          0
    923099                               N            08/01/14
    0


    2865433          736/G02             F           88,200.00         ZZ
                                         180         88,103.28          1
    5528 COPPER CITY DRIVE             9.000            709.68         70
                                       8.750            709.68      126,000.00
    SALT LAKE CITY   UT   84118          5            07/27/99         00
    0431427970                           05           09/01/99          0
    924126                               N            08/01/14
    0


    2865436          736/G02             F          225,000.00         ZZ
                                         180        224,726.41          1
    56513 EAST HIGHWAY 26              8.500          1,730.06         80
                                       8.250          1,730.06      281,500.00
    SANDY            OR   97055          5            07/12/99         00
    0431428002                           05           09/01/99          0
    924680                               O            08/01/14
    0


    2865446          736/G02             F          120,000.00         ZZ
                                         360        119,850.30          1
    902 PHEASANT RUN                   8.375            912.09         61
                                       8.125            912.09      199,000.00
    SOUTH BRUNSWICK  NJ   08852          1            07/23/99         00
    0431428135                           01           09/01/99          0
    927553                               O            08/01/29
    0


    2865448          736/G02             F          180,000.00         ZZ
                                         360        179,797.41          1
    1746 WEST GORE CREEK DRIVE #2      8.875          1,432.17         80
                                       8.625          1,432.17      225,000.00
    VAIL             CO   81657          5            07/22/99         00
    0431428150                           01           09/01/99          0
    927620                               N            08/01/29
    0


    2865710          K08/G02             F          175,500.00         ZZ
                                         360        175,317.32          1
    69 LEIGH STRTEET                   9.250          1,443.80         90
                                       9.000          1,443.80      195,000.00
    CLINTON          NJ   08809          1            07/30/99         10
    0411483332                           05           09/01/99         25
1


    0411483332                           N            08/01/29
    0


    2865715          K08/G02             F           99,750.00         ZZ
                                         360         99,696.92          4
    17-19 NORTH A STREET               9.125            811.60         95
                                       8.875            811.60      105,000.00
    NORWICH          CT   06360          1            08/09/99         10
    0411508740                           05           10/01/99         30
    0411508740                           O            09/01/29
    0


    2865721          K08/G02             F           35,100.00         ZZ
                                         360         35,080.83          1
    6437 EVA STREET                    9.000            282.42         90
                                       8.750            282.42       39,000.00
    MILTON           FL   32570          1            08/09/99         04
    0411531395                           05           10/01/99         25
    0411531395                           N            09/01/29
    0


    2865732          K08/G02             F           56,700.00         ZZ
                                         360         56,672.12          1
    723 ROLLING HILLS DRIVE            9.500            476.76         90
                                       9.250            476.76       63,000.00
    PORT ORANGE      FL   32119          2            08/04/99         04
    0411551310                           27           10/01/99         25
    0411551310                           O            09/01/29
    0


    2866103          638/G02             F          185,750.00         ZZ
                                         360        185,535.48          1
    11204 SHADOW NOOK COURT            8.750          1,461.30         90
                                       8.500          1,461.30      206,409.00
    LAS VEGAS        NV   89134          1            07/22/99         10
    0431418136                           03           09/01/99         25
    8896170                              N            08/01/29
    0


    2867982          K08/G02             F           86,800.00         ZZ
                                         360         86,748.76          1
    24153 DEL MONTE DRIVE              8.625            675.12         80
    UNIT #354                          8.375            675.12      108,500.00
    SANTA CLARITA    CA   91355          1            08/05/99         00
    0411512809                           01           10/01/99          0
    0411512809                           O            09/01/29
    0


1


    2867996          K08/G02             F          102,600.00         ZZ
                                         360        102,466.64          1
    1703 HAYWOOD ROAD                  8.500            788.91         90
                                       8.250            788.91      114,000.00
    HENDERSONVILLE   NC   28791          5            08/05/99         04
    0411546500                           05           10/01/99         25
    0411546500                           O            09/01/29
    0


    2871281          375/G02             F           56,050.00         ZZ
                                         360         55,826.27          2
    1805 MAGNOLIA DRIVE                8.125            416.17         59
                                       7.875            416.17       95,000.00
    ROUND ROCK       TX   78664          5            03/26/99         00
    0431435320                           05           05/01/99          0
    5810800556                           N            04/01/29
    0


    2871852          K88/G02             F           65,000.00         ZZ
                                         360         64,960.62          1
    3 LAWRENCE STREET                  8.500            499.80         50
                                       8.250            499.80      130,000.00
    JACKSON          NJ   08527          5            08/11/99         00
    0431432640                           05           10/01/99          0
    10724                                O            09/01/29
    0


    2871910          E82/G02             F          120,000.00         ZZ
                                         360        119,934.45          4
    16 SOUTH RHODE ISLAND AVENUE       9.000            965.55         80
                                       8.750            965.55      150,000.00
    ATLANTIC CITY    NJ   08401          1            08/16/99         00
    0400215661                           05           10/01/99          0
    0400215661                           N            09/01/29
    0


    2872002          K08/G02             F          144,000.00         ZZ
                                         360        143,917.15          2
    12 BEECH STREET                    8.750          1,132.85         80
                                       8.500          1,132.85      180,000.00
    WHITE PLAINS     NY   10603          1            08/11/99         00
    0411481666                           05           10/01/99          0
    0411481666                           N            09/01/29
    0


    2872015          K08/G02             F          130,500.00         ZZ
                                         360        130,430.55          2
    5514 EVANS AVENUE UNIT A&B         9.125          1,061.79         90
                                       8.875          1,061.79      145,000.00
1


    AUSTIN           TX   78751          1            08/11/99         04
    0411550858                           05           10/01/99         25
    0411550858                           N            09/01/29
    0


    2872018          K08/G02             F           30,000.00         ZZ
                                         360         29,983.61          1
    2008 CAREY STREET                  9.000            241.39         47
                                       8.750            241.39       65,000.00
    UNION GAP        WA   98903          5            08/03/99         00
    0411552102                           05           10/01/99          0
    0411552102                           N            09/01/29
    0


    2872025          K08/G02             F           37,800.00         ZZ
                                         360         37,782.37          1
    2725 TATHAM                        9.750            324.76         90
                                       9.500            324.76       42,000.00
    SAGINAW          MI   48601          1            08/12/99         04
    0411496706                           05           10/01/99         25
    0411496706                           N            09/01/29
    0


    2872026          K08/G02             F          227,500.00         ZZ
                                         360        227,385.11          4
    252-258 SOUTH ASH STREET           9.375          1,892.23         70
                                       9.125          1,892.23      325,000.00
    VENTURA          CA   93001          1            08/05/99         00
    0411505621                           05           10/01/99          0
    0411505621                           N            09/01/29
    0


    2872033          K08/G02             F          138,400.00         ZZ
                                         360        138,322.41          1
    116 LOST SPUR                      8.875          1,101.17         80
                                       8.625          1,101.17      173,000.00
    HORSESHOE BAY    TX   78657          1            08/06/99         00
    0412872033                           03           10/01/99          0
    0411537061                           O            09/01/29
    0


    2872039          K08/G02             F          300,800.00         ZZ
                                         360        300,617.78          2
    2717-2719 SOUTH CAROLINA           8.500          2,312.89         80
                                       8.250          2,312.89      376,000.00
    LOS ANGELES      CA   90731          1            08/06/99         00
    0411551047                           05           10/01/99          0
    0411551047                           O            09/01/29
    0
1




    2872746          K08/G02             F           70,000.00         ZZ
                                         360         69,961.76          3
    41 GARFIELD AVENUE                 9.000            563.24         79
                                       8.750            563.24       89,000.00
    NEW LONDON       CT   06320          1            08/13/99         00
    0411554033                           05           10/01/99          0
    0411554033                           N            09/01/29
    0


    2873480          638/G02             F           63,000.00         ZZ
                                         360         62,969.01          3
    25 MOUNTAIN STREET                 9.500            529.74         90
                                       9.250            529.74       70,000.00
    WINDHAM          CT   06226          1            08/06/99         10
    0431431402                           05           10/01/99         25
    8902577                              N            09/01/29
    0


    2874439          K08/G02             F          170,000.00         ZZ
                                         360        169,918.56          2
    9100 WILDRIDGE DRIVE               9.625          1,444.98         85
    UNIT 101 & 102                     9.375          1,444.98      200,000.00
    AUSTIN           TX   78759          1            08/12/99         01
    0411556020                           05           10/01/99         20
    0411556020                           N            09/01/29
    0


    2874546          E82/G02             F           98,000.00         ZZ
                                         360         97,945.06          2
    8 A&B ONTARIO DRIVE                8.875            779.73         70
                                       8.625            779.73      140,000.00
    BRIGANTINE       NJ   08203          1            08/19/99         00
    0400218939                           05           10/01/99          0
    0400218939                           N            09/01/29
    0


    2874774          638/G02             F           48,600.00         ZZ
                                         360         48,515.30          1
    506 7 1/2 STREET                   8.500            373.69         90
                                       8.250            373.69       54,000.00
    CHARLOTTESVILLE  VA   22903          1            08/12/99         04
    0431433184                           07           10/01/99         25
    08907818                             N            09/01/29
    0


    2875457          638/G02             F           80,800.00         ZZ
                                         240         80,662.83          1
1


    849 NE 114TH AVENUE                8.000            675.84         68
                                       7.750            675.84      120,500.00
    PORTLAND         OR   97220          2            08/03/99         00
    0431433929                           05           10/01/99          0
    08912496                             N            09/01/19
    0


    2875591          P94/G02             F           60,300.00         ZZ
                                         360         60,270.34          1
    1421 CHERRY AVENUE                 9.500            507.04         90
                                       9.250            507.04       67,000.00
    CHARLOTTESVILLE  VA   22903          1            08/16/99         11
    0431433861                           05           10/01/99         25
    460919                               N            09/01/29
    0


    2877297          196/G02             F          104,850.00         ZZ
                                         360        104,788.09          1
    2071 MARWOOD CIRCLE                8.625            815.52         80
                                       8.375            815.52      131,100.00
    ALLIANCE         OH   44601          1            08/03/99         00
    0431442458                           05           10/01/99          0
    1293172                              N            09/01/29
    0


    2877406          196/G02             F          108,000.00         ZZ
                                         360        107,401.97          4
    18019 SAN FERNANDO MISSION         8.375            820.88         29
                                       8.125            820.88      375,000.00
    GRANADA HILLS    CA   91344          5            06/15/99         00
    0431443308                           05           08/01/99          0
    1283833                              O            07/01/29
    0


    2878253          623/G02             F          152,000.00         ZZ
                                         360        150,528.84          1
    20970 MARTINGALE SQUARE            7.250          1,036.91         84
                                       7.000          1,036.91      182,000.00
    STERLING         VA   20165          2            09/30/98         11
    0431436567                           03           11/01/98         12
    1133919                              O            10/01/28
    0


    2878256          623/G02             F          164,000.00         ZZ
                                         360        162,488.79          1
    616 TRIANGLE TRAIL                 7.375          1,132.71         80
                                       7.125          1,132.71      205,000.00
    SUNSET BEACH     NC   28468          5            01/19/99         00
    0431432822                           03           03/01/99          0
1


    1191987                              O            02/01/29
    0


    2878258          623/G02             F          210,000.00         ZZ
                                         360        208,248.61          3
    2633 N AUSTIN                      6.875          1,379.55         86
                                       6.625          1,379.55      247,000.00
    CHICAGO          IL   60639          2            02/01/99         10
    0431432988                           05           03/01/99         25
    1224722                              O            02/01/29
    0


    2878268          623/G02             F          100,000.00         ZZ
                                         360         99,802.31          1
    220 RIDINGS CIRCLE                 8.125            742.50         67
                                       7.875            742.50      151,000.00
    MACUNGIE         PA   18062          1            06/17/99         00
    0431435817                           01           08/01/99          0
    1343987                              O            07/01/29
    0


    2878275          623/G02             F           99,550.00         ZZ
                                         360         99,363.08          1
    2232 GLENMOOR DRIVE                8.375            756.65         60
                                       8.125            756.65      166,000.00
    DUNDEE           IL   60118          1            06/30/99         00
    0431433887                           05           08/01/99          0
    1350260                              O            07/01/29
    0


    2878276          623/G02             F           77,600.00         ZZ
                                         360         77,442.76          1
    700 STRATFORD GREEN                8.000            569.40         75
                                       7.750            569.40      103,500.00
    AVONDALE ESTATE  GA   30002          1            06/11/99         00
    0431433788                           05           08/01/99          0
    1353174                              O            07/01/29
    0


    2878288          623/G02             F          117,600.00         ZZ
                                         360        117,355.61          1
    4316 KINGSTON LOOP                 7.875            852.68         80
                                       7.625            852.68      147,000.00
    SARASOTA         FL   34238          1            06/25/99         00
    0431433176                           03           08/01/99          0
    1360641                              O            07/01/29
    0


1


    2878291          623/G02             F           91,000.00         ZZ
                                         360         90,845.80          3
    43 WILSON STREET                   8.875            724.04         70
                                       8.625            724.04      130,000.00
    HAVERHILL        MA   01830          1            06/30/99         00
    0431433622                           05           08/01/99          0
    1361035                              N            07/01/29
    0


    2878294          623/G02             F           80,000.00         ZZ
                                         360         79,620.44          2
    1236-1238 HARRISON AVENUE          8.250            601.01         48
                                       8.000            601.01      170,000.00
    COLUMBUS         OH   43201          5            07/08/99         00
    0431433747                           05           09/01/99          0
    1361523                              O            08/01/29
    0


    2878302          623/G02             F          180,000.00         ZZ
                                         360        179,781.15          4
    4062 SKIFF STREET                  8.500          1,384.04         80
                                       8.250          1,384.04      225,000.00
    WILLOUGHBY       OH   44094          5            07/23/99         00
    0431432632                           05           09/01/99          0
    1363362                              N            08/01/29
    0


    2878308          623/G02             F           81,000.00         ZZ
                                         360         80,911.19          1
    5115 E 122ND AVENUE                9.000            651.74         90
                                       8.750            651.74       90,000.00
    TAMPA            FL   33617          1            07/30/99         10
    0431436930                           05           09/01/99         25
    1364873                              N            08/01/29
    0


    2878309          623/G02             F           70,850.00         ZZ
                                         360         70,763.84          3
    5709 5TH COURT SOUTH               8.500            544.78         75
                                       8.250            544.78       94,500.00
    BIRMINGHAM       AL   35212          5            07/26/99         00
    0431436989                           05           09/01/99          0
    1364887                              N            08/01/29
    0


    2878310          623/G02             F           69,300.00         ZZ
                                         360         69,224.02          4
    2138-2150 BELLEVUE AVENUE          9.000            557.60         90
                                       8.750            557.60       77,000.00
1


    MAPLEWOOD        MO   63143          1            07/15/99         10
    0431434026                           05           09/01/99         25
    1365126                              N            08/01/29
    0


    2878315          623/G02             F           73,500.00         ZZ
                                         360         73,412.89          1
    6820 HAGGERTY ROAD                 8.625            571.68         67
                                       8.375            571.68      110,000.00
    BELLEVILLE       MI   48111          2            07/21/99         00
    0431435080                           05           09/01/99          0
    1366111                              N            08/01/29
    0


    2878329          623/G02             F           83,000.00         ZZ
                                         360         82,901.63          1
    5851 JACKSON OAK COURT             8.625            645.57         63
                                       8.375            645.57      133,000.00
    BURKE            VA   22015          1            07/23/99         00
    0431429406                           03           09/01/99          0
    1369814                              O            08/01/29
    0


    2878332          623/G02             F           74,750.00         ZZ
                                         360         74,565.66          3
    869 INNESS COURT                   9.375            621.73         65
                                       9.125            621.73      115,000.00
    PALISADE         CO   81526          5            05/25/99         00
    0431429893                           05           07/01/99          0
    1443602                              N            06/01/29
    0


    2878334          623/G02             F           95,000.00         ZZ
                                         360         94,893.09          1
    1301 LITTLEJOHN COURT              8.875            755.86         76
                                       8.625            755.86      125,000.00
    LAFAYETTE        CO   80026          1            07/16/99         00
    0431429992                           05           09/01/99          0
    1467205                              O            08/01/29
    0


    2878335          623/G02             F          149,600.00         ZZ
                                         360        149,403.61          2
    737 EAST VERMIJO AVENUE            8.125          1,110.78         80
                                       7.875          1,110.78      187,000.00
    COLORADO SPRING  CO   80903          4            07/21/99         00
    0431430099                           05           09/01/99          0
    1467367                              O            08/01/29
    0
1




    2878347          623/G02             F           37,800.00         ZZ
                                         360         37,757.47          1
    4001 KELROY STREET                 8.875            300.75         72
                                       8.625            300.75       52,500.00
    FORT WORTH       TX   76119          5            07/16/99         00
    0431433903                           05           09/01/99          0
    5215202                              N            08/01/29
    0


    2878366          623/G02             F           79,000.00         ZZ
                                         360         78,898.89          2
    533 & 533 1/2 HILBORN STREET       8.250            593.51         79
                                       8.000            593.51      100,000.00
    LODI             CA   95240          2            07/22/99         00
    0431430420                           05           09/01/99          0
    6245811                              N            08/01/29
    0


    2878383          623/G02             F          188,000.00         ZZ
                                         360        187,740.39          1
    15 LAKE STREET                     7.875          1,363.13         80
                                       7.625          1,363.13      235,000.00
    PITTSBURG        CA   94565          1            07/12/99         00
    0431432327                           03           09/01/99          0
    6397604                              O            08/01/29
    0


    2878419          K08/G02             F           29,600.00         ZZ
                                         360         29,582.97          1
    1010 WEST KLEBERG AVENUE           8.750            232.86         80
                                       8.500            232.86       37,000.00
    KINGSVILLE       TX   78363          1            08/16/99         00
    0411553134                           05           10/01/99          0
    0411553134                           O            09/01/29
    0


    2878427          K08/G02             F           64,000.00         ZZ
                                         360         63,816.67          1
    412 IDA BESS AVENUE                8.750            503.49         80
                                       8.500            503.49       80,000.00
    DESOTO           TX   75115          1            08/17/99         00
    0411564289                           05           10/01/99          0
    0411564289                           O            09/01/29
    0


    2879432          K08/G02             F           93,200.00         ZZ
                                         360         93,150.40          3
1


    24 WHIPPLE AVENUE                  9.125            758.31         90
                                       8.875            758.31      103,600.00
    CRANSTON         RI   02920          1            08/18/99         04
    0411498280                           05           10/01/99         25
    0411498280                           N            09/01/29
    0


    2879437          K08/G02             F          108,000.00         ZZ
                                         360        107,949.61          4
    215 CARLETON AVENUE                9.750            927.89         90
                                       9.500            927.89      120,000.00
    SAN ANTONIO      TX   78212          1            08/17/99         04
    0411537475                           05           10/01/99         25
    0411537475                           N            09/01/29
    0


    2879439          K08/G02             F          100,000.00         ZZ
                                         360         99,940.96          1
    1670 GROUSE BUTTE LANE             8.625            777.79         24
                                       8.375            777.79      425,000.00
    ROSEBURG         OR   97470          1            08/10/99         00
    0411544000                           05           10/01/99          0
    0411544000                           O            09/01/29
    0


    2879446          K08/G02             F          193,900.00         ZZ
                                         360        193,785.53          1
    3255 HENLEY PARK DRIVE             8.625          1,508.13         80
                                       8.375          1,508.13      243,900.00
    ATLANTA          GA   30340          1            08/18/99         00
    0411557358                           05           10/01/99          0
    0411557358                           O            09/01/29
    0


    2880186          196/G02             F           72,000.00         ZZ
                                         360         71,954.08          1
    2115 GASTON PLACE DRIVE            8.250            540.92         80
                                       8.000            540.92       90,000.00
    AUSTIN           TX   78723          1            08/04/99         00
    0431445709                           05           10/01/99          0
    1340960                              N            09/01/29
    0


    2882767          K08/G02             F           76,500.00         ZZ
                                         360         76,464.31          4
    2111-2117 ELBRIDGE                 9.750            657.25         90
                                       9.500            657.25       85,000.00
    WESTLAND         MI   48186          1            08/19/99         04
    0411398951                           05           10/01/99         25
1


    0411398951                           N            09/01/29
    0


    2882773          K08/G02             F           77,250.00         ZZ
                                         360         77,203.20          1
    605 MONTICELLO CT                  8.500            593.99         65
                                       8.250            593.99      118,900.00
    MADISON          TN   37115          1            08/19/99         00
    0411516545                           05           10/01/99          0
    0411516545                           O            09/01/29
    0


    2882789          K08/G02             F           47,900.00         ZZ
                                         360         47,875.17          2
    73-75 MOUNTAIN AVENUE              9.250            394.06         60
                                       9.000            394.06       80,000.00
    NEW LONDON       CT   06320          2            08/19/99         00
    0411568363                           05           10/01/99          0
    0411568363                           N            09/01/29
    0


    2884605          K08/G02             F          149,250.00         ZZ
                                         360        149,157.23          1
    3937 BAYLOR DRIVE                  8.375          1,134.41         80
                                       8.125          1,134.41      186,600.00
    BEDFORD          TX   76021          1            08/19/99         00
    0411548449                           05           10/01/99          0
    0411548449                           O            09/01/29
    0


    2884606          K08/G02             F          176,000.00         ZZ
                                         360        175,896.09          1
    3686 HERON LAKES COURT             8.625          1,368.91         80
                                       8.375          1,368.91      220,000.00
    STOCKTON         CA   95219          5            08/13/99         00
    0411551013                           03           10/01/99          0
    0411551013                           O            09/01/29
    0


    2884721          E82/G02             F          121,400.00         ZZ
                                         360        121,331.94          4
    322 SOUTH 34TH STREET              8.875            965.91         90
                                       8.625            965.91      134,900.00
    LOUISVILLE       KY   40212          1            08/25/99         04
    0400222832                           05           10/01/99         25
    0400222832                           N            09/01/29
    0


1


    2886077          696/G02             F          108,000.00         ZZ
                                         360        107,934.57          1
    8216 BURNING FOREST COURT          8.500            830.43         80
                                       8.250            830.43      135,000.00
    SPRINGFIELD      VA   22153          5            08/25/99         00
    0431437045                           07           10/01/99          0
    20299045                             N            09/01/29
    0


    2886660          K08/G02             F          207,000.00         ZZ
                                         360        206,880.91          2
    955 DEERFIELD ROAD                 8.750          1,628.47         90
                                       8.500          1,628.47      230,000.00
    HIGHLAND PARK    IL   60035          1            08/23/99         04
    0411530900                           05           10/01/99         25
    0411530900                           N            09/01/29
    0


    2886668          K08/G02             F          130,000.00         ZZ
                                         360        129,932.60          4
    5838 SHADYMIST LANE                9.250          1,069.48         90
                                       9.000          1,069.48      145,000.00
    CINCINNATI       OH   45239          2            08/23/99         10
    0411547680                           05           10/01/99         25
    0411547680                           N            09/01/29
    0


    2886674          K08/G02             F          130,000.00         ZZ
                                         360        129,932.60          4
    5844 SHADYMIST LANE                9.250          1,069.48         90
                                       9.000          1,069.48      145,000.00
    CINCINNATI       OH   45239          2            08/23/99         14
    0411552045                           05           10/01/99         25
    0411552045                           N            09/01/29
    0


    2886675          K08/G02             F          130,000.00         ZZ
                                         360        129,932.60          4
    5848  SHADYMIST LANE               9.250          1,069.48         90
                                       9.000          1,069.48      145,000.00
    CINCINNATI       OH   45239          2            08/23/99         10
    0411552060                           05           10/01/99         25
    0411552060                           N            09/01/29
    0


    2886683          K08/G02             F          108,000.00         ZZ
                                         360        107,942.53          4
    1128 20TH STREET                   9.125            878.72         90
                                       8.875            878.72      120,000.00
1


    NORTH CHICAGO    IL   60064          1            08/23/99         01
    0411564404                           05           10/01/99         25
    0411564404                           N            09/01/29
    0


    2886686          K08/G02             F           64,800.00         ZZ
                                         360         64,759.72          1
    12341 LITTLE EMILY WAY             8.375            492.53         80
                                       8.125            492.53       81,000.00
    AUSTIN           TX   78753          1            08/23/99         00
    0411567472                           05           10/01/99          0
    0411567472                           O            09/01/29
    0


    2886691          K08/G02             F           83,700.00         ZZ
                                         360         83,656.61          1
    2028 OLD MILL WAY                  9.250            688.58         90
                                       9.000            688.58       93,000.00
    DULUTH           GA   30096          1            08/20/99         14
    0411577166                           05           10/01/99         25
    0411577166                           N            09/01/29
    0


    2886692          K08/G02             F           47,700.00         T
                                         360         47,673.26          1
    507 DEMARETT DRIVE                 8.875            379.52         90
                                       8.625            379.52       53,000.00
    LEANDER          TX   78645          1            08/20/99         04
    0411579592                           09           10/01/99         25
    0411579592                           O            09/01/29
    0


    2886776          J83/G02             F           67,500.00         ZZ
                                         360         67,465.90          2
    2464-66 BOULEVARD DRIVE NE         9.375            561.44         70
                                       9.125            561.44       97,000.00
    ATLANTA          GA   30317          2            08/09/99         00
    0431437490                           05           10/01/99          0
    268553                               N            09/01/29
    0


    2888303          455/G02             F           68,000.00         ZZ
                                         360         67,968.27          1
    3931 HANCOCK CIRCLE                9.750            584.23         80
                                       9.500            584.23       85,000.00
    DORAVILLE        GA   30340          5            08/23/99         00
    0431460773                           07           10/01/99          0
    85816                                N            09/01/29
    0
1




    2890748          K08/G02             F          147,200.00         ZZ
                                         360        147,127.59          2
    31 SEABRING STREET                 9.500          1,237.74         95
                                       9.250          1,237.74      155,000.00
    SPRING VALLEY    NY   10977          1            08/26/99         04
    0411420763                           07           10/01/99         30
    0411420763                           O            09/01/29
    0


    2890751          K08/G02             F           39,050.00         ZZ
                                         360         38,983.84          1
    7554 ORCHARD                       8.875            310.70         90
                                       8.625            310.70       43,400.00
    WARREN           MI   48091          1            06/23/99         04
    0411485303                           05           08/01/99         25
    0411485303                           N            07/01/29
    0


    2890753          K08/G02             F           94,950.00         ZZ
                                         360         94,895.37          4
    31 OLD BOWERS ROAD                 8.750            746.97         90
                                       8.500            746.97      105,500.00
    BOWERS           PA   19511          1            08/26/99         10
    0411533334                           05           10/01/99         25
    0411533334                           N            09/01/29
    0


    2890755          K08/G02             F          136,000.00         ZZ
                                         360        135,917.61          1
    2703A BOYDS CREEK HIGHWAY          8.500          1,045.72         80
                                       8.250          1,045.72      170,000.00
    SEVIERVILLE      TN   37876          1            08/25/99         00
    0411552391                           05           10/01/99          0
    0411552391                           O            09/01/29
    0


    2890762          K08/G02             F           88,200.00         ZZ
                                         360         88,150.55          1
    5230 NW 25 AVENUE                  8.875            701.76         90
                                       8.625            701.76       98,000.00
    MIAMI            FL   33142          5            08/19/99         04
    0411572233                           05           10/01/99         25
    0411572233                           O            09/01/29
    0


    2892734          K08/G02             F           18,500.00         ZZ
                                         240         18,474.43          1
1


    1988 WEST BEACH BOULEVARD          9.625            173.96         31
                                       9.375            173.96       60,000.00
    GULF SHORES      AL   36547          5            08/27/99         00
    0411507866                           01           10/01/99          0
    0411507866                           N            09/01/19
    0


    2892736          K08/G02             F           60,000.00         ZZ
                                         360         59,967.23          1
    2187 MEADOWGLEN AVENUE             9.000            482.77         80
                                       8.750            482.77       75,000.00
    SACRAMENTO       CA   95832          1            08/18/99         00
    0411513765                           05           10/01/99          0
    0411513765                           N            09/01/29
    0


    2892741          K08/G02             F           84,000.00         ZZ
                                         360         83,958.68          3
    717 CARPENTER STREET               9.500            706.32         80
                                       9.250            706.32      105,000.00
    PHILADELPHIA     PA   19147          5            08/27/99         00
    0411528417                           05           10/01/99          0
    0411528417                           N            09/01/29
    0


    2892743          K08/G02             F           93,000.00         ZZ
                                         360         92,955.45          1
    5101 84TH AVENUE NORTH             9.625            790.49         75
                                       9.375            790.49      124,000.00
    BROOKLYN PARK    MN   55443          1            08/27/99         00
    0411537806                           05           10/01/99          0
    0411537806                           O            09/01/29
    0


    2892764          K08/G02             F           90,000.00         ZZ
                                         360         89,949.54          2
    1176 WASHINGTON STREET             8.875            716.08         90
                                       8.625            716.08      100,000.00
    WEYMOUTH         MA   02181          1            08/27/99         10
    0411571334                           05           10/01/99         25
    0411571334                           N            09/01/29
    0


    2892779          K08/G02             F           89,550.00         ZZ
                                         360         89,382.34          1
    2208 DAYBREAK TRAIL                9.125            728.61         90
                                       8.875            728.61       99,500.00
    PLANO            TX   75093          1            08/26/99         04
    0411586415                           05           10/01/99         25
1


    0411586415                           N            09/01/29
    0


    2893646          480/G02             F           56,800.00         ZZ
                                         360         56,736.07          1
    120 CAMELIA DRIVE                  8.875            451.93         80
                                       8.625            451.93       71,000.00
    PRATTVILLE       AL   36067          2            07/30/99         00
    0431452747                           05           09/01/99          0
    2955102                              O            08/01/29
    0


    2894158          976/976             F          211,500.00         ZZ
                                         360        211,371.86          1
    141 OLD OAK CIRCLE                 8.500          1,626.26         90
                                       8.250          1,626.26      235,000.00
    PALM HARBOR      FL   34683          1            08/19/99         10
    5288589                              03           10/01/99         25
    5288589                              O            09/01/29
    0


    2894159          976/976             F           85,900.00         ZZ
                                         360         85,784.33          3
    416 H STREET                       8.000            630.31         90
                                       7.750            630.31       95,500.00
    IMPERIAL         CA   92251          1            07/12/99         21
    5299218                              05           09/01/99         25
    5299218                              O            08/01/29
    0


    2894161          976/976             F           61,600.00         ZZ
                                         360         61,528.86          1
    819 ARKANSAS                       8.750            484.61         80
                                       8.500            484.61       77,000.00
    LAWRENCE         KS   66044          1            07/27/99         00
    5413781                              05           09/01/99          0
    5413781                              N            08/01/29
    0


    2894163          976/976             F          115,200.00         ZZ
                                         360        114,974.72          3
    10867-1/2,10867 A&B POPLAR ST.     8.250            865.46         90
                                       8.000            865.46      128,000.00
    LOMA LINDA       CA   92354          1            07/22/99         11
    5414330                              05           09/01/99         25
    5414330                              N            08/01/29
    0


1


    2894164          976/976             F           58,500.00         ZZ
                                         360         58,468.86          1
    316 DON CARLOS AVE                 9.125            475.98         90
                                       8.875            475.98       65,000.00
    STOCKTON         CA   95207          1            08/12/99         11
    5420622                              05           10/01/99         25
    5420622                              N            09/01/29
    0


    2894167          976/976             F           45,000.00         ZZ
                                         360         44,974.76          1
    222 WEST THIRD STREET              8.875            358.05         70
                                       8.625            358.05       65,000.00
    STOCKTON         CA   95206          1            08/09/99         00
    5420789                              05           10/01/99          0
    5420789                              N            09/01/29
    0


    2894168          976/976             F           58,000.00         ZZ
                                         360         57,886.67          1
    120 COLONIAL SPRINGS ROAD          8.000            425.59         31
                                       7.750            425.59      190,000.00
    WHEATLEY HEIGHT  NY   11798          5            08/09/99         00
    5441714                              05           10/01/99          0
    5441714                              O            09/01/29
    0


    2894169          976/976             F          142,500.00         ZZ
                                         360        142,331.11          1
    1700 WINDOAK DRIVE                 8.625          1,108.36         75
                                       8.375          1,108.36      190,000.00
    AUSTIN           TX   78741          5            07/29/99         00
    5449025                              05           09/01/99          0
    5449025                              N            08/01/29
    0


    2894171          976/976             F          123,750.00         ZZ
                                         360        123,482.45          1
    13501 FOX HOLLOW RIDGE             8.000            908.04         90
                                       7.750            908.04      137,500.00
    OKLAHOMA CITY    OK   73131          1            07/30/99         11
    5486952                              03           09/01/99         25
    5486952                              O            08/01/29
    0


    2894172          976/976             F          187,950.00         ZZ
                                         360        187,721.46          1
    9821 240TH STREET SOUTHWEST        8.500          1,445.18         80
                                       8.250          1,445.18      234,950.00
1


    EDMONDS          WA   98020          1            07/12/99         00
    5492199                              05           09/01/99          0
    5492199                              O            08/01/29
    0


    2894173          976/976             F           52,000.00         ZZ
                                         360         51,975.08          1
    5029 WEST PEG STREET               9.625            442.00         80
                                       9.375            442.00       65,000.00
    BOISE            ID   83705          1            08/03/99         00
    5546533                              05           10/01/99          0
    5546533                              N            09/01/29
    0


    2894174          976/976             F           90,750.00         ZZ
                                         360         90,650.48          1
    2083 ELKHORN VILLAGE CONDO.        9.000            730.20         75
                                       8.750            730.20      121,000.00
    SUN VALLEY       ID   83353          5            07/23/99         00
    5546623                              01           09/01/99          0
    5546623                              N            08/01/29
    0


    2894175          976/976             F           62,250.00         ZZ
                                         360         62,181.74          1
    2030 ELKHORN VILLAGE CONDO.        9.000            500.88         75
                                       8.750            500.88       83,000.00
    SUN VALLEY       ID   83353          5            07/23/99         00
    5546624                              01           09/01/99          0
    5546624                              N            08/01/29
    0


    2894177          976/976             F           92,000.00         ZZ
                                         360         91,828.85          1
    1000 SOUTH CURTIS ROAD             8.875            732.00         56
                                       8.625            732.00      165,000.00
    BOISE            ID   83705          5            07/28/99         00
    5546662                              05           09/01/99          0
    5546662                              O            08/01/29
    0


    2894178          976/976             F           81,000.00         ZZ
                                         360         80,959.09          1
    4802 WEST CAMAS STREET             9.375            673.72         87
                                       9.125            673.72       94,000.00
    BOISE            ID   83705          2            08/12/99         04
    5546665                              05           10/01/99         25
    5546665                              N            09/01/29
    0
1




    2894179          976/976             F           54,000.00         ZZ
                                         360         53,965.56          1
    315 WEST CHERRY LANE               8.250            405.69         79
                                       8.000            405.69       69,000.00
    MERIDIAN         ID   83642          1            08/04/99         00
    5546700                              05           10/01/99          0
    5546700                              N            09/01/29
    0


    2894181          976/976             F          211,200.00         ZZ
                                         360        210,908.35          1
    1407 WEST 245TH STREET             7.875          1,531.35         80
    HARBOR CITY AREA                   7.625          1,531.35      267,000.00
    LOS ANGELES      CA   90710          1            07/23/99         00
    5557269                              05           09/01/99          0
    5557269                              O            08/01/29
    0


    2894183          976/976             F           82,500.00         ZZ
                                         360         82,399.67          1
    2055 POTEAE CIRCLE                 8.500            634.36         75
                                       8.250            634.36      110,000.00
    COLORADO SPRING  CO   80915          5            07/29/99         00
    5568689                              05           09/01/99          0
    5568689                              N            08/01/29
    0


    2894184          976/976             F           71,280.00         ZZ
                                         360         71,199.77          1
    2504 E ST VRAIN STREET             8.875            567.14         90
                                       8.625            567.14       79,200.00
    COLORADO SPRING  CO   80909          1            07/30/99         11
    5568891                              05           09/01/99         25
    5568891                              N            08/01/29
    0


    2894185          976/976             F          108,000.00         ZZ
                                         360        107,941.00          1
    26513 GRANT                        9.000            869.00         79
                                       8.750            869.00      138,000.00
    ST. CLAIR SHORE  MI   48081          2            08/10/99         00
    5580661                              05           10/01/99          0
    5580661                              O            09/01/29
    0


    2894186          976/976             F           59,400.00         ZZ
                                         360         59,366.69          1
1


    18541 ELKHART                      8.875            472.62         90
                                       8.625            472.62       66,000.00
    HARPER WOODS     MI   48225          1            08/05/99         04
    5580707                              05           10/01/99         25
    5580707                              N            09/01/29
    0


    2894187          976/976             F          108,500.00         ZZ
                                         360        108,357.57          1
    2695 S KIHEI RD #7-302             8.125            805.61         70
                                       7.875            805.61      155,000.00
    KIHEI            HI   96753          1            07/16/99         00
    5581820                              01           09/01/99          0
    5581820                              O            08/01/29
    0


    2894188          976/976             F          128,250.00         ZZ
                                         360        128,179.95          3
    2007,2009 & 2011 BELLEVUE          9.000          1,031.93         75
                                       8.750          1,031.93      171,000.00
    LOS ANGELES      CA   90026          1            08/04/99         00
    5601316                              05           10/01/99          0
    5601316                              N            09/01/29
    0


    2894189          976/976             F          130,400.00         ZZ
                                         360        130,215.32          1
    16102 WARMINGTON LANE              7.750            934.21         71
                                       7.500            934.21      185,000.00
    HUNTINGTON BEAC  CA   92649          5            07/23/99         00
    5601422                              01           09/01/99          0
    5601422                              O            08/01/29
    0


    2894191          976/976             F           57,600.00         ZZ
                                         360         57,491.82          1
    1849 THISTLE AVENUE                8.375            437.81         80
                                       8.125            437.81       72,000.00
    PALMDALE         CA   93550          1            06/23/99         00
    5604931                              05           08/01/99          0
    5604931                              N            07/01/29
    0


    2894192          976/976             F           65,000.00         ZZ
                                         360         64,959.60          1
    565 BROWN HILL ROAD                8.375            494.05         59
                                       8.125            494.05      111,000.00
    BELMONT          NH   03246          5            08/05/99         00
    5605986                              05           10/01/99          0
1


    5605986                              O            09/01/29
    0


    2894193          976/976             F           53,250.00         ZZ
                                         360         52,637.31          1
    1396 N.E. DROST DRIVE              8.500            409.45         60
                                       8.250            409.45       89,500.00
    BEND             OR   97701          5            07/15/99         00
    5607657                              05           09/01/99          0
    5607657                              N            08/01/29
    0


    2894194          976/976             F          135,000.00         ZZ
                                         360        134,930.00          1
    433 SHELDON                        9.250          1,110.62         85
                                       9.000          1,110.62      160,000.00
    PLYMOUTH         MI   48170          1            08/20/99         11
    5612795                              05           10/01/99         12
    5612795                              O            09/01/29
    0


    2894195          976/976             F           40,500.00         ZZ
                                         360         40,479.00          1
    615 LATHROP DRIVE                  9.250            333.19         90
                                       9.000            333.19       45,000.00
    LANSING          MI   48912          1            08/05/99         21
    5612930                              05           10/01/99         25
    5612930                              N            09/01/29
    0


    2894196          976/976             F           64,000.00         ZZ
                                         360         63,969.33          2
    33385-33387 BELDING                9.625            544.00         80
                                       9.375            544.00       80,000.00
    WESTLAND         MI   48186          5            08/17/99         00
    5612932                              05           10/01/99          0
    5612932                              N            09/01/29
    0


    2894197          976/976             F           52,000.00         ZZ
                                         360         51,941.47          1
    20400 WESTHAVEN                    8.875            413.74         80
                                       8.625            413.74       65,000.00
    SOUTHFIELD       MI   48075          1            07/30/99         00
    5612975                              05           09/01/99          0
    5612975                              N            08/01/29
    0


1


    2894198          976/976             F           43,200.00         ZZ
                                         360         43,175.78          1
    18817 HELEN                        8.875            343.72         90
                                       8.625            343.72       48,000.00
    DETROIT          MI   48184          2            08/11/99         11
    5612986                              05           10/01/99         25
    5612986                              N            09/01/29
    0


    2894199          976/976             F           62,400.00         ZZ
                                         360         62,365.01          1
    18628 ARDMORE                      8.875            496.49         80
                                       8.625            496.49       78,000.00
    DETROIT          MI   48184          5            08/11/99         00
    5612989                              05           10/01/99          0
    5612989                              N            09/01/29
    0


    2894200          976/976             F          190,000.00         ZZ
                                         360        189,762.98          1
    1375 VAN                           8.375          1,444.14         80
                                       8.125          1,444.14      237,500.00
    GROVELAND TWP    MI   48442          1            07/23/99         00
    5613988                              05           09/01/99          0
    5613988                              O            08/01/29
    0


    2894201          976/976             F           75,000.00         ZZ
                                         360         74,959.03          1
    715 CAROLINA CT                    9.000            603.47         75
                                       8.750            603.47      100,000.00
    MANTEO           NC   27954          2            08/06/99         00
    5615261                              05           10/01/99          0
    5615261                              N            09/01/29
    0


    2894202          976/976             F           41,760.00         ZZ
                                         360         41,691.03          1
    1315 LAFAYETTE STREET              9.000            336.02         90
                                       8.750            336.02       46,400.00
    BEAUFORT         SC   29902          1            07/02/99         21
    5616484                              05           08/01/99         25
    5616484                              N            07/01/29
    0


    2894203          976/976             F           59,200.00         ZZ
                                         360         59,087.84          1
    5450 SOUTH 235 EAST #12            8.750            465.73         76
                                       8.500            465.73       78,000.00
1


    MURRAY           UT   84107          5            07/30/99         00
    5618931                              01           09/01/99          0
    5618931                              N            08/01/29
    0


    2894205          976/976             F          140,000.00         ZZ
                                         360        139,901.19          1
    2210 SAN MATEO STREET              7.750          1,002.98         80
                                       7.500          1,002.98      175,000.00
    RICHMOND         CA   94804          1            08/03/99         00
    5621843                              05           10/01/99          0
    5621843                              O            09/01/29
    0


    2894208          976/976             F          170,000.00         ZZ
                                         360        168,957.12          1
    4415 GNEKOW DRIVE                  7.625          1,203.25         50
                                       7.375          1,203.25      340,000.00
    STOCKTON         CA   95212          1            07/23/99         00
    5622548                              05           09/01/99          0
    5622548                              O            08/01/29
    0


    2894210          976/976             F          233,100.00         ZZ
                                         360        232,816.56          4
    2022 MASON STREET                  8.500          1,792.34         90
                                       8.250          1,792.34      259,000.00
    SAN PABLO        CA   94806          1            07/28/99         04
    5622775                              05           09/01/99         25
    5622775                              N            08/01/29
    0


    2894212          976/976             F          116,250.00         ZZ
                                         360        116,007.93          4
    229 TRACY AVENUE NORTH             8.500            893.87         75
                                       8.250            893.87      155,000.00
    PORT ORCHARD     WA   98366          5            07/27/99         00
    5625873                              05           09/01/99          0
    5625873                              N            08/01/29
    0


    2894213          976/976             F          178,800.00         ZZ
                                         360        178,559.24          1
    12728 EAST JENAN DRIVE             8.000          1,311.98         56
                                       7.750          1,311.98      320,000.00
    SCOTTSDALE       AZ   85259          1            07/19/99         00
    5627988                              03           09/01/99          0
    5627988                              O            08/01/29
    0
1




    2894214          976/976             F          102,600.00         ZZ
                                         360        102,487.48          3
    210 HOWELL STREET                  9.000            825.55         90
                                       8.750            825.55      114,000.00
    PROVIDENCE       RI   02906          1            07/30/99         21
    5628660                              05           09/01/99         25
    5628660                              N            08/01/29
    0


    2894215          976/976             F          111,600.00         ZZ
                                         360        111,477.62          3
    71 CARRINGTON AVENUE               9.000            897.96         90
                                       8.750            897.96      124,000.00
    PROVIDENCE       RI   02906          1            07/30/99         10
    5628661                              05           09/01/99         25
    5628661                              N            08/01/29
    0


    2894216          976/976             F          121,500.00         ZZ
                                         360        121,376.80          3
    49-51 CARRINGTON AVENUE            9.375          1,010.58         90
                                       9.125          1,010.58      135,000.00
    PROVIDENCE       RI   02906          1            07/30/99         21
    5628662                              05           09/01/99         25
    5628662                              N            08/01/29
    0


    2894217          976/976             F          110,000.00         ZZ
                                         360        109,859.22          1
    888 HOLLAND HILL ROAD              8.250            826.40         61
                                       8.000            826.40      183,000.00
    FAIRFIELD        CT   06430          5            07/30/99         00
    5630618                              05           09/01/99          0
    5630618                              O            08/01/29
    0


    2894218          976/976             F          300,000.00         ZZ
                                         360        299,671.03          3
    18 BURGET AVENUE                   9.000          2,413.87         89
                                       8.750          2,413.87      340,000.00
    MEDFORD          MA   02155          1            08/05/99         10
    5630877                              05           09/01/99         25
    5630877                              N            08/01/29
    0


    2894219          976/976             F          172,500.00         ZZ
                                         360        172,267.73          2
1


    587 BEECH STREET                   8.000          1,265.75         75
                                       7.750          1,265.75      230,000.00
    ROSLINDALE       MA   02131          5            07/30/99         00
    5630885                              05           09/01/99          0
    5630885                              N            08/01/29
    0


    2894220          976/976             F          103,500.00         ZZ
                                         360        103,374.14          1
    66 WEBBERS PATH                    8.500            795.83         90
                                       8.250            795.83      115,000.00
    WEST YARMOUTH    MA   02673          1            07/26/99         10
    5632692                              05           09/01/99         25
    5632692                              O            08/01/29
    0


    2894221          976/976             F           60,000.00         ZZ
                                         360         59,958.69          1
    19 KAYAJAN AVENUE                  7.875            435.05         75
                                       7.625            435.05       80,000.00
    BOURNW           MA   02532          1            08/12/99         00
    5632761                              05           10/01/99          0
    5632761                              O            09/01/29
    0


    2894222          976/976             F           40,000.00         ZZ
                                         360         39,953.79          1
    70 CAPE DRIVE / UNIT 7A            8.750            314.69         67
                                       8.500            314.69       60,000.00
    MASHPEE          MA   02649          5            07/28/99         00
    5632762                              01           09/01/99          0
    5632762                              N            08/01/29
    0


    2894223          976/976             F          125,000.00         ZZ
                                         360        124,909.52          1
    1121 CEDAR RIDGE ROAD              7.625            884.75         63
                                       7.375            884.75      200,000.00
    KENDRICK         ID   83537          1            08/06/99         00
    5643395                              05           10/01/99          0
    5643395                              O            09/01/29
    0


    2894225          976/976             F           91,500.00         ZZ
                                         360         91,388.73          1
    2270 EASTRIDGE LANE                8.500            703.56         75
                                       8.250            703.56      122,000.00
    CARSON CITY      NV   89706          5            07/22/99         00
    5652848                              05           09/01/99          0
1


    5652848                              N            08/01/29
    0


    2894226          976/976             F           97,400.00         ZZ
                                         360         97,239.17          1
    480 STONEBRIDGE COURT              9.000            783.71         90
                                       8.750            783.71      108,250.00
    STONE MOUNTAIN   GA   30083          1            06/29/99         04
    5653544                              05           08/01/99         25
    5653544                              N            07/01/29
    0


    2894227          976/976             F          162,450.00         ZZ
                                         360        162,358.92          3
    179-181 GRANITE STREET             8.875          1,292.53         90
                                       8.625          1,292.53      180,500.00
    QUINCY           MA   02169          1            08/04/99         04
    5654867                              05           10/01/99         25
    5654867                              N            09/01/29
    0


    2894229          976/976             F          126,400.00         ZZ
                                         360        126,242.31          1
    1987 SONGBIRD COURT                8.375            960.74         80
                                       8.125            960.74      158,400.00
    HENDERSON        NV   89012          1            07/27/99         00
    5656833                              03           09/01/99          0
    5656833                              O            08/01/29
    0


    2894230          976/976             F          134,400.00         ZZ
                                         360        134,330.32          4
    2117 BASSLER STREET                9.250          1,105.68         80
                                       9.000          1,105.68      168,000.00
    NORTH LAS VEGAS  NV   89030          1            08/05/99         00
    5656838                              05           10/01/99          0
    5656838                              N            09/01/29
    0


    2894231          976/976             F          134,400.00         ZZ
                                         360        134,330.32          4
    2111 BASSLER STREET                9.250          1,105.68         80
                                       9.000          1,105.68      168,000.00
    NOTH LAS VEGAS   NV   89030          1            08/05/99         00
    5656839                              05           10/01/99          0
    5656839                              N            09/01/29
    0


1


    2894232          976/976             F           44,910.00         ZZ
                                         360         44,863.97          3
    4816/4818/4820 BLACKBERRY WAY      9.375            373.54         90
                                       9.125            373.54       49,900.00
    PITTSBURGH       PA   15221          1            07/29/99         21
    5658332                              05           09/01/99         25
    5658332                              N            08/01/29
    0


    2894233          976/976             F           64,000.00         ZZ
                                         360         63,965.04          2
    535 CHARTIERS AVENUE               9.000            514.96         80
                                       8.750            514.96       80,000.00
    CANONSBURG       PA   15317          5            08/09/99         00
    5658344                              05           10/01/99          0
    5658344                              N            09/01/29
    0


    2894234          976/976             F           68,000.00         ZZ
                                         360         67,962.85          1
    527 CHARTIERS AVENUE               9.000            547.15         80
                                       8.750            547.15       85,000.00
    CANONSBURG       PA   15317          5            08/09/99         00
    5658346                              05           10/01/99          0
    5658346                              N            09/01/29
    0


    2894235          976/976             F           72,000.00         ZZ
                                         360         71,960.67          2
    525-535 1/2 CHARTIERS AVENUE       9.000            579.33         80
                                       8.750            579.33       90,000.00
    CANONSBURG       PA   15317          5            08/09/99         00
    5658347                              05           10/01/99          0
    5658347                              N            09/01/29
    0


    2894236          976/976             F           68,000.00         ZZ
                                         360         67,962.85          2
    416-416 1/2 DUQUESNE AVENUE        9.000            547.15         80
                                       8.750            547.15       85,000.00
    CANONSBURG       PA   15317          5            08/09/99         00
    5658349                              05           10/01/99          0
    5658349                              N            09/01/29
    0


    2894237          976/976             F          240,000.00         ZZ
                                         360        239,854.60          1
    7404 WITTIG AVENUE                 8.500          1,845.40         77
                                       8.250          1,845.40      313,339.00
1


    LAS VEGAS        NV   89131          1            08/19/99         00
    5660318                              05           10/01/99          0
    5660318                              O            09/01/29
    0


    2894239          976/976             F          128,250.00         ZZ
                                         360        128,098.01          1
    2805 POLESDON COURT                8.625            997.52         90
                                       8.375            997.52      142,500.00
    RALEIGH          NC   27615          1            07/28/99         04
    5666156                              03           09/01/99         25
    5666156                              N            08/01/29
    0


    2894240          976/976             F           32,850.00         ZZ
                                         360         32,819.21          1
    5964 BUCKMINISTER LANE             9.750            282.24         90
                                       9.500            282.24       36,500.00
    VIRGINIA BEACH   VA   23462          1            07/30/99         04
    5671748                              05           09/01/99         25
    5671748                              N            08/01/29
    0


    2894241          976/976             F          120,150.00         ZZ
                                         360        120,080.86          1
    23 CRICKET LANE                    8.750            945.23         90
                                       8.500            945.23      133,525.00
    CONCORD          NH   03301          1            08/25/99         10
    5673234                              05           10/01/99         25
    5673234                              O            09/01/29
    0


    2894242          976/976             F          200,000.00         ZZ
                                         360        199,723.82          1
    25932 RACHEL HILL DRIVE            7.875          1,450.14         80
                                       7.625          1,450.14      251,273.00
    SOUTH RIDING     VA   20152          1            08/02/99         00
    5677584                              03           09/01/99          0
    5677584                              O            08/01/29
    0


    2894243          976/976             F           71,900.00         ZZ
                                         360         71,825.15          3
    254 BELMONT STREET                 9.250            591.51         90
                                       9.000            591.51       79,900.00
    WORCESTER        MA   01605          1            07/29/99         11
    5678316                              05           09/01/99         25
    5678316                              N            08/01/29
    0
1




    2894244          976/976             F          191,130.00         ZZ
                                         360        191,004.97          1
    1614 HACKAMORE ROAD                8.125          1,419.14         69
                                       7.875          1,419.14      277,000.00
    OCEANSIDE        CA   92057          1            08/13/99         00
    5681327                              05           10/01/99          0
    5681327                              N            09/01/29
    0


    2894246          976/976             F          150,000.00         ZZ
                                         360        148,088.55          1
    7673 DANCY ROAD                    8.000          1,100.65         72
                                       7.750          1,100.65      210,000.00
    SAN DIEGO        CA   92126          2            08/13/99         00
    5681329                              05           10/01/99          0
    5681329                              N            09/01/29
    0


    2894247          976/976             F           52,500.00         ZZ
                                         360         52,439.36          1
    1109 SECOND STREET S.W.            8.750            413.02         70
                                       8.500            413.02       75,000.00
    ALBUQUERQUE      NM   87102          5            07/27/99         00
    5681741                              05           09/01/99          0
    5681741                              N            08/01/29
    0


    2894250          976/976             F           89,900.00         ZZ
                                         360         89,811.21          3
    45 DALTON STREET                   9.500            755.93         90
                                       9.250            755.93       99,900.00
    WEST HAVEN       CT   06516          1            08/03/99         04
    5682275                              05           09/01/99         25
    5682275                              N            08/01/29
    0


    2894251          976/976             F           41,400.00         ZZ
                                         360         41,379.63          1
    1001 WHITTIER AVENUE               9.500            348.12         90
                                       9.250            348.12       46,000.00
    HEMET            CA   92543          1            08/06/99         04
    5682677                              05           10/01/99         25
    5682677                              N            09/01/29
    0


    2894256          976/976             F          107,900.00         ZZ
                                         360        107,750.51          1
1


    604 SOUTH CANYON STREET            8.500            829.66         90
                                       8.250            829.66      119,900.00
    NAMPA            ID   83686          1            07/27/99         04
    5688687                              05           09/01/99         25
    5688687                              O            08/01/29
    0


    2894257          976/976             F           71,900.00         ZZ
                                         360         71,859.69          1
    1907 WEST GROUSE STREET            8.875            572.07         90
                                       8.625            572.07       79,900.00
    NAMPA            ID   83651          1            08/06/99         04
    5688933                              05           10/01/99         25
    5688933                              N            09/01/29
    0


    2894258          976/976             F          100,000.00         ZZ
                                         360         99,943.93          1
    456 GRIXDALE                       8.875            795.65         54
                                       8.625            795.65      188,000.00
    WATERFORD        MI   48328          5            08/06/99         00
    5689706                              05           10/01/99          0
    5689706                              O            09/01/29
    0


    2894259          976/976             F          158,600.00         ZZ
                                         360        158,498.87          1
    4990 LASSEN DRIVE                  8.250          1,191.51         50
                                       8.000          1,191.51      320,000.00
    OCEANSIDE        CA   92056          1            08/03/99         00
    5690479                              03           10/01/99          0
    5690479                              O            09/01/29
    0


    2894260          976/976             F          191,250.00         ZZ
                                         360        190,998.93          1
    11358 SAN ANTONIO WAY              8.125          1,420.03         75
                                       7.875          1,420.03      255,000.00
    VALLEY CENTER    CA   92082          5            07/26/99         00
    5690488                              05           09/01/99          0
    5690488                              O            08/01/29
    0


    2894261          976/976             F          200,000.00         ZZ
                                         360        199,750.50          1
    14333 178TH LANE NORTHEAST         8.375          1,520.15         42
                                       8.125          1,520.15      480,000.00
    WOODINVILLE      WA   98072          1            07/29/99         00
    5691135                              05           09/01/99          0
1


    5691135                              O            08/01/29
    0


    2894262          976/976             F          177,000.00         ZZ
                                         360        176,889.98          1
    1515 MEADOWSWEET DR                8.375          1,345.33         75
                                       8.125          1,345.33      236,000.00
    SUGAR LAND       TX   77479          1            08/18/99         00
    5691333                              03           10/01/99          0
    5691333                              O            09/01/29
    0


    2894263          976/976             F          194,000.00         ZZ
                                         360        193,738.78          1
    38292 MURDICK                      8.000          1,423.51         80
                                       7.750          1,423.51      242,500.00
    NEW BALTIMORE    MI   48047          1            07/29/99         00
    5691774                              05           09/01/99          0
    5691774                              O            08/01/29
    0


    2894264          976/976             F           42,750.00         ZZ
                                         360         42,726.65          1
    1334 PARKWAY AVE                   9.000            343.98         90
                                       8.750            343.98       47,500.00
    COVINGTON        KY   41011          1            08/06/99         11
    5694461                              05           10/01/99         25
    5694461                              N            09/01/29
    0


    2894265          976/976             F           80,000.00         ZZ
                                         360         79,962.67          1
    520 WEST 13TH STREET               9.750            687.33         80
                                       9.500            687.33      100,000.00
    COVINGTON        KY   41011          5            08/13/99         00
    5694525                              05           10/01/99          0
    5694525                              N            09/01/29
    0


    2894266          976/976             F           45,000.00         ZZ
                                         360         44,979.01          1
    1211 JOHN STREET                   9.750            386.62         90
                                       9.500            386.62       50,000.00
    COVINGTON        KY   41011          1            08/13/99         11
    5694527                              05           10/01/99         25
    5694527                              N            09/01/29
    0


1


    2894268          976/976             F           41,200.00         ZZ
                                         360         41,153.63          1
    37871 ROBINA AVENUE                8.875            327.81         90
                                       8.625            327.81       45,800.00
    PALMDALE         CA   93550          1            07/21/99         21
    5694927                              05           09/01/99         25
    5694927                              N            08/01/29
    0


    2894269          976/976             F           88,000.00         ZZ
                                         360         87,881.50          1
    42302 62ND STREET WEST             8.000            645.72         80
                                       7.750            645.72      110,000.00
    QUARTZ HILL ARE  CA   93536          1            07/24/99         00
    5694998                              05           09/01/99          0
    5694998                              O            08/01/29
    0


    2894270          976/976             F           87,300.00         ZZ
                                         360         87,193.83          1
    1328 57TH PLACE                    8.500            671.27         90
                                       8.250            671.27       98,000.00
    DES MOINES       IA   50311          1            07/07/99         11
    5697638                              05           09/01/99         25
    5697638                              N            08/01/29
    0


    2894272          976/976             F          138,500.00         ZZ
                                         360        138,313.50          1
    25419 BAYSIDE PLACE                8.000          1,016.27         70
                                       7.750          1,016.27      197,990.00
    LOS ANGELES      CA   90710          1            07/16/99         00
    5700685                              01           09/01/99          0
    5700685                              O            08/01/29
    0


    2894273          976/976             F           88,200.00         ZZ
                                         360         87,983.53          1
    4261 PINE RIDGE COURT              8.125            654.89         70
                                       7.875            654.89      126,000.00
    WESTON           FL   33331          1            07/23/99         00
    5701287                              09           09/01/99          0
    5701287                              O            08/01/29
    0


    2894274          976/976             F           73,000.00         ZZ
                                         360         72,695.89          2
    2231 SEAMANS NECK ROAD             8.250            548.43         35
                                       8.000            548.43      210,000.00
1


    SEAFORD          NY   11783          5            07/29/99         00
    5701504                              05           09/01/99          0
    5701504                              O            08/01/29
    0


    2894275          976/976             F           76,500.00         ZZ
                                         360         76,462.37          4
    8032 LACOMBE STREET                9.500            643.26         90
                                       9.250            643.26       85,000.00
    NEW ORLEANS      LA   70127          1            08/02/99         11
    5702984                              05           10/01/99         25
    5702984                              N            09/01/29
    0


    2894276          976/976             F           81,375.00         ZZ
                                         360         81,283.42          1
    6809 HADLEY DRIVE                  8.875            647.46         75
                                       8.625            647.46      108,500.00
    NORTH RICHLAND   TX   76180          1            07/26/99         00
    5703685                              05           09/01/99          0
    5703685                              O            08/01/29
    0


    2894278          976/976             F           90,000.00         T
                                         360         89,887.72          1
    7518 COUNTY ROAD D.25              8.375            684.07         75
                                       8.125            684.07      120,000.00
    OLNEY SPRINGS    CO   81062          5            07/26/99         00
    5703944                              05           09/01/99          0
    5703944                              O            08/01/29
    0


    2894279          976/976             F          123,750.00         ZZ
                                         360        123,591.62          1
    524 SHANNON DRIVE                  8.250            929.70         75
                                       8.000            929.70      165,000.00
    ROCKWALL         TX   75087          1            07/26/99         00
    5703964                              05           09/01/99          0
    5703964                              O            08/01/29
    0


    2894280          976/976             F          162,000.00         ZZ
                                         360        161,918.19          4
    2637 VILLAGE  DRIVE                9.375          1,347.44         90
                                       9.125          1,347.44      180,000.00
    COTTONWOOD       AZ   86326          1            08/02/99         10
    5703984                              05           10/01/99         25
    5703984                              N            09/01/29
    0
1




    2894281          976/976             F          371,000.00         ZZ
                                         360        370,500.46          3
    151 DEKALB AVE                     8.000          2,722.27         70
                                       7.750          2,722.27      530,000.00
    BROOKLYN         NY   11217          1            07/28/99         00
    5705601                              05           09/01/99          0
    5705601                              O            08/01/29
    0


    2894283          976/976             F          152,000.00         ZZ
                                         360        151,914.78          4
    944 FELICITY STREET                8.875          1,209.39         80
                                       8.625          1,209.39      190,000.00
    NEW ORLEANS      LA   70130          5            08/19/99         00
    5709890                              05           10/01/99          0
    5709890                              N            09/01/29
    0


    2894285          976/976             F          177,650.00         ZZ
                                         360        177,409.29          1
    3 MUSKRAT CIRCLE                   8.000          1,303.54         90
                                       7.750          1,303.54      197,400.00
    CHESTER          NH   03036          1            07/30/99         10
    5712641                              05           09/01/99         25
    5712641                              O            08/01/29
    0


    2894287          976/976             F           90,000.00         ZZ
                                         360         89,953.34          4
    144 BOWMAN STREET                  9.250            740.41         90
                                       9.000            740.41      100,000.00
    MANCHESTER       NH   03102          1            08/02/99         21
    5712821                              05           10/01/99         25
    5712821                              N            09/01/29
    0


    2894292          976/976             F          240,000.00         ZZ
                                         360        239,682.15          1
    41 HIGHLAND ROAD                   8.500          1,845.40         75
                                       8.250          1,845.40      320,000.00
    BOXFORD          MA   01921          5            07/26/99         00
    5715436                              05           09/01/99          0
    5715436                              O            08/01/29
    0


    2894293          976/976             F           53,910.00         ZZ
                                         360         53,849.32          3
1


    704 SOUTH 3RD AVE                  8.875            428.94         90
                                       8.625            428.94       59,900.00
    STERLING         CO   80751          1            07/28/99         04
    5716305                              05           09/01/99         25
    5716305                              N            08/01/29
    0


    2894294          976/976             F           70,700.00         ZZ
                                         360         70,611.79          1
    427 NORTH PEACH STREET             8.375            537.38         70
                                       8.125            537.38      101,000.00
    FRUITA           CO   81521          1            07/28/99         00
    5716593                              05           09/01/99          0
    5716593                              O            08/01/29
    0


    2894296          976/976             F           58,500.00         ZZ
                                         360         58,428.85          1
    4737 CODY STREET                   8.500            449.82         50
                                       8.250            449.82      118,000.00
    WHEATRIDGE       CO   80033          5            07/23/99         00
    5716610                              05           09/01/99          0
    5716610                              N            08/01/29
    0


    2894297          976/976             F           50,000.00         ZZ
                                         360         49,936.00          1
    823 SOUTH 2ND STREET               8.250            375.64         56
                                       8.000            375.64       90,000.00
    MONTROSE         CO   81401          1            07/29/99         00
    5716613                              05           09/01/99          0
    5716613                              O            08/01/29
    0


    2894298          976/976             F          140,625.00         ZZ
                                         360        140,537.59          1
    1380 AVENIDA DEL SOL               8.375          1,068.86         75
                                       8.125          1,068.86      187,500.00
    DURANGO          CO   81301          1            08/09/99         00
    5716652                              05           10/01/99          0
    5716652                              O            09/01/29
    0


    2894300          976/976             F          108,500.00         ZZ
                                         360        107,895.70          1
    2878 ANDOVER AVENUE                8.625            843.91         66
                                       8.375            843.91      166,500.00
    CARLSBAD         CA   92008          2            07/27/99         00
    5717749                              01           09/01/99          0
1


    5717749                              N            08/01/29
    0


    2894303          976/976             F           68,000.00         ZZ
                                         360         67,855.08          1
    4433 ALDRICH AVENUE SOUTH          7.750            487.16         49
                                       7.500            487.16      139,500.00
    MINNEAPOLIS      MN   55409          2            06/17/99         00
    5721570                              05           08/01/99          0
    5721570                              N            07/01/29
    0


    2894304          976/976             F           81,750.00         ZZ
                                         360         81,697.86          1
    1026 NORTH 7TH STREET              8.250            614.17         75
                                       8.000            614.17      109,000.00
    FARGO            ND   58103          5            08/03/99         00
    5721648                              05           10/01/99          0
    5721648                              O            09/01/29
    0


    2894306          976/976             F           56,000.00         ZZ
                                         360         55,943.22          2
    273 PARK AVENUE                    9.375            465.78         80
                                       9.125            465.78       70,000.00
    OCONTO FALLS     WI   54154          5            07/23/99         00
    5726832                              05           09/01/99          0
    5726832                              N            08/01/29
    0


    2894307          976/976             F           48,000.00         ZZ
                                         360         47,977.00          3
    1963 S 13TH STREET                 9.625            408.00         90
                                       9.375            408.00       53,350.00
    MILWAUKEE        WI   53204          1            08/04/99         04
    5726842                              05           10/01/99         25
    5726842                              N            09/01/29
    0


    2894309          976/976             F          101,700.00         ZZ
                                         360        101,644.44          4
    11683 WEST SHERWOOD MEADOW AVE     9.000            818.31         90
                                       8.750            818.31      113,000.00
    BATON ROUGE      LA   70816          2            08/05/99         11
    5731786                              05           10/01/99         25
    5731786                              N            09/01/29
    0


1


    2894310          976/976             F          190,000.00         ZZ
                                         360        189,724.09          1
    48 OLIVE AVENUE                    7.625          1,344.81         66
                                       7.375          1,344.81      290,000.00
    PIEDMONT         CA   94611          5            07/16/99         00
    5732268                              05           09/01/99          0
    5732268                              N            08/01/29
    0


    2894312          976/976             F          175,500.00         ZZ
                                         360         39,894.69          1
    5856 COUNTRY VIEW DRIVE            9.000          1,412.12         90
                                       8.750          1,412.12      195,000.00
    HAMILTON         OH   45011          1            08/16/99         11
    5733060                              05           10/01/99         25
    5733060                              O            09/01/29
    0


    2894313          976/976             F           45,800.00         ZZ
                                         360         45,757.08          1
    13 W SOUTH STREET                  9.750            393.50         90
                                       9.500            393.50       50,900.00
    GRATIS           OH   45330          1            07/30/99         04
    5734901                              05           09/01/99         25
    5734901                              N            08/01/29
    0


    2894314          976/976             F           35,500.00         ZZ
                                         360         35,482.06          1
    8094 CHALMERS                      9.375            295.28         74
                                       9.125            295.28       48,000.00
    WARREN           MI   48089          5            08/13/99         00
    5736041                              05           10/01/99          0
    5736041                              N            09/01/29
    0


    2894315          976/976             F           64,000.00         ZZ
                                         240         63,807.62          1
    1240 E BROCKTON                    9.000            575.83         80
                                       8.750            575.83       80,000.00
    MADISON HEIGHTS  MI   48071          1            07/23/99         00
    5737240                              05           09/01/99          0
    5737240                              N            08/01/19
    0


    2894316          976/976             F           63,000.00         ZZ
                                         360         62,929.10          1
    22158 DONALD                       8.875            501.26         90
                                       8.625            501.26       70,000.00
1


    EASTPOINTE       MI   48021          1            07/28/99         11
    5737271                              05           09/01/99         25
    5737271                              N            08/01/29
    0


    2894317          976/976             F           94,500.00         ZZ
                                         360         94,445.63          3
    204 NORTH STREET                   8.750            743.43         90
                                       8.500            743.43      105,000.00
    YALE             MI   48097          1            08/11/99         10
    5737316                              05           10/01/99         25
    5737316                              O            09/01/29
    0


    2894318          976/976             F          128,000.00         ZZ
                                         360        127,859.64          1
    815 ALBERTON                       9.000          1,029.92         79
                                       8.750          1,029.92      163,000.00
    WOLVERINE LAKE   MI   48390          5            07/28/99         00
    5737317                              05           09/01/99          0
    5737317                              N            08/01/29
    0


    2894320          976/976             F          219,000.00         ZZ
                                         360        218,897.83          1
    25352 CHAPELWEIGH DR               9.750          1,881.55         90
                                       9.500          1,881.55      243,875.00
    FARMINGTON HILL  MI   48336          1            08/13/99         10
    5737449                              05           10/01/99         25
    5737449                              N            09/01/29
    0


    2894321          976/976             F           56,250.00         ZZ
                                         360         56,219.27          1
    58659 MAIN STREET                  9.000            452.61         75
                                       8.750            452.61       75,000.00
    NEW HAVEN        MI   48048          2            08/20/99         00
    5737468                              05           10/01/99          0
    5737468                              N            09/01/29
    0


    2894322          976/976             F           63,000.00         ZZ
                                         360         62,921.40          2
    2005 & 2007 COLT DRIVE             8.375            478.85         73
                                       8.125            478.85       87,000.00
    STOCKTON         CA   95209          5            07/23/99         00
    5739323                              05           09/01/99          0
    5739323                              N            08/01/29
    0
1




    2894323          976/976             F           96,000.00         ZZ
                                         360         95,889.12          2
    428 WEXFORD WAY/2528 ENCINA AV     8.750            755.24         80
                                       8.500            755.24      120,000.00
    MODESTO          CA   95354          5            07/22/99         00
    5739428                              05           09/01/99          0
    5739428                              N            08/01/29
    0


    2894324          976/976             F           96,000.00         ZZ
                                         360         95,889.12          2
    2520 ENCINA AVE                    8.750            755.24         80
    429 WEXFORD WAY                    8.500            755.24      120,000.00
    MODESTO          CA   95354          5            07/22/99         00
    5739429                              05           09/01/99          0
    5739429                              N            08/01/29
    0


    2894325          976/976             F          128,000.00         ZZ
                                         360        127,852.17          3
    3001 KOUNIAS DIVRE #A,B & C        8.750          1,006.98         80
                                       8.500          1,006.98      160,000.00
    MODESTO          CA   95354          5            07/22/99         00
    5739430                              05           09/01/99          0
    5739430                              N            08/01/29
    0


    2894327          976/976             F          119,000.00         ZZ
                                         360        118,851.54          1
    7230 SOUTHFIELD WAY                8.375            904.49         93
                                       8.125            904.49      128,925.00
    STOCKTON         CA   95207          2            07/26/99         10
    5739442                              05           09/01/99         30
    5739442                              O            08/01/29
    0


    2894328          976/976             F          130,000.00         ZZ
                                         360        129,829.34          1
    8091 NORTH STEPHENS ROAD           8.125            965.25         75
                                       7.875            965.25      175,000.00
    STOCKTON         CA   95215          5            07/22/99         00
    5739472                              05           09/01/99          0
    5739472                              O            08/01/29
    0


    2894329          976/976             F           65,000.00         ZZ
                                         360         64,961.62          1
1


    8995 GLEN ALDER WAY                8.625            505.57         50
                                       8.375            505.57      130,000.00
    SACRAMENTO       CA   95826          1            08/17/99         00
    5739547                              05           10/01/99          0
    5739547                              O            09/01/29
    0


    2894330          976/976             F          114,500.00         ZZ
                                         360        114,345.81          1
    1735 MELBOURNE DRIVE               8.000            840.17         41
                                       7.750            840.17      285,000.00
    MCLEAN           VA   22101          1            07/26/99         00
    5740491                              05           09/01/99          0
    5740491                              N            08/01/29
    0


    2894331          976/976             F          120,000.00         ZZ
                                         360        119,825.73          1
    4809 EDWARDS STREET                7.625            849.36         50
                                       7.375            849.36      240,000.00
    ALEXANDRIA       VA   22312          1            07/28/99         00
    5740892                              05           09/01/99          0
    5740892                              O            08/01/29
    0


    2894332          976/976             F          197,600.00         ZZ
                                         360        197,477.17          1
    2446 TUNLAW ROAD N.W               8.375          1,501.91         75
                                       8.125          1,501.91      263,500.00
    WASHINGTON       DC   20007          5            08/24/99         00
    5741014                              05           10/01/99          0
    5741014                              N            09/01/29
    0


    2894334          976/976             F           73,800.00         T
                                         360         73,707.92          1
    530 JONATHAN LANE                  8.375            560.94         90
                                       8.125            560.94       82,000.00
    GREENSBORO       NC   27406          1            07/23/99         04
    5743139                              05           09/01/99         25
    5743139                              O            08/01/29
    0


    2894335          976/976             F          105,750.00         ZZ
                                         360        105,627.86          1
    2981 GLEN HAVEN DRIVE              8.750            831.94         90
                                       8.500            831.94      117,500.00
    GAINESVILLE      GA   30504          1            07/23/99         21
    5743629                              05           09/01/99         25
1


    5743629                              N            08/01/29
    0


    2894336          976/976             F           80,910.00         ZZ
                                         360         80,806.46          1
    113 AUCKLAND DRIVE                 8.250            607.85         90
                                       8.000            607.85       89,900.00
    NEWARK           DE   19702          1            07/26/99         01
    5748120                              05           09/01/99         25
    5748120                              N            08/01/29
    0


    2894337          976/976             F           80,910.00         ZZ
                                         360         80,806.46          1
    107 AUCKLAND DRIVE                 8.250            607.85         90
                                       8.000            607.85       89,900.00
    NEWARK           DE   19702          1            07/26/99         21
    5748121                              05           09/01/99         25
    5748121                              N            08/01/29
    0


    2894338          976/976             F          210,000.00         ZZ
                                         360        209,888.25          4
    215 & 217 EAST CEDAR AVEN          9.125          1,708.63         70
                                       8.875          1,708.63      300,000.00
    BURBANK          CA   91502          5            08/06/99         00
    5749293                              05           10/01/99          0
    5749293                              N            09/01/29
    0


    2894341          976/976             F          199,800.00         ZZ
                                         360        199,662.50          1
    13221 DRAKE STREET                 7.875          1,448.69         90
                                       7.625          1,448.69      222,000.00
    GARDEN GROVE     CA   92844          1            08/11/99         10
    5752160                              03           10/01/99         25
    5752160                              O            09/01/29
    0


    2894344          976/976             F          204,000.00         ZZ
                                         360        203,738.94          1
    17007 SPINNING AVENUE              8.250          1,532.58         75
                                       8.000          1,532.58      272,000.00
    TORRANCE         CA   90501          1            07/28/99         00
    5752179                              05           09/01/99          0
    5752179                              O            08/01/29
    0


1


    2894345          976/976             F          157,410.00         ZZ
                                         360        157,321.75          1
    11551 WASCO ROAD                   8.875          1,252.43         90
                                       8.625          1,252.43      174,900.00
    GARDEN GROVE     CA   92841          1            08/13/99         10
    5752233                              05           10/01/99         25
    5752233                              O            09/01/29
    0


    2894347          976/976             F          135,600.00         ZZ
                                         360        135,521.98          2
    6706 CANNON LEAGUE DRIVE           8.750          1,066.77         80
                                       8.500          1,066.77      169,500.00
    AUSTIN           TX   78745          1            08/02/99         00
    5753487                              05           10/01/99          0
    5753487                              N            09/01/29
    0


    2894348          976/976             F          139,050.00         ZZ
                                         360        138,876.52          2
    6708 CANNONLEAGUE DRIVE            8.375          1,056.89         90
                                       8.125          1,056.89      154,500.00
    AUSTIN           TX   78745          1            07/23/99         10
    5753543                              05           09/01/99         25
    5753543                              N            08/01/29
    0


    2894349          976/976             F          218,600.00         ZZ
                                         360        218,290.43          1
    213 HILLS DRIVE                    7.750          1,566.08         75
                                       7.500          1,566.08      291,500.00
    AUSTIN           TX   78738          1            07/30/99         00
    5753553                              01           09/01/99          0
    5753553                              O            08/01/29
    0


    2894350          976/976             F          167,250.00         ZZ
                                         360        167,165.53          1
    320 W. WOODLAND                    9.375          1,391.11         75
                                       9.125          1,391.11      223,000.00
    FERNDALE         MI   48220          5            08/18/99         00
    5753948                              05           10/01/99          0
    5753948                              O            09/01/29
    0


    2894351          976/976             F           94,880.00         ZZ
                                         360         94,830.81          2
    3208-3212 84TH AVENUE NORTH        9.250            780.56         80
                                       9.000            780.56      118,600.00
1


    BROOKLYN PARK    MN   55443          1            08/20/99         00
    5754208                              05           10/01/99          0
    5754208                              N            09/01/29
    0


    2894352          976/976             F           55,000.00         ZZ
                                         360         54,899.54          1
    1934 87TH AVENUE                   8.000            403.58         63
                                       7.750            403.58       88,500.00
    OAKLAND          CA   94621          5            07/28/99         00
    5756034                              05           09/01/99          0
    5756034                              N            08/01/29
    0


    2894353          976/976             F          200,000.00         ZZ
                                         360        199,862.36          1
    644 HIGH ROAD                      7.875          1,450.14         66
                                       7.625          1,450.14      305,000.00
    PALM SPRINGS     CA   92262          5            08/10/99         00
    5758029                              05           10/01/99          0
    5758029                              O            09/01/29
    0


    2894354          976/976             F          114,200.00         T
                                         360        114,053.85          1
    2607 WEST CULPEPPER COURT          8.250            857.95         80
                                       8.000            857.95      142,750.00
    TUCSON           AZ   85745          1            07/16/99         00
    5758719                              03           09/01/99          0
    5758719                              O            08/01/29
    0


    2894355          976/976             F          125,000.00         ZZ
                                         360        124,929.92          1
    145 LITTLE ELF                     8.875            994.56         90
                                       8.625            994.56      138,900.00
    SEDONA           AZ   86336          1            08/06/99         10
    5758759                              05           10/01/99         25
    5758759                              O            09/01/29
    0


    2894357          976/976             F          142,500.00         ZZ
                                         360        142,355.50          2
    7224 PLAINFIELD ROAD               9.375          1,185.25         75
                                       9.125          1,185.25      190,000.00
    CINCINNATI       OH   45236          5            07/23/99         00
    5761111                              05           09/01/99          0
    5761111                              N            08/01/29
    0
1




    2894358          976/976             F           67,500.00         ZZ
                                         360         67,431.54          1
    4394 GALBRAITH ROAD                9.375            561.44         75
                                       9.125            561.44       90,000.00
    CINCINNATI       OH   45236          2            07/23/99         00
    5761112                              05           09/01/99          0
    5761112                              N            08/01/29
    0


    2894359          976/976             F           67,500.00         ZZ
                                         360         67,431.54          1
    4396 GALBRAITH ROAD                9.375            561.44         75
                                       9.125            561.44       90,000.00
    CINCINNATI       OH   45236          2            07/23/99         00
    5761114                              05           09/01/99          0
    5761114                              N            08/01/29
    0


    2894360          976/976             F           93,600.00         ZZ
                                         360         93,483.23          4
    418 ALTAMONT STREET                8.375            711.43         90
                                       8.125            711.43      104,000.00
    COVINGTON        KY   41011          1            07/27/99         04
    5761180                              05           09/01/99         25
    5761180                              O            08/01/29
    0


    2894361          976/976             F           93,000.00         ZZ
                                         360         92,889.78          4
    1238 BROOK STREET                  8.625            723.35         75
                                       8.375            723.35      124,000.00
    LOUISVILLE       KY   40208          1            07/26/99         00
    5761365                              05           09/01/99          0
    5761365                              N            08/01/29
    0


    2894363          976/976             F          113,850.00         ZZ
                                         360        113,692.77          1
    114 NORTON DRIVE                   7.875            825.50         90
                                       7.625            825.50      126,500.00
    RICHMOND         KY   40475          1            07/23/99         11
    5761387                              05           09/01/99         25
    5761387                              O            08/01/29
    0


    2894364          976/976             F          100,000.00         ZZ
                                         360         99,872.02          2
1


    3326 SPANGLER DRIVE                8.250            751.27         72
                                       8.000            751.27      140,000.00
    LEXINGTON        KY   40517          2            08/02/99         00
    5761419                              05           09/01/99          0
    5761419                              N            08/01/29
    0


    2894365          976/976             F           67,500.00         ZZ
                                         360         67,424.02          2
    1887 KAHN DRIVE                    8.875            537.07         90
                                       8.625            537.07       75,000.00
    HAMILTON         OH   45011          2            07/19/99         11
    5761673                              05           09/01/99         25
    5761673                              N            08/01/29
    0


    2894366          976/976             F           67,500.00         ZZ
                                         360         67,424.02          2
    1891 KAHN AVENUE                   8.875            537.07         90
                                       8.625            537.07       75,000.00
    HAMILTON         OH   45011          2            07/19/99         04
    5761676                              05           09/01/99         25
    5761676                              N            08/01/29
    0


    2894367          976/976             F           55,800.00         ZZ
                                         360         54,628.48          4
    236-238 RACE STREET                8.500            429.06         90
                                       8.250            429.06       62,000.00
    HAMILTON         OH   45011          2            07/19/99         21
    5761677                              05           09/01/99         25
    5761677                              N            08/01/29
    0


    2894368          976/976             F           41,350.00         ZZ
                                         360         41,304.65          1
    1229 MADELEINE CIRCLE              9.000            332.72         90
                                       8.750            332.72       45,950.00
    CINCINNATI       OH   45231          1            08/05/99         04
    5761821                              05           09/01/99         25
    5761821                              N            08/01/29
    0


    2894369          976/976             F          111,600.00         ZZ
                                         360        111,483.83          4
    495 ROSEMONT AVENUE                9.250            918.11         90
                                       9.000            918.11      124,000.00
    CINCINNATI       OH   45238          1            07/30/99         11
    5761831                              05           09/01/99         25
1


    5761831                              N            08/01/29
    0


    2894370          976/976             F           70,400.00         ZZ
                                         360         70,363.50          1
    3637 WELLHAUN ROAD                 9.250            579.17         80
                                       9.000            579.17       88,000.00
    DECATUR          GA   30034          1            08/06/99         00
    5762605                              05           10/01/99          0
    5762605                              N            09/01/29
    0


    2894371          976/976             F          138,320.00         ZZ
                                         360        138,222.37          1
    2118 SHADYBRIAR DRIVE              7.750            990.95         80
                                       7.500            990.95      172,900.00
    HOUSTON          TX   77077          1            08/09/99         00
    5763228                              03           10/01/99          0
    5763228                              O            09/01/29
    0


    2894372          976/976             F          152,000.00         ZZ
                                         360        151,925.23          2
    1627 CASTLE COURT                  9.500          1,278.10         80
                                       9.250          1,278.10      190,000.00
    HOUSTON          TX   77006          1            08/19/99         00
    5763360                              05           10/01/99          0
    5763360                              N            09/01/29
    0


    2894373          976/976             F           44,550.00         ZZ
                                         360         44,498.54          1
    8506 NORTH MAY STREET              8.750            350.48         90
                                       8.500            350.48       49,900.00
    TAMPA            FL   33614          1            07/26/99         04
    5763829                              05           09/01/99         25
    5763829                              N            08/01/29
    0


    2894374          976/976             F          175,700.00         ZZ
                                         360        175,587.96          1
    126 OLD HOUSE LAND1NG ROAD         8.250          1,319.98         63
                                       8.000          1,319.98      280,000.00
    EAST HAMPTON     NY   11937          5            08/04/99         00
    5765204                              05           10/01/99          0
    5765204                              O            09/01/29
    0


1


    2894376          976/976             F          140,000.00         ZZ
                                         360        139,917.34          1
    526 CRYSTAL DRIVE                  8.625          1,088.91         80
                                       8.375          1,088.91      175,000.00
    MADEIRA BEACH    FL   33708          5            08/02/99         00
    5766521                              05           10/01/99          0
    5766521                              N            09/01/29
    0


    2894377          976/976             F           40,800.00         ZZ
                                         360         40,653.65          1
    3747 45TH WAY NORTH                8.625            317.34         80
                                       8.375            317.34       51,000.00
    ST PETERSBURG    FL   33713          5            08/02/99         00
    5766523                              09           09/01/99          0
    5766523                              N            08/01/29
    0


    2894378          976/976             F          100,000.00         ZZ
                                         360         99,939.41          1
    117 MARY PAT CT                    8.500            768.92         80
                                       8.250            768.92      125,000.00
    ST CHARLES       MO   63303          1            08/23/99         00
    5767150                              05           10/01/99          0
    5767150                              O            09/01/29
    0


    2894380          976/976             F           86,150.00         ZZ
                                         360         86,049.00          1
    1305 N.E. 84TH TERRACE             8.750            677.75         90
                                       8.500            677.75       95,750.00
    KANSAS CITY      MO   64155          1            07/29/99         11
    5767636                              05           09/01/99         25
    5767636                              N            08/01/29
    0


    2894381          976/976             F          202,400.00         ZZ
                                         360        202,147.51          1
    2711 WEST EXECUTIVE                8.375          1,538.39         80
                                       8.125          1,538.39      253,000.00
    OZARK            MO   65721          1            08/06/99         00
    5767793                              05           09/01/99          0
    5767793                              O            08/01/29
    0


    2894382          976/976             F           53,400.00         T
                                         360         53,369.28          1
    RT. 3 WANTA LINGA                  8.750            420.10         80
                                       8.500            420.10       66,800.00
1


    WARSAW           MO   65355          1            08/12/99         00
    5767896                              05           10/01/99          0
    5767896                              O            09/01/29
    0


    2894383          976/976             F          108,900.00         ZZ
                                         360        108,789.57          4
    4158 W. PINE BLVD                  9.375            905.78         90
                                       9.125            905.78      121,000.00
    ST. LOUIS        MO   63108          1            07/26/99         11
    5767929                              05           09/01/99         25
    5767929                              N            08/01/29
    0


    2894384          976/976             F           96,900.00         ZZ
                                         360         96,820.57          1
    1600 N. HICKORY COURT              7.000            644.68         85
                                       6.750            644.68      115,000.00
    BROKEN ARROW     OK   74012          2            08/10/99         11
    5767962                              05           10/01/99         12
    5767962                              O            09/01/29
    0


    2894385          976/976             F          110,500.00         ZZ
                                         360        110,439.64          4
    296 NORTH CENTER STREET            9.000            889.11         70
                                       8.750            889.11      160,000.00
    ORANGE           NJ   07050          5            08/02/99         00
    5768042                              05           10/01/99          0
    5768042                              N            09/01/29
    0


    2894386          976/976             F          201,600.00         ZZ
                                         360        201,354.87          2
    26 DEWEY STREET                    8.500          1,550.13         90
                                       8.250          1,550.13      224,000.00
    GARFIELD         NJ   07026          1            07/27/99         11
    5768079                              05           09/01/99         25
    5768079                              O            08/01/29
    0


    2894387          976/976             F          216,000.00         ZZ
                                         360        215,750.53          1
    7 STONE STREET                     8.750          1,699.28         90
                                       8.500          1,699.28      240,000.00
    NEW BRUNSWICK    NJ   08901          1            07/28/99         11
    5768201                              05           09/01/99         25
    5768201                              N            08/01/29
    0
1




    2894388          976/976             F          105,300.00         ZZ
                                         360        105,246.82          2
    12 NARRAGANSETT STREET             9.375            875.84         90
                                       9.125            875.84      117,000.00
    GORHAM           ME   04038          1            08/03/99         21
    5769620                              05           10/01/99         25
    5769620                              N            09/01/29
    0


    2894389          976/976             F           80,000.00         ZZ
                                         360         79,958.52          2
    13 FOSTER STREET                   9.250            658.15         80
                                       9.000            658.15      100,000.00
    WESTBROOK        ME   04092          5            08/03/99         00
    5769621                              05           10/01/99          0
    5769621                              N            09/01/29
    0


    2894390          976/976             F           89,100.00         ZZ
                                         360         89,052.58          2
    355C SEAL AVENUE                   9.125            724.95         90
                                       8.875            724.95       99,000.00
    LONG BEACH       MS   39560          1            08/04/99         04
    5769720                              05           10/01/99         25
    5769720                              N            09/01/29
    0


    2894391          976/976             F          112,500.00         ZZ
                                         360        112,388.88          4
    264-C ALEXANDER ROAD               9.500            945.97         90
                                       9.250            945.97      125,000.00
    LONG BEACH       MS   39560          1            07/28/99         04
    5769721                              05           09/01/99         25
    5769721                              N            08/01/29
    0


    2894392          976/976             F          117,650.00         ZZ
                                         360        117,595.11          4
    807 HARDY STREET                   9.750          1,010.80         90
                                       9.500          1,010.80      130,750.00
    GULFPORT         MS   39507          1            08/13/99         04
    5769733                              05           10/01/99         25
    5769733                              N            09/01/29
    0


    2894393          976/976             F          103,500.00         ZZ
                                         360        103,392.27          3
1


    16 HANCOCK STREET                  9.250            851.47         90
                                       9.000            851.47      115,000.00
    BROCKTON         MA   02301          1            07/29/99         10
    5770910                              05           09/01/99         25
    5770910                              N            08/01/29
    0


    2894394          976/976             F          116,100.00         ZZ
                                         360        116,041.36          3
    22 MOULTON STREET                  9.375            965.67         90
                                       9.125            965.67      129,000.00
    LYNN             MA   01905          1            08/06/99         04
    5770919                              05           10/01/99         25
    5770919                              N            09/01/29
    0


    2894395          976/976             F          112,000.00         ZZ
                                         360        111,877.18          3
    9-11 SHEPPARD STREET               9.000            901.18         80
                                       8.750            901.18      140,000.00
    BROCKTON         MA   02401          5            07/29/99         00
    5771044                              05           09/01/99          0
    5771044                              N            08/01/29
    0


    2894397          976/976             F           99,900.00         ZZ
                                         360         99,781.60          1
    20127 SCOTT STREET                 8.625            777.02         65
                                       8.375            777.02      156,000.00
    MOKENA           IL   60448          5            07/21/99         00
    5772071                              05           09/01/99          0
    5772071                              O            08/01/29
    0


    2894398          976/976             F           44,000.00         ZZ
                                         360         43,975.96          1
    346 SPRING STREET                  9.000            354.04         80
                                       8.750            354.04       55,000.00
    GALENA           IL   61036          2            08/11/99         00
    5772151                              05           10/01/99          0
    5772151                              N            09/01/29
    0


    2894399          976/976             F           92,000.00         ZZ
                                         360         91,952.30          3
    6949 BADGER ROAD                   9.250            756.87         80
                                       9.000            756.87      115,000.00
    EAST DUBUQUE     IL   61025          2            08/11/99         00
    5772152                              05           10/01/99          0
1


    5772152                              N            09/01/29
    0


    2894400          976/976             F          100,000.00         ZZ
                                         360         99,942.46          1
    522 SOUTH HIGH STREET              8.750            786.71         80
                                       8.500            786.71      125,000.00
    GALENA           IL   61036          2            08/11/99         00
    5772153                              05           10/01/99          0
    5772153                              O            09/01/29
    0


    2894401          976/976             F          151,700.00         T
                                         360        151,515.53          1
    10209 EAST PINE VALLEY ROAD        8.500          1,166.45         80
                                       8.250          1,166.45      189,643.00
    SCOTTDALE        AZ   85259          1            07/29/99         00
    5772394                              03           09/01/99          0
    5772394                              O            08/01/29
    0


    2894402          976/976             F          138,500.00         ZZ
                                         360        138,420.31          2
    1922 FOSTER                        8.750          1,089.59         90
                                       8.500          1,089.59      154,000.00
    EVANSTON         IL   60201          1            08/06/99         11
    5772458                              05           10/01/99         25
    5772458                              N            09/01/29
    0


    2894403          976/976             F          133,650.00         ZZ
                                         360        133,564.77          1
    1908 VICKSBURG COURT               8.250          1,004.07         90
                                       8.000          1,004.07      148,500.00
    PEKIN            IL   61554          1            08/20/99         10
    5772487                              05           10/01/99         25
    5772487                              O            09/01/29
    0


    2894404          976/976             F           99,000.00         ZZ
                                         360         98,948.67          1
    RR 1  BOX 199                      9.250            814.45         75
                                       9.000            814.45      132,000.00
    LUVERNE          MN   56156          2            08/09/99         00
    5774840                              05           10/01/99          0
    5774840                              O            09/01/29
    0


1


    2894405          976/976             F          113,400.00         ZZ
                                         360        113,262.11          1
    4608 SOUTH KYLE AVENUE             8.500            871.95         90
                                       8.250            871.95      126,000.00
    SIOUX FALLS      SD   57103          1            07/23/99         10
    5774849                              05           09/01/99         25
    5774849                              O            08/01/29
    0


    2894406          976/976             F          187,500.00         ZZ
                                         360        179,897.41          1
    2841 SIBLEY HILLS DRIVE            7.750          1,343.28         75
                                       7.500          1,343.28      250,000.00
    EAGAN            MN   55121          5            07/23/99         00
    5775140                              05           09/01/99          0
    5775140                              O            08/01/29
    0


    2894408          976/976             F          102,600.00         ZZ
                                         360        102,481.50          2
    1015 - 1017 JAMES STREET           8.750            807.16         90
                                       8.500            807.16      114,000.00
    PRESCOTT         WI   54021          1            07/28/99         04
    5775658                              05           09/01/99         25
    5775658                              N            08/01/29
    0


    2894410          976/976             F          128,000.00         ZZ
                                         360        127,928.24          2
    1181 RAYMOND AVENUE                8.875          1,018.43         75
                                       8.625          1,018.43      172,000.00
    SAINT PAUL       MN   55108          5            08/20/99         00
    5775828                              05           10/01/99          0
    5775828                              N            09/01/29
    0


    2894411          976/976             F          106,000.00         ZZ
                                         360        105,857.26          1
    5681 144TH STREET WEST             8.000            777.80         78
                                       7.750            777.80      137,000.00
    SAVAGE           MN   55378          1            08/05/99         00
    5775841                              05           09/01/99          0
    5775841                              O            08/01/29
    0


    2894412          976/976             F           61,200.00         ZZ
                                         360         61,104.08          1
    10130 254TH AVENUE                 9.250            503.48         90
                                       9.000            503.48       68,000.00
1


    ZIMMERMAN        MN   55398          1            07/01/99         04
    5776025                              05           08/01/99         25
    5776025                              N            07/01/29
    0


    2894413          976/976             F           79,800.00         ZZ
                                         360         79,707.84          3
    3014 EAST BECK LANE                8.750            627.79         80
                                       8.500            627.79      100,000.00
    PHOENIX          AZ   85032          1            07/23/99         00
    5776661                              05           09/01/99          0
    5776661                              N            08/01/29
    0


    2894414          976/976             F           94,000.00         T
                                         360         93,882.73          1
    360 BLUE BAYOU DRIVE               8.375            714.47         80
                                       8.125            714.47      117,500.00
    KISSIMMEE        FL   34743          1            07/30/99         00
    5778137                              03           09/01/99          0
    5778137                              O            08/01/29
    0


    2894415          976/976             F           46,350.00         ZZ
                                         360         46,297.82          1
    2508 ACORN HILL                    8.875            368.79         90
                                       8.625            368.79       51,500.00
    BEAUFORT         SC   29902          1            07/23/99         21
    5778288                              05           09/01/99         25
    5778288                              N            08/01/29
    0


    2894416          976/976             F           49,140.00         ZZ
                                         360         49,084.68          1
    2601 RODGERS STREET                8.875            390.99         90
                                       8.625            390.99       54,600.00
    BEAUFORT         SC   29902          1            07/23/99         04
    5778289                              05           09/01/99         25
    5778289                              N            08/01/29
    0


    2894417          976/976             F           46,350.00         ZZ
                                         360         46,297.82          1
    2603 RODGERS STREET                8.875            368.79         90
                                       8.625            368.79       51,500.00
    BEAUFORT         SC   29902          1            07/23/99         04
    5778290                              05           09/01/99         25
    5778290                              N            08/01/29
    0
1




    2894418          976/976             F          162,050.00         ZZ
                                         360        161,831.80          1
    115 TECUMSEH CT                    8.000          1,189.07         80
                                       7.750          1,189.07      202,595.00
    RALEIGH          NC   27607          1            07/23/99         00
    5778320                              05           09/01/99          0
    5778320                              O            08/01/29
    0


    2894419          976/976             F           44,000.00         ZZ
                                         360         43,975.33          1
    7732 CLUB DUCLAY DRIVE             8.875            350.09         78
                                       8.625            350.09       57,000.00
    JACKSONVILLE     FL   32244          2            08/16/99         00
    5778331                              05           10/01/99          0
    5778331                              N            09/01/29
    0


    2894420          976/976             F           50,400.00         ZZ
                                         360         50,371.74          1
    2618 MALIBU CIRCLE                 8.875            401.01         79
                                       8.625            401.01       64,000.00
    ORANGE PARK      FL   32065          2            08/16/99         00
    5778332                              05           10/01/99          0
    5778332                              N            09/01/29
    0


    2894421          976/976             F           40,000.00         ZZ
                                         360         39,950.10          1
    4351 NW 45 TERRACE                 8.375            304.03         58
                                       8.125            304.03       69,000.00
    LAUDERDALE LAKE  FL   33319          1            07/30/99         00
    5778389                              03           09/01/99          0
    5778389                              N            08/01/29
    0


    2894424          976/976             F          148,100.00         ZZ
                                         360        147,884.92          1
    2240 LAKE COHOON ROAD              7.625          1,048.25         80
                                       7.375          1,048.25      186,500.00
    SUFFOLK          VA   23434          2            07/26/99         00
    5779632                              05           09/01/99          0
    5779632                              O            08/01/29
    0


    2894425          976/976             F          200,000.00         ZZ
                                         360        199,748.01          4
1


    11000-11010 SW GAARDE STREET       8.500          1,537.83         80
                                       8.250          1,537.83      250,000.00
    TIGARD           OR   97224          1            07/28/99         00
    5780082                              05           09/01/99          0
    5780082                              N            08/01/29
    0


    2894426          976/976             F          115,000.00         ZZ
                                         360        114,860.15          4
    4017-4021 49TH STREET              8.500            884.26         87
                                       8.250            884.26      133,000.00
    SAN DIEGO        CA   92105          1            07/21/99         04
    5780963                              05           09/01/99         25
    5780963                              N            08/01/29
    0


    2894427          976/976             F           79,210.00         ZZ
                                         360         79,097.80          1
    6440 BROADWAY STREET               7.750            567.48         69
                                       7.500            567.48      116,000.00
    INDIANAPOLIS     IN   46220          2            07/30/99         00
    5782314                              05           09/01/99          0
    5782314                              O            08/01/29
    0


    2894428          976/976             F           70,000.00         ZZ
                                         360         69,903.34          1
    28 EAST 40TH STREET                7.875            507.55         80
                                       7.625            507.55       87,500.00
    INDIANAPOLIS     IN   46205          1            07/30/99         00
    5782499                              05           09/01/99          0
    5782499                              O            08/01/29
    0


    2894429          976/976             F          105,000.00         T
                                         360        104,936.39          1
    75-5870 KAHAKAI ROAD, #409         8.500            807.36         75
                                       8.250            807.36      140,000.00
    KAILUA KONA      HI   96740          1            08/01/99         00
    5784477                              01           10/01/99          0
    5784477                              O            09/01/29
    0


    2894431          976/976             F          117,300.00         ZZ
                                         360        117,240.76          1
    380 PAPALOA ROAD, #11              9.375            975.65         75
                                       9.125            975.65      156,500.00
    KAPAA            HI   96746          2            08/12/99         00
    5784492                              01           10/01/99          0
1


    5784492                              N            09/01/29
    0


    2894433          976/976             F          210,000.00         ZZ
                                         360        209,882.26          1
    5265 LIVEOAK AVENUE                8.875          1,670.86         75
                                       8.625          1,670.86      280,000.00
    OAKLEY           CA   94561          5            08/10/99         00
    5785052                              05           10/01/99          0
    5785052                              N            09/01/29
    0


    2894434          976/976             F          132,300.00         ZZ
                                         360        132,221.89          1
    39139 ARGONAUT WAY, #108           8.625          1,029.02         90
                                       8.375          1,029.02      147,000.00
    FREMONT          CA   94538          1            08/06/99         04
    5785096                              01           10/01/99         25
    5785096                              N            09/01/29
    0


    2894435          976/976             F          188,800.00         ZZ
                                         240        188,543.20          3
    29 POPLAR STREET                   9.750          1,790.80         80
                                       9.500          1,790.80      236,000.00
    NEWPORT          RI   02840          1            08/19/99         00
    5787801                              05           10/01/99          0
    5787801                              N            09/01/19
    0


    2894436          976/976             F          123,000.00         T
                                         360        122,874.06          1
    188 DAVIDSON DRIVE, UNIT #31       8.625            956.69         80
                                       8.375            956.69      154,000.00
    LACONIA          NH   03246          1            08/13/99         00
    5787898                              01           10/01/99          0
    5787898                              O            09/01/29
    0


    2894437          976/976             F          183,600.00         ZZ
                                         360        183,504.81          1
    42 MOUNT ARARAT ROAD               9.250          1,510.44         90
                                       9.000          1,510.44      204,000.00
    QUINCY           MA   02169          1            08/19/99         04
    5787949                              05           10/01/99         25
    5787949                              N            09/01/29
    0


1


    2894438          976/976             F          210,000.00         ZZ
                                         360        209,744.66          1
    48 REEVES AVENUE                   8.500          1,614.72         75
                                       8.250          1,614.72      280,000.00
    FARMINGDALE      NY   11735          1            07/27/99         00
    5789225                              05           09/01/99          0
    5789225                              O            08/01/29
    0


    2894441          976/976             F           51,300.00         ZZ
                                         360         51,269.71          1
    4731 CASCADE DRIVE                 8.625            399.01         90
                                       8.375            399.01       57,000.00
    OLD HICKORY      TN   37138          1            08/17/99         11
    5790078                              05           10/01/99         25
    5790078                              N            09/01/29
    0


    2894442          976/976             F          103,650.00         ZZ
                                         360        103,517.35          1
    909 FOREST POINTE LANE             8.250            778.69         80
                                       8.000            778.69      129,605.00
    ANTIOCH          TN   37013          1            07/26/99         00
    5790101                              05           09/01/99          0
    5790101                              O            08/01/29
    0


    2894443          976/976             F           64,400.00         ZZ
                                         360         64,319.66          1
    1408 PAINTBRUSH STREET             8.375            489.49         80
                                       8.125            489.49       80,500.00
    MESQUITE         TX   75149          1            07/28/99         00
    5790412                              05           09/01/99          0
    5790412                              N            08/01/29
    0


    2894445          976/976             F          184,000.00         ZZ
                                         360        183,879.63          1
    162 ELDER AVENUE                   8.125          1,366.20         80
                                       7.875          1,366.20      230,000.00
    IMPERIAL BEACH   CA   91932          1            08/18/99         00
    5791607                              01           10/01/99          0
    5791607                              O            09/01/29
    0


    2894446          976/976             F           84,000.00         ZZ
                                         360         83,952.90          4
    2721 WEST ROOSEVELT STREET         8.875            668.35         80
                                       8.625            668.35      105,000.00
1


    PHOENIX          AZ   85009          5            08/13/99         00
    5792003                              05           10/01/99          0
    5792003                              N            09/01/29
    0


    2894447          976/976             F           84,000.00         ZZ
                                         360         83,952.90          4
    2725 WEST ROOSEVELT STREET         8.875            668.35         80
                                       8.625            668.35      105,000.00
    PHOENIX          AZ   85009          5            08/13/99         00
    5792004                              05           10/01/99          0
    5792004                              N            09/01/29
    0


    2894449          976/976             F          115,000.00         ZZ
                                         360        114,870.56          3
    353 MONROE STREET N.E.             8.875            915.00         80
                                       8.625            915.00      145,000.00
    ALBUQUERQUE      NM   87108          1            07/29/99         00
    5792236                              05           09/01/99          0
    5792236                              N            08/01/29
    0


    2894451          976/976             F          108,000.00         ZZ
                                         360        107,934.57          1
    910 S. FIRST STREEET               8.500            830.43         90
                                       8.250            830.43      120,000.00
    AUSTIN           TX   78704          1            08/12/99         10
    5793922                              05           10/01/99         25
    5793922                              N            09/01/29
    0


    2894452          976/976             F           86,900.00         ZZ
                                         360         86,851.28          1
    1002 SOUTH FIRST STREET            8.875            691.42         68
                                       8.625            691.42      129,000.00
    AUSTIN           TX   78704          5            08/25/99         00
    5793951                              05           10/01/99          0
    5793951                              N            09/01/29
    0


    2894453          976/976             F           89,600.00         ZZ
                                         360         89,535.14          1
    2574 COUNTY ROAD 7711              7.625            634.19         70
                                       7.375            634.19      128,000.00
    DEVINE           TX   78016          1            08/05/99         00
    5793954                              05           10/01/99          0
    5793954                              O            09/01/29
    0
1




    2894455          976/976             F           51,300.00         ZZ
                                         360         51,247.98          1
    627 EAST CONANT STREET             9.375            426.69         90
                                       9.125            426.69       57,000.00
    PORTAGE          WI   53901          1            07/30/99         04
    5794133                              05           09/01/99         25
    5794133                              N            08/01/29
    0


    2894456          976/976             F          148,950.00         ZZ
                                         360        148,784.94          2
    325 DARLENE DRIVE                  9.000          1,198.49         90
                                       8.750          1,198.49      165,500.00
    WAUKESHA         WI   53188          1            07/27/99         10
    5794554                              05           09/01/99         25
    5794554                              N            08/01/29
    0


    2894457          976/976             F          133,850.00         ZZ
                                         264        133,678.94          2
    40 BROOKSIDE PLACE                 8.625          1,133.11         56
                                       8.375          1,133.11      240,000.00
    HILLSDALE        NJ   07642          5            08/02/99         00
    5796066                              05           10/01/99          0
    5796066                              O            09/01/21
    0


    2894458          976/976             F          151,500.00         ZZ
                                         360        151,338.13          1
    121 TULIP STREET                   9.125          1,232.66         74
                                       8.875          1,232.66      207,000.00
    ESCONDIDO        CA   92025          5            07/22/99         00
    5797567                              05           09/01/99          0
    5797567                              N            08/01/29
    0


    2894460          976/976             F          178,400.00         ZZ
                                         360        178,147.36          1
    3361 CHARLEMAGNE AVENUE            7.750          1,278.08         80
                                       7.500          1,278.08      223,000.00
    LONG BEACH       CA   90808          1            07/22/99         00
    5797753                              05           09/01/99          0
    5797753                              O            08/01/29
    0


    2894461          976/976             F          211,200.00         ZZ
                                         360        210,582.55          1
1


    2116 MANHATTAN BEACH BLVD          7.375          1,458.71         80
                                       7.125          1,458.71      264,000.00
    REDONDO BEACH    CA   90278          1            07/15/99         00
    5797760                              05           09/01/99          0
    5797760                              O            08/01/29
    0


    2894462          976/976             F          191,250.00         ZZ
                                         360        190,992.48          1
    7244 ENFIELD AVENUE                8.000          1,403.33         75
    RESEDA AREA                        7.750          1,403.33      255,000.00
    LOS ANGELES      CA   91335          1            07/15/99         00
    5797860                              05           09/01/99          0
    5797860                              O            08/01/29
    0


    2894463          976/976             F          101,250.00         ZZ
                                         360        100,922.29          1
    1058 METCALF STREET                8.375            769.58         75
                                       8.125            769.58      135,000.00
    ESCONDIDO        CA   92026          5            07/28/99         00
    5797939                              05           09/01/99          0
    5797939                              O            08/01/29
    0


    2894464          976/976             F          135,200.00         ZZ
                                         360        135,003.66          3
    3020-24 IVY STREET                 7.625            956.94         80
                                       7.375            956.94      169,000.00
    SAN DIEGO        CA   92104          1            07/28/99         00
    5798032                              05           09/01/99          0
    5798032                              O            08/01/29
    0


    2894465          976/976             F          108,000.00         ZZ
                                         360        107,865.27          1
    1015 N MICHILLINDA #206            8.375            820.88         93
                                       8.125            820.88      117,000.00
    PASADENA         CA   91107          2            07/20/99         10
    5798092                              01           09/01/99         30
    5798092                              O            08/01/29
    0


    2894467          976/976             F          157,500.00         ZZ
                                         360        157,303.52          1
    3127 PARK WAY                      8.375          1,197.12         75
                                       8.125          1,197.12      210,000.00
    CHEVERLY         MD   20785          5            07/27/99         00
    5800749                              05           09/01/99          0
1


    5800749                              O            08/01/29
    0


    2894468          976/976             F           80,200.00         ZZ
                                         360         80,107.37          1
    18106 DEEP BROOK DRIVE             8.750            630.94         80
                                       8.500            630.94      100,289.00
    SPRING           TX   77379          1            07/21/99         00
    5802225                              03           09/01/99          0
    5802225                              N            08/01/29
    0


    2894469          976/976             F           38,400.00         ZZ
                                         360         38,356.78          1
    919 NAVIDAD STREET                 8.875            305.53         80
                                       8.625            305.53       48,000.00
    BRYAN            TX   77801          1            07/28/99         00
    5802238                              05           09/01/99          0
    5802238                              N            08/01/29
    0


    2894470          976/976             F           72,000.00         ZZ
                                         360         71,903.04          1
    4206 SABLE PINES LANE              8.000            528.32         80
                                       7.750            528.32       90,000.00
    HOUSTON          TX   77014          1            07/22/99         00
    5802240                              03           09/01/99          0
    5802240                              O            08/01/29
    0


    2894471          976/976             F          183,200.00         ZZ
                                         360        183,088.98          1
    300 ROBINS WAY                     8.500          1,408.65         80
                                       8.250          1,408.65      229,000.00
    WIMBERLEY        TX   78676          1            08/04/99         00
    5802250                              05           10/01/99          0
    5802250                              O            09/01/29
    0


    2894472          976/976             F           31,950.00         ZZ
                                         360         31,931.13          1
    503 NORTHWOOD DRIVE                8.625            248.51         50
                                       8.375            248.51       63,900.00
    CONROE           TX   77303          1            08/04/99         00
    5802275                              05           10/01/99          0
    5802275                              N            09/01/29
    0


1


    2894473          976/976             F          117,000.00         ZZ
                                         360        116,919.47          1
    15403 OAKLAWN PARK DRIVE           7.875            848.34         80
                                       7.625            848.34      147,000.00
    HOUSTON          TX   77069          1            08/16/99         00
    5802316                              05           10/01/99          0
    5802316                              O            09/01/29
    0


    2894474          976/976             F          132,300.00         ZZ
                                         360        132,223.88          1
    7310 CART GATE DRIVE               8.750          1,040.81         80
                                       8.500          1,040.81      165,400.00
    HOUSTON          TX   77095          1            08/06/99         00
    5802324                              03           10/01/99          0
    5802324                              O            09/01/29
    0


    2894475          976/976             F          162,870.00         ZZ
                                         360        162,783.32          1
    14493 325TH STREET                 9.125          1,325.17         89
                                       8.875          1,325.17      183,000.00
    ST. JOSEPH       MN   56374          1            08/13/99         11
    5803563                              05           10/01/99         25
    5803563                              O            09/01/29
    0


    2894476          976/976             F           49,050.00         ZZ
                                         360         49,024.56          1
    3000 EAST 21ST STREET              9.250            403.53         90
                                       9.000            403.53       54,500.00
    SIOUX FALLS      SD   57103          1            08/13/99         10
    5804490                              05           10/01/99         25
    5804490                              N            09/01/29
    0


    2894477          976/976             F          100,000.00         T
                                         360         99,937.84          1
    5063 217TH STREET                  8.375            760.08         79
                                       8.125            760.08      128,000.00
    FOREST LAKE      MN   55025          1            08/13/99         00
    5804784                              05           10/01/99          0
    5804784                              O            09/01/29
    0


    2894478          976/976             F          198,000.00         ZZ
                                         360        197,888.99          4
    2826 PLEASANT AVENUE SOUTH         8.875          1,575.38         90
                                       8.625          1,575.38      220,000.00
1


    MINNEAPOLIS      MN   55408          1            08/19/99         10
    5804938                              05           10/01/99         25
    5804938                              O            09/01/29
    0


    2894479          976/976             F           80,100.00         ZZ
                                         360         80,064.56          4
    275 COKATO STREET WEST            10.000            702.94         90
                                       9.750            702.94       89,000.00
    COKATO           MN   55321          1            08/17/99         10
    5804939                              05           10/01/99         25
    5804939                              N            09/01/29
    0


    2894481          976/976             F           73,800.00         ZZ
                                         360         73,728.99          1
    3512 1ST AVENUE SOUTH              9.625            627.30         90
                                       9.375            627.30       82,000.00
    MINNEAPOLIS      MN   55408          1            08/04/99         11
    5805038                              05           09/01/99         25
    5805038                              N            08/01/29
    0


    2894482          976/976             F           65,600.00         ZZ
                                         360         65,562.25          1
    1603 N. 7TH AVENUE EAST            8.750            516.08         80
                                       8.500            516.08       82,000.00
    DULUTH           MN   55805          5            08/06/99         00
    5805226                              05           10/01/99          0
    5805226                              N            09/01/29
    0


    2894483          976/976             F           47,600.00         ZZ
                                         360         47,543.59          1
    957 HIGHVIEW ROAD                  8.625            370.23         80
                                       8.375            370.23       59,500.00
    PITTSBURGH       PA   15234          1            07/29/99         00
    5805535                              05           09/01/99          0
    5805535                              N            08/01/29
    0


    2894484          976/976             F          180,000.00         ZZ
                                         360        179,893.72          4
    221A MURRAY ROAD                   8.625          1,400.03         90
                                       8.375          1,400.03      200,000.00
    NEWARK           DE   19711          1            08/05/99         04
    5805584                              05           10/01/99         25
    5805584                              N            09/01/29
    0
1




    2894485          976/976             F           60,000.00         ZZ
                                         360         59,960.75          1
    204 SUNSET DRIVE                   8.125            445.50         25
                                       7.875            445.50      245,000.00
    GOULDSBORO       PA   18424          5            08/13/99         00
    5805719                              05           10/01/99          0
    5805719                              O            09/01/29
    0


    2894486          976/976             F          166,250.00         ZZ
                                         360        166,149.28          3
    24 EAST FIRST AVENUE               8.500          1,278.32         95
                                       8.250          1,278.32      175,000.00
    PARKESBURG COUN  PA   19365          1            08/23/99         11
    5805787                              05           10/01/99         30
    5805787                              O            09/01/29
    0


    2894487          976/976             F           44,000.00         ZZ
                                         360         43,974.02          1
    728 ORCHARD AVENUE                 8.625            342.23         80
                                       8.375            342.23       55,000.00
    PITTSBURGH       PA   15202          1            08/19/99         00
    5805981                              05           10/01/99          0
    5805981                              O            09/01/29
    0


    2894488          976/976             F          105,450.00         ZZ
                                         360        105,386.12          1
    2325 CHRISMAN MILL ROAD            8.500            810.82         95
                                       8.250            810.82      111,000.00
    NICHOLASVILLE    KY   40356          2            08/03/99         11
    5807432                              05           10/01/99         30
    5807432                              O            09/01/29
    0


    2894489          976/976             F          103,500.00         ZZ
                                         360        103,397.77          2
    2049 & 2051 QUAYLE AVENUE          9.500            870.29         90
                                       9.250            870.29      115,000.00
    AKRON            OH   44312          1            08/03/99         11
    5807574                              05           09/01/99         25
    5807574                              N            08/01/29
    0


    2894490          976/976             F           51,250.00         ZZ
                                         360         51,212.90          1
1


    9402 MADISON AVENUE                7.625            362.75         57
                                       7.375            362.75       90,000.00
    CLEVELAND        OH   44102          5            08/06/99         00
    5807581                              05           10/01/99          0
    5807581                              O            09/01/29
    0


    2894491          976/976             F           72,000.00         ZZ
                                         360         71,967.28          2
    2137 WERON LANE                    9.875            625.22         80
                                       9.625            625.22       90,000.00
    CINCINNATI       OH   45225          5            08/16/99         00
    5807655                              05           10/01/99          0
    5807655                              N            09/01/29
    0


    2894492          976/976             F           48,600.00         ZZ
                                         360         48,571.30          1
    362 ROLEF AVENUE                   8.625            378.01         90
                                       8.375            378.01       54,000.00
    CINCINNATI       OH   45215          1            08/18/99         11
    5807809                              05           10/01/99         25
    5807809                              N            09/01/29
    0


    2894493          976/976             F           72,900.00         ZZ
                                         360         72,817.95          1
    520 CHISHOLM TRAIL                 8.875            580.03         90
                                       8.625            580.03       81,000.00
    DENTON           TX   76201          1            07/23/99         04
    5809015                              05           09/01/99         25
    5809015                              N            08/01/29
    0


    2894494          976/976             F          124,500.00         ZZ
                                         360        124,426.49          1
    1243 RED OAK CIRCLE                8.625            968.35         75
                                       8.375            968.35      166,000.00
    FARMERSVILLE     TX   75442          2            08/04/99         00
    5809027                              05           10/01/99          0
    5809027                              O            09/01/29
    0


    2894495          976/976             F          112,000.00         ZZ
                                         360        111,873.94          1
    8047 SOUTH DOVER STREET            8.875            891.13         80
                                       8.625            891.13      140,000.00
    LITTLETON        CO   80123          1            07/27/99         00
    5809039                              05           09/01/99          0
1


    5809039                              N            08/01/29
    0


    2894496          976/976             F          192,000.00         ZZ
                                         360        191,897.82          4
    38 YORKSHIRE ROAD                  9.125          1,562.18         80
                                       8.875          1,562.18      240,000.00
    PUEBLO           CO   81001          1            08/11/99         00
    5809114                              05           10/01/99          0
    5809114                              N            09/01/29
    0


    2894497          976/976             F          185,000.00         ZZ
                                         360        184,797.12          1
    18145 BRIARHAVEN COURT             9.000          1,488.56         74
                                       8.750          1,488.56      253,000.00
    MONUMENT         CO   80132          2            07/29/99         00
    5809115                              05           09/01/99          0
    5809115                              N            08/01/29
    0


    2894498          976/976             F           64,760.00         ZZ
                                         360         64,720.77          1
    3995 SARASOTA SPRINGS DRIVE        8.500            497.95         80
                                       8.250            497.95       80,950.00
    FORT WORTH       TX   76123          1            08/02/99         00
    5809128                              05           10/01/99          0
    5809128                              O            09/01/29
    0


    2894499          976/976             F          106,400.00         ZZ
                                         360        106,346.26          3
    8309 NORTH 61ST AVENUE             9.375            884.99         80
                                       9.125            884.99      133,000.00
    GLENDALE         AZ   85302          5            08/05/99         00
    5809189                              05           10/01/99          0
    5809189                              N            09/01/29
    0


    2894500          976/976             F           74,800.00         ZZ
                                         360         74,713.60          1
    4409 AUGUSTA CIRCLE                8.750            588.46         80
                                       8.500            588.46       93,500.00
    SHERMAN          TX   75092          1            07/30/99         00
    5809293                              05           09/01/99          0
    5809293                              O            08/01/29
    0


1


    2894502          976/976             F           63,000.00         ZZ
                                         360         62,962.80          1
    410 NORTH BAHAMAS DRIVE            8.625            490.01         50
                                       8.375            490.01      126,000.00
    TUCSON           AZ   85710          2            08/13/99         00
    5809420                              05           10/01/99          0
    5809420                              O            09/01/29
    0


    2894503          976/976             F          112,500.00         ZZ
                                         360        112,438.54          1
    508 EAST SOUTH STREET              9.000            905.21         90
                                       8.750            905.21      125,000.00
    SOUTH BEND       IN   46601          1            08/20/99         11
    5811589                              05           10/01/99         25
    5811589                              N            09/01/29
    0


    2894505          976/976             F           56,000.00         T
                                         360         55,912.45          1
    1422 SUNWOOD DRIVE                 8.250            420.71         80
                                       8.000            420.71       70,000.00
    SOUTH BEND       IN   46628          1            08/02/99         00
    5811595                              05           09/01/99          0
    5811595                              O            08/01/29
    0


    2894506          976/976             F          119,200.00         ZZ
                                         360        118,795.74          1
    8608 SANDBERRY BLVD.               8.250            895.51         80
                                       8.000            895.51      149,000.00
    ORLANDO          FL   32819          1            07/30/99         00
    5815025                              05           09/01/99          0
    5815025                              O            08/01/29
    0


    2894507          976/976             F           68,800.00         ZZ
                                         360         68,766.16          1
    15246 SW 112 COURT                 9.500            578.51         80
                                       9.250            578.51       86,000.00
    MIAMI            FL   33157          5            08/18/99         00
    5815138                              03           10/01/99          0
    5815138                              N            09/01/29
    0


    2894511          976/976             F          184,500.00         ZZ
                                         360        184,263.89          1
    22211 AVENUE SAN LUIS              8.250          1,386.09         90
                                       8.000          1,386.09      205,000.00
1


    LOS ANGELES      CA   91364          1            07/27/99         10
    5817275                              05           09/01/99         25
    5817275                              O            08/01/29
    0


    2894513          976/976             F           40,000.00         ZZ
                                         360         39,975.76          1
    1965 BERNARDO AVENUE               8.500            307.57         16
                                       8.250            307.57      255,000.00
    ESCONDIDO        CA   92025          5            08/16/99         00
    5817477                              05           10/01/99          0
    5817477                              O            09/01/29
    0


    2894514          976/976             F          124,000.00         ZZ
                                         360        123,924.87          2
    2310-2312 WEST CAMERON STREET      8.500            953.46         80
                                       8.250            953.46      155,000.00
    LONG BEACH       CA   90810          2            08/05/99         00
    5817485                              05           10/01/99          0
    5817485                              N            09/01/29
    0


    2894516          976/976             F          102,000.00         ZZ
                                         360        101,942.81          1
    731 SOUTH ROSE STREET              8.875            811.56         75
                                       8.625            811.56      136,000.00
    SEATTLE          WA   98108          5            08/04/99         00
    5817787                              05           10/01/99          0
    5817787                              N            09/01/29
    0


    2894517          976/976             F           80,000.00         ZZ
                                         360         79,905.18          1
    612 ASH                            8.625            622.24         80
                                       8.375            622.24      100,000.00
    EUDORA           KS   66025          1            08/05/99         00
    5820009                              05           09/01/99          0
    5820009                              N            08/01/29
    0


    2894518          976/976             F           88,000.00         ZZ
                                         360         87,942.43          1
    1709 LEARNARD                      8.125            653.40         80
                                       7.875            653.40      110,000.00
    LAWRENCE         KS   66046          1            08/18/99         00
    5820014                              05           10/01/99          0
    5820014                              O            09/01/29
    0
1




    2894519          976/976             F           54,800.00         ZZ
                                         360         54,774.43          1
    3211 FALLING LEAF                  9.750            470.82         80
                                       9.500            470.82       68,500.00
    SPRING           TX   77380          1            08/12/99         00
    5826565                              03           10/01/99          0
    5826565                              N            09/01/29
    0


    2894520          976/976             F          215,000.00         ZZ
                                         360        214,876.30          1
    1428 BUTTERFIELD AVENUE            8.750          1,691.41         72
                                       8.500          1,691.41      300,000.00
    SAN DIMAS        CA   91773          5            08/12/99         00
    5826807                              05           10/01/99          0
    5826807                              O            09/01/29
    0


    2894521          976/976             F          224,000.00         ZZ
                                         360        223,871.12          4
    8412 TAMARU DRIVE                  8.750          1,762.21         80
                                       8.500          1,762.21      280,000.00
    HUNTINGTON BEAC  CA   92647          1            08/10/99         00
    5826894                              05           10/01/99          0
    5826894                              N            09/01/29
    0


    2894522          976/976             F           76,500.00         ZZ
                                         360         76,454.83          1
    14367 LA HABRA ROAD                8.625            595.01         90
                                       8.375            595.01       85,000.00
    VICTORVILLE      CA   92392          1            08/18/99         04
    5826910                              05           10/01/99         25
    5826910                              N            09/01/29
    0


    2894524          976/976             F          120,000.00         ZZ
                                         360        119,654.89          1
    9180 OWL LAKE DRIVE                7.250            818.61         45
                                       7.000            818.61      270,000.00
    LONGMONT         CO   80504          1            07/19/99         00
    7532290                              03           09/01/99          0
    7532290                              O            08/01/29
    0


    2894526          976/976             F          130,320.00         ZZ
                                         360        130,135.45          4
1


    1237 PERKINS RD.                   7.750            933.63         90
                                       7.500            933.63      144,800.00
    BATON ROUGE      LA   70806          1            07/30/99         10
    7541644                              05           09/01/99         25
    7541644                              O            08/01/29
    0


    2894527          976/976             F           90,500.00         ZZ
                                         360         89,877.89          1
    312 CASTLE DRIVE                   7.750            648.35         68
                                       7.500            648.35      135,000.00
    ENGARD           LA   70049          2            06/30/99         00
    7541723                              05           08/01/99          0
    7541723                              O            07/01/29
    0


    2894528          976/976             F          171,000.00         ZZ
                                         360        170,890.96          3
    64 EVERARD STREET                  8.250          1,284.67         90
                                       8.000          1,284.67      190,000.00
    REVERE           MA   02151          1            08/02/99         04
    7542903                              05           10/01/99         25
    7542903                              O            09/01/29
    0


    2894529          976/976             F          105,000.00         ZZ
                                         360        104,936.39          1
    187 SHORE DRIVE                    8.500            807.36         41
                                       8.250            807.36      262,000.00
    SALEM            NH   03079          5            08/11/99         00
    7543243                              05           10/01/99          0
    7543243                              N            09/01/29
    0


    2894530          976/976             F          221,400.00         ZZ
                                         360        221,275.88          4
    107-109 MAIN STREET                8.875          1,761.56         90
                                       8.625          1,761.56      246,000.00
    PEABODY          MA   01960          1            08/12/99         04
    7544556                              05           10/01/99         25
    7544556                              N            09/01/29
    0


    2894849          K08/G02             F           75,000.00         ZZ
                                         360         74,965.93          1
    91 EAST CLEVLAND AVENUE            9.875            651.26         75
                                       9.625            651.26      100,000.00
    NEWARK           DE   19711          1            08/30/99         00
    0411439656                           05           10/01/99          0
1


    0411439656                           N            09/01/29
    0


    2894857          K08/G02             F           53,700.00         ZZ
                                         360         53,250.93          1
    830 NW 11TH STREET                 8.875            427.26         77
                                       8.625            427.26       70,000.00
    HOMESTEAD        FL   33139          2            08/31/99         00
    0411537855                           05           10/01/99          0
    0411537855                           N            09/01/29
    0


    2894867          K08/G02             F          215,600.00         ZZ
                                         360        215,493.95          1
    829 CONCORD AVENUE UNIT #B         9.500          1,812.88         75
                                       9.250          1,812.88      287,500.00
    CAMBRIDGE        MA   02138          2            08/30/99         00
    0411552482                           01           10/01/99          0
    0411552482                           N            09/01/29
    0


    2894877          K08/G02             F           89,100.00         T
                                         360         89,056.18          1
    1119 DAUPHINE STREET               9.500            749.20         90
    UNIT 1                             9.250            749.20       99,000.00
    NEW ORLEANS      LA   70116          1            08/30/99         10
    0411565617                           01           10/01/99         25
    0411565617                           O            09/01/29
    0


    2894886          K08/G02             F          125,000.00         ZZ
                                         360        124,936.87          1
    6733 101ST AVENUE                  9.375          1,039.69         65
                                       9.125          1,039.69      194,879.00
    KENOSHA          WI   53142          1            08/18/99         00
    0411577125                           05           10/01/99          0
    0411577125                           O            09/01/29
    0


    2895191          074/074             F           50,000.00         ZZ
                                         360         49,968.11          1
    40 EDWARDS STREET                  8.250            375.64         79
                                       8.000            375.64       63,500.00
    JOHNSON CITY     NY   13790          1            08/09/99         00
    1107083408                           05           10/01/99          0
    1107083408                           O            09/01/29
    0


1


    2895209          074/074             F           76,700.00         ZZ
                                         360         76,474.86          1
    104 DIAMOND DRIVE                  8.875            610.26         90
                                       8.625            610.26       85,250.00
    NEWTOWN          PA   18940          1            07/30/99         04
    1175082511                           01           09/01/99         25
    1175082511                           N            08/01/29
    0


    2895222          074/074             F           99,000.00         ZZ
                                         360         98,950.01          3
    1827 NW 55TH AVENUE                9.375            823.43         90
                                       9.125            823.43      110,000.00
    LAUDERHILL       FL   33313          1            08/09/99         21
    1302049268                           05           10/01/99         25
    1302049268                           N            09/01/29
    0


    2895245          074/074             F           44,100.00         ZZ
                                         360         44,050.37          3
    302-306 HIGHLAND AVENUE            8.875            350.88         90
                                       8.625            350.88       49,000.00
    COLUMBUS         OH   43223          1            07/07/99         04
    1507878285                           05           09/01/99         25
    1507878285                           N            08/01/29
    0


    2895258          074/074             F           79,200.00         ZZ
                                         360         79,110.85          4
    9145 GREAT SMOKEY                  8.875            630.16         90
                                       8.625            630.16       88,000.00
    BATON ROUGE      LA   70814          1            07/22/99         12
    1539024676                           05           09/01/99         25
    1539024676                           N            08/01/29
    0


    2895266          074/074             F           71,600.00         ZZ
                                         360         71,508.37          4
    5204 MEADOW FIELD                  8.250            537.91         63
                                       8.000            537.91      115,000.00
    SAN ANTONIO      TX   78250          2            07/16/99         00
    1563286839                           05           09/01/99          0
    1563286839                           N            08/01/29
    0


    2895278          074/074             F           81,900.00         ZZ
                                         360         81,797.83          3
    327 TREMONT STREET                 8.375            622.50         90
                                       8.125            622.50       91,000.00
1


    CHATTANOOGA      TN   37405          1            07/23/99         11
    1577246617                           05           09/01/99         25
    1577246617                           N            08/01/29
    0


    2895280          074/074             F           99,000.00         ZZ
                                         360         98,891.43          4
    243 CAMPSIE PLACE                  9.000            796.58         90
                                       8.750            796.58      110,000.00
    LEXINGTON        KY   40508          1            08/05/99         14
    1577254590                           05           09/01/99         25
    1577254590                           N            08/01/29
    0


    2895285          074/074             F           87,200.00         ZZ
                                         360         87,100.35          1
    995 ANGLERS COVE DRIVE             8.875            693.80         80
                                       8.625            693.80      109,000.00
    MARCO ISLAND     FL   34145          1            07/20/99         00
    1580166006                           08           09/01/99          0
    1580166006                           O            08/01/29
    0


    2895290          074/074             F           47,700.00         ZZ
                                         360         47,644.90          4
    327 W 7TH STREET                   8.750            375.26         90
                                       8.500            375.26       53,000.00
    MISHAWAKA        IN   46544          1            07/23/99         01
    1581330273                           05           09/01/99         25
    1581330273                           N            08/01/29
    0


    2895291          074/074             F           51,400.00         ZZ
                                         360         51,374.72          1
    5234 NOTTINGHAM                    9.500            432.20         90
                                       9.250            432.20       57,200.00
    DETROIT          MI   48224          1            08/11/99         01
    1581333511                           05           10/01/99         25
    1581333511                           N            09/01/29
    0


    2895292          074/074             F           55,300.00         ZZ
                                         360         55,229.22          1
    320 OHIO AVENUE                    8.250            415.46         70
                                       8.000            415.46       79,000.00
    MC DONALD        OH   44437          5            07/31/99         00
    1581334900                           05           09/01/99          0
    1581334900                           N            08/01/29
    0
1




    2895297          074/074             F           59,850.00         ZZ
                                         360         59,780.87          1
    817 TIFFIN AVE                     8.750            470.85         90
                                       8.500            470.85       66,500.00
    SAINT LOUIS      MO   63135          1            07/30/99         14
    1583235535                           05           09/01/99         25
    1583235535                           N            08/01/29
    0


    2895298          074/074             F           66,000.00         ZZ
                                         360         65,963.94          1
    4215 W MELROSE                     9.000            531.06         60
                                       8.750            531.06      110,000.00
    CHICAGO          IL   60641          1            08/06/99         00
    1583235670                           05           10/01/99          0
    1583235670                           N            09/01/29
    0


    2895301          074/074             F           45,000.00         ZZ
                                         360         44,948.03          3
    5523 PULASKI AVENUE                8.750            354.02         90
                                       8.500            354.02       50,000.00
    PHILADELPHIA     PA   19144          1            07/23/99         14
    1587228892                           05           09/01/99         25
    1587228892                           N            08/01/29
    0


    2895302          074/074             F          108,000.00         ZZ
                                         360        107,875.27          4
    623 BEECH STREET                   8.750            849.64         90
                                       8.500            849.64      120,000.00
    CHESAPEAKE       VA   23324          1            07/19/99         11
    1587240424                           05           09/01/99         25
    1587240424                           N            08/01/29
    0


    2895324          074/074             F           93,000.00         ZZ
                                         360         92,886.92          3
    1841 DAVIS AVENUE                  8.500            715.09         95
                                       8.250            715.09       98,000.00
    WHITING          IN   46394          1            07/30/99         11
    1621228496                           05           09/01/99         30
    1621228496                           O            08/01/29
    0


    2895327          074/074             F           58,500.00         ZZ
                                         360         58,471.23          4
1


    4570 VARRELMANN AVENUE             9.500            491.90         90
                                       9.250            491.90       65,000.00
    ST LOUIS         MO   63116          1            08/13/99         11
    1632054466                           05           10/01/99         25
    1632054466                           N            09/01/29
    0


    2897363          K08/G02             F          119,900.00         ZZ
                                         360        119,829.21          1
    2748 CRYSTAL GLENN CIRCLE          8.625            932.57         80
                                       8.375            932.57      149,900.00
    HURST            TX   76054          1            08/25/99         00
    0411539810                           05           10/01/99          0
    0411539810                           O            09/01/29
    0


    2897365          K08/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
    6904 EAST BELLA VISTA DRIVE        8.125            534.60         72
                                       7.875            534.60      100,000.00
    CAVE CREEK       AZ   85331          1            08/23/99         00
    0411542509                           05           11/01/99          0
    0411542509                           N            10/01/29
    0


    2897373          K08/G02             F          126,000.00         ZZ
                                         360        125,932.95          1
    5402 CROWN COLONY                  9.125          1,025.18         75
                                       8.875          1,025.18      168,000.00
    HOUSTON          TX   77069          5            08/20/99         00
    0411554447                           03           10/01/99          0
    0411554447                           O            09/01/29
    0


    2897375          K08/G02             F           27,000.00         ZZ
                                         360         26,929.45          1
    2002 CATALPA                       9.125            219.68         90
                                       8.875            219.68       30,000.00
    SOUTH BEND       IN   46619          1            08/31/99         04
    0411555519                           05           10/01/99         25
    0411555519                           N            09/01/29
    0


    2897377          K08/G02             F           63,750.00         ZZ
                                         360         63,622.10          1
    813 CARNEY DRIVE                   8.875            507.22         75
                                       8.625            507.22       85,000.00
    GARLAND          TX   75041          5            08/26/99         00
    0411558026                           05           10/01/99          0
1


    0411558026                           O            09/01/29
    0


    2897389          K08/G02             F           52,250.00         ZZ
                                         360         52,219.94          1
    1405 GREENHOUSE ROAD               8.750            411.05         55
                                       8.500            411.05       95,000.00
    BANGOR           MI   49013          5            08/31/99         00
    0411568298                           05           10/01/99          0
    0411568298                           N            09/01/29
    0


    2897397          K08/G02             F          192,200.00         ZZ
                                         360        192,089.42          1
    7714 LAKECREST CIRCLE              8.750          1,512.04         80
                                       8.500          1,512.04      240,300.00
    IRVING           TX   75063          1            08/25/99         00
    0411575426                           03           10/01/99          0
    0411575426                           O            09/01/29
    0


    2897398          K08/G02             F           54,000.00         ZZ
                                         360         53,974.13          4
    15209 BARAT ST                     9.625            458.99         90
                                       9.375            458.99       60,000.00
    GRANDVIEW        MO   64030          1            08/31/99         04
    0411575699                           03           10/01/99         25
    0411575699                           N            09/01/29
    0


    2897419          K08/G02             F          196,000.00         ZZ
                                         360        195,887.24          2
    5648 N TALMAN                      8.750          1,541.93         80
                                       8.500          1,541.93      245,000.00
    CHICAGO          IL   60659          2            08/27/99         00
    0411404197                           05           10/01/99          0
    0411404197                           O            09/01/29
    0


    2897426          K08/G02             F           96,000.00         ZZ
                                         360         95,955.21          4
    1714 WEST VIRGINIA AVENUE          9.750            824.79         80
                                       9.500            824.79      120,000.00
    WASHINGTON       DC   20002          1            08/25/99         00
    0411548670                           05           10/01/99          0
    0411548670                           N            09/01/29
    0


1


    2897430          K08/G02             F          176,000.00         ZZ
                                         360        175,893.38          1
    4600 CHANNING PARKWAY              8.500          1,353.29         80
                                       8.250          1,353.29      220,000.00
    ROCK HILL        SC   29732          2            08/27/99         00
    0411561780                           05           10/01/99          0
    0411561780                           O            09/01/29
    0


    2897436          K08/G02             F          100,800.00         ZZ
                                         360        100,751.71          2
    5386/5388 RIDGEMERE COURT          9.625            856.79         90
                                       9.375            856.79      112,000.00
    STONE MOUNTAIN   GA   30083          1            08/31/99         10
    0411580624                           05           10/01/99         25
    0411580517                           N            09/01/29
    0


    2897437          K08/G02             F          100,800.00         ZZ
                                         360        100,751.71          2
    5197/5199 RIDGE FOREST DR          9.625            856.79         90
                                       9.375            856.79      112,000.00
    STONE MOUNTAIN   GA   30058          1            08/31/99         14
    0411580624                           05           10/01/99         25
    0411580624                           N            09/01/29
    0


    2897440          K08/G02             F          207,900.00         ZZ
                                         360        207,900.00          1
    2207 CREEKSIDE BRANCH              9.375          1,729.21         90
                                       9.125          1,729.21      231,000.00
    FRANKLIN         TN   37064          1            09/01/99         04
    0411586407                           05           11/01/99         25
    0411586407                           N            10/01/29
    0


    2897902          E82/G02             F          160,000.00         T
                                         360        160,000.00          1
    46 NEPTUNE ROAD                    8.750          1,258.72         72
                                       8.500          1,258.72      225,000.00
    TOM RIVERS       NJ   08753          1            09/02/99         00
    0400222170                           05           11/01/99          0
    0400222170                           O            10/01/29
    0


    2897905          514/G02             F          216,750.00         ZZ
                                         360        216,615.27          1
    450 LONGFELLOW AVENUE              8.375          1,647.46         85
                                       8.125          1,647.46      255,000.00
1


    GLEN ELLYN       IL   60137          2            08/06/99         01
    0431507821                           05           10/01/99         25
    382261                               O            09/01/29
    0


    2898649          K08/G02             F          130,400.00         ZZ
                                         360        130,324.97          1
    85 MARTINIQUE                      8.750          1,025.86         80
                                       8.500          1,025.86      163,000.00
    LAGUNA NIGUEL    CA   92677          1            08/13/99         00
    0411517923                           01           10/01/99          0
    0411517923                           O            09/01/29
    0


    2898658          K08/G02             F          166,500.00         ZZ
                                         360        166,422.32          4
    6787 SOUTHERN SPRINGS DRIVE        9.750          1,430.49         90
                                       9.500          1,430.49      185,000.00
    MORROW           GA   30260          1            08/24/99         14
    0411573215                           05           10/01/99         25
    0411573215                           N            09/01/29
    0


    2899188          638/G02             F           36,800.00         ZZ
                                         360         36,778.82          1
    3033 EAST COCONINO VISTA           8.750            289.51         67
                                       8.500            289.51       55,000.00
    TUCSON           AZ   85713          2            08/27/99         00
    0431515865                           05           10/01/99          0
    08914316                             N            09/01/29
    0


    2899232          638/G02             F          139,500.00         ZZ
                                         360        139,417.64          2
    2205 & 2207 LELAND COURT           8.625          1,085.02         90
                                       8.375          1,085.02      155,000.00
    PITTSBUG         CA   94565          1            08/20/99         10
    0431462357                           05           10/01/99         25
    08910469                             N            09/01/29
    0


    2899929          K08/G02             F           92,700.00         ZZ
                                         360         92,656.75          2
    1268 KENNEDY BOULEVARD             9.750            796.44         90
                                       9.500            796.44      103,000.00
    BAYONNE          NJ   07002          1            09/02/99         04
    0411545668                           05           10/01/99         25
    0411545668                           N            09/01/29
    0
1




    2899935          K08/G02             F           42,750.00         ZZ
                                         360         42,725.41          4
    161 MARTHON                        8.750            336.31         90
                                       8.500            336.31       47,500.00
    DAYTON           OH   45405          1            09/02/99         04
    0411553498                           05           10/01/99         25
    0411553498                           N            09/01/29
    0


    2899938          K08/G02             F          135,200.00         ZZ
                                         360        135,200.00          1
    1545 SOUTH BURNSIDE AVENU          8.500          1,039.57         80
                                       8.250          1,039.57      169,000.00
    LOS ANGELES      CA   90019          1            08/27/99         00
    0411566987                           05           11/01/99          0
    0411566987                           O            10/01/29
    0


    2899944          K08/G02             F          166,500.00         ZZ
                                         360        166,422.32          4
    6799 SOUTHERN SPRINGS DR           9.750          1,430.49         90
                                       9.500          1,430.49      185,000.00
    MORROW           GA   30260          1            08/24/99         14
    0411572787                           05           10/01/99         25
    0411572787                           N            09/01/29
    0


    2899945          K08/G02             F          105,750.00         ZZ
                                         360        105,695.18          1
    3101 LAKE FOREST ROAD              9.250            869.98         75
                                       9.000            869.98      141,000.00
    TAHOE CITY       CA   96145          1            08/24/99         00
    0411574502                           09           10/01/99          0
    0411574502                           N            09/01/29
    0


    2901334          G75/G75             F           78,300.00         ZZ
                                         360         78,256.10          4
    1809 COURTLAND AVENUE              8.875            622.99         87
                                       8.625            622.99       91,000.00
    CINCINNATI       OH   45212          1            08/18/99         14
    03931905                             05           10/01/99         25
    03931905                             N            09/01/29
    0


    2901336          G75/G75             F           88,000.00         ZZ
                                         360         87,895.71          1
1


    3107 MATTAPAN AVENUE               8.625            684.46         80
                                       8.375            684.46      110,000.00
    POINT PLEASANT   NJ   08742          1            07/06/99         00
    03882013                             05           09/01/99          0
    03882013                             O            08/01/29
    0


    2901337          G75/G75             F          102,050.00         ZZ
                                         360        101,983.24          1
    203 LAUREL COURT                   8.125            757.72         80
                                       7.875            757.72      129,000.00
    MORGANTOWN       PA   19543          1            08/13/99         00
    03916814                             01           10/01/99          0
    03916814                             O            09/01/29
    0


    2901340          G75/G75             F          106,000.00         ZZ
                                         360        105,774.09          1
    106 ASHLEY HALL ROAD               7.750            759.40         67
                                       7.500            759.40      160,000.00
    COLUMBIA         SC   29229          1            07/26/99         00
    03781425                             03           09/01/99          0
    03781425                             O            08/01/29
    0


    2901345          G75/G75             F           70,000.00         ZZ
                                         360         69,917.04          4
    1015- 1017 S. FULTON               8.625            544.46         69
                                       8.375            544.46      102,000.00
    CARTHAGE         MO   64836          5            07/21/99         00
    03887986                             05           09/01/99          0
    03887986                             N            08/01/29
    0


    2901348          G75/G75             F           70,000.00         ZZ
                                         360         69,917.04          1
    2702 RUDOLPH ROAD                  8.625            544.46         70
                                       8.375            544.46      100,000.00
    RICHMOND         VA   23294          5            07/09/99         00
    03854874                             05           09/01/99          0
    03854874                             N            08/01/29
    0


    2901351          G75/G75             F           70,000.00         ZZ
                                         360         69,956.48          1
    29 AUSTIN ST.                      8.375            532.06         37
                                       8.125            532.06      190,000.00
    TINTON FALLS     NJ   07712          1            08/03/99         00
    03812244                             01           10/01/99          0
1


    03812244                             O            09/01/29
    0


    2901352          G75/G75             F           89,900.00         ZZ
                                         360         89,796.16          1
    1312 GREEN TERRACE DRIVE           8.750            707.25         90
                                       8.500            707.25      100,000.00
    ROUND ROCK       TX   78664          1            07/30/99         10
    03928124                             05           09/01/99         25
    03928124                             N            08/01/29
    0


    2901354          G75/G75             F           93,000.00         ZZ
                                         360         92,943.66          3
    315-317 NORTH WASHINGTON ST.       8.500            715.09         60
                                       8.250            715.09      155,000.00
    NORTH ATTLEBORO  MA   02760          1            08/11/99         00
    03934987                             05           10/01/99          0
    03934987                             N            09/01/29
    0


    2901358          G75/G75             F           97,600.00         ZZ
                                         360         97,539.33          1
    2201 MAPLEWOOD AVENUE              8.375            741.84         78
                                       8.125            741.84      125,500.00
    RICHMOND         VA   23220          1            08/20/99         00
    03939672                             05           10/01/99          0
    03939672                             O            09/01/29
    0


    2901359          G75/G75             F           42,300.00         ZZ
                                         360         42,275.66          3
    227 S. WASHINGTON AVENUE           8.750            332.78         90
                                       8.500            332.78       47,000.00
    KANKAKEE         IL   60901          1            08/03/99         14
    03914911                             05           10/01/99         25
    03914911                             N            09/01/29
    0


    2901364          G75/G75             F           63,100.00         ZZ
                                         360         63,044.10          1
    138 16TH AVE. S                    8.750            496.41         80
                                       8.500            496.41       79,000.00
    ST CLOUD         MN   56301          1            08/20/99         00
    03950739                             05           10/01/99          0
    03950739                             O            09/01/29
    0


1


    2901369          G75/G75             F           95,300.00         ZZ
                                         360         95,246.57          4
    1522 14TH STREET                   8.875            758.25         90
                                       8.625            758.25      106,000.00
    ROCKFORD         IL   61002          1            08/26/99         14
    03936703                             05           10/01/99         25
    03936703                             N            09/01/29
    0


    2901510          560/560             F          112,250.00         ZZ
                                         360        112,116.98          1
    8429 VIA MALLORCA #111             8.625            873.07         75
                                       8.375            873.07      150,000.00
    SAN DIEGO        CA   92037          2            07/28/99         00
    120041405                            01           09/01/99          0
    120041405                            O            08/01/29
    0


    2901512          560/560             F           57,600.00         ZZ
                                         360         57,364.19          1
    510 BESSINGER DRIVE                8.000            422.65         88
                                       7.750            422.65       66,000.00
    CINCINNATI       OH   45240          1            03/31/99         21
    120097506                            05           05/01/99         25
    120097506                            N            04/01/29
    0


    2901514          560/560             F           85,500.00         ZZ
                                         360         85,191.25          3
    637 FREELAND AVENUE                8.250            642.34         89
                                       8.000            642.34       97,000.00
    CALUMET CITY     IL   60409          1            04/23/99         21
    120118500                            05           06/01/99         25
    120118500                            N            05/01/29
    0


    2901515          560/560             F           99,000.00         ZZ
                                         360         97,723.32          3
    36 KIKI DRIVE                      8.500            761.23         66
                                       8.250            761.23      150,000.00
    MERIDEN          CT   06451          1            06/02/99         21
    120119607                            05           08/01/99         25
    120119607                            N            07/01/29
    0


    2901516          560/560             F           99,000.00         ZZ
                                         360         97,737.33          3
    45 KIKI DRIVE                      8.500            761.23         66
                                       8.250            761.23      150,000.00
1


    MERIDEN          CT   06451          1            06/02/99         21
    120120902                            05           08/01/99         25
    120120902                            N            07/01/29
    0


    2901520          560/560             F           72,000.00         ZZ
                                         360         71,748.98          1
    1203 E 12TH AVENUE                 7.875            522.05         90
                                       7.625            522.05       80,000.00
    SPOKANE          WA   99202          1            04/09/99         21
    120174800                            05           06/01/99         25
    120174800                            O            05/01/29
    0


    2901521          560/560             F           90,000.00         ZZ
                                         360         87,173.73          1
    6509 S BONNER CT                   8.000            660.39         75
                                       7.750            660.39      120,000.00
    INVER GROVE HEI  MN   55076          5            04/23/99         00
    120215702                            05           06/01/99          0
    120215702                            O            05/01/29
    0


    2901524          560/560             F           73,900.00         ZZ
                                         360         73,658.85          1
    68 PRESTON STREET 9F               8.250            555.19         79
                                       8.000            555.19       94,000.00
    WAKEFIELD        MA   01880          1            05/14/99         00
    120266507                            01           07/01/99          0
    120266507                            O            06/01/29
    0


    2901526          560/560             F           60,000.00         ZZ
                                         360         59,810.88          1
    1110 SE 169TH AVE                  8.375            456.05         48
                                       8.125            456.05      127,500.00
    PORTLAND         OR   97233          5            04/07/99         00
    120367206                            05           06/01/99          0
    120367206                            O            05/01/29
    0


    2901530          560/560             F           96,000.00         ZZ
                                         360         93,155.06          1
    224 SUNCOOK VALLEY HIGHWAY         8.250            721.22         79
                                       8.000            721.22      122,000.00
    EPSOM            NH   03234          1            04/28/99         00
    120431903                            05           06/01/99          0
    120431903                            O            05/01/29
    0
1




    2901533          560/560             F           45,000.00         ZZ
                                         360         44,921.76          1
    1072 RED LEAF LANE                 8.750            354.02         73
                                       8.500            354.02       62,000.00
    YPSILANTI        MI   48198          1            06/04/99         21
    120539309                            05           08/01/99         25
    120539309                            N            07/01/29
    0


    2901534          560/560             F           37,100.00         ZZ
                                         360         36,973.84          1
    6213 FAUST                         8.000            272.23         70
                                       7.750            272.23       53,000.00
    DETROIT          MI   48228          5            04/14/99         00
    120581004                            05           06/01/99          0
    120581004                            N            05/01/29
    0


    2901535          560/560             F           39,900.00         ZZ
                                         360         39,764.30          1
    6030 GREENVIEW                     8.000            292.78         70
                                       7.750            292.78       57,000.00
    DETROIT          MI   48228          5            04/14/99         00
    120581202                            05           06/01/99          0
    120581202                            N            05/01/29
    0


    2901540          560/560             F           69,600.00         ZZ
                                         360         69,227.39          1
    125 MAIN STREET 59                 8.500            535.17         80
                                       8.250            535.17       88,000.00
    NEWMARKET        NH   03857          1            05/25/99         00
    120696604                            01           07/01/99          0
    120696604                            O            06/01/29
    0


    2901542          560/560             F           48,750.00         ZZ
                                         360         48,630.58          1
    5410 MONTGOMERY ROAD               8.500            374.85         65
                                       8.250            374.85       75,000.00
    CINCINNATI       OH   45212          5            05/19/99         00
    120733308                            05           07/01/99          0
    120733308                            O            06/01/29
    0


    2901545          560/560             F           55,200.00         ZZ
                                         360         55,129.36          1
1


    145 ECHELON ROAD                   8.250            414.70         80
                                       8.000            414.70       69,000.00
    VOORHEES         NJ   08043          5            07/16/99         00
    120778501                            05           09/01/99          0
    120778501                            N            08/01/29
    0


    2901546          560/560             F           50,700.00         ZZ
                                         360         50,569.31          1
    834 SCOTT STREET                   8.250            380.90         60
                                       8.000            380.90       85,000.00
    MISSOULA         MT   59802          5            05/07/99         00
    120801204                            05           07/01/99          0
    120801204                            O            06/01/29
    0


    2901547          560/560             F           39,000.00         ZZ
                                         360         38,863.91          1
    1520 W INDIANA AVENUE              7.125            262.76         65
                                       6.875            262.76       60,000.00
    SPOKANE          WA   99205          5            06/30/99         00
    120816004                            05           08/01/99          0
    120816004                            O            07/01/29
    0


    2901548          560/560             F           75,600.00         ZZ
                                         360         75,508.08          2
    16716 718 INGERSOLL ROAD           8.500            581.30         90
                                       8.250            581.30       84,000.00
    LANSING          MI   48906          2            07/27/99         21
    120821905                            05           09/01/99         25
    120821905                            N            08/01/29
    0


    2901549          560/560             F           85,000.00         ZZ
                                         360         84,644.64          1
    5662 NW 99TH WAY                   8.125            631.13         89
                                       7.875            631.13       96,500.00
    CORAL SPRINGS    FL   33076          1            04/28/99         04
    120822903                            09           06/01/99         25
    120822903                            N            05/01/29
    0


    2901551          560/560             F           78,350.00         ZZ
                                         360         78,084.47          3
    115-117  PROSPECT STREET           8.250            588.62         88
                                       8.000            588.62       90,000.00
    STAUNTON         VA   24401          1            04/27/99         04
    120868500                            05           06/01/99         30
1


    120868500                            O            05/01/29
    0


    2901552          560/560             F           22,250.00         ZZ
                                         360         22,178.05          1
    243 WALNUT STREET                  8.250            167.16         89
                                       8.000            167.16       25,000.00
    YORK             PA   17403          1            04/30/99         21
    120874805                            05           06/01/99         25
    120874805                            N            05/01/29
    0


    2901553          560/560             F           70,000.00         ZZ
                                         360         69,819.58          1
    28 MEMORIAL BLVD.                  8.250            525.89         52
                                       8.000            525.89      136,000.00
    EAST MORICHES    NY   11940          1            05/20/99         00
    120892401                            05           07/01/99          0
    120892401                            O            06/01/29
    0


    2901554          560/560             F           90,000.00         ZZ
                                         360         89,768.07          1
    1135 WALES ROAD  NE                8.250            676.14         90
                                       8.000            676.14      100,000.00
    MASSILLON        OH   44056          1            05/12/99         21
    120966205                            05           07/01/99         25
    120966205                            N            06/01/29
    0


    2901555          560/560             F           74,500.00         ZZ
                                         360         74,010.00          1
    1529 VIRGINIA DARE TRAIL E-1       8.375            566.26         58
                                       8.125            566.26      129,500.00
    KILL DEVIL HILL  NC   27948          1            05/28/99         00
    120973300                            01           07/01/99          0
    120973300                            O            06/01/29
    0


    2901561          560/560             F           99,900.00         ZZ
                                         360         99,272.91          4
    2469 ALEX KORNMAN BLVD             8.250            750.52         90
                                       8.000            750.52      111,000.00
    HARVEY           LA   70058          1            04/27/99         21
    121156806                            05           06/01/99         25
    121156806                            N            05/01/29
    0


1


    2901567          560/560             F           52,100.00         ZZ
                                         360         52,002.16          1
    724 SILVER LAKE STREET             8.375            396.00         74
                                       8.125            396.00       71,000.00
    ATHOL            MA   01331          1            06/02/99         00
    121256408                            05           08/01/99          0
    121256408                            O            07/01/29
    0


    2901571          560/560             F          200,000.00         T
                                         360        199,884.92          1
    135 DERCUM DR UNIT 8634            8.750          1,573.41         44
                                       8.500          1,573.41      457,000.00
    KEYSTONE         CO   80435          1            08/20/99         00
    124246000                            01           10/01/99          0
    124246000                            O            09/01/29
    0


    2901577          560/560             F          180,800.00         ZZ
                                         360        180,059.86          1
    324 LONG TRAIL HOUSE               8.000          1,326.65         90
                                       7.750          1,326.65      201,000.00
    STRATTON         VT   05155          1            03/05/99         04
    161995600                            01           05/01/99         25
    161995600                            O            04/01/29
    0


    2901578          560/560             F          164,800.00         ZZ
                                         360        164,125.35          1
    326 LONG TRAIL HOUSE               8.000          1,209.25         89
                                       7.750          1,209.25      186,900.00
    STRATTON         VT   05155          1            03/05/99         04
    161995808                            01           05/01/99         25
    161995808                            N            04/01/29
    0


    2901580          560/560             F          119,100.00         ZZ
                                         360        118,647.99          1
    13818 N 96TH STREET 802            8.375            905.25         74
                                       8.125            905.25      161,000.00
    SCOTTSDALE       AZ   85260          1            03/23/99         00
    163060304                            01           05/01/99          0
    163060304                            O            04/01/29
    0


    2901582          560/560             F           74,000.00         ZZ
                                         360         73,636.36          1
    1428 BRENTWOOD ROAD                7.875            536.56         60
                                       7.625            536.56      125,000.00
1


    BAY SHORE        NY   11706          1            02/05/99         00
    164601809                            05           04/01/99          0
    164601809                            O            03/01/29
    0


    2901585          560/560             F           78,300.00         ZZ
                                         360         77,900.99          3
    ROUTE 35                           8.375            595.14         90
                                       8.125            595.14       87,000.00
    HOLLIS           ME   04042          1            01/29/99         21
    165134107                            05           03/01/99         25
    165134107                            N            02/01/29
    0


    2901588          560/560             F           40,000.00         ZZ
                                         360         39,109.27          1
    827 VALLEVISTA AVEN                8.000            293.51         37
                                       7.750            293.51      110,000.00
    PITTSBURGH       PA   15234          5            01/29/99         00
    165372509                            05           03/01/99          0
    165372509                            O            02/01/29
    0


    2901591          560/560             F           67,000.00         ZZ
                                         360         66,702.30          1
    179 NELSON STREET                  8.375            509.25         63
                                       8.125            509.25      108,000.00
    WEST SPRINGFIEL  MA   01089          2            02/26/99         00
    165953803                            05           04/01/99          0
    165953803                            N            03/01/29
    0


    2901598          560/560             F          116,000.00         ZZ
                                         360        114,592.82          1
    111 HAMPSHIRE DRIVE                8.250            871.47         80
                                       8.000            871.47      145,000.00
    CHALFONT         PA   18914          1            02/26/99         00
    166237008                            05           04/01/99          0
    166237008                            O            03/01/29
    0


    2901600          560/560             F           45,450.00         ZZ
                                         360         45,224.13          3
    437 RIPPLE STREET                  8.500            349.48         90
                                       8.250            349.48       50,550.00
    SCRANTON         PA   18505          1            01/29/99         04
    166276105                            05           03/01/99         25
    166276105                            N            02/01/29
    0
1




    2901602          560/560             F           52,000.00         ZZ
                                         360         51,763.03          1
    1D VILLAGE WAY                     8.250            390.66         65
                                       8.000            390.66       80,050.00
    NORTON           MA   02766          2            02/27/99         00
    166405001                            01           04/01/99          0
    166405001                            O            03/01/29
    0


    2901603          560/560             F          199,000.00         ZZ
                                         360        198,115.78          1
    18 NORTHFIELD COURT                8.375          1,512.55         74
                                       8.125          1,512.55      272,000.00
    LIVINGSTON       NJ   07039          1            02/18/99         00
    166408807                            05           04/01/99          0
    166408807                            O            03/01/29
    0


    2901604          560/560             F           89,100.00         ZZ
                                         360         88,753.17          4
    42 WASHINGTON STREET               8.250            669.38         90
                                       8.000            669.38       99,000.00
    WESTFIELD        MA   01085          1            03/18/99         04
    166438705                            05           05/01/99         25
    166438705                            N            04/01/29
    0


    2901605          560/560             F          117,900.00         ZZ
                                         360        117,201.96          1
    228 ODESSA DRIVE                   7.625            834.49         95
                                       7.375            834.49      125,000.00
    HASLET           TX   76052          2            01/29/99         04
    166547406                            05           03/01/99         30
    166547406                            O            02/01/29
    0


    2901607          560/560             F           34,800.00         ZZ
                                         360         34,641.36          1
    3434 ADIRONDACK DRIVE              8.250            261.45         90
                                       8.000            261.45       39,000.00
    FORT WAYNE       IN   46816          1            02/04/99         21
    166595603                            05           04/01/99         25
    166595603                            N            03/01/29
    0


    2901608          560/560             F           37,500.00         ZZ
                                         360         37,329.09          1
1


    1627 SHANNON DRIVE                 8.250            281.73         77
                                       8.000            281.73       49,000.00
    NEW HAVEN        IN   46774          1            02/04/99         21
    166595900                            05           04/01/99         25
    166595900                            N            03/01/29
    0


    2901612          560/560             F           27,000.00         ZZ
                                         360         26,866.50          1
    2434 MACKIN RD                     8.250            202.85         82
                                       8.000            202.85       33,000.00
    FLINT            MI   48504          1            02/10/99         21
    166690602                            05           04/01/99         25
    166690602                            N            03/01/29
    0


    2901614          560/560             F          112,850.00         ZZ
                                         360        112,260.22          4
    97 GRANT STREET                    8.250            847.81         80
                                       8.000            847.81      142,000.00
    FALL RIVER       MA   02720          2            02/01/99         00
    166813402                            05           03/01/99          0
    166813402                            O            02/01/29
    0


    2901615          560/560             F           50,000.00         ZZ
                                         360         49,681.26          1
    222 BARRY AVENUE                   7.250            341.09         56
                                       7.000            341.09       90,000.00
    GALLATIN         TN   37066          5            01/28/99         00
    166815803                            05           03/01/99          0
    166815803                            N            02/01/29
    0


    2901616          560/560             F           93,000.00         ZZ
                                         360         92,542.97          1
    18532 NW 23RD. COURT               7.875            674.32         89
                                       7.625            674.32      105,000.00
    MIAMI            FL   33056          5            02/22/99         21
    166817502                            05           04/01/99         25
    166817502                            O            03/01/29
    0


    2901617          560/560             F          153,900.00         ZZ
                                         360        153,075.22          4
    513 DURHAM AVENUE                  8.125          1,142.71         88
                                       7.875          1,142.71      175,000.00
    WOODLAND         WA   98674          1            02/01/99         04
    166824607                            05           03/01/99         25
1


    166824607                            N            02/01/29
    0


    2901618          560/560             F           67,200.00         ZZ
                                         360         66,901.41          3
    625 PAW PAW STREET                 8.375            510.77         80
                                       8.125            510.77       84,000.00
    PAW PAW          MI   49079          5            02/22/99         00
    166827204                            05           04/01/99          0
    166827204                            N            03/01/29
    0


    2901621          560/560             F          157,250.00         ZZ
                                         360        156,741.67          1
    530 EAST PALO VERDE STREET         8.250          1,181.37         85
                                       8.000          1,181.37      185,000.00
    YUMA             AZ   85365          5            04/21/99         21
    166887208                            05           06/01/99         12
    166887208                            O            05/01/29
    0


    2901623          560/560             F           56,250.00         ZZ
                                         360         55,980.40          4
    608 E PIKE ST                      8.000            412.75         82
                                       7.750            412.75       69,000.00
    CRAWFORDSVILLE   IN   47933          1            02/08/99         21
    166930107                            05           04/01/99         25
    166930107                            N            03/01/29
    0


    2901625          560/560             F           49,050.00         ZZ
                                         360         48,744.88          1
    4710 GAWAIN DRIVE                  7.375            338.78         90
                                       7.125            338.78       54,500.00
    NEW ORLEANS      LA   70127          1            01/29/99         21
    166943605                            05           03/01/99         25
    166943605                            N            02/01/29
    0


    2901628          560/560             F           14,350.00         ZZ
                                         360         14,289.75          1
    2215 NORTH CHAPMAN                 7.875            104.05         70
                                       7.625            104.05       20,500.00
    SHAWNEE          OK   74802          5            03/08/99         00
    167106608                            05           05/01/99          0
    167106608                            N            04/01/29
    0


1


    2901632          560/560             F          100,000.00         ZZ
                                         360         99,443.91          1
    3835 PROVIDENCE ROAD               7.250            682.18         62
                                       7.000            682.18      163,000.00
    BOYNTON BEACH    FL   33462          1            02/19/99         00
    167167501                            05           04/01/99          0
    167167501                            O            03/01/29
    0


    2901633          560/560             F          137,600.00         ZZ
                                         360        136,962.05          1
    5915 ROSEBAY FOREST PLACE          7.375            950.37         80
                                       7.125            950.37      172,000.00
    MIDLOTHIAN       VA   23112          1            03/03/99         00
    167169705                            05           05/01/99          0
    167169705                            O            04/01/29
    0


    2901634          560/560             F          116,100.00         ZZ
                                         360        115,553.68          1
    436 ASHWOOD PLACE                  8.125            862.04         90
                                       7.875            862.04      129,000.00
    BOCA RATON       FL   33431          1            02/03/99         23
    167172709                            01           04/01/99          0
    167172709                            O            03/01/29
    0


    2901637          560/560             F           96,000.00         ZZ
                                         360         93,861.83          1
    1019 FALLS TERRACE                 8.125            712.80         72
                                       7.875            712.80      135,000.00
    UNION            NJ   07083          1            03/24/99         00
    167206002                            05           05/01/99          0
    167206002                            O            04/01/29
    0


    2901638          560/560             F          152,000.00         ZZ
                                         360        151,253.15          1
    382 BAKERS FERRY TRAIL             7.875          1,102.11         79
                                       7.625          1,102.11      193,000.00
    MARTINEZ         GA   30907          1            02/08/99         00
    167217108                            05           04/01/99          0
    167217108                            O            03/01/29
    0


    2901642          560/560             F           25,200.00         ZZ
                                         360         25,079.23          1
    2106 SCOTTWOOD                     8.000            184.91         90
                                       7.750            184.91       28,000.00
1


    BURTON           MI   48509          1            02/22/99         04
    167327402                            05           04/01/99         25
    167327402                            N            03/01/29
    0


    2901644          560/560             F           58,500.00         ZZ
                                         360         58,219.61          1
    2405 ADAMS AVENUE                  8.000            429.26         90
                                       7.750            429.26       65,000.00
    ASHLAND          KY   41101          1            02/15/99         21
    167367606                            05           04/01/99         25
    167367606                            N            03/01/29
    0


    2901646          560/560             F           76,000.00         ZZ
                                         360         75,635.75          1
    772 HALLOCK YOUNG                  8.000            557.67         80
                                       7.750            557.67       95,000.00
    MINERAL RIDGE    OH   44440          1            02/25/99         00
    167434208                            05           04/01/99          0
    167434208                            O            03/01/29
    0


    2901647          560/560             F          138,250.00         ZZ
                                         360        137,803.09          1
    25 CACTUS DRIVE                    8.250          1,038.63         70
                                       8.000          1,038.63      197,500.00
    SEDONA           AZ   86336          5            04/22/99         00
    167467901                            05           06/01/99          0
    167467901                            N            05/01/29
    0


    2901648          560/560             F           47,000.00         ZZ
                                         360         46,782.07          1
    239 S FRANKLIN STREET              7.375            324.62         79
                                       7.125            324.62       60,000.00
    ALLENTOWN        PA   18102          1            03/26/99         21
    167477108                            05           05/01/99         25
    167477108                            N            04/01/29
    0


    2901653          560/560             F           27,000.00         ZZ
                                         360         26,870.60          1
    1811 LINVAL STREET                 8.000            198.12         90
                                       7.750            198.12       30,000.00
    LANSING          MI   48910          1            02/25/99         21
    167602101                            05           04/01/99         25
    167602101                            N            03/01/29
    0
1




    2901656          560/560             F          240,000.00         ZZ
                                         360        235,852.11          1
    66 HICKORY ROAD                    7.875          1,740.17         77
                                       7.625          1,740.17      315,000.00
    HAMPSTEAD        NH   03841          1            02/12/99         00
    167666700                            05           04/01/99          0
    167666700                            O            03/01/29
    0


    2901659          560/560             F          104,000.00         ZZ
                                         360        103,675.37          1
    41 JUSTIN MORGAN DRIVE             7.375            718.31         68
                                       7.125            718.31      154,000.00
    COLCHESTER       VT   05446          1            05/18/99         00
    167727007                            05           07/01/99          0
    167727007                            O            06/01/29
    0


    2901660          560/560             F          150,500.00         ZZ
                                         360        149,814.17          1
    1906 IVYGREEN COURT                8.250          1,130.66         70
                                       8.000          1,130.66      216,000.00
    PANTEGO          TX   76017          2            02/22/99         00
    167759307                            05           04/01/99          0
    167759307                            N            03/01/29
    0


    2901661          560/560             F          135,000.00         ZZ
                                         360        131,343.84          1
    367 LAMBERT ROAD                   7.875            978.85         67
                                       7.625            978.85      202,000.00
    ORANGE           CT   06477          5            03/05/99         00
    167774306                            05           05/01/99          0
    167774306                            O            04/01/29
    0


    2901662          560/560             F           57,600.00         ZZ
                                         360         57,418.44          1
    194 LEXINGTON AVENUE               8.375            437.81         80
                                       8.125            437.81       72,000.00
    JERSEY CITY      NJ   07304          1            04/29/99         00
    167775303                            05           06/01/99          0
    167775303                            O            05/01/29
    0


    2901663          560/560             F           90,000.00         ZZ
                                         360         89,600.10          4
1


    436 WARREN AVENUE                  8.375            684.07         90
                                       8.125            684.07      100,000.00
    BROCKTON         MA   02401          1            02/19/99         21
    167783000                            05           04/01/99         25
    167783000                            N            03/01/29
    0


    2901664          560/560             F           98,990.00         ZZ
                                         360         98,734.90          3
    14 PLEASANT STREET                 8.250            743.68         89
                                       8.000            743.68      112,000.00
    SPENCER          MA   01562          1            05/28/99         21
    167792704                            05           07/01/99         25
    167792704                            N            06/01/29
    0


    2901668          560/560             F           27,000.00         ZZ
                                         360         26,892.18          1
    314 W GEORGIA AVENUE               8.125            200.48         90
                                       7.875            200.48       30,000.00
    SHAWNEE          OK   74801          1            03/16/99         21
    167898105                            05           05/01/99         25
    167898105                            N            04/01/29
    0


    2901669          560/560             F           68,400.00         ZZ
                                         360         68,063.93          1
    410 W 7TH   500-145-J              7.875            495.95         95
                                       7.625            495.95       72,000.00
    TULSA            OK   74119          1            03/05/99         21
    167942507                            06           04/01/99         30
    167942507                            O            03/01/29
    0


    2901671          560/560             F           66,000.00         ZZ
                                         360         65,549.39          1
    13180 OLD HICKORY TRAIL            7.875            478.55         48
                                       7.625            478.55      138,000.00
    DEWITT           MI   48820          2            03/03/99         00
    167948504                            05           04/01/99          0
    167948504                            O            03/01/29
    0


    2901672          560/560             F           80,000.00         ZZ
                                         360         79,808.71          1
    5226 LESTER STREET                 8.625            622.24         78
                                       8.375            622.24      103,000.00
    INDIANAPOLIS     IN   46208          5            05/28/99         00
    167990803                            05           07/01/99          0
1


    167990803                            N            06/01/29
    0


    2901673          560/560             F          224,000.00         ZZ
                                         360        222,326.40          1
    7571 COUNTRYWOOD DRIVE             7.250          1,528.08         79
                                       7.000          1,528.08      287,000.00
    ROANOKE          VA   24018          1            03/10/99         00
    167999101                            05           05/01/99          0
    167999101                            O            04/01/29
    0


    2901675          560/560             F           94,500.00         ZZ
                                         360         94,141.35          1
    1638 FAIRMONT AVENUE SOUTH         8.375            718.27         88
                                       8.125            718.27      108,000.00
    SALEM            OR   97302          1            03/31/99         04
    168011203                            05           05/01/99         25
    168011203                            N            04/01/29
    0


    2901678          560/560             F           71,250.00         ZZ
                                         360         70,853.74          1
    706 BELLEFONTE PRINCESS ROAD       7.250            486.06         75
                                       7.000            486.06       95,000.00
    ASHLAND          KY   41101          1            02/22/99         00
    168121903                            05           04/01/99          0
    168121903                            O            03/01/29
    0


    2901679          560/560             F           49,000.00         ZZ
                                         360         48,765.17          2
    1404 MERRILL                       8.000            359.55         70
                                       7.750            359.55       70,000.00
    KALAMAZOO        MI   49001          5            02/17/99         00
    168129005                            05           04/01/99          0
    168129005                            N            03/01/29
    0


    2901680          560/560             F           29,700.00         ZZ
                                         360         29,578.41          1
    1321 NEUBERT                       8.000            217.93         90
                                       7.750            217.93       33,000.00
    FLINT            MI   48502          1            03/01/99         21
    168166908                            05           05/01/99         25
    168166908                            N            04/01/29
    0


1


    2901681          560/560             F           48,150.00         ZZ
                                         360         47,962.55          1
    5236 NORTHCREST DRIVE              8.250            361.74         90
                                       8.000            361.74       53,500.00
    FORT WAYNE       IN   46825          1            03/30/99         21
    168181006                            05           05/01/99         25
    168181006                            N            04/01/29
    0


    2901685          560/560             F          179,250.00         ZZ
                                         360        178,534.43          1
    1905 NORTH ATLANTIC BLVD 9B        8.125          1,330.93         75
                                       7.875          1,330.93      241,000.00
    FORT LAUDERDALE  FL   33305          1            03/17/99         00
    168310209                            01           05/01/99          0
    168310209                            O            04/01/29
    0


    2901686          560/560             F          130,500.00         ZZ
                                         360        129,979.19          1
    11709 E LENORA DRIVE               8.250            980.41         90
                                       8.000            980.41      145,000.00
    SPOKANE          WA   99206          1            03/31/99         04
    168383107                            05           05/01/99         25
    168383107                            N            04/01/29
    0


    2901688          560/560             F           80,950.00         ZZ
                                         360         80,642.77          3
    909 E ADAMS STREET                 8.375            615.28         90
                                       8.125            615.28       90,000.00
    TUCSON           AZ   85719          1            03/11/99         04
    168426807                            05           05/01/99         25
    168426807                            N            04/01/29
    0


    2901689          560/560             F           80,950.00         ZZ
                                         360         80,642.77          3
    901 E ADAMS STREET                 8.375            615.28         90
                                       8.125            615.28       90,000.00
    TUCSON           AZ   85719          1            03/11/99         04
    168430205                            05           05/01/99         25
    168430205                            N            04/01/29
    0


    2901691          560/560             F           44,925.00         ZZ
                                         360         44,754.46          1
    1229 LEXINGTON AVENUE              8.375            341.47         73
                                       8.125            341.47       62,000.00
1


    AKRON            OH   44310          1            03/08/99         00
    168478501                            05           05/01/99          0
    168478501                            O            04/01/29
    0


    2901692          560/560             F           42,000.00         ZZ
                                         360         41,619.07          1
    1329 HALE STREET                   7.875            304.53         65
                                       7.625            304.53       65,000.00
    PHILADELPHIA     PA   19111          5            03/30/99         00
    168500403                            05           05/01/99          0
    168500403                            N            04/01/29
    0


    2901693          560/560             F          161,100.00         ZZ
                                         360        160,472.89          1
    905 E HASTINGS RD                  8.250          1,210.30         81
                                       8.000          1,210.30      200,000.00
    SPOKANE          WA   99218          1            03/31/99         21
    168503308                            05           05/01/99         25
    168503308                            N            04/01/29
    0


    2901694          560/560             F           27,000.00         ZZ
                                         360         26,894.87          1
    1654 GILBERT                       8.250            202.85         90
                                       8.000            202.85       30,000.00
    SAGINAW          MI   48603          1            03/31/99         21
    168546901                            05           05/01/99         25
    168546901                            N            04/01/29
    0


    2901696          560/560             F          135,146.09         ZZ
                                         360        134,592.82          1
    734 PARKHAM LANE                   8.000            991.66         89
                                       7.750            991.66      152,000.00
    RALEIGH          NC   27603          1            03/17/99         04
    168580702                            05           05/01/99         25
    168580702                            N            04/01/29
    0


    2901697          560/560             F          184,000.00         ZZ
                                         360        183,301.68          1
    420 COMMERCIAL STREET              8.375          1,398.54         80
                                       8.125          1,398.54      230,000.00
    SOUTH SAN FRANC  CA   94080          2            03/31/99         00
    168610103                            05           05/01/99          0
    168610103                            O            04/01/29
    0
1




    2901698          560/560             F          112,500.00         ZZ
                                         360        112,039.10          1
    3027 S RAYMOND CIRCLE              8.250            845.18         90
                                       8.000            845.18      125,000.00
    SPOKANE          WA   99206          1            03/31/99         04
    168613305                            05           05/01/99         25
    168613305                            N            04/01/29
    0


    2901699          560/560             F           46,800.00         ZZ
                                         360         46,613.17          1
    918 W BARNES AVENUE                8.125            347.49         76
                                       7.875            347.49       62,000.00
    LANSING          MI   48910          1            03/15/99         04
    168619005                            05           05/01/99         25
    168619005                            N            04/01/29
    0


    2901700          560/560             F           94,500.00         ZZ
                                         360         94,223.78          3
    24 N. WEST STREET                  7.625            668.87         95
                                       7.375            668.87       99,500.00
    ALLENTOWN        PA   18102          1            05/24/99         04
    168629707                            05           07/01/99         30
    168629707                            O            06/01/29
    0


    2901701          560/560             F          158,200.00         ZZ
                                         360        157,584.19          1
    32 DUCKETT ROAD                    8.250          1,188.51         73
                                       8.000          1,188.51      219,400.00
    CANDLER          NC   28715          2            03/29/99         00
    168634202                            05           05/01/99          0
    168634202                            O            04/01/29
    0


    2901702          560/560             F           63,700.00         ZZ
                                         360         63,422.65          2
    1190 S SHIAWASSEE STREET           6.750            413.16         65
                                       6.500            413.16       98,000.00
    OWOSSO           MI   48867          5            04/06/99         00
    168681807                            05           06/01/99          0
    168681807                            N            05/01/29
    0


    2901703          560/560             F           69,050.00         ZZ
                                         360         68,656.87          1
1


    139 WINDSWEPT DRIVE                7.250            471.05         56
                                       7.000            471.05      125,000.00
    FEASTERVILLE     PA   19053          1            03/08/99         00
    168697803                            05           05/01/99          0
    168697803                            O            04/01/29
    0


    2901705          560/560             F           93,719.00         ZZ
                                         360         93,376.23          1
    11501 NE 96TH STREET               8.125            695.87         67
                                       7.875            695.87      141,000.00
    VANCOUVER        WA   98662          1            04/07/99         00
    168732501                            05           06/01/99          0
    168732501                            O            05/01/29
    0


    2901708          560/560             F           89,600.00         ZZ
                                         360         89,355.90          1
    64 CHURCH STREET                   7.750            641.91         76
                                       7.500            641.91      119,000.00
    MARSHFIELD       VT   05658          2            06/18/99         00
    168758605                            05           08/01/99          0
    168758605                            O            07/01/29
    0


    2901711          560/560             F          107,900.00         ZZ
                                         360        107,458.25          2
    852-54 SAINT CHARLES COURT         8.000            791.74         90
                                       7.750            791.74      120,000.00
    LAWRENCEVILLE    GA   30045          1            03/22/99         04
    168875003                            05           05/01/99         25
    168875003                            N            04/01/29
    0


    2901714          560/560             F          132,300.00         ZZ
                                         360        132,057.83          1
    87 GAINSBOROUGH STREET 107         8.500          1,017.28         70
                                       8.250          1,017.28      189,000.00
    BOSTON           MA   02115          2            06/18/99         00
    168986909                            01           08/01/99          0
    168986909                            N            07/01/29
    0


    2901715          560/560             F           79,200.00         ZZ
                                         360         78,867.52          1
    44 WASHINGTON ST A809              7.875            574.26         80
                                       7.625            574.26       99,000.00
    BROOKLINE        MA   02446          1            03/29/99         00
    168989804                            01           05/01/99          0
1


    168989804                            O            04/01/29
    0


    2901716          560/560             F           49,500.00         ZZ
                                         360         49,312.12          1
    3025 ALBANY DRIVE                  8.375            376.24         90
                                       8.125            376.24       55,000.00
    MESQUITE         TX   75150          1            03/16/99         04
    169061009                            05           05/01/99         25
    169061009                            N            04/01/29
    0


    2901717          560/560             F          123,000.00         ZZ
                                         360        122,533.21          1
    91 84TH AVE                        8.375            934.89         75
                                       8.125            934.89      164,000.00
    SUNSET  BEACH    FL   33706          1            03/19/99         00
    169071107                            05           05/01/99          0
    169071107                            N            04/01/29
    0


    2901718          560/560             F          160,000.00         ZZ
                                         360        159,299.84          1
    1714 ROSEWOOD AVE                  8.125          1,188.00         80
                                       7.875          1,188.00      200,000.00
    LOUISVILLE       KY   40204          1            03/31/99         00
    169093309                            05           05/01/99          0
    169093309                            O            04/01/29
    0


    2901719          560/560             F          119,700.00         ZZ
                                         360        119,268.25          4
    35 MOUNT VERNON STREET             8.625            931.02         89
                                       8.375            931.02      135,000.00
    SOMERSWORTH      NH   03878          1            03/30/99         04
    169110608                            05           05/01/99         25
    169110608                            N            04/01/29
    0


    2901720          560/560             F           95,400.00         ZZ
                                         360         95,078.50          3
    116 HEATH STREET                   8.250            716.71         90
                                       8.000            716.71      106,000.00
    HARTFORD         CT   06106          1            04/29/99         04
    169133808                            05           06/01/99         25
    169133808                            N            05/01/29
    0


1


    2901722          560/560             F          238,000.00         ZZ
                                         360        237,402.02          1
    25435 SULLIVAN LANE                8.375          1,808.98         69
                                       8.125          1,808.98      345,000.00
    NOVI             MI   48375          1            05/07/99         00
    169166204                            05           07/01/99          0
    169166204                            O            06/01/29
    0


    2901727          560/560             F           73,350.00         ZZ
                                         360         73,094.26          1
    15534 PLEASANT VALLEY DRIVE        7.875            531.84         74
                                       7.625            531.84      100,000.00
    HOUSTON          TX   77062          1            04/16/99         21
    169303500                            05           06/01/99         25
    169303500                            N            05/01/29
    0


    2901728          560/560             F          107,150.00         ZZ
                                         360        106,776.39          2
    10602 OAK VALLEY ROAD              7.875            776.92         90
                                       7.625            776.92      120,000.00
    FORT WAYNE       IN   46825          1            04/01/99         04
    169323409                            05           06/01/99         25
    169323409                            N            05/01/29
    0


    2901730          560/560             F           47,700.00         ZZ
                                         360         47,533.69          1
    415 WEST CADBURY DRIVE             7.875            345.86         90
                                       7.625            345.86       53,000.00
    LYNCHBURG        VA   24501          1            04/20/99         21
    169376308                            05           06/01/99         25
    169376308                            N            05/01/29
    0


    2901735          560/560             F          132,800.00         ZZ
                                         360        132,184.29          1
    2660 E FRANKLIN ROAD               7.375            917.22         80
                                       7.125            917.22      167,000.00
    MERIDIAN         ID   83642          1            04/01/99         00
    169421401                            05           05/01/99          0
    169421401                            O            04/01/29
    0


    2901736          560/560             F           65,000.00         ZZ
                                         360         64,844.80          4
    723 BERON STREET                   8.625            505.57         60
                                       8.375            505.57      110,000.00
1


    WOONSOCKET       RI   02895          5            05/19/99         00
    169463403                            05           07/01/99          0
    169463403                            N            06/01/29
    0


    2901737          560/560             F           82,400.00         ZZ
                                         360         82,087.29          1
    84 BRANCH TURNPIKE                 8.375            626.30         80
                                       8.125            626.30      103,000.00
    CONCORD          NH   03301          1            03/26/99         00
    169502200                            01           05/01/99          0
    169502200                            O            04/01/29
    0


    2901738          560/560             F           53,250.00         ZZ
                                         360         53,082.18          1
    34 HIGH STREET                     8.375            404.74         73
                                       8.125            404.74       73,000.00
    NEWPORT          ME   04953          1            04/05/99         00
    169509700                            05           06/01/99          0
    169509700                            O            05/01/29
    0


    2901739          560/560             F          125,100.00         ZZ
                                         360        124,617.52          1
    5244 COLEMAN STREET                7.375            864.04         90
                                       7.125            864.04      139,000.00
    NORTH LAS VEGAS  NV   89031          1            04/15/99         04
    169542206                            05           06/01/99         25
    169542206                            N            05/01/29
    0


    2901740          560/560             F          125,950.00         ZZ
                                         360        119,571.63          1
    16132 NW 14 COURT                  8.125            935.18         75
                                       7.875            935.18      168,000.00
    PEMBROKE PINES   FL   33028          1            12/31/96         00
    450614847                            05           02/01/97          0
    450614847                            O            01/01/27
    0


    2901741          560/560             F           55,800.00         ZZ
                                         360         54,702.27          1
    1617 RT 23                         9.000            448.98         90
                                       8.750            448.98       62,000.00
    BUTLER           NJ   07405          1            01/22/97         04
    450626767                            05           03/01/97         17
    450626767                            N            02/01/27
    0
1




    2901747          560/560             F           73,800.00         ZZ
                                         360         72,620.46          1
    9031 E 40TH ST                     7.875            535.11         89
                                       7.625            535.11       83,000.00
    TULSA            OK   74145          1            10/14/98         21
    498942309                            05           12/01/98         25
    498942309                            N            11/01/28
    0


    2901748          560/560             F           75,000.00         ZZ
                                         360         74,173.41          1
    LOT 12-1 MILLER ROAD               8.000            550.33         58
                                       7.750            550.33      131,000.00
    COLCHESTER       CT   06415          1            01/29/99         00
    499577203                            05           03/01/99          0
    499577203                            O            02/01/29
    0


    2901749          560/560             F          148,000.00         ZZ
                                         360        147,114.64          1
    25 JOSEPH LANE                     8.250          1,111.88         80
                                       8.000          1,111.88      185,000.00
    RINGWOOD         NJ   07456          1            04/26/99         00
    499845808                            05           06/01/99          0
    499845808                            O            05/01/29
    0


    2901751          560/560             F           55,250.00         ZZ
                                         360         55,161.37          3
    510 W MAIN STREET                  7.125            372.23         65
                                       6.875            372.23       85,000.00
    DURAND           MI   48429          5            07/09/99         00
    121366504                            05           09/01/99          0
    121366504                            N            08/01/29
    0


    2901752          560/560             F           42,250.00         ZZ
                                         360         42,182.22          2
    11817 E LENNON ROAD                7.125            284.65         65
                                       6.875            284.65       65,000.00
    LENNON           MI   48449          5            07/09/99         00
    121372304                            05           09/01/99          0
    121372304                            N            08/01/29
    0


    2901754          560/560             F           97,550.00         ZZ
                                         360         97,218.33          1
1


    45 EAGLE CREST DRIVE 405           8.000            715.79         80
                                       7.750            715.79      121,950.00
    LAKE OSWEGO      OR   97035          1            05/05/99         00
    121414502                            08           06/01/99          0
    121414502                            O            05/01/29
    0


    2901755          560/560             F           77,400.00         ZZ
                                         360         77,190.15          1
    1606 EAST 21ST STREET              8.000            567.94         90
                                       7.750            567.94       86,000.00
    OAKLAND          CA   94606          1            05/18/99         04
    121430508                            05           07/01/99         25
    121430508                            N            06/01/29
    0


    2901756          560/560             F          148,150.00         ZZ
                                         360        146,922.76          3
    4086 4090 LEIMERT BLVD             8.500          1,139.15         68
                                       8.250          1,139.15      220,000.00
    LOS ANGELES      CA   90008          5            05/27/99         00
    121435507                            05           07/01/99          0
    121435507                            O            06/01/29
    0


    2901757          560/560             F          198,000.00         ZZ
                                         360        197,502.53          3
    1 KING STREET                      8.375          1,504.95         90
                                       8.125          1,504.95      220,000.00
    DORCHESTER       MA   02124          1            05/13/99         04
    121518906                            05           07/01/99         25
    121518906                            N            06/01/29
    0


    2901758          560/560             F          121,400.00         ZZ
                                         360        121,153.96          1
    342 LONG TRAIL CONDOMINIUM         8.000            890.80         90
                                       7.750            890.80      135,000.00
    STRATTON         VT   05155          1            06/03/99         04
    121602403                            01           08/01/99         25
    121602403                            O            07/01/29
    0


    2901759          560/560             F          224,650.00         ZZ
                                         360        224,157.96          2
    39 W 200 NORTH                     8.625          1,747.31         95
                                       8.375          1,747.31      238,000.00
    PROVO            UT   84606          1            06/02/99         04
    121697106                            05           08/01/99         30
1


    121697106                            O            07/01/29
    0


    2901760          560/560             F           78,750.00         ZZ
                                         360         77,194.22          3
    31 KIKI DRIVE                      8.500            605.52         59
                                       8.250            605.52      134,000.00
    MERIDEN          CT   06451          1            06/02/99         04
    121787808                            05           08/01/99         25
    121787808                            N            07/01/29
    0


    2901763          560/560             F          132,000.00         ZZ
                                         360        131,843.56          1
    3550 GALT OCEAN DRIVE 1607         8.625          1,026.69         80
                                       8.375          1,026.69      166,000.00
    FT. LAUDERDALE   FL   33308          1            07/01/99         00
    121937403                            01           09/01/99          0
    121937403                            O            08/01/29
    0


    2901764          560/560             F           73,800.00         ZZ
                                         360         73,321.66          3
    1003 W COLLINGS AVENUE             8.625            574.01         83
                                       8.375            574.01       89,000.00
    COLLINGSWOOD     NJ   08081          1            05/25/99         21
    121951503                            05           07/01/99         25
    121951503                            N            06/01/29
    0


    2901765          560/560             F           61,500.00         ZZ
                                         360         61,333.26          1
    333 LUPFER AVENUE                  8.000            451.27         75
                                       7.750            451.27       82,500.00
    WHITEFISH        MT   59937          1            05/20/99         00
    121956304                            05           07/01/99          0
    121956304                            O            06/01/29
    0


    2901767          560/560             F          235,500.00         ZZ
                                         360        234,915.76          1
    207 EAGLE DRIVE                    8.375          1,789.98         80
                                       8.125          1,789.98      295,000.00
    POLSON           MT   59860          2            06/08/99         00
    122000102                            05           08/01/99          0
    122000102                            O            07/01/29
    0


1


    2901770          560/560             F           28,000.00         ZZ
                                         360         27,931.40          1
    651 ONTARIO STREET                 8.500            215.30         80
                                       8.250            215.30       35,000.00
    BETHLEHEM        PA   18015          5            05/26/99         00
    122125206                            05           07/01/99          0
    122125206                            N            06/01/29
    0


    2901771          560/560             F          101,600.00         ZZ
                                         360        101,414.03          2
    5 DISESA COURT                     8.500            781.22         74
                                       8.250            781.22      138,000.00
    NORWALK          CT   06851          1            06/29/99         00
    122227408                            05           08/01/99          0
    122227408                            O            07/01/29
    0


    2901772          560/560             F           56,625.00         T
                                         360         56,559.60          1
    2953 NW 68TH STREET                8.750            445.47         75
                                       8.500            445.47       75,500.00
    FT LAUDERDALE    FL   33309          5            07/09/99         00
    121755706                            09           09/01/99          0
    121755706                            O            08/01/29
    0


    2901774          560/560             F          184,900.00         ZZ
                                         360        184,385.95          1
    1005 S AZALEA DRIVE                7.875          1,340.66         79
                                       7.625          1,340.66      235,000.00
    SPOKANE          WA   99224          1            05/19/99         00
    122243603                            05           07/01/99          0
    122243603                            O            06/01/29
    0


    2901775          560/560             F          117,000.00         ZZ
                                         360        116,682.81          1
    313 HASTINGS LANE                  8.000            858.51         75
                                       7.750            858.51      156,000.00
    MODESTO          CA   95350          5            06/03/99         00
    122244809                            05           07/01/99          0
    122244809                            O            06/01/29
    0


    2901777          560/560             F          202,700.00         ZZ
                                         360        202,459.80          1
    4000 MERIDIAN BOULEVARD 402        8.625          1,576.58         65
                                       8.375          1,576.58      311,900.00
1


    MAMMOTH LAKES    CA   93546          1            07/28/99         00
    122267503                            01           09/01/99          0
    122267503                            N            08/01/29
    0


    2901778          560/560             F           60,300.00         ZZ
                                         360         59,143.57          1
    3929 CEDARWOOD PLACE               8.500            463.66         83
                                       8.250            463.66       73,000.00
    CINCINNATI       OH   45238          1            05/27/99         21
    122279300                            05           07/01/99         25
    122279300                            N            06/01/29
    0


    2901780          560/560             F          126,000.00         ZZ
                                         360        125,666.80          4
    815 VOURAY STREET                  8.250            946.60         90
                                       8.000            946.60      140,000.00
    KENNER           LA   70065          1            06/07/99         04
    122305303                            05           08/01/99         25
    122305303                            N            07/01/29
    0


    2901781          560/560             F           61,400.00         ZZ
                                         360         61,245.72          1
    2150 RANGOON                       8.375            466.69         90
                                       8.125            466.69       68,500.00
    CINCINNATI       OH   45240          1            05/26/99         21
    122310709                            05           07/01/99         25
    122310709                            N            06/01/29
    0


    2901783          560/560             F           90,000.00         ZZ
                                         360         89,843.49          1
    134 BEACH RD                       8.750            708.04         56
                                       8.500            708.04      163,500.00
    SALISBURY        MA   01952          5            06/25/99         00
    122340201                            05           08/01/99          0
    122340201                            O            07/01/29
    0


    2901785          560/560             F          130,200.00         ZZ
                                         360        129,973.62          1
    649 ROUTE 126                      8.750          1,024.29         80
                                       8.500          1,024.29      163,000.00
    BARRINGTON       NH   03825          5            06/09/99         00
    122363005                            05           08/01/99          0
    122363005                            N            07/01/29
    0
1




    2901786          560/560             F           92,000.00         ZZ
                                         360         91,831.58          1
    3670 W. PLACITA DEL CORRECAMIN     8.500            707.41         65
                                       8.250            707.41      142,000.00
    TUCSON           AZ   85746          1            06/14/99         00
    121664601                            01           08/01/99          0
    121664601                            O            07/01/29
    0


    2901787          560/560             F           65,700.00         ZZ
                                         360         65,576.63          3
    52-54 GOLD ST                      8.375            499.37         90
                                       8.125            499.37       73,500.00
    EAST HARTFORD    CT   06118          1            06/11/99         04
    122431208                            05           08/01/99         25
    122431208                            N            07/01/29
    0


    2901791          560/560             F          140,400.00         ZZ
                                         360        140,129.13          2
    79 WELTON STREET                   8.500          1,079.56         89
                                       8.250          1,079.56      158,000.00
    NEW BRUNSWICK    NJ   08901          1            07/19/99         04
    122532906                            05           09/01/99         25
    122532906                            N            08/01/29
    0


    2901792          560/560             F           25,000.00         ZZ
                                         360         24,955.39          1
    ONE SUMMIT DRIVE 22                8.625            194.45         22
                                       8.375            194.45      116,000.00
    READING          MA   01867          1            06/18/99         00
    122572902                            08           08/01/99          0
    122572902                            O            07/01/29
    0


    2901793          560/560             F           38,400.00         ZZ
                                         360         38,323.14          1
    116 E BROADWAY STREET              8.250            288.49         80
                                       8.000            288.49       48,000.00
    MILTON-FREEWATE  OR   97862          5            06/15/99         21
    122484504                            05           08/01/99         12
    122484504                            N            07/01/29
    0


    2901794          560/560             F           50,300.00         ZZ
                                         360         50,198.05          1
1


    6020 BRACE                         8.000            369.09         89
                                       7.750            369.09       57,000.00
    DETROIT          MI   48228          1            06/16/99         21
    122636301                            05           08/01/99         25
    122636301                            N            07/01/29
    0


    2901795          560/560             F          112,000.00         ZZ
                                         360        111,769.92          1
    1 MEADERBORO ROAD                  8.750            881.11         78
                                       8.500            881.11      145,000.00
    ROCHESTER        NH   03867          1            07/29/99         00
    122656705                            05           09/01/99          0
    122656705                            O            08/01/29
    0


    2901796          560/560             F          224,900.00         ZZ
                                         360        224,508.98          1
    4849 BRICK CHURCH PIKE             8.750          1,769.29         67
                                       8.500          1,769.29      340,000.00
    GOODLETTSVILLE   TN   37075          5            06/22/99         00
    122705403                            05           08/01/99          0
    122705403                            O            07/01/29
    0


    2901801          560/560             F          103,680.00         ZZ
                                         360        103,547.31          1
    4975 TWIN LAKES ROAD 77            8.250            778.92         90
                                       8.000            778.92      115,500.00
    BOULDER          CO   80301          1            07/27/99         06
    122783103                            01           09/01/99         25
    122783103                            O            08/01/29
    0


    2901805          560/560             F          166,050.00         ZZ
                                         360        165,738.20          1
    307 ALLEN PLACE                    8.375          1,262.10         71
                                       8.125          1,262.10      235,000.00
    RIDGEWOOD        NJ   07450          2            06/25/99         00
    122832009                            05           08/01/99          0
    122832009                            O            07/01/29
    0


    2901807          560/560             F           60,300.00         ZZ
                                         360         60,189.62          1
    9754 STADIA DRIVE                  8.500            463.66         85
                                       8.250            463.66       71,000.00
    CINCINNATI       OH   45251          1            06/16/99         21
    122886005                            05           08/01/99         25
1


    122886005                            N            07/01/29
    0


    2901808          560/560             F          126,800.00         ZZ
                                         360        126,456.24          1
    10246 NE BEECH STREET              8.000            930.42         78
                                       7.750            930.42      163,000.00
    PORTLAND         OR   97220          1            05/25/99         00
    121758106                            05           07/01/99          0
    121758106                            O            06/01/29
    0


    2901810          560/560             F           70,200.00         ZZ
                                         360         70,068.16          1
    2007 COUNTRY CLUB ROAD             8.375            533.58         86
                                       8.125            533.58       82,000.00
    CRAWFORDSVILLE   IN   47933          1            06/23/99         21
    122952005                            05           08/01/99         25
    122952005                            N            07/01/29
    0


    2901811          560/560             F          112,500.00         ZZ
                                         360        112,288.74          3
    764-766 HALL ST                    8.375            855.09         90
                                       8.125            855.09      125,000.00
    MANCHESTER       NH   03104          1            06/18/99         04
    122955008                            05           08/01/99         25
    122955008                            N            07/01/29
    0


    2901812          560/560             F          130,250.00         ZZ
                                         360        129,999.10          1
    4707 STATE ROUTE 109               8.250            978.53         78
                                       8.000            978.53      168,000.00
    MOCLIPS          WA   98569          1            06/30/99         00
    122963002                            05           08/01/99          0
    122963002                            N            07/01/29
    0


    2901815          560/560             F           71,250.00         ZZ
                                         360         71,126.10          1
    318 N MECCA ST                     8.750            560.53         75
                                       8.500            560.53       95,000.00
    CORTLAND         OH   44410          1            06/30/99         00
    123038606                            05           08/01/99          0
    123038606                            O            07/01/29
    0


1


    2901816          560/560             F          184,000.00         ZZ
                                         360        183,654.48          1
    242 WEBER DRIVE                    8.375          1,398.54         80
                                       8.125          1,398.54      230,000.00
    HAMILTON         MT   59840          1            06/30/99         00
    123051203                            05           08/01/99          0
    123051203                            O            07/01/29
    0


    2901817          560/560             F           99,000.00         ZZ
                                         360         98,818.79          4
    100 CENTRAL AVENUE                 8.500            761.23         80
                                       8.250            761.23      125,000.00
    PENSACOLA        FL   32507          1            06/03/99         21
    122319908                            05           08/01/99         25
    122319908                            N            07/01/29
    0


    2901819          560/560             F           52,000.00         ZZ
                                         360         51,899.83          1
    50 CEDAR GROVE TERRACE             8.250            390.66         32
                                       8.000            390.66      165,000.00
    ESSEX            CT   06426          1            06/30/99         00
    123020703                            05           08/01/99          0
    123020703                            O            07/01/29
    0


    2901820          560/560             F          142,400.00         ZZ
                                         360        142,217.76          1
    117 THOMAS ROAD                    8.250          1,069.81         78
                                       8.000          1,069.81      183,000.00
    LEDYARD          CT   06339          1            07/07/99         00
    123094104                            05           09/01/99          0
    123094104                            O            08/01/29
    0


    2901823          560/560             F           90,000.00         ZZ
                                         360         89,949.53          3
    38 SEYMOUR STREET                  8.875            716.09         88
                                       8.625            716.09      103,000.00
    WORCESTER        MA   01604          1            08/10/99         04
    123186405                            05           10/01/99         25
    123186405                            O            09/01/29
    0


    2901824          560/560             F          180,425.00         ZZ
                                         360        180,086.19          1
    1385 MASTHEAD WAY                  8.375          1,371.37         54
                                       8.125          1,371.37      335,000.00
1


    MONUMENT         CO   80132          5            06/24/99         00
    123342107                            05           08/01/99          0
    123342107                            O            07/01/29
    0


    2901825          560/560             F          211,300.00         ZZ
                                         360        210,903.22          3
    31 EAST BOWERY                     8.375          1,606.04         90
                                       8.125          1,606.04      235,000.00
    NEWPORT          RI   02840          1            06/15/99         04
    122373905                            05           08/01/99         25
    122373905                            N            07/01/29
    0


    2901827          560/560             F          168,750.00         ZZ
                                         360        168,408.05          1
    1241 NE 100TH STREET               8.000          1,238.23         80
                                       7.750          1,238.23      213,000.00
    SEATTLE          WA   98125          2            07/02/99         00
    123258402                            05           08/01/99          0
    123258402                            N            07/01/29
    0


    2901828          560/560             F           25,744.00         ZZ
                                         360         25,696.87          1
    1827 W MALLY BLVD.                 8.500            197.95         60
                                       8.250            197.95       43,000.00
    SAN ANTONIO      TX   78224          1            06/07/99         00
    121992002                            05           08/01/99          0
    121992002                            N            07/01/29
    0


    2901830          560/560             F           60,000.00         ZZ
                                         360         59,923.22          1
    12901 ORANGE GROVE BOULEVARD       8.250            450.76         37
                                       8.000            450.76      164,000.00
    ROYAL PALM BEAC  FL   33411          1            07/09/99         00
    123432908                            05           09/01/99          0
    123432908                            O            08/01/29
    0


    2901831          560/560             F           39,200.00         ZZ
                                         360         39,118.52          1
    7700 BENJAMIN STREET               7.875            284.23         76
                                       7.625            284.23       52,000.00
    NEW ORLEANS      LA   70118          2            06/17/99         00
    120806807                            05           08/01/99          0
    120806807                            N            07/01/29
    0
1




    2901833          560/560             F           88,200.00         ZZ
                                         360         88,095.46          4
    6931 GRACELY DRIVE                 8.625            686.02         84
                                       8.375            686.02      105,000.00
    CINCINNATI       OH   45233          1            07/08/99         04
    123565202                            05           09/01/99         25
    123565202                            N            08/01/29
    0


    2901835          560/560             F          149,500.00         ZZ
                                         360        149,318.22          1
    1902 IVYGREEN COURT                8.500          1,149.53         65
                                       8.250          1,149.53      230,000.00
    ARLINGTON        TX   76017          2            07/27/99         00
    123589400                            05           09/01/99          0
    123589400                            N            08/01/29
    0


    2901836          560/560             F           71,379.00         ZZ
                                         360         71,296.56          4
    814 R PITTSTON AVENUE              8.750            561.54         90
                                       8.500            561.54       80,000.00
    SCRANTON         PA   18503          1            07/29/99         04
    123661506                            05           09/01/99         25
    123661506                            N            08/01/29
    0


    2901839          560/560             F           67,550.00         ZZ
                                         360         67,467.85          1
    110 EDGEHILL LANE                  8.500            519.41         69
                                       8.250            519.41       99,000.00
    HENDERSONVILLE   TN   37075          1            07/07/99         00
    123835605                            05           09/01/99          0
    123835605                            N            08/01/29
    0


    2901840          560/560             F          131,000.00         ZZ
                                         360        130,852.56          4
    8921 RANGELY AVE                   8.875          1,042.30         26
                                       8.625          1,042.30      520,000.00
    WEST HOLLYWOOD   CA   90048          5            07/30/99         00
    123803702                            05           09/01/99          0
    123803702                            N            08/01/29
    0


    2901841          560/560             F          157,050.00         ZZ
                                         360        156,959.63          2
1


    1962-1964 N ALLEN AVE              8.750          1,235.52         60
                                       8.500          1,235.52      265,000.00
    ALTA DENA        CA   91001          2            08/05/99         00
    123898504                            05           10/01/99          0
    123898504                            O            09/01/29
    0


    2901842          560/560             F          120,000.00         ZZ
                                         360        119,857.79          1
    11005 E 23RD                       8.625            933.35         80
                                       8.375            933.35      150,000.00
    SPOKANE          WA   99206          1            07/30/99         00
    123899809                            05           09/01/99          0
    123899809                            O            08/01/29
    0


    2901843          560/560             F           90,000.00         ZZ
                                         360         89,890.55          1
    1152 N GREENWAY DRIVE              8.500            692.03         75
                                       8.250            692.03      120,000.00
    TEMPE            AZ   85282          1            07/09/99         00
    123929408                            05           09/01/99          0
    123929408                            O            08/01/29
    0


    2901844          560/560             F           39,900.00         ZZ
                                         360         39,853.91          4
    54-56 N 3RD STREET                 8.750            313.90         57
                                       8.500            313.90       70,000.00
    PATERSON         NJ   07523          1            07/23/99         00
    123957409                            05           09/01/99          0
    123957409                            N            08/01/29
    0


    2901845          560/560             F           78,000.00         ZZ
                                         360         77,907.56          1
    16 ASBURY ROAD                     8.625            606.68         77
                                       8.375            606.68      102,000.00
    ASHEVILLE        NC   28804          1            07/29/99         00
    124122300                            05           09/01/99          0
    124122300                            O            08/01/29
    0


    2901846          560/560             F          200,000.00         ZZ
                                         360        199,756.82          1
    7 CHARLES STREET                   8.500          1,537.83         72
                                       8.250          1,537.83      281,000.00
    NYACK            NY   10960          1            07/20/99         00
    124133703                            05           09/01/99          0
1


    124133703                            O            08/01/29
    0


    2901847          560/560             F          200,000.00         ZZ
                                         360        199,744.04          1
    949 BAR J ROAD                     8.250          1,502.54         71
                                       8.000          1,502.54      285,000.00
    GARDNERVILLE     NV   89410          5            07/28/99         00
    124138306                            05           09/01/99          0
    124138306                            O            08/01/29
    0


    2901850          560/560             F          108,000.00         ZZ
                                         360        107,937.86          1
    21316 CAMPO ALLEGRO DRIVE          8.750            849.64         79
                                       8.500            849.64      137,000.00
    BOCA RATON       FL   33433          1            08/23/99         00
    124176108                            05           10/01/99          0
    124176108                            O            09/01/29
    0


    2901853          560/560             F           87,000.00         ZZ
                                         360         86,891.46          1
    524 N LONG RD                      8.375            661.27         67
                                       8.125            661.27      130,000.00
    GREENACRES       WA   99016          1            07/29/99         00
    124193707                            05           09/01/99          0
    124193707                            O            08/01/29
    0


    2901854          560/560             F          104,800.00         ZZ
                                         360        104,678.96          1
    2709 ARDSLEY DRIVE                 8.750            824.47         75
                                       8.500            824.47      140,000.00
    DURHAM           NC   27704          1            07/21/99         00
    124213208                            05           09/01/99          0
    124213208                            O            08/01/29
    0


    2901855          560/560             F          144,000.00         ZZ
                                         360        143,833.70          4
    1516 SYCAMORE DRIVE                8.750          1,132.85         78
                                       8.500          1,132.85      185,000.00
    ANTIOCH          CA   94509          1            07/30/99         00
    124260407                            05           09/01/99          0
    124260407                            N            08/01/29
    0


1


    2901856          560/560             F          119,000.00         ZZ
                                         360        118,800.49          1
    4645 SONOMA MOUNTAIN ROAD          7.250            811.79         55
                                       7.000            811.79      220,000.00
    SANTA ROSA       CA   95404          5            07/28/99         00
    124300302                            05           09/01/99          0
    124300302                            O            08/01/29
    0


    2901857          560/560             F           40,000.00         ZZ
                                         360         39,950.10          1
    904 BROADWAY                       8.375            304.03         50
                                       8.125            304.03       80,000.00
    PHILIPSBURG      MT   59856          1            07/21/99         00
    124347709                            05           09/01/99          0
    124347709                            O            08/01/29
    0


    2901859          560/560             F           81,000.00         ZZ
                                         360         80,953.40          1
    1215 COTTONWOOD STREET             8.750            637.23         90
                                       8.500            637.23       90,000.00
    TULARE           CA   93274          2            08/13/99         04
    124450602                            05           10/01/99         25
    124450602                            N            09/01/29
    0


    2901860          560/560             F          112,500.00         ZZ
                                         360        112,435.27          2
    120-122 AIKEN STREET               8.750            885.04         89
                                       8.500            885.04      126,500.00
    LOWELL           MA   01850          1            08/02/99         04
    124066309                            05           10/01/99         25
    124066309                            N            09/01/29
    0


    2901864          560/560             F           79,200.00         ZZ
                                         360         79,152.02          1
    6833 HADLEY DRIVE                  8.500            608.98         77
                                       8.250            608.98      104,000.00
    NORTH RICHLAND   TX   76180          1            08/16/99         00
    124701004                            05           10/01/99          0
    124701004                            N            09/01/29
    0


    2901866          560/560             F           77,500.00         ZZ
                                         360         77,403.32          1
    8503 TYHURST DRIVE                 8.375            589.06         51
                                       8.125            589.06      153,200.00
1


    AUSTIN           TX   78749          1            07/30/99         00
    124795600                            05           09/01/99          0
    124795600                            O            08/01/29
    0


    2901868          560/560             F          113,850.00         ZZ
                                         360        113,781.03          1
    6201 RIVERFRONT DRIVE              8.500            875.41         79
                                       8.250            875.41      145,000.00
    PALMYRA          NJ   08065          1            08/09/99         00
    124903808                            01           10/01/99          0
    124903808                            O            09/01/29
    0


    2901869          560/560             F           98,800.00         ZZ
                                         360         98,744.61          1
    238 GLENBROOK ROAD                 8.875            786.10         80
                                       8.625            786.10      124,000.00
    STAMFORD         CT   06902          1            08/12/99         00
    124960105                            01           10/01/99          0
    124960105                            O            09/01/29
    0


    2902030          K08/G02             F          175,500.00         ZZ
                                         360        175,393.68          2
    3049 N KOLMAR                      8.500          1,349.44         90
                                       8.250          1,349.44      195,000.00
    CHICAGO          IL   60641          2            08/30/99         04
    0411523673                           05           10/01/99         25
    0411523673                           O            09/01/29
    0


    2902043          K08/G02             F           82,500.00         ZZ
                                         360         82,452.53          1
    46 PLATT AVENUE                    8.750            649.03         52
                                       8.500            649.03      160,000.00
    SADDLE BROOK     NJ   07663          5            08/30/99         00
    0411568272                           05           10/01/99          0
    0411568272                           O            09/01/29
    0


    2902044          K08/G02             F           95,850.00         ZZ
                                         360         95,850.00          1
    6123 NORTH RALSTON AVENUE          9.500            805.96         90
                                       9.250            805.96      106,500.00
    INDIANAPOLIS     IN   46220          1            09/03/99         04
    0411569635                           05           11/01/99         25
    0411569635                           N            10/01/29
    0
1




    2902054          K08/G02             F          100,150.00         ZZ
                                         360        100,092.38          1
    8592 JADE DRIVE                    8.750            787.88         80
                                       8.500            787.88      125,200.00
    TAMARAC          FL   33321          1            09/03/99         00
    0411584667                           09           10/01/99          0
    0411584667                           O            09/01/29
    0


    2902059          K08/G02             F           57,600.00         ZZ
                                         360         57,600.00          2
    698-700 PINGREE                    9.125            468.65         80
                                       8.875            468.65       72,000.00
    DETROIT          MI   48202          2            09/03/99         00
    0411594690                           05           11/01/99          0
    0411594690                           N            10/01/29
    0


    2902062          K08/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
    3282 S. JAY STREET                 8.250          1,322.23         80
                                       8.000          1,322.23      220,000.00
    DENVER           CO   80227          1            09/03/99         00
    0411600059                           05           11/01/99          0
    0411600059                           O            10/01/29
    0


    2903856          K08/G02             F          200,000.00         ZZ
                                         360        199,890.75          1
    151 TREMONT STREET                 9.000          1,609.25         80
    UNIT #24M                          8.750          1,609.25      250,000.00
    BOSTON           MA   02111          1            09/07/99         00
    0411547573                           06           10/01/99          0
    0411547573                           O            09/01/29
    0


    2903868          K08/G02             F           95,200.00         ZZ
                                         360         95,200.00          1
    8201 CLIPPER STREET                8.875            757.45         80
                                       8.625            757.45      119,000.00
    FRISCO           TX   75035          1            09/07/99         00
    0411599715                           03           11/01/99          0
    0411599715                           O            10/01/29
    0


    2904212          462/G02             F          148,150.00         ZZ
                                         360        148,060.25          1
1


    3505 SCENIC FIR PLACE              8.500          1,139.15         90
                                       8.250          1,139.15      164,620.00
    FLOWER MOUND     TX   75028          1            08/30/99         12
    0431464759                           03           10/01/99         25
    0007266000                           N            09/01/29
    0


    2905587          K08/G02             F           63,000.00         ZZ
                                         360         63,000.00          3
    841 HANCOCK AVENUE                 9.625            535.49         90
                                       9.375            535.49       70,000.00
    BRIDGEPORT       CT   06605          1            09/09/99         10
    0411374093                           05           11/01/99         25
    0411374093                           N            10/01/29
    0


    2905591          K08/G02             F          142,400.00         ZZ
                                         360        142,400.00          1
    7838 TAMARA DRIVE                  9.000          1,145.78         80
                                       8.750          1,145.78      178,000.00
    FAIR OAKS        CA   95628          1            08/31/99         00
    0411537491                           05           11/01/99          0
    0411537491                           O            10/01/29
    0


    2905596          K08/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    14764 EAST FLORIDA AVENUE          8.750            629.36         80
                                       8.500            629.36      100,000.00
    AURORA           CO   80012          1            09/08/99         00
    0411561756                           05           11/01/99          0
    0411561756                           O            10/01/29
    0


    2905598          K08/G02             F           61,200.00         ZZ
                                         360         61,200.00          1
    22435 HARPER LAKE                  9.125            497.95         90
                                       8.875            497.95       68,000.00
    ST CLAIR SHORES  MI   48080          1            09/08/99         04
    0411569411                           05           11/01/99         25
    0411569411                           N            10/01/29
    0


    2905599          K08/G02             F          147,150.00         ZZ
                                         360        147,150.00          2
    773-775 ELM STREET                10.000          1,291.35         90
                                       9.750          1,291.35      163,500.00
    DENVER           CO   80220          1            09/08/99         04
    0411570039                           05           11/01/99         25
1


    0411570039                           N            10/01/29
    0


    2905601          K08/G02             F          114,500.00         ZZ
                                         360        114,500.00          4
    4105 S DIXIE HIGHWAY               9.500            962.78         79
                                       9.250            962.78      146,300.00
    DALTON           GA   30720          2            09/08/99         00
    0411575509                           05           11/01/99          0
    0411575509                           N            10/01/29
    0


    2905608          K08/G02             F           96,900.00         ZZ
                                         360         96,900.00          1
    3140 FISHER AV                     9.000            779.68         85
                                       8.750            779.68      114,000.00
    WALLED LAKE      MI   48390          5            09/02/99         10
    0411584261                           05           11/01/99         20
    0411584261                           O            10/01/29
    0


    2905611          K08/G02             F           37,500.00         ZZ
                                         360         37,500.00          1
    205 N. 31ST STREET                 9.750            322.18         75
                                       9.500            322.18       50,000.00
    KANSAS CITY      KS   66102          5            09/07/99         00
    0411588387                           05           11/01/99          0
    0411588387                           N            10/01/29
    0


    2905614          K08/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    3719 MORNING MIST                  9.000            804.62         67
                                       8.750            804.62      150,000.00
    SAN ANTONIO      TX   78230          5            09/01/99         00
    0411591480                           03           11/01/99          0
    0411591480                           O            10/01/29
    0


    2905615          K08/G02             F          106,000.00         ZZ
                                         360        106,000.00          2
    603 ROLLINGWAY DRIVE               9.000            852.90         80
                                       8.750            852.90      132,500.00
    ROUND ROCK       TX   78681          1            09/08/99         00
    0411599236                           05           11/01/99          0
    0411599236                           O            10/01/29
    0


1


    2905616          K08/G02             F          101,400.00         ZZ
                                         360        101,400.00          1
    1007 MAGNOLIA CIRCLE               9.250            834.19         75
                                       9.000            834.19      135,200.00
    LEEDS            AL   35094          1            09/08/99         00
    0411601008                           05           11/01/99          0
    0411601008                           O            10/01/29
    0


    2906828          E67/G02             F           76,000.00         T
                                         360         76,000.00          1
    56856 ENTERPRISE DRIVE K-3         8.375            577.65         80
                                       8.125            577.65       95,100.00
    SUNRIVER         OR   97707          1            09/04/99         00
    0431463397                           01           11/01/99          0
    150035146                            O            10/01/29
    0


    2906854          526/526             F          178,000.00         ZZ
                                         360        177,665.76          4
    3116-3122 SOUTH WEST TEMP          8.375          1,352.93         83
                                       8.125          1,352.93      215,000.00
    SALT LAKE CITY   UT   84115          2            06/30/99         12
    0365425                              05           08/01/99         20
    0365425                              N            07/01/29
    0


    2906855          526/526             F          107,250.00         ZZ
                                         360        106,770.89          1
    523 E 3195 SOUTH                   7.750            768.36         65
                                       7.500            768.36      165,200.00
    SALT LAKE CITY   UT   84106          5            05/20/99         00
    0367233                              05           07/01/99          0
    0367233                              N            06/01/29
    0


    2906857          526/526             F          136,000.00         ZZ
                                         360        130,391.69          1
    2677 JUNIPER AVE #58               7.375            939.32         80
                                       7.125            939.32      170,000.00
    BOULDER          CO   80304          2            04/26/99         00
    0368671                              01           06/01/99          0
    0368671                              O            05/01/29
    0


    2906858          526/526             F           85,000.00         ZZ
                                         360         84,775.29          4
    126 NORTH 200 EAST                 8.125            631.13         40
                                       7.875            631.13      215,000.00
1


    PROVO            UT   84606          5            05/14/99         00
    0369193                              05           07/01/99          0
    0369193                              N            06/01/29
    0


    2906861          526/526             F           75,000.00         ZZ
                                         360         74,751.32          2
    2229 &2231 S BANNOCK ST            8.125            556.88         60
                                       7.875            556.88      125,000.00
    DENVER           CO   80223          5            05/04/99         00
    0370559                              05           06/01/99          0
    0370559                              N            05/01/29
    0


    2906863          526/526             F           48,300.00         ZZ
                                         360         48,172.32          1
    6523 WEST CLARENDON                8.125            358.63         70
                                       7.875            358.63       69,000.00
    PHOENIX          AZ   85033          5            05/20/99         00
    0371711                              05           07/01/99          0
    0371711                              N            06/01/29
    0


    2906864          526/526             F           64,500.00         ZZ
                                         360         64,271.67          1
    4901 S CALLE LOS CEROS DRIVE       7.875            467.67         93
    218                                7.625            467.67       70,000.00
    TEMPE            AZ   85282          2            05/24/99         11
    0372089                              01           07/01/99         30
    0372089                              O            06/01/29
    0


    2906867          526/526             F          105,550.00         ZZ
                                         360        105,404.23          1
    1154 SOUTH BOULDER ST UNIT C       7.875            765.32         90
                                       7.625            765.32      117,311.00
    GILBERT          AZ   85296          1            07/09/99         12
    0372487                              03           09/01/99         25
    0372487                              N            08/01/29
    0


    2906868          526/526             F           56,875.00         T
                                         360         56,768.17          1
    20256 HWY 17 CANEJOS CANYON        8.375            432.30         65
                                       8.125            432.30       87,500.00
    ANTONITO         CO   81120          5            06/29/99         00
    0372513                              05           08/01/99          0
    0372513                              O            07/01/29
    0
1




    2906869          526/526             F          144,000.00         ZZ
                                         360        143,609.60          4
    1866 NORTH PIMA ROAD               8.000          1,056.63         90
                                       7.750          1,056.63      160,000.00
    MESA             AZ   85201          1            05/12/99         11
    0372544                              05           07/01/99         25
    0372544                              N            06/01/29
    0


    2906870          526/526             F          148,500.00         ZZ
                                         360        148,336.51          4
    765 N ARROWHEAD DRIVE              9.000          1,194.86         90
                                       8.750          1,194.86      165,000.00
    CHANDLER         AZ   85224          1            07/06/99         11
    0372673                              05           09/01/99         25
    0372673                              N            08/01/29
    0


    2906874          526/526             F          133,450.00         ZZ
                                         360        133,114.71          1
    29440 NORTH 51ST PLAC              8.375          1,014.32         90
                                       8.125          1,014.32      148,308.00
    PHOENIX          AZ   85331          1            05/25/99         01
    0373356                              03           07/01/99         25
    0373356                              N            06/01/29
    0


    2906877          526/526             F          219,100.00         ZZ
                                         360        218,688.60          4
    5020 NE 32ND AVENUE                8.375          1,665.32         70
                                       8.125          1,665.32      313,000.00
    PORTLAND         OR   97211          1            06/23/99         00
    0373789                              05           08/01/99          0
    0373789                              N            07/01/29
    0


    2906879          526/526             F          165,750.00         ZZ
                                         360        165,476.33          2
    12573  WEST 8TH AVENUE             9.000          1,333.67         65
                                       8.750          1,333.67      255,000.00
    GOLDEN           CO   80401          5            06/11/99         00
    0374276                              05           08/01/99          0
    0374276                              N            07/01/29
    0


    2906881          526/526             F           78,400.00         ZZ
                                         360         78,357.17          1
1


    327 HANNUM AVENUE                  9.000            630.83         80
                                       8.750            630.83       98,000.00
    WEST CHESTER     PA   19380          1            08/13/99         00
    0374530                              05           10/01/99          0
    0374530                              O            09/01/29
    0


    2906882          526/526             F          116,100.00         ZZ
                                         360        115,864.71          1
    1734 EAST HARRISON STREET          8.000            851.91         90
                                       7.750            851.91      129,000.00
    PHOENIX          AZ   85296          1            06/28/99         12
    0374655                              03           08/01/99         25
    0374655                              N            07/01/29
    0


    2906885          526/526             F          103,500.00         ZZ
                                         360        103,367.53          1
    5716 WEST VERNON AVE               8.250            777.57         90
                                       8.000            777.57      115,000.00
    PHOENIX          AZ   85035          1            07/23/99         12
    0374849                              05           09/01/99         25
    0374849                              N            08/01/29
    0


    2906886          526/526             F           71,100.00         ZZ
                                         360         70,955.91          1
    4917 NORTH 73RD ST #11             8.000            521.71         90
                                       7.750            521.71       79,000.00
    SCOTTSDALE       AZ   85251          1            07/01/99         11
    0374964                              01           08/01/99         25
    0374964                              N            07/01/29
    0


    2906887          526/526             F          128,700.00         ZZ
                                         360        128,551.38          3
    3907-3909-3911 SE SALMON ST        8.750          1,012.48         65
                                       8.500          1,012.48      198,000.00
    PORTLAND         OR   97214          5            07/09/99         00
    0375075                              05           09/01/99          0
    0375075                              N            08/01/29
    0


    2906888          526/526             F          142,800.00         ZZ
                                         360        142,551.72          1
    4350 W. VICTORY RD                 8.750          1,123.41         80
                                       8.500          1,123.41      178,500.00
    MERIDIAN         ID   83642          1            06/25/99         00
    0375083                              05           08/01/99          0
1


    0375083                              O            07/01/29
    0


    2906889          526/526             F           91,000.00         ZZ
                                         360         90,894.90          3
    506 WARREN AVE                     8.750            715.90         70
                                       8.500            715.90      130,000.00
    BROCKTON         MA   02401          5            07/22/99         00
    0375245                              05           09/01/99          0
    0375245                              N            08/01/29
    0


    2906893          526/526             F          166,250.00         ZZ
                                         360        166,020.42          1
    34 HAMPSHIRE DR                    7.875          1,205.43         95
                                       7.625          1,205.43      175,000.00
    WASHINGTONVILLE  NY   10992          2            06/30/99         11
    0375563                              05           09/01/99         30
    0375563                              O            08/01/29
    0


    2906894          526/526             F           80,100.00         T
                                         360         80,007.49          1
    1201 BERING DRIVE #70              8.750            630.15         90
                                       8.500            630.15       89,000.00
    HOUSTON          TX   77057          1            07/20/99         12
    0375574                              01           09/01/99         25
    0375574                              O            08/01/29
    0


    2906895          526/526             F           50,400.00         ZZ
                                         360         50,341.79          1
    610 BRASHEAR ST                    8.750            396.50         90
                                       8.500            396.50       56,000.00
    LAFAYETTE        LA   70506          1            07/06/99         12
    0375588                              05           09/01/99         25
    0375588                              N            08/01/29
    0


    2906896          526/526             F           47,700.00         ZZ
                                         360         47,640.49          4
    228 7TH STREET NORTHWEST           8.375            362.56         90
                                       8.125            362.56       53,000.00
    BARBERTON        OH   44203          1            07/29/99         01
    0375671                              05           09/01/99         25
    0375671                              N            08/01/29
    0


1


    2906897          526/526             F           49,500.00         ZZ
                                         360         49,438.24          4
    911 CAMDEN AVE SW                  8.375            376.24         90
                                       8.125            376.24       55,000.00
    CANTON           OH   44706          1            07/09/99         01
    0375672                              05           09/01/99         25
    0375672                              N            08/01/29
    0


    2906899          526/526             F           53,600.00         ZZ
                                         360         53,476.18          1
    16145 HEYDEN                       8.000            393.30         80
                                       7.750            393.30       67,000.00
    DETROIT          MI   48219          5            06/21/99         00
    0375817                              05           08/01/99          0
    0375817                              O            07/01/29
    0


    2906900          526/526             F           56,000.00         ZZ
                                         360         55,810.50          1
    510 EAST GALLATIN AVE              8.875            445.56         80
                                       8.625            445.56       70,000.00
    BELGRADE         MT   59714          1            07/02/99         00
    0375834                              05           09/01/99          0
    0375834                              O            08/01/29
    0


    2906902          526/526             F          146,700.00         ZZ
                                         360        146,457.77          1
    4644 EAST DANBURY RD               9.000          1,180.39         90
                                       8.750          1,180.39      163,000.00
    PHOENIX          AZ   85032          1            06/25/99         01
    0376191                              03           08/01/99         25
    0376191                              N            07/01/29
    0


    2906904          526/526             F          185,000.00         ZZ
                                         360        184,882.03          1
    14801 KENNEDY PL NE                8.250          1,389.85         95
                                       8.000          1,389.85      195,000.00
    DUVALL           WA   98019          2            08/02/99         11
    0376452                              05           10/01/99         30
    0376452                              O            09/01/29
    0


    2906907          526/526             F          112,500.00         ZZ
                                         360        112,376.62          4
    41 EAST 8TH DR                     9.000            905.21         90
                                       8.750            905.21      126,000.00
1


    MESA             AZ   85210          1            07/02/99         12
    0376717                              05           09/01/99         25
    0376717                              N            08/01/29
    0


    2906908          526/526             F           92,900.00         T
                                         360         92,842.25          1
    330 SEASIDE                        8.375            706.11         75
                                       8.125            706.11      123,900.00
    HILTON HEAD ISL  SC   29928          1            08/10/99         00
    0376850                              01           10/01/99          0
    0376850                              O            09/01/29
    0


    2906909          526/526             F           57,150.00         ZZ
                                         360         57,085.66          1
    4321 N 74TH AVE                    8.875            454.72         90
                                       8.625            454.72       63,500.00
    PHOENIX          AZ   85033          1            07/13/99         01
    0376870                              05           09/01/99         25
    0376870                              N            08/01/29
    0


    2906910          526/526             F           60,750.00         ZZ
                                         360         60,681.62          1
    6607 W MONTE VISTA RD              8.875            483.36         90
                                       8.625            483.36       67,500.00
    PHOENIX          AZ   85305          1            07/13/99         01
    0376872                              05           09/01/99         25
    0376872                              N            08/01/29
    0


    2906911          526/526             F           59,400.00         ZZ
                                         360         59,333.14          1
    5523 W LA REATA AVE                8.875            472.62         90
                                       8.625            472.62       66,000.00
    PHOENIX          AZ   85035          1            07/13/99         01
    0376873                              05           09/01/99         25
    0376873                              N            08/01/29
    0


    2906916          526/526             F          146,700.00         ZZ
                                         360        146,521.62          3
    58 COTTAGE ST                      8.500          1,128.00         90
                                       8.250          1,128.00      163,000.00
    CHELSEA          MA   02150          1            07/29/99         11
    0377105                              05           09/01/99         25
    0377105                              N            08/01/29
    0
1




    2906917          526/526             F           76,250.00         ZZ
                                         360         76,154.26          4
    3158 EAST ROESER RD.               9.000            613.53         90
                                       8.750            613.53       84,775.00
    PHOENIX          AZ   85040          1            07/07/99         12
    0377153                              05           09/01/99         25
    0377153                              N            08/01/29
    0


    2906918          526/526             F          135,000.00         ZZ
                                         360        134,924.31          3
    28 HIGH ROCK ST                    8.875          1,074.13         90
                                       8.625          1,074.13      150,000.00
    LYNN             MA   01902          1            08/13/99         01
    0377214                              05           10/01/99         25
    0377214                              N            09/01/29
    0


    2906919          526/526             F          108,900.00         ZZ
                                         360        107,525.29          4
    427 W 3RD PLACE                    8.500            837.35         90
                                       8.250            837.35      121,000.00
    MESA             AZ   85201          1            07/22/99         11
    0377480                              05           09/01/99         25
    0377480                              N            08/01/29
    0


    2906920          526/526             F          123,760.00         ZZ
                                         360        123,692.39          1
    1750 EAST LAKESHORE DRIVE #216     9.000            995.81         70
                                       8.750            995.81      176,800.00
    WHITEFISH        MT   59937          1            08/24/99         00
    0377613                              01           10/01/99          0
    0377613                              O            09/01/29
    0


    2906921          526/526             F          151,200.00         ZZ
                                         360        151,025.37          3
    61 LEXINGTON ST                    8.750          1,189.50         90
                                       8.500          1,189.50      168,000.00
    EAST BOSTON      MA   02128          1            07/30/99         11
    0377647                              05           09/01/99         25
    0377647                              N            08/01/29
    0


    2906922          526/526             F           83,200.00         ZZ
                                         360         83,152.14          3
1


    4617 LAFAYETTE AVENUE              8.750            654.53         65
                                       8.500            654.53      128,000.00
    FORT WORTH       TX   76107          5            08/27/99         00
    0377738                              05           10/01/99          0
    0377738                              N            09/01/29
    0


    2906924          526/526             F          123,600.00         ZZ
                                         360        123,441.82          4
    3745 EAST BLACKLIDGE DR            8.250            928.57         80
                                       8.000            928.57      154,500.00
    TUCSON           AZ   85716          1            07/20/99         00
    0377833                              05           09/01/99          0
    0377833                              N            08/01/29
    0


    2906925          526/526             F          123,600.00         ZZ
                                         360        123,441.82          4
    3735 EAST BLACKLIDGE DRIVE         8.250            928.57         80
                                       8.000            928.57      154,500.00
    TUCSON           AZ   85716          1            07/20/99         00
    0377834                              05           09/01/99          0
    0377834                              N            08/01/29
    0


    2906926          526/526             F           49,500.00         ZZ
                                         360         49,442.83          2
    118 PARK AVE SW                    8.750            389.42         75
                                       8.500            389.42       66,000.00
    CANTON           OH   44706          2            07/23/99         00
    0377908                              05           09/01/99          0
    0377908                              N            08/01/29
    0


    2906927          526/526             F           81,900.00         ZZ
                                         360         81,800.39          1
    410 LANSING STREET                 8.500            629.75         70
                                       8.250            629.75      117,000.00
    AURORA           CO   80010          5            07/23/99         00
    0377956                              05           09/01/99          0
    0377956                              N            08/01/29
    0


    2906928          526/526             F           65,000.00         ZZ
                                         360         64,920.96          1
    9900 EAST 11TH AVE                 8.500            499.80         70
                                       8.250            499.80       93,000.00
    AURORA           CO   80010          5            07/23/99         00
    0377963                              05           09/01/99          0
1


    0377963                              N            08/01/29
    0


    2906933          526/526             F           61,200.00         ZZ
                                         360         61,166.57          3
    2906 1/2 BARBEE AVENUE             9.000            492.43         90
                                       8.750            492.43       68,000.00
    HOUSTON          TX   77011          1            08/20/99         11
    0378283                              05           10/01/99         25
    0378283                              N            09/01/29
    0


    2906934          526/526             F           78,300.00         ZZ
                                         360         78,257.23          4
    2906 BARBEE AVENUE                 9.000            630.02         90
                                       8.750            630.02       87,000.00
    HOUSTON          TX   77004          1            08/20/99         12
    0378286                              05           10/01/99         25
    0378286                              N            09/01/29
    0


    2906937          526/526             F          161,500.00         ZZ
                                         360        161,313.47          4
    18041 N 40TH PL                    8.750          1,270.53         85
                                       8.500          1,270.53      190,000.00
    PHOENIX          AZ   85032          1            07/27/99         11
    0378495                              05           09/01/99         20
    0378495                              N            08/01/29
    0


    2906938          526/526             F          107,100.00         ZZ
                                         360        107,038.38          4
    206 SE9TH CT                       8.750            842.56         90
                                       8.500            842.56      119,000.00
    HALLANDALE       FL   33009          1            08/16/99         11
    0378496                              05           10/01/99         25
    0378496                              N            09/01/29
    0


    2906939          526/526             F           96,000.00         ZZ
                                         360         95,935.58          1
    8112 HERCULES DR                   8.000            704.41         80
                                       7.750            704.41      120,000.00
    LAS VEGAS        NV   89128          1            08/04/99         00
    0378520                              05           10/01/99          0
    0378520                              N            09/01/29
    0


1


    2906940          526/526             F           94,000.00         ZZ
                                         360         93,936.93          1
    433 CARMEL PEAK LN                 8.000            689.74         80
                                       7.750            689.74      117,500.00
    LAS VEGAS        NV   89128          1            08/04/99         00
    0378524                              05           10/01/99          0
    0378524                              N            09/01/29
    0


    2906941          526/526             F          167,000.00         ZZ
                                         360        166,802.09          1
    3109 ROANOKE LN                    8.625          1,298.91         75
                                       8.375          1,298.91      225,000.00
    COSTA MESA       CA   92626          5            07/27/99         00
    0378559                              05           09/01/99          0
    0378559                              O            08/01/29
    0


    2906942          526/526             F          101,600.00         ZZ
                                         360        101,479.61          3
    89-91 FOWLER ST                    8.625            790.23         80
                                       8.375            790.23      127,000.00
    DORCHESTER       MA   02121          1            07/30/99         11
    0378633                              05           09/01/99         12
    0378633                              N            08/01/29
    0


    2906943          526/526             F           80,910.00         ZZ
                                         360         80,863.45          4
    841 QUETZAL STREET                 8.750            636.52         90
                                       8.500            636.52       89,900.00
    CORPUS CHRISTI   TX   78418          1            08/09/99         11
    0378659                              05           10/01/99         25
    0378659                              N            09/01/29
    0


    2906945          526/526             F          228,000.00         ZZ
                                         360        227,861.87          4
    5641 S JACARANDA RD                8.500          1,753.13         95
                                       8.250          1,753.13      240,000.00
    GOLD CANYON      AZ   85219          1            08/02/99         12
    0378848                              05           10/01/99         30
    0378848                              O            09/01/29
    0


    2906946          526/526             F           71,900.00         ZZ
                                         360         71,857.54          1
    1336 W ROCKWOOD DR                 8.625            559.24         90
                                       8.375            559.24       79,900.00
1


    PHOENIX          AZ   85027          1            08/27/99         11
    0378920                              05           10/01/99         25
    0378920                              N            09/01/29
    0


    2906947          526/526             F           77,200.00         ZZ
                                         360         77,115.34          4
    2749 EAST BROADWAY ROAD            9.000            621.17         90
                                       8.750            621.17       85,800.00
    PHOENIX          AZ   85040          1            07/30/99         12
    0379019                              05           09/01/99         25
    0379019                              N            08/01/29
    0


    2906948          526/526             F           80,400.00         ZZ
                                         360         80,354.93          4
    1480 E 26TH LANE                   8.875            639.70         80
                                       8.625            639.70      100,500.00
    APACHE JUNCTION  AZ   85220          1            08/06/99         01
    0379109                              05           10/01/99         12
    0379109                              N            09/01/29
    0


    2906951          526/526             F           54,000.00         ZZ
                                         360         53,970.50          3
    1237 W PIERCE ST                   9.000            434.50         90
                                       8.750            434.50       60,000.00
    PHOENIX          AZ   85007          1            08/11/99         12
    0379174                              05           10/01/99         25
    0379174                              N            09/01/29
    0


    2906952          526/526             F          103,600.00         ZZ
                                         360        103,544.86          3
    1410 WESTERN DR                    9.125            842.93         80
                                       8.875            842.93      129,500.00
    KALISPELL        MT   59901          1            08/06/99         12
    0379231                              05           10/01/99         12
    0379231                              O            09/01/29
    0


    2906953          526/526             F           96,750.00         ZZ
                                         360         96,692.87          3
    2041 NORTH 49TH PL                 8.625            752.51         90
                                       8.375            752.51      107,500.00
    PHOENIX          AZ   85008          1            08/09/99         12
    0379242                              05           10/01/99         25
    0379242                              N            09/01/29
    0
1




    2906954          526/526             F           80,010.00         ZZ
                                         360         79,965.14          4
    1321 WEST BECKER LN                8.875            636.60         90
                                       8.625            636.60       88,900.00
    PHOENIX          AZ   85029          1            08/20/99         12
    0379258                              05           10/01/99         25
    0379258                              N            09/01/29
    0


    2906955          526/526             F           75,250.00         ZZ
                                         360         75,203.22          1
    408 ENGEL AVE                      8.375            571.95         70
                                       8.125            571.95      107,500.00
    HENDERSON        NV   89015          2            08/25/99         00
    0379470                              05           10/01/99          0
    0379470                              N            09/01/29
    0


    2906959          526/526             F          148,500.00         ZZ
                                         360        148,420.97          4
    1726 E OCOTILLO RD #D              9.125          1,208.25         90
                                       8.875          1,208.25      165,000.00
    PHOENIX          AZ   85016          1            08/20/99         11
    0379957                              05           10/01/99         25
    0379957                              N            09/01/29
    0


    2906963          526/526             F          130,500.00         ZZ
                                         360        130,424.91          4
    617 56TH ST S                      8.750          1,026.65         90
                                       8.500          1,026.65      145,000.00
    GREAT FALLS      MT   59405          1            08/26/99         12
    0380627                              05           10/01/99         25
    0380627                              N            09/01/29
    0


    2907714          K08/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
    7127 TRUMBLE ROAD                  9.375            931.56         95
                                       9.125            931.56      117,900.00
    ST. CLAIR TOWNS  MI   48079          1            09/09/99         04
    0411563000                           05           11/01/99         30
    0411563000                           O            10/01/29
    0


    2907715          K08/G02             F           34,200.00         ZZ
                                         360         34,200.00          1
1


    11748 ST PATRICK                   9.500            287.57         90
                                       9.250            287.57       38,000.00
    DETROIT          MI   48205          1            09/09/99         04
    0411563299                           05           11/01/99         25
    0411563299                           N            10/01/29
    0


    2907721          K08/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    6953 WEST 4TH COURT                8.875            636.52         64
                                       8.625            636.52      125,900.00
    HIALEAH          FL   33014          1            09/09/99         00
    0411579378                           05           11/01/99          0
    0411579378                           O            10/01/29
    0


    2907725          K08/G02             F          100,000.00         ZZ
                                         360         99,942.47          4
    694 BROCKHURST STREET              8.750            786.70         80
                                       8.500            786.70      125,000.00
    OAKLAND          CA   94609          1            08/26/99         00
    0411588445                           05           10/01/99          0
    0411588445                           O            09/01/29
    0


    2907727          K08/G02             F           38,750.00         ZZ
                                         360         38,750.00          1
    11722 MILL VALLEY ROAD             9.375            322.30         90
                                       9.125            322.30       43,100.00
    HOUSTON          TX   77048          1            09/02/99         04
    0411592751                           03           11/01/99         25
    0411592751                           N            10/01/29
    0


    2907729          K08/G02             F           85,600.00         ZZ
                                         360         85,600.00          1
    708 SOUTH OAK STREET               9.000            688.76         80
                                       8.750            688.76      107,000.00
    FENTON           MI   48430          1            09/09/99         00
    0411594229                           05           11/01/99          0
    0411594229                           O            10/01/29
    0


    2907732          K08/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    4962 PIMLICO COURT                 8.875            401.01         90
                                       8.625            401.01       56,000.00
    WEST PALM BEACH  FL   33415          1            09/09/99         04
    0411598683                           09           11/01/99         25
1


    0411598683                           N            10/01/29
    0


    2907970          E82/G02             F          121,600.00         ZZ
                                         360        121,600.00          1
    148 FLORIDA AVENUE                 8.500            935.00         80
                                       8.250            935.00      152,000.00
    PATERSON         NJ   07503          1            09/13/99         00
    0400224440                           05           11/01/99          0
    0400224440                           O            10/01/29
    0


    2907971          E82/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    43 BEAVER AVENUE                   8.875            636.52         62
                                       8.625            636.52      130,000.00
    WEST MILFORD     NJ   07421          5            09/13/99         00
    0400219077                           05           11/01/99          0
    0400219077                           N            10/01/29
    0


    2909469          964/G02             F          153,000.00         ZZ
                                         360        152,909.67          1
    10201 WEST FOURTH STREET           8.625          1,190.02         60
                                       8.375          1,190.02      255,000.00
    RENO             NV   89523          5            08/26/99         00
    0431466002                           05           10/01/99          0
    63428                                O            09/01/29
    0


    2910367          K08/G02             F           43,000.00         ZZ
                                         360         42,975.89          1
    1470 CABRILLO PARK DRIVE           8.875            342.13         67
                                       8.625            342.13       65,000.00
    SANTA ANA        CA   92701          2            08/27/99         00
    0411374473                           01           10/01/99          0
    0411374473                           N            09/01/29
    0


    2910368          K08/G02             F           50,800.00         ZZ
                                         360         50,800.00          2
    514 SOUTH J STREET                 9.750            436.45         72
                                       9.500            436.45       71,000.00
    LAKE WORTH       FL   33460          2            09/10/99         00
    0411501463                           05           11/01/99          0
    0411501463                           N            10/01/29
    0


1


    2910369          K08/G02             F           54,800.00         ZZ
                                         360         54,800.00          3
    714 6TH AVENUE NORTH               9.750            470.82         80
                                       9.500            470.82       69,000.00
    LAKE WORTH       FL   33460          2            09/10/99         00
    0411501687                           05           11/01/99          0
    0411501687                           N            10/01/29
    0


    2910372          K08/G02             F          104,500.00         ZZ
                                         360        104,439.88          1
    1204 CHARTRES ST. UNIT 7           8.750            822.10         95
                                       8.500            822.10      110,000.00
    NEW ORLEANS      LA   70116          1            08/25/99         10
    0411565146                           01           10/01/99         30
    0411565146                           O            09/01/29
    0


    2910670          E82/G02             F           54,300.00         ZZ
                                         360         54,300.00          1
    850 JAMAICA AVENUE                 8.875            432.04         80
                                       8.625            432.04       67,900.00
    BERKELEY TOWNSH  NJ   08721          1            09/15/99         00
    0400215067                           03           11/01/99          0
    0400215067                           O            10/01/29
    0


    2911220          765/G02             F          144,900.00         ZZ
                                         360        144,900.00          1
    435 LAKEVIEW BOULEVARD #50         9.500          1,218.40         90
                                       9.250          1,218.40      161,000.00
    MAMMOTH LAKES    CA   93546          1            09/01/99         04
    0431468701                           01           11/01/99         25
    34875                                N            10/01/29
    0


    2911312          765/G02             F           35,000.00         ZZ
                                         360         34,627.79          1
    15018 EAST AVENUE Q7               8.875            278.48         91
                                       8.625            278.48       38,500.00
    PALMDALE         CA   93591          1            08/27/99         04
    0431472703                           05           10/01/99         30
    348576                               N            09/01/29
    0


    2911331          685/G02             F          139,200.00         ZZ
                                         360        139,200.00          1
    415 LAURIE LANE                    8.750          1,095.09         80
                                       8.500          1,095.09      174,000.00
1


    SANTA PAULA      CA   93060          1            09/03/99         00
    0431468578                           05           11/01/99          0
    119449                               O            10/01/29
    0


    2912014          907/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    8 ROBIN LANE                       8.625          1,088.91         76
                                       8.375          1,088.91      185,000.00
    LEVITTOWN        NY   11958          1            09/08/99         00
    0431469022                           05           11/01/99          0
    10006350                             O            10/01/29
    0


    2912956          765/G02             F          130,500.00         ZZ
                                         360        130,434.09          2
    271 MONTROSE DRIVE                 9.375          1,085.44         90
                                       9.125          1,085.44      145,000.00
    FOLSOM           CA   95630          1            08/17/99         11
    0431469113                           05           10/01/99         25
    181916                               N            09/01/29
    0


    2913070          E82/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
    56 NASHOBA DRIVE                   9.000            740.25         80
                                       8.750            740.25      115,000.00
    MARLBORO         MA   01752          1            09/15/99         00
    0400230173                           05           11/01/99          0
    0400230173                           O            10/01/29
    0


    2913882          K08/G02             F          161,200.00         ZZ
                                         240        161,200.00          2
    463 BELLEVILLE AVENUE              9.250          1,476.38         75
                                       9.000          1,476.38      215,000.00
    GLEN RIDGE       NJ   07028          5            09/13/99         00
    0411594336                           05           11/01/99          0
    0411594336                           N            10/01/19
    0


    2913886          K08/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    1330 DESERET AVENUE                9.000          1,158.66         80
                                       8.750          1,158.66      180,000.00
    BARSTOW          CA   92311          1            09/03/99         00
    0411605306                           05           11/01/99          0
    0411605306                           N            10/01/29
    0
1




    2914395          593/G02             F          175,500.00         ZZ
                                         360        175,178.75          1
    562 NORTH 800 WEST                 8.500          1,349.45         90
                                       8.250          1,349.45      195,000.00
    SALT LAKE CITY   UT   84116          1            06/25/99         12
    0431480342                           05           08/01/99         25
    0007395254                           N            07/01/29
    0


    2914473          J33/G02             F          112,500.00         ZZ
                                         360        112,441.68          2
    2606 COUNRTY TRACE                 9.250            925.51         90
                                       9.000            925.51      125,000.00
    CONYERS          GA   30016          1            08/30/99         10
    0431477793                           05           10/01/99         25
    9954030235                           N            09/01/29
    0


    2914738          K30/G02             F           60,300.00         ZZ
                                         360         60,300.00          1
    603 BLUEGILL DRIVE                 9.500            507.04         90
                                       9.250            507.04       67,000.00
    GRAND JUNCTION   CO   81505          1            09/08/99         11
    0431481225                           03           11/01/99         25
    0064109                              N            10/01/29
    0


    2915867          K08/G02             F          195,000.00         ZZ
                                         360        194,890.68          1
    3902 RIVER DRIVE                   8.875          1,551.51         75
                                       8.625          1,551.51      260,000.00
    FARGO            ND   58104          5            08/12/99         00
    0411552763                           05           10/01/99          0
    0411552763                           O            09/01/29
    0


    2915869          K08/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
    58 MAIN STREET                     8.500            884.25         89
                                       8.250            884.25      130,000.00
    LITTLE FERRY     NJ   07643          1            09/15/99         04
    0411558612                           01           11/01/99         25
    0411558612                           O            10/01/29
    0


    2915877          K08/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
1


    33344 SANTIAM HIGHWAY              8.625            871.12         80
                                       8.375            871.12      140,000.00
    LEBANON          OR   97355          1            09/09/99         00
    0411589179                           05           11/01/99          0
    0411589179                           O            10/01/29
    0


    2915878          K08/G02             F          185,500.00         ZZ
                                         360        185,500.00          1
    178 KILBURN PLACE                  9.375          1,542.90         70
                                       9.125          1,542.90      265,000.00
    SOUTH ORANGE     NJ   07079          1            09/15/99         00
    0411589567                           05           11/01/99          0
    0411589567                           N            10/01/29
    0


    2915879          K08/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
    23 ARBOR CIRCLE                    8.875            891.12         80
                                       8.625            891.12      140,000.00
    BERNARDS TOWNSH  NJ   07920          1            09/15/99         00
    0411593049                           01           11/01/99          0
    0411593049                           O            10/01/29
    0


    2916376          455/G02             F           91,500.00         ZZ
                                         360         91,500.00          1
    4371 AKINS RIDGE LANE              8.875            728.02         75
                                       8.625            728.02      122,000.00
    POWDER SPRINGS   GA   30127          1            09/16/99         00
    0431501048                           03           11/01/99          0
    86077                                O            10/01/29
    0


    2916458          455/G02             F          211,500.00         ZZ
                                         360        211,500.00          1
    3100 BROOKVIEW DR                  9.000          1,701.78         90
                                       8.750          1,701.78      235,000.00
    MARIETTA         GA   30068          1            09/03/99         01
    0431502186                           05           11/01/99         25
    09000020                             O            10/01/29
    0


    2916475          E82/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
    212 HEATHER GLENN DRIVE            8.500          1,199.51         80
                                       8.250          1,199.51      195,000.00
    BOILING SPRINGS  SC   29316          1            09/17/99         00
    0400231056                           05           11/01/99          0
1


    0400231056                           O            10/01/29
    0


    2916476          E82/G02             F           46,800.00         ZZ
                                         360         46,800.00          1
    5626 FOUNTAINWOOD DRIVE            9.250            385.01         90
                                       9.000            385.01       52,000.00
    SAN ANTONIO      TX   78233          1            09/17/99         04
    0400230835                           05           11/01/99         25
    0400230835                           N            10/01/29
    0


    2916478          E82/G02             F           87,200.00         ZZ
                                         360         87,200.00          1
    6 FOXHILL COURT                    9.250            717.37         80
                                       9.000            717.37      109,000.00
    MONTICELLO       IL   61856          5            09/15/99         00
    0400230181                           03           11/01/99          0
    0400230181                           O            10/01/29
    0


    2916509          637/G02             F          100,000.00         ZZ
                                         360         99,929.41          1
    511 FERNWOOD DR                    7.750            716.42         80
                                       7.500            716.42      125,000.00
    ALTAMONTE SPRIN  FL   32701          1            08/20/99         00
    0431504166                           05           10/01/99          0
    0010355410                           O            09/01/29
    0


    2916529          637/G02             F          109,800.00         ZZ
                                         360        109,747.40          1
    12028 OLD HAMMOND HIGHWAY          9.625            933.29         90
                                       9.375            933.29      122,000.00
    BATON ROUGE      LA   70816          1            08/19/99         11
    0431504430                           05           10/01/99         25
    0017668401                           N            09/01/29
    0


    2919176          E82/G02             F           98,400.00         ZZ
                                         360         98,400.00          1
    10524 BARTLETT COURT               9.250            809.51         80
                                       9.000            809.51      123,000.00
    WICHITA          KS   67212          1            09/20/99         00
    0400231841                           05           11/01/99          0
    0400231841                           O            10/01/29
    0


1


    2919178          E82/G02             F           48,000.00         T
                                         360         48,000.00          1
    309 OAKDALE AVENUE                 9.375            399.24         75
                                       9.125            399.24       64,000.00
    TOWNSHIP OF LOW  NJ   08251          1            09/20/99         00
    0400234480                           05           11/01/99          0
    0400234480                           O            10/01/29
    0


    2919274          K08/G02             F          118,500.00         ZZ
                                         360        118,500.00          1
    3076 WOODHILLS                     8.875            942.84         87
                                       8.625            942.84      137,000.00
    MEMPHIS          TN   38128          2            09/16/99         10
    0411366826                           05           11/01/99         25
    0411366826                           N            10/01/29
    0


    2919276          K08/G02             F           77,000.00         ZZ
                                         360         77,000.00          2
    1112-1112 1/2 LEDWICH AVENUE       8.250            578.48         75
                                       8.000            578.48      103,000.00
    YAKIMA           WA   98902          2            09/07/99         00
    0411575798                           05           11/01/99          0
    0411575798                           N            10/01/29
    0


    2919277          K08/G02             F           77,000.00         ZZ
                                         360         77,000.00          2
    1107-1107 1/2 ROCK AVENUE          8.250            578.48         75
                                       8.000            578.48      103,000.00
    YAKIMA           WA   98902          2            09/07/99         00
    0411575905                           05           11/01/99          0
    0411575905                           N            10/01/29
    0


    2919278          K08/G02             F           77,000.00         ZZ
                                         360         77,000.00          2
    1110-1110 1/2 LEDWICH AVENUE       8.250            578.48         75
                                       8.000            578.48      103,000.00
    YAKIMA           WA   98902          2            09/07/99         00
    0411576291                           05           11/01/99          0
    0411576291                           N            10/01/29
    0


    2919279          K08/G02             F           77,000.00         ZZ
                                         360         77,000.00          2
    1105 & 1105 1/2 ROCK AVENUE        8.250            578.48         75
                                       8.000            578.48      103,000.00
1


    YAKIMA           WA   98902          2            09/07/99         00
    0411576432                           05           11/01/99          0
    0411576432                           N            10/01/29
    0


    2919282          K08/G02             F           79,200.00         ZZ
                                         360         79,200.00          4
    400 FIRST STREET UNIT A,B,C&D      9.375            658.75         80
                                       9.125            658.75       99,000.00
    COLLEGE STATION  TX   77840          1            09/13/99         00
    0411588817                           05           11/01/99          0
    0411588817                           N            10/01/29
    0


    2919284          K08/G02             F           79,200.00         ZZ
                                         360         79,200.00          4
    402 FIRST STREET UNIT A,B,C&D      9.375            658.75         80
                                       9.125            658.75       99,000.00
    COLLEGE STATION  TX   77840          1            09/13/99         00
    0411591365                           05           11/01/99          0
    0411591365                           N            10/01/29
    0


    2919287          K08/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
    1212 SW 4TH STREET                 8.500            799.67         80
                                       8.250            799.67      130,000.00
    FORT LAUDERDALE  FL   33312          1            09/16/99         00
    0411603384                           05           11/01/99          0
    0411603384                           O            10/01/29
    0


    2919535          950/G02             F           42,500.00         ZZ
                                         360         42,480.17          1
    24413 38TH AVENUE COURT EAST       9.750            365.14         43
                                       9.500            365.14      100,000.00
    SPANAWAY         WA   98387          5            08/26/99         00
    0431486133                           05           10/01/99          0
    100990628163                         N            09/01/29
    0


    2919907          163/G02             F          126,400.00         ZZ
                                         360        126,317.31          1
    25 HARDY ROAD                      8.125            938.52         80
                                       7.875            938.52      158,000.00
    LONDONDERRY      NH   03053          1            08/20/99         00
    0431508233                           05           10/01/99          0
    1000137930                           O            09/01/29
    0
1




    2919975          462/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
    356 S W 30 ROAD                    8.750            708.04         75
                                       8.500            708.04      120,000.00
    MIAMI            FL   33129          1            09/08/99         00
    0431508357                           05           11/01/99          0
    0007212004                           N            10/01/29
    0


    2920187          K08/G02             F           34,000.00         ZZ
                                         360         34,000.00          1
    297 CHANDLER                      10.500            311.01         80
                                      10.250            311.01       43,000.00
    PONTIAC          MI   48342          2            09/17/99         00
    0411567100                           05           11/01/99          0
    0411567100                           N            10/01/29
    0


    2920189          K08/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    22500 BIGGAR LANE                  8.750            786.70         80
                                       8.500            786.70      125,000.00
    COVELO           CA   95428          1            09/02/99         00
    0411576531                           05           11/01/99          0
    0411576531                           O            10/01/29
    0


    2920192          K08/G02             F           35,100.00         ZZ
                                         360         35,100.00          1
    3646 MARYLAND AVENUE               9.375            291.94         90
                                       9.125            291.94       39,000.00
    DALLAS           TX   75216          1            09/17/99         12
    0411581655                           05           11/01/99         25
    0411581655                           N            10/01/29
    0


    2920196          K08/G02             F          182,000.00         ZZ
                                         360        182,000.00          1
    3825 WHITETAIL COURT               8.500          1,399.42         60
                                       8.250          1,399.42      307,000.00
    MEAD             CO   80542          1            09/17/99         00
    0411592314                           03           11/01/99          0
    0411592314                           O            10/01/29
    0


    2920198          K08/G02             F          128,800.00         ZZ
                                         360        128,800.00          1
1


    3401 CORDLEY LAKE RD               9.625          1,094.79         80
                                       9.375          1,094.79      161,000.00
    PICKNEY (HAMBUR  MI   48169          5            09/17/99         00
    0411593304                           05           11/01/99          0
    0411593304                           N            10/01/29
    0


    2920202          K08/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
    843 LAKE AVENUE                    8.875          1,225.29         71
                                       8.625          1,225.29      217,000.00
    CLARK TOWNSHIP   NJ   07066          2            09/13/99         00
    0411594492                           05           11/01/99          0
    0411594492                           O            10/01/29
    0


    2920204          K08/G02             F          113,000.00         ZZ
                                         360        113,000.00          1
    1760 HERON DRIVE                   8.500            868.87         62
                                       8.250            868.87      183,000.00
    WEST YELLOWSTON  MT   59758          1            09/16/99         00
    0411595531                           05           11/01/99          0
    0411595531                           O            10/01/29
    0


    2920205          K08/G02             F          144,000.00         ZZ
                                         360        144,000.00          3
    3661-3671 NE 11 AVENUE             9.500          1,210.83         90
                                       9.250          1,210.83      160,000.00
    OAKLAND PARK     FL   33334          1            09/17/99         04
    0411596133                           05           11/01/99         25
    0411596133                           N            10/01/29
    0


    2920206          K08/G02             F          110,300.00         ZZ
                                         360        110,300.00          1
    2223 BREWINGTON CREEK ROAD         8.500            848.11         59
                                       8.250            848.11      188,000.00
    MEDINA           TX   78055          4            09/17/99         00
    0411596471                           05           11/01/99          0
    0411596471                           O            10/01/29
    0


    2920207          K08/G02             F          112,400.00         ZZ
                                         360        112,400.00          4
    1106 NORTH BUCHANAN STREET         9.250            924.69         90
                                       9.000            924.69      124,900.00
    KENNEWICK        WA   99337          1            09/09/99         10
    0411596679                           05           11/01/99         25
1


    0411596679                           N            10/01/29
    0


    2920210          K08/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
    1420 SOUTH 68TH AVENUE             8.500          1,291.77         80
                                       8.250          1,291.77      210,000.00
    YAKIMA           WA   98908          2            09/07/99         00
    0411603079                           05           11/01/99          0
    0411603079                           O            10/01/29
    0


    2920262          696/G02             F          146,200.00         ZZ
                                         360        146,200.00          1
    13511 AVONMORE DRIVE               8.750          1,150.16         80
                                       8.500          1,150.16      182,790.00
    HERNDON          VA   20171          1            09/20/99         00
    0431485929                           09           11/01/99          0
    30199193                             O            10/01/29
    0


    2921816          K08/G02             F           37,500.00         T
                                         360         37,500.00          1
    507 HENDERSON DRIVE                8.750            295.01         90
                                       8.500            295.01       41,690.00
    JACKSONVILLE     NC   28540          1            09/20/99         04
    0411516313                           05           11/01/99         25
    041151                               O            10/01/29
    0


    2921819          K08/G02             F           74,200.00         ZZ
                                         360         74,200.00          1
    2207 SOUTH BRAESWOOD BOULEVARD     9.500            623.91         70
    UNIT # 43B                         9.250            623.91      106,000.00
    HOUSTON          TX   77030          1            09/17/99         00
    0411564560                           01           11/01/99          0
    041156                               N            10/01/29
    0


    2921824          K08/G02             F          126,800.00         ZZ
                                         360        126,800.00          1
    513 SOUTH 500 EAST                 8.625            986.24         80
                                       8.375            986.24      158,500.00
    OREM             UT   84097          1            09/17/99         00
    0411586795                           05           11/01/99          0
    0411586795                           O            10/01/29
    0


1


    2921825          K08/G02             F           39,150.00         ZZ
                                         360         39,150.00          1
    1508 TAYLORCREST DRIVE             8.750            307.99         90
                                       8.500            307.99       43,500.00
    DALLAS           TX   75253          1            09/20/99         10
    0411587017                           05           11/01/99         25
    041158                               N            10/01/29
    0


    2921831          K08/G02             F          130,900.00         ZZ
                                         360        130,900.00          1
    22180 BLOOMINGDALE ROAD            8.625          1,018.13         70
                                       8.375          1,018.13      187,000.00
    PALO CEDRO       CA   96073          1            09/15/99         00
    0411600828                           05           11/01/99          0
    041160                               O            10/01/29
    0


    2921839          K08/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
    760 CONTINENTAL COURT              8.375          1,337.73         80
                                       8.125          1,337.73      220,000.00
    GRAND JUNCTION   CO   81506          1            09/20/99         00
    0411618226                           03           11/01/99          0
    0411618226                           O            10/01/29
    0


    2923035          638/G02             F          237,000.00         ZZ
                                         360        237,000.00          1
    8 GLOUCESTER STREET #12A           9.500          1,992.82         44
                                       9.250          1,992.82      540,000.00
    BOSTON           MA   02115          5            09/20/99         00
    0431496926                           08           11/01/99          0
    08901878                             N            10/01/29
    0


    2924006          K08/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    4008 EAST BOSTON AVENUE            8.875            763.82         80
                                       8.625            763.82      120,000.00
    LAS VEGAS        NV   89104          5            09/16/99         00
    0411574387                           05           11/01/99          0
    0411574387                           N            10/01/29
    0


    2924007          K08/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
    918 TILLMAN LANE                   8.500          1,107.24         80
                                       8.250          1,107.24      180,000.00
1


    GARDNERVILLE     NV   89410          1            09/10/99         00
    0411588254                           05           11/01/99          0
    0411588254                           O            10/01/29
    0


    2924008          K08/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
    689 EDGEWATER LANE                 8.250          1,389.84         79
                                       8.000          1,389.84      235,000.00
    MOSES LAKE       WA   98837          1            09/16/99         00
    0411588551                           05           11/01/99          0
    0411588551                           O            10/01/29
    0


    2924009          K08/G02             F          183,850.00         ZZ
                                         360        183,850.00          1
    20 SAXONY COURT                    8.500          1,413.65         90
                                       8.250          1,413.65      204,320.00
    ROSEVILLE        CA   95678          1            09/16/99         04
    0411592082                           05           11/01/99         25
    0411592082                           N            10/01/29
    0


    2924010          K08/G02             F          166,400.00         ZZ
                                         360        166,400.00          1
    1529 VISALIA LANE                  8.750          1,309.07         80
                                       8.500          1,309.07      208,000.00
    AUSTIN           TX   78727          5            09/16/99         00
    0411593221                           03           11/01/99          0
    0411593221                           O            10/01/29
    0


    2924017          K08/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
    1749 36TH STREET                   8.375            766.15         80
                                       8.125            766.15      126,000.00
    SACRAMENTO       CA   95816          1            09/15/99         00
    0411605561                           05           11/01/99          0
    0411605561                           O            10/01/29
    0


    2924226          E82/G02             F           57,400.00         ZZ
                                         360         57,400.00          1
    1553 HICKORYWOOD CIRCLE            8.875            456.70         70
                                       8.625            456.70       82,000.00
    KISSIMMEE        FL   34744          1            09/22/99         00
    0400228698                           05           11/01/99          0
    0400228698                           O            10/01/29
    0
1




    2926271          K08/G02             F           85,500.00         ZZ
                                         360         85,500.00          3
    210 WINTHROP STREET                9.250            703.39         90
                                       9.000            703.39       95,000.00
    NEW BRITAIN      CT   06050          1            09/22/99         10
    0411559628                           05           11/01/99         25
    0411559628                           N            10/01/29
    0


    2926275          K08/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
    3868 BUTTERNUT DRIVE               9.000            796.58         90
                                       8.750            796.58      110,000.00
    HOLLAND          MI   49424          5            09/17/99         04
    0411572324                           05           11/01/99         25
    0411572324                           O            10/01/29
    0


    2926277          K08/G02             F          180,000.00         ZZ
                                         360        180,000.00          4
    16269,16277 & 16279 JACKSONVIL     8.875          1,432.16         52
                                       8.625          1,432.16      349,000.00
    JAMESTOWN        CA   95327          5            09/15/99         00
    0411577257                           05           11/01/99          0
    0411577257                           O            10/01/29
    0


    2926280          K08/G02             F           61,000.00         ZZ
                                         360         61,000.00          4
    4220-4222 JUNIATA                  9.625            518.49         90
                                       9.375            518.49       67,800.00
    ST LOUIS         MO   63116          1            09/22/99         04
    0411586548                           05           11/01/99         25
    0411586548                           N            10/01/29
    0


    2926282          K08/G02             F           60,200.00         ZZ
                                         360         60,200.00          2
    9445 FAIRGREEN LANE                9.250            495.25         75
                                       9.000            495.25       80,385.00
    PHILADELPHIA     PA   19114          2            09/22/99         00
    0411588460                           05           11/01/99          0
    0411588460                           N            10/01/29
    0


    2926290          K08/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
1


    10426 CACTUS FLOWER DRIVE          8.375            437.80         80
                                       8.125            437.80       72,000.00
    HOUSTON          TX   77086          5            09/17/99         00
    0411604713                           03           11/01/99          0
    0411604713                           O            10/01/29
    0


    2926295          K08/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
    601 COUNTY ROAD 193                9.000          1,890.86         63
                                       8.750          1,890.86      375,000.00
    PAGOSA SPRINGS   CO   81147          5            09/17/99         00
    0411613243                           05           11/01/99          0
    0411613243                           O            10/01/29
    0


    2926298          K08/G02             F          121,500.00         ZZ
                                         360        121,500.00          2
    2500-04 GILPIN STREET              8.875            966.71         75
                                       8.625            966.71      162,000.00
    DENVER           CO   80205          1            09/22/99         00
    0411626054                           05           11/01/99          0
    0411626054                           N            10/01/29
    0


    2926447          E82/G02             F          208,500.00         ZZ
                                         360        208,500.00          3
    5 LIBERTY HILL AVENUE              8.750          1,640.27         76
                                       8.500          1,640.27      277,000.00
    SALEM            MA   01970          5            09/20/99         00
    0400231361                           05           11/01/99          0
    0400231361                           O            10/01/29
    0


    2926980          637/G02             F          112,000.00         ZZ
                                         360        111,938.82          1
    326 MORRIS AVE SOUTH               9.000            901.18         80
                                       8.750            901.18      140,000.00
    RENTON           WA   98055          5            08/19/99         00
    0431501956                           05           10/01/99          0
    25020265                             O            09/01/29
    0


    2927402          737/G02             F           47,250.00         ZZ
                                         360         47,250.00          1
    2747 MILES CIRCLE                  9.375            393.00         90
                                       9.125            393.00       52,500.00
    EAST POINT       GA   30344          1            09/16/99         10
    0431510858                           05           11/01/99         25
1


    955788                               N            10/01/29
    0


    2927639          637/G02             F          121,500.00         ZZ
                                         360        121,428.26          4
    1040 JEFFERSON AVENUE              8.625            945.02         90
                                       8.375            945.02      135,000.00
    CLOVIS           CA   93612          1            08/20/99         14
    0431506047                           05           10/01/99         25
    0013952189                           N            09/01/29
    0


    2927738          637/G02             F           65,600.00         ZZ
                                         360         65,562.25          1
    3520 EAST 18TH STREET              8.750            516.08         80
                                       8.500            516.08       82,000.00
    CASPER           WY   82609          1            08/31/99         00
    0431504158                           05           10/01/99          0
    0014976310                           N            09/01/29
    0


    2928031          637/G02             F           91,800.00         ZZ
                                         360         91,745.80          1
    5796 - 5798 WILLIAMSBURG TR        8.625            714.01         90
                                       8.375            714.01      102,000.00
    COLLEGE PARK     GA   30349          1            08/27/99         01
    0431512326                           05           10/01/99         25
    0012053088                           N            09/01/29
    0


    2928683          K08/G02             F           96,750.00         ZZ
                                         360         96,750.00          1
    3948 MULBERRY DRIVE                8.500            743.92         75
                                       8.250            743.92      129,000.00
    CONCORD          CA   94519          1            09/16/99         00
    0411393242                           05           11/01/99          0
    0411393242                           N            10/01/29
    0


    2928685          K08/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
    709 WASHINGTON AVENUE              8.875            413.74         65
                                       8.625            413.74       80,000.00
    SOUTH CLE ELUM   WA   98943          5            09/13/99         00
    0411551781                           05           11/01/99          0
    0411551781                           N            10/01/29
    0


1


    2928691          K08/G02             F          129,000.00         ZZ
                                         360        129,000.00          1
    1919 SE 4TH ST                     8.875          1,026.38         80
                                       8.625          1,026.38      161,600.00
    CAPE CORAL       FL   33990          1            09/23/99         00
    0411591563                           05           11/01/99          0
    0411591563                           O            10/01/29
    0


    2928692          K08/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
    632 FOSTER AVENUE                  8.625            945.01         75
                                       8.375            945.01      162,000.00
    MADERA           CA   93637          5            09/09/99         00
    0411592553                           05           11/01/99          0
    0411592553                           O            10/01/29
    0


    2928694          K08/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
    14519 SW 128TH COURT ROAD          9.000            531.05         60
                                       8.750            531.05      111,000.00
    MIAMI            FL   33186          2            09/23/99         00
    0411596158                           03           11/01/99          0
    0411596158                           N            10/01/29
    0


    2928698          K08/G02             F          106,200.00         ZZ
                                         360        106,200.00          1
    18479 KESH                         9.625            902.69         90
                                       9.375            902.69      118,000.00
    SOUTHFIELD       MI   48076          1            09/23/99         12
    0411599459                           05           11/01/99         25
    0411599459                           N            10/01/29
    0


    2928709          K08/G02             F           83,600.00         ZZ
                                         360         83,600.00          1
    1508 NORTH DUNCAN AVENUE           8.875            665.16         95
                                       8.625            665.16       88,000.00
    AMITE            LA   70422          1            09/23/99         04
    0411616998                           05           11/01/99         30
    0411616998                           O            10/01/29
    0


    2928710          K08/G02             F          216,750.00         ZZ
                                         360        216,750.00          1
    224 VINTON GULCH ROAD              8.375          1,647.46         75
                                       8.125          1,647.46      289,000.00
1


    OROVILLE         CA   95965          1            09/21/99         00
    0411619208                           05           11/01/99          0
    0411619208                           O            10/01/29
    0


    2928875          K08/G02             F          132,300.00         ZZ
                                         360        132,227.73          1
    1150 CASTLEWOOD                    9.000          1,064.52         90
                                       8.750          1,064.52      147,000.00
    WHITE LAKE TOWN  MI   48386          1            09/01/99         04
    0411582745                           05           10/01/99         25
    0411582745                           N            09/01/29
    0


    2928877          K08/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
    7245 W FRUMIN COURT                8.625            715.57         80
                                       8.375            715.57      115,000.00
    WESTLAND         MI   48185          1            09/08/99         00
    0411586134                           05           11/01/99          0
    0411586134                           N            10/01/29
    0


    2928879          K08/G02             F           53,300.00         ZZ
                                         360         53,300.00          1
    314 BILLIE NEAL ROAD               9.000            428.86         65
                                       8.750            428.86       82,500.00
    MAGNET           TX   77453          5            09/14/99         00
    0411588932                           05           11/01/99          0
    0411588932                           N            10/01/29
    0


    2928883          K08/G02             F          107,200.00         ZZ
                                         360        107,200.00          1
    6964 WALLING LANE                  8.750            843.34         80
                                       8.500            843.34      134,000.00
    DALLAS           TX   75231          1            09/14/99         00
    0411608409                           05           11/01/99          0
    0411608409                           O            10/01/29
    0


    2930354          765/G02             F          200,000.00         ZZ
                                         360        200,000.00          4
    3977-3979 1/2 SOUTH NORMANDIE      9.500          1,681.71         72
    ENU                                9.250          1,681.71      278,000.00
    LOS ANGELES      CA   90037          5            09/13/99         00
    0431507730                           05           11/01/99          0
    348858                               N            10/01/29
    0
1




    2930688          K30/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
    205 BEN EZRA AVENUE                9.250            703.39         90
                                       9.000            703.39       95,000.00
    ROSEVILLE        CA   95678          1            09/01/99         11
    0431512276                           05           11/01/99         25
    0067862                              N            10/01/29
    0


    2931112          893/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    511 DARWIN STREET                  8.625          1,244.46         46
                                       8.375          1,244.46      350,000.00
    SANTA CRUZ       CA   95062          5            09/16/99         00
    0431510502                           05           11/01/99          0
    W99080768                            O            10/01/29
    0


    2931714          K08/G02             F           77,500.00         ZZ
                                         360         77,500.00          1
    265 SW PANTHER TRACE               8.750            609.69         80
                                       8.500            609.69       96,900.00
    PORT ST LUCIE    FL   34953          1            09/24/99         00
    0411466444                           03           11/01/99          0
    0411466444                           O            10/01/29
    0


    2931717          K08/G02             F           86,000.00         ZZ
                                         360         85,946.55          1
    26128 HAMPDEN ST                   8.375            653.66         79
                                       8.125            653.66      110,000.00
    MADISON HEIGHTS  MI   48071          5            08/27/99         00
    0411552409                           05           10/01/99          0
    0411552409                           O            09/01/29
    0


    2931719          K08/G02             F           23,200.00         ZZ
                                         360         23,200.00          1
    82 WEST HOWARD                     8.750            182.51         80
                                       8.500            182.51       29,000.00
    PONTIAC          MI   48340          1            09/24/99         00
    0411556442                           05           11/01/99          0
    0411556442                           N            10/01/29
    0


    2931721          K08/G02             F          145,150.00         ZZ
                                         360        145,150.00          1
1


    312 HARBOR LANDING DRIVE           8.375          1,103.24         63
                                       8.125          1,103.24      232,400.00
    ROCKWALL         TX   75087          2            09/17/99         00
    0411570575                           03           11/01/99          0
    0411570575                           O            10/01/29
    0


    2931727          K08/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
    1278 EAST CODY ESTEY ROAD          9.500            524.69         80
                                       9.250            524.69       78,000.00
    PINCONNING       MI   48650          5            09/24/99         00
    0411597123                           05           11/01/99          0
    0411597123                           N            10/01/29
    0


    2931731          K08/G02             F          110,300.00         ZZ
                                         360        110,300.00          2
    1513-1515 VISTA RIDGE              9.000            887.50         80
                                       8.750            887.50      137,900.00
    MIAMISBURG       OH   45343          1            09/24/99         00
    0411604192                           05           11/01/99          0
    0411604192                           O            10/01/29
    0


    2931732          K08/G02             F           41,400.00         ZZ
                                         360         41,400.00          1
    4131 CHESTNUT AVENUE               9.500            348.11         90
                                       9.250            348.11       46,000.00
    KANSAS CITY      MO   64130          2            09/21/99         04
    0411604564                           05           11/01/99         25
    0411604564                           N            10/01/29
    0


    2931741          K08/G02             F          114,350.00         ZZ
                                         360        114,350.00          1
    8888 MANNINGTON STREET             8.250            859.07         80
                                       8.000            859.07      142,990.00
    ELK GROVE        CA   95758          1            09/22/99         00
    0411621196                           05           11/01/99          0
    0411621196                           O            10/01/29
    0


    2931743          K08/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
    14007 NE 181ST STREET,UNTIA103     8.500            599.75         62
                                       8.250            599.75      127,000.00
    WOODINVILLE      WA   98072          1            09/20/99         00
    0411622186                           01           11/01/99          0
1


    0411622186                           O            10/01/29
    0


    2931745          K08/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
    28079 ABERDEEN                     9.625            693.59         80
                                       9.375            693.59      102,000.00
    SOUTHFIELD       MI   48075          5            09/24/99         00
    0411622343                           05           11/01/99          0
    0411622343                           N            10/01/29
    0


    2931746          K08/G02             F          100,150.00         ZZ
                                         360        100,150.00          1
    2339 ENGINEERS DRIVE               8.375            761.21         80
                                       8.125            761.21      125,215.00
    MARIETTA         GA   30067          1            09/24/99         00
    0411622848                           05           11/01/99          0
    0411622848                           N            10/01/29
    0


    2931748          K08/G02             F          106,200.00         ZZ
                                         360        106,200.00          1
    20952 MADA AVENUE                  9.625            902.69         90
                                       9.375            902.69      118,000.00
    SOUTHFIELD       MI   48075          1            09/24/99         04
    0411626492                           05           11/01/99         25
    0411626492                           N            10/01/29
    0


    2931749          K08/G02             F           77,600.00         ZZ
                                         360         77,600.00          1
    2318 SAM HOUSTON DRIVE             8.500            596.68         80
                                       8.250            596.68       97,000.00
    GARLAND          TX   75044          1            09/24/99         00
    0411627177                           05           11/01/99          0
    0411627177                           O            10/01/29
    0


    2932522          637/G02             F           77,800.00         ZZ
                                         360         77,756.38          1
    235 SE 3RD AVENUE                  8.875            619.02         90
                                       8.625            619.02       86,446.00
    CANBY            OR   97013          1            08/25/99         14
    0431510114                           09           10/01/99         25
    0017948050                           N            09/01/29
    0


1


    2932610          E82/G02             F          227,000.00         ZZ
                                         360        227,000.00          1
    508 UPPER STUMP ROAD               8.750          1,785.81         79
                                       8.500          1,785.81      290,000.00
    CHALFONT         PA   18914          5            09/24/99         00
    0400232773                           05           11/01/99          0
    0400232773                           O            10/01/29
    0


    2932625          601/G02             F          150,000.00         ZZ
                                         360        149,909.12          1
    8869 PHEASANT VALLEY WAY           8.500          1,153.38         75
                                       8.250          1,153.38      200,000.00
    LAS VEGAS        NV   89123          1            08/25/99         00
    0431512144                           05           10/01/99          0
    60115391                             O            09/01/29
    0


    2932914          637/G02             F           50,700.00         ZZ
                                         360         50,668.48          1
    143 THIRD STREET                   8.375            385.36         80
                                       8.125            385.36       64,000.00
    BANGOR           ME   04401          2            09/02/99         00
    0431509884                           05           10/01/99          0
    0017055922                           N            09/01/29
    0


    2933166          637/G02             F           72,000.00         ZZ
                                         360         71,964.58          4
    3521 - 27 CAMBRONNE STREET         9.500            605.42         90
                                       9.250            605.42       80,000.00
    NEW ORLEANS      LA   70118          2            08/30/99         11
    0431510049                           05           10/01/99         25
    0017596537                           N            09/01/29
    0


    2933205          623/G02             F          126,000.00         ZZ
                                         360        125,425.82          1
    1201 DEMODE                        8.250            946.60         72
                                       8.000            946.60      175,000.00
    HOLLY            MI   48442          5            02/25/99         00
    0431509413                           05           04/01/99          0
    1213015                              O            03/01/29
    0


    2933210          623/G02             F          189,500.00         ZZ
                                         360        189,376.04          1
    138A GRIMES ROAD                   8.125          1,407.03         69
                                       7.875          1,407.03      278,000.00
1


    MILLEDGEVILLE    GA   31061          2            08/30/99         00
    0431509587                           05           10/01/99          0
    1366437                              O            09/01/29
    0


    2933213          623/G02             F           50,200.00         ZZ
                                         360         50,169.81          1
    168 EASTON DRIVE                   8.625            390.45         58
                                       8.375            390.45       87,000.00
    PORT CHARLOTTE   FL   33952          2            08/16/99         00
    0431509470                           05           10/01/99          0
    1368220                              O            09/01/29
    0


    2933215          623/G02             F          103,500.00         ZZ
                                         360        103,380.48          1
    2128 NORTH MOBILE AVENUE           8.750            814.23         75
                                       8.500            814.23      138,000.00
    CHICAGO          IL   60639          5            08/04/99         00
    0431509561                           05           09/01/99          0
    1369301                              O            08/01/29
    0


    2933217          623/G02             F          101,000.00         ZZ
                                         360        100,933.93          1
    507 SOUTH VERMONT                  8.125            749.92         75
                                       7.875            749.92      135,000.00
    ROYAL OAK        MI   48067          5            08/25/99         00
    0431509512                           05           10/01/99          0
    1370067                              O            09/01/29
    0


    2933224          623/G02             F           40,000.00         ZZ
                                         360         39,979.26          1
    1329 CLAREMONT AVE                 9.250            329.07         50
                                       9.000            329.07       80,000.00
    PUEBLO           CO   81004          5            08/10/99         00
    0431510197                           05           10/01/99          0
    1463126                              O            09/01/29
    0


    2933226          623/G02             F          175,800.00         ZZ
                                         360        175,682.04          1
    1 QUARTER HORSE LANE               8.000          1,289.96         64
                                       7.750          1,289.96      275,000.00
    SUNLAND PARK     NM   88008          2            08/16/99         00
    0431509827                           05           10/01/99          0
    5218279                              O            09/01/29
    0
1




    2933227          623/G02             F          146,450.00         ZZ
                                         360        145,977.32          1
    4936 NORTH WILLOW AVENUE           7.125            986.67         74
                                       6.875            986.67      200,000.00
    COVINA AREA      CA   91724          5            06/03/99         00
    0431509983                           05           07/01/99          0
    6200867                              O            06/01/29
    0


    2933228          623/G02             F          111,000.00         ZZ
                                         360        110,769.32          1
    3873 KNOX AVENUE                   7.875            804.83         75
                                       7.625            804.83      148,000.00
    ROSAMOND  AREA   CA   93560          5            06/15/99         00
    0431509322                           03           08/01/99          0
    6200962                              O            07/01/29
    0


    2933229          623/G02             F          240,000.00         ZZ
                                         360        239,834.83          1
    1 ROUTE BOX 376C                   7.875          1,740.17         78
                                       7.625          1,740.17      310,000.00
    ESPANOLA         NM   87532          5            08/19/99         00
    0431509371                           05           10/01/99          0
    6201910                              O            09/01/29
    0


    2933234          623/G02             F           44,850.00         ZZ
                                         360         44,824.85          1
    1626 D STREET                      8.875            356.85         65
                                       8.625            356.85       69,000.00
    SPARKS           NV   89431          5            08/20/99         00
    0431508829                           05           10/01/99          0
    6300796                              N            09/01/29
    0


    2933238          623/G02             F           88,000.00         ZZ
                                         360         87,957.84          1
    06 SAN PEDRO                       9.625            747.99         76
                                       9.375            747.99      117,000.00
    LA GUNA          NM   87026          2            08/30/99         00
    0431510593                           05           10/01/99          0
    1306514                              O            09/01/29
    0


    2933241          623/G02             F          116,800.00         ZZ
                                         360        116,800.00          1
1


    1090 SOUTH STATE                   8.375            887.76         80
                                       8.125            887.76      146,000.00
    ROOSEVELT        UT   84066          2            09/13/99         00
    0431510676                           05           11/01/99          0
    7224526                              O            10/01/29
    0


    2933245          638/G02             F          167,000.00         ZZ
                                         360        167,000.00          1
    3222 WEST 8475 SOUTH               8.750          1,313.79         90
                                       8.500          1,313.79      186,000.00
    WEST JORDAN      UT   84088          5            09/17/99         14
    0431518117                           05           11/01/99         25
    008929734                            O            10/01/29
    0


    2933289          637/G02             F           72,000.00         ZZ
                                         360         71,964.58          4
    8332 - 38 PALM STREET              9.500            605.42         90
                                       9.250            605.42       80,000.00
    NEW ORLEANS      LA   70118          2            08/30/99         11
    0431509991                           05           10/01/99         25
    0017668716                           N            09/01/29
    0


    2934114          K08/G02             F           84,000.00         ZZ
                                         360         83,949.11          1
    7683 CANEY FORK ROAD               8.500            645.89         68
                                       8.250            645.89      125,000.00
    FAIRVIEW         TN   37062          5            08/20/99         00
    0411527245                           27           10/01/99          0
    0411527245                           O            09/01/29
    0


    2934116          K08/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
    701 EAST 18TH STREET               8.875            558.54         79
                                       8.625            558.54       89,000.00
    CHARLOTTE        NC   28205          2            09/22/99         00
    0411554421                           05           11/01/99          0
    0411554421                           O            10/01/29
    0


    2934121          K08/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    3001 MAIL ROUTE ROAD               8.375            729.67         80
                                       8.125            729.67      120,000.00
    FISCHER          TX   78623          5            09/20/99         00
    0411587412                           05           11/01/99          0
1


    0411587413                           O            10/01/29
    0


    2934128          K08/G02             F           79,050.00         ZZ
                                         360         79,050.00          1
    1121 OAKLAWN CIRCLE                8.750            621.89         85
                                       8.500            621.89       93,000.00
    LITTLE ROCK      AR   72206          5            09/21/99         04
    0411599533                           05           11/01/99         25
    0411599533                           O            10/01/29
    0


    2934130          K08/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
    229 TALQUIN COVE                   8.500          1,422.49         74
                                       8.250          1,422.49      252,000.00
    DESTIN           FL   32541          2            09/21/99         00
    0411603699                           03           11/01/99          0
    0411603699                           O            10/01/29
    0


    2934131          K08/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    4445 S LAWLER ST                   9.000            603.47         75
                                       8.750            603.47      100,000.00
    CHICAGO          IL   60638          5            09/21/99         00
    0411607377                           05           11/01/99          0
    0411607377                           O            10/01/29
    0


    2934136          K08/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    1733 WESTWOOD DRIVE                8.750            629.36         45
                                       8.500            629.36      180,000.00
    MINDEN           NV   89423          5            09/22/99         00
    0411614068                           05           11/01/99          0
    0411614068                           N            10/01/29
    0


    2934138          K08/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
    9374 OWEN RD                       8.875            501.26         89
                                       8.625            501.26       71,000.00
    FAIRGROVE        MI   48733          5            09/21/99         04
    0411617111                           05           11/01/99         25
    0411617111                           O            10/01/29
    0


1


    2934581          E82/G02             F           95,900.00         ZZ
                                         360         95,900.00          1
    1720 NORTH 2340 WEST               8.875            763.02         80
                                       8.625            763.02      119,925.00
    LEHI             UT   84043          1            09/29/99         00
    0400235875                           05           11/01/99          0
    0400235875                           O            10/01/29
    0


    2934582          E82/G02             F          175,500.00         ZZ
                                         360        175,500.00          3
    213 BENTLEY PARKWAY                8.500          1,349.44         90
                                       8.250          1,349.44      195,000.00
    WOODSTOCK        GA   30188          1            09/30/99         04
    0400231197                           05           11/01/99         25
    0400231197                           O            10/01/29
    0


    2936089          K08/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    16648 TRADERS CROSSING NORTH       8.500          1,076.48         80
    UNIT #207                          8.250          1,076.48      175,000.00
    JUPITER          FL   33477          1            09/28/99         00
    0411496391                           01           11/01/99          0
    0411496391                           O            10/01/29
    0


    2936091          K08/G02             F           91,750.00         ZZ
                                         360         91,750.00          3
    1502, 1504 & 1506 77TH AVENUE      9.000            738.24         62
                                       8.750            738.24      150,000.00
    OAKLAND          CA   94621          5            09/21/99         00
    0411523210                           05           11/01/99          0
    0411523210                           N            10/01/29
    0


    2936092          K08/G02             F          107,800.00         ZZ
                                         360        107,800.00          2
    5363 PRINCETON STREET              9.000            867.38         67
                                       8.750            867.38      163,000.00
    OAKLAND          CA   94601          5            09/22/99         00
    0411523541                           05           11/01/99          0
    0411523541                           N            10/01/29
    0


    2936094          K08/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    2918 ASHFORD TRAIL DRIVE           8.500            615.13         80
                                       8.250            615.13      100,000.00
1


    HOUSTON          TX   77082          1            09/28/99         00
    0411543168                           03           11/01/99          0
    0411543168                           O            10/01/29
    0


    2936100          K08/G02             F          193,000.00         ZZ
                                         360        193,000.00          1
    1771 ENGLISH ROSE DRIVE            8.500          1,484.00         78
                                       8.250          1,484.00      250,000.00
    LAS VEGAS        NV   89122          5            09/21/99         00
    0411577729                           05           11/01/99          0
    0411577729                           O            10/01/29
    0


    2936109          K08/G02             F          149,300.00         ZZ
                                         360        149,300.00          1
    2808 YUKON DRIVE                   8.125          1,108.55         80
                                       7.875          1,108.55      186,650.00
    MODESTO          CA   95350          1            09/23/99         00
    0411613508                           05           11/01/99          0
    0411613508                           O            10/01/29
    0


    2936112          K08/G02             F          165,600.00         ZZ
                                         360        165,600.00          1
    1329 BRADBURY DRIVE                8.750          1,302.78         80
                                       8.500          1,302.78      207,095.00
    CARROLLTON       TX   75007          1            09/28/99         00
    0411621931                           03           11/01/99          0
    0411621931                           O            10/01/29
    0


    2936113          K08/G02             F           57,800.00         ZZ
                                         360         57,800.00          1
    24 CR 424                          8.750            454.71         85
                                       8.500            454.71       68,000.00
    CORINTH          MS   38834          5            09/23/99         04
    0411623036                           05           11/01/99         12
    0411623036                           O            10/01/29
    0


    2937420          G52/G02             F           87,500.00         ZZ
                                         360         87,500.00          1
    7805 SHASTA AVENUE                 9.000            704.04         70
                                       8.750            704.04      125,000.00
    HIGHLAND         CA   92346          5            09/22/99         00
    0431515089                           05           11/01/99          0
    86000019                             N            10/01/29
    0
1




    2937447          G52/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
    2427 LESTER                        9.000            687.95         90
                                       8.750            687.95       95,000.00
    LA CRUCES        NM   88001          1            09/22/99         10
    0431514819                           05           11/01/99         25
    98506070                             N            10/01/29
    0


    2938273          K08/G02             F          100,000.00         ZZ
                                         360        100,000.00          2
    112-114 HAMILTON PLACE             9.125            813.63         43
                                       8.875            813.63      235,000.00
    OAKLAND          CA   94612          5            09/22/99         00
    0411590698                           05           11/01/99          0
    0411590698                           N            10/01/29
    0


    2938274          K08/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    109 HAMILTON PLACE                 9.125            569.54         37
                                       8.875            569.54      190,000.00
    OAKLAND          CA   94612          5            09/22/99         00
    0411591449                           05           11/01/99          0
    0411591449                           N            10/01/29
    0


    2938280          K08/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    22 HIGH RIDGE ROAD                 8.500          1,076.48         70
                                       8.250          1,076.48      200,000.00
    STONY POINT      NY   10980          5            09/24/99         00
    0411604663                           05           11/01/99          0
    0411604663                           O            10/01/29
    0


    2938289          K08/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
    236 NORTH LEXINGTON AVENUE         8.625            595.01         85
                                       8.375            595.01       90,000.00
    LECENTER         MN   56057          5            09/24/99         01
    0411615594                           05           11/01/99         12
    0411615594                           O            10/01/29
    0


    2938294          K08/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
1


    5020 AIRLINE ROAD                  8.750          1,652.07         56
                                       8.500          1,652.07      375,000.00
    HIGHLAND PARK    TX   75205          5            09/24/99         00
    0411620750                           05           11/01/99          0
    0411620750                           O            10/01/29
    0


    2942769          K30/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
    260 28 1/2 ROAD                    8.875            397.82         65
                                       8.625            397.82       77,000.00
    GRAND JUNCTION   CO   81503          5            09/28/99         00
    0431519552                           05           11/01/99          0
    0066002                              N            10/01/29
    0

   TOTAL NUMBER OF LOANS   :      1,836

   TOTAL ORIGINAL BALANCE  :   178,417,315.34

   TOTAL PRINCIPAL BALANCE :   177,992,506.26

   TOTAL ORIGINAL P+I      :     1,393,660.12

   TOTAL CURRENT P+I       :     1,393,660.11


                             ***************************
                             *      END OF REPORT      *
                             ***************************


1

  RUN ON     : 10/28/99           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 10.26.99           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 1999-QS13 CONF                            CUTOFF : 10/01/99
  POOL       : 0004405
             :
             :
  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
  ---------------------------------------------------------------------------
      1595318                              .2500
      172,192.31                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1606650                              .2500
       49,329.78                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1744712                              .2500
       68,507.83                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      1792705                              .2500
       26,498.82                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.7500                         .5450

      1803777                              .2500
       22,211.18                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1814271                              .2500
       38,630.51                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.7500                         .0450
1



      1822237                              .2500
       28,516.87                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1829111                              .2500
       27,240.47                           .0300
            8.0000                         .0000
            7.7500                         .0000
            7.7200                         .0000
            7.7200                         .0000

      1829119                              .2500
       27,239.00                           .0300
            8.0000                         .0000
            7.7500                         .0000
            7.7200                         .0000
            7.7200                         .0000

      1830064                              .2500
       26,719.41                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1831354                              .2500
       26,759.17                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1838853                              .2500
       28,624.40                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.7500                         .5450

      1843328                              .2500
       29,168.11                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.7500                         .0450

      1846553                              .2500
      111,200.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950
1



      1848947                              .2500
       29,222.10                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.7500                         .0450

      1855679                              .2500
       26,840.76                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1857816                              .2500
       28,534.90                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1857835                              .2500
       27,267.08                           .0800
            8.2500                         .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



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      2856689                              .2500
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1



      2858365                              .2500
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      2858372                              .2500
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1



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      2858989                              .2500
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1



      2859008                              .2500
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      2859010                              .2500
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      2859011                              .2500
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      2859013                              .2500
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      2859042                              .2500
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      2859045                              .2500
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1



      2859047                              .2500
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1



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1



      2859103                              .2500
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1



      2860318                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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      2894188                              .2500
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1



      2894189                              .2500
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      2894193                              .2500
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      2894194                              .2500
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      2894195                              .2500
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      2894196                              .2500
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      2894197                              .2500
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1



      2894198                              .2500
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      2894199                              .2500
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      2894200                              .2500
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      2894201                              .2500
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      2894202                              .2500
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      2894203                              .2500
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      2894205                              .2500
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      2894208                              .2500
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1



      2894210                              .2500
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      2894212                              .2500
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      2894213                              .2500
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      2894214                              .2500
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      2894215                              .2500
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      2894216                              .2500
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      2894217                              .2500
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      2894218                              .2500
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1



      2894219                              .2500
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      2894220                              .2500
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      2894221                              .2500
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      2894222                              .2500
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      2894223                              .2500
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      2894225                              .2500
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      2894226                              .2500
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      2894227                              .2500
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1



      2894229                              .2500
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      2894230                              .2500
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      2894231                              .2500
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      2894232                              .2500
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      2894233                              .2500
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      2894234                              .2500
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      2894235                              .2500
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      2894236                              .2500
       67,962.85                           .0800
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1



      2894237                              .2500
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      2894239                              .2500
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      2894240                              .2500
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      2894241                              .2500
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      2894242                              .2500
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      2894243                              .2500
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      2894244                              .2500
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      2894246                              .2500
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1



      2894247                              .2500
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      2894250                              .2500
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      2894251                              .2500
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      2894256                              .2500
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      2894257                              .2500
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      2894258                              .2500
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      2894259                              .2500
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      2894260                              .2500
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1



      2894261                              .2500
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      2894262                              .2500
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      2894263                              .2500
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      2894264                              .2500
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      2894265                              .2500
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      2894266                              .2500
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      2894268                              .2500
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      2894269                              .2500
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1



      2894270                              .2500
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      2894272                              .2500
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      2894273                              .2500
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      2894274                              .2500
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      2894275                              .2500
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      2894276                              .2500
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      2894278                              .2500
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      2894279                              .2500
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1



      2894280                              .2500
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      2894281                              .2500
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      2894283                              .2500
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      2894285                              .2500
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      2894287                              .2500
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      2894292                              .2500
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      2894293                              .2500
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      2894294                              .2500
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1



      2894296                              .2500
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      2894297                              .2500
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      2894298                              .2500
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      2894300                              .2500
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      2894303                              .2500
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      2894304                              .2500
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      2894306                              .2500
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      2894307                              .2500
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1



      2894309                              .2500
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      2894310                              .2500
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      2894312                              .2500
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      2894313                              .2500
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      2894314                              .2500
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      2894315                              .2500
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       94,445.63                           .0800
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1



      2894318                              .2500
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      2894320                              .2500
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      2894321                              .2500
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      2894322                              .2500
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      2894323                              .2500
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      2894324                              .2500
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      2894325                              .2500
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      2894327                              .2500
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1



      2894328                              .2500
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      2894330                              .2500
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      2894331                              .2500
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      2894332                              .2500
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      2894334                              .2500
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      2894335                              .2500
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      2894336                              .2500
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1



      2894337                              .2500
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      2894338                              .2500
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      2894341                              .2500
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      2894344                              .2500
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      2894345                              .2500
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      2894347                              .2500
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      2894348                              .2500
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      2894349                              .2500
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1



      2894350                              .2500
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      2894351                              .2500
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      2894352                              .2500
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      2894353                              .2500
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      2894354                              .2500
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      2894355                              .2500
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      2894357                              .2500
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      2894358                              .2500
       67,431.54                           .0800
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1



      2894359                              .2500
       67,431.54                           .0800
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      2894360                              .2500
       93,483.23                           .0800
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      2894361                              .2500
       92,889.78                           .0800
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      2894363                              .2500
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      2894364                              .2500
       99,872.02                           .0800
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      2894365                              .2500
       67,424.02                           .0800
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      2894366                              .2500
       67,424.02                           .0800
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      2894367                              .2500
       54,628.48                           .0800
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1



      2894368                              .2500
       41,304.65                           .0800
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      2894369                              .2500
      111,483.83                           .0800
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      2894370                              .2500
       70,363.50                           .0800
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      2894371                              .2500
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      2894372                              .2500
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      2894373                              .2500
       44,498.54                           .0800
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      2894374                              .2500
      175,587.96                           .0800
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      2894376                              .2500
      139,917.34                           .0800
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1



      2894377                              .2500
       40,653.65                           .0800
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      2894378                              .2500
       99,939.41                           .0800
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      2894380                              .2500
       86,049.00                           .0800
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      2894381                              .2500
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      2894382                              .2500
       53,369.28                           .0800
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      2894383                              .2500
      108,789.57                           .0800
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      2894384                              .2500
       96,820.57                           .0300
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      2894385                              .2500
      110,439.64                           .0800
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1



      2894386                              .2500
      201,354.87                           .0800
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      2894387                              .2500
      215,750.53                           .0800
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      2894388                              .2500
      105,246.82                           .0800
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      2894389                              .2500
       79,958.52                           .0800
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      2894390                              .2500
       89,052.58                           .0800
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      2894391                              .2500
      112,388.88                           .0800
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      2894392                              .2500
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      2894393                              .2500
      103,392.27                           .0800
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1



      2894394                              .2500
      116,041.36                           .0800
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      2894395                              .2500
      111,877.18                           .0800
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      2894397                              .2500
       99,781.60                           .0800
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      2894398                              .2500
       43,975.96                           .0800
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      2894399                              .2500
       91,952.30                           .0800
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      2894400                              .2500
       99,942.46                           .0800
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      2894401                              .2500
      151,515.53                           .0800
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      2894402                              .2500
      138,420.31                           .0800
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1



      2894403                              .2500
      133,564.77                           .0800
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      2894404                              .2500
       98,948.67                           .0800
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      2894405                              .2500
      113,262.11                           .0800
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      2894406                              .2500
      179,897.41                           .0300
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      2894408                              .2500
      102,481.50                           .0800
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      2894410                              .2500
      127,928.24                           .0800
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      2894411                              .2500
      105,857.26                           .0300
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      2894412                              .2500
       61,104.08                           .0800
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1



      2894413                              .2500
       79,707.84                           .0800
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      2894414                              .2500
       93,882.73                           .0800
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      2894415                              .2500
       46,297.82                           .0800
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      2894416                              .2500
       49,084.68                           .0800
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      2894417                              .2500
       46,297.82                           .0800
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      2894418                              .2500
      161,831.80                           .0300
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      2894419                              .2500
       43,975.33                           .0800
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      2894420                              .2500
       50,371.74                           .0800
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1



      2894421                              .2500
       39,950.10                           .0800
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      2894424                              .2500
      147,884.92                           .0300
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      2894425                              .2500
      199,748.01                           .0800
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      2894426                              .2500
      114,860.15                           .0800
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      2894427                              .2500
       79,097.80                           .0300
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      2894428                              .2500
       69,903.34                           .0300
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      2894429                              .2500
      104,936.39                           .0800
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      2894431                              .2500
      117,240.76                           .0800
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1



      2894433                              .2500
      209,882.26                           .0800
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      2894434                              .2500
      132,221.89                           .0800
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      2894435                              .2500
      188,543.20                           .0800
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      2894436                              .2500
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      2894437                              .2500
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      2894438                              .2500
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      2894441                              .2500
       51,269.71                           .0800
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      2894442                              .2500
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1



      2894443                              .2500
       64,319.66                           .0800
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      2894445                              .2500
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      2894446                              .2500
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      2894447                              .2500
       83,952.90                           .0800
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      2894449                              .2500
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      2894451                              .2500
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      2894452                              .2500
       86,851.28                           .0800
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      2894453                              .2500
       89,535.14                           .0300
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1



      2894455                              .2500
       51,247.98                           .0800
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      2894456                              .2500
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      2894457                              .2500
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      2894458                              .2500
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      2894460                              .2500
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      2894461                              .2500
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      2894462                              .2500
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      2894463                              .2500
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1



      2894464                              .2500
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      2894465                              .2500
      107,865.27                           .0800
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      2894467                              .2500
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      2894468                              .2500
       80,107.37                           .0800
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      2894469                              .2500
       38,356.78                           .0800
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      2894470                              .2500
       71,903.04                           .0300
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      2894471                              .2500
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      2894472                              .2500
       31,931.13                           .0800
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1



      2894473                              .2500
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      2894474                              .2500
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      2894475                              .2500
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      2894476                              .2500
       49,024.56                           .0800
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      2894477                              .2500
       99,937.84                           .0800
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      2894478                              .2500
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      2894479                              .2500
       80,064.56                           .0800
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      2894481                              .2500
       73,728.99                           .0800
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1



      2894482                              .2500
       65,562.25                           .0800
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      2894483                              .2500
       47,543.59                           .0800
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      2894484                              .2500
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      2894485                              .2500
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      2894486                              .2500
      166,149.28                           .0800
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      2894487                              .2500
       43,974.02                           .0800
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      2894488                              .2500
      105,386.12                           .0800
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      2894489                              .2500
      103,397.77                           .0800
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            7.7500                        1.4200
1



      2894490                              .2500
       51,212.90                           .0300
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      2894491                              .2500
       71,967.28                           .0800
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      2894492                              .2500
       48,571.30                           .0800
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      2894493                              .2500
       72,817.95                           .0800
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      2894494                              .2500
      124,426.49                           .0800
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      2894495                              .2500
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      2894496                              .2500
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      2894497                              .2500
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1



      2894498                              .2500
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      2894499                              .2500
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      2894500                              .2500
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      2894502                              .2500
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      2894503                              .2500
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      2894505                              .2500
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      2894506                              .2500
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      2894507                              .2500
       68,766.16                           .0800
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1



      2894511                              .2500
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      2894513                              .2500
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      2894514                              .2500
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      2894516                              .2500
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      2894517                              .2500
       79,905.18                           .0800
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      2894518                              .2500
       87,942.43                           .0800
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      2894519                              .2500
       54,774.43                           .0800
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      2894520                              .2500
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1



      2894521                              .2500
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      2894522                              .2500
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      2894524                              .2500
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      2894526                              .2500
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      2894527                              .2500
       89,877.89                           .0300
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      2894528                              .2500
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      2894529                              .2500
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      2894530                              .2500
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1



      2894849                              .2500
       74,965.93                           .0800
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      2894857                              .2500
       53,250.93                           .0800
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      2894867                              .2500
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      2894877                              .2500
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      2894886                              .2500
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      2895191                              .2500
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      2895209                              .2500
       76,474.86                           .0800
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      2895222                              .2500
       98,950.01                           .0800
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1



      2895245                              .2500
       44,050.37                           .0800
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      2895258                              .2500
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      2895266                              .2500
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      2895278                              .2500
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      2895280                              .2500
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      2895285                              .2500
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      2895290                              .2500
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      2895291                              .2500
       51,374.72                           .0800
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1



      2895292                              .2500
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      2895297                              .2500
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      2895298                              .2500
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      2895301                              .2500
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      2895302                              .2500
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      2895324                              .2500
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      2895327                              .2500
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      2897363                              .2500
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1



      2897365                              .2500
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      2897373                              .2500
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      2897375                              .2500
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      2897377                              .2500
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      2897389                              .2500
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      2897397                              .2500
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      2897398                              .2500
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      2897419                              .2500
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1



      2897426                              .2500
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      2897430                              .2500
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      2897436                              .2500
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      2897437                              .2500
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      2897440                              .2500
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      2897902                              .2500
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      2897905                              .2500
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      2898649                              .2500
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1



      2898658                              .2500
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      2899188                              .2500
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      2899232                              .2500
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      2899929                              .2500
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      2899935                              .2500
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      2899938                              .2500
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      2899944                              .2500
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      2899945                              .2500
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1



      2901334                              .2500
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      2901340                              .2500
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1



      2901354                              .2500
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      2901364                              .2500
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      2901512                              .2500
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1



      2901515                              .2500
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1



      2901534                              .2500
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1



      2901549                              .2500
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1



      2901571                              .2500
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1



      2901598                              .2500
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1



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1



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1



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1



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1



      2901673                              .2500
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1



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1



      2901698                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



      2934130                              .2500
      185,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      2934131                              .2500
       75,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      2934136                              .2500
       80,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      2934138                              .2500
       63,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      2934581                              .2500
       95,900.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      2934582                              .2500
      175,500.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      2936089                              .2500
      140,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      2936091                              .2500
       91,750.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200
1



      2936092                              .2500
      107,800.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      2936094                              .2500
       80,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      2936100                              .2500
      193,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      2936109                              .2500
      149,300.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.7500                         .0450

      2936112                              .2500
      165,600.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      2936113                              .2500
       57,800.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      2937420                              .2500
       87,500.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      2937447                              .2500
       85,500.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200
1



      2938273                              .2500
      100,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      2938274                              .2500
       70,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      2938280                              .2500
      140,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      2938289                              .2500
       76,500.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.7500                         .5450

      2938294                              .2500
      210,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      2942769                              .2500
       50,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

  TOTAL NUMBER OF LOANS:     1836
  TOTAL BALANCE........:        177,992,506.26


1

  RUN ON     : 10/28/99            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 10.26.99            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 1999-QS13 CON   FIXED SUMMARY REPORT      CUTOFF : 10/01/99
  POOL       : 0004405
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        8.6581            6.3750     10.5000
  RFC NET RATE                          8.4081            6.1250     10.2500
  NET MTG RATE(INVSTR RATE)             8.3343            6.0950     10.1700
  POST STRIP RATE                       7.7204            6.0950      7.7500
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0737             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .6140             .0000      2.4200







  TOTAL NUMBER OF LOANS:  1836
  TOTAL BALANCE........:     177,992,506.26


                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>


                                         EXHIBIT TWO

                                SCHEDULE OF DISCOUNT FRACTIONS


Loan Number  Current Balance Net Mortgage Rate Discount Fraction PO Balance
1890016 "$34,836.21 "   0.06095 0.213548387     "$7,439.22 "
2901702 "$63,422.65 "   0.0647  0.16516129      "$10,474.97 "
2863606 "$89,687.41 "   0.0647  0.16516129      "$14,812.89 "
1912169 "$97,261.57 "   0.06595 0.149032258     "$14,495.11 "
2878258 "$208,248.61 "  0.06595 0.149032258     "$31,035.76 "
1910434 "$407,304.04 "  0.0672  0.132903226     "$54,132.02 "
2894384 "$96,820.57 "   0.0672  0.132903226     "$12,867.77 "
1933658 "$82,931.96 "   0.0672  0.132903226     "$11,021.93 "
2894342 "$365,707.31 "  0.06845 0.116774194     "$42,705.18 "
2933227 "$145,977.32 "  0.06845 0.116774194     "$17,046.38 "
2901751 "$55,161.37 "   0.06845 0.116774194     "$6,441.42 "
2901752 "$42,182.22 "   0.06845 0.116774194     "$4,925.79 "
2865960 "$313,864.02 "  0.06845 0.116774194     "$36,651.22 "
2901547 "$38,863.91 "   0.06845 0.116774194     "$4,538.30 "
2842892 "$25,140.66 "   0.0697  0.100645161     "$2,530.29 "
2882912 "$305,036.48 "  0.0697  0.100645161     "$30,700.45 "
2863162 "$143,546.59 "  0.0697  0.100645161     "$14,447.27 "
2901615 "$49,681.26 "   0.0697  0.100645161     "$5,000.18 "
2901632 "$99,443.91 "   0.0697  0.100645161     "$10,008.55 "
2901703 "$68,656.87 "   0.0697  0.100645161     "$6,909.98 "
2901678 "$70,853.74 "   0.0697  0.100645161     "$7,131.09 "
2901673 "$222,326.40 "  0.0697  0.100645161     "$22,376.08 "
2878253 "$150,528.84 "  0.0697  0.100645161     "$15,150.00 "
2894524 "$119,654.89 "  0.0697  0.100645161     "$12,042.69 "
1913640 "$386,468.25 "  0.0697  0.100645161     "$38,896.16 "
2901856 "$118,800.49 "  0.0697  0.100645161     "$11,956.69 "
2894461 "$210,582.55 "  0.07095 0.084516129     "$17,797.62 "
2894245 "$263,799.11 "  0.07095 0.084516129     "$22,295.28 "
2901648 "$46,782.07 "   0.07095 0.084516129     "$3,953.84 "
2901633 "$136,962.05 "  0.07095 0.084516129     "$11,575.50 "
2901625 "$48,744.88 "   0.07095 0.084516129     "$4,119.73 "
2878256 "$162,488.79 "  0.07095 0.084516129     "$13,732.92 "
2901735 "$132,184.29 "  0.07095 0.084516129     "$11,171.70 "
2901739 "$124,617.52 "  0.07095 0.084516129     "$10,532.19 "
2863612 "$75,825.45 "   0.07095 0.084516129     "$6,408.47 "
1939785 "$260,200.96 "  0.07095 0.084516129     "$21,991.18 "
2906857 "$130,391.69 "  0.07095 0.084516129     "$11,020.20 "
1943760 "$396,578.00 "  0.07095 0.084516129     "$33,517.24 "
2863154 "$461,835.22 "  0.07095 0.084516129     "$39,032.53 "
2901659 "$103,675.37 "  0.07095 0.084516129     "$8,762.24 "
2767548 "$26,874.84 "   0.07095 0.084516129     "$2,271.36 "
1939777 "$276,862.62 "  0.07095 0.084516129     "$23,399.36 "
1940293 "$90,932.12 "   0.07195 0.071612903     "$6,511.91 "
1940291 "$60,554.80 "   0.07195 0.071612903     "$4,336.51 "
2894282 "$244,818.17 "  0.0722  0.068387097     "$16,742.40 "
2894308 "$367,227.26 "  0.0722  0.068387097     "$25,113.61 "
1910716 "$33,025.44 "   0.0722  0.068387097     "$2,258.51 "
1918755 "$59,820.20 "   0.0722  0.068387097     "$4,090.93 "
2920132 "$266,581.40 "  0.0722  0.068387097     "$18,230.73 "
2894464 "$135,003.66 "  0.07345 0.052258065     "$7,055.03 "
2894331 "$119,825.73 "  0.07345 0.052258065     "$6,261.86 "
2894343 "$303,779.97 "  0.07345 0.052258065     "$15,874.95 "
2894310 "$189,724.09 "  0.07345 0.052258065     "$9,914.61 "
2894424 "$147,884.92 "  0.07345 0.052258065     "$7,728.18 "
2894490 "$51,212.90 "   0.07345 0.052258065     "$2,676.29 "
2901605 "$117,201.96 "  0.07345 0.052258065     "$6,124.75 "
2894453 "$89,535.14 "   0.07345 0.052258065     "$4,678.93 "
1928650 "$299,344.46 "  0.07345 0.052258065     "$15,643.16 "
2894208 "$168,957.12 "  0.07345 0.052258065     "$8,829.37 "
2894162 "$399,710.49 "  0.07345 0.052258065     "$20,888.10 "
2901700 "$94,223.78 "   0.07345 0.052258065     "$4,923.95 "
1870309 "$86,002.06 "   0.07345 0.052258065     "$4,494.30 "
2894223 "$124,909.52 "  0.07345 0.052258065     "$6,527.53 "
2894290 "$319,768.38 "  0.07345 0.052258065     "$16,710.48 "
1873683 "$83,638.46 "   0.0747  0.036129032     "$3,021.78 "
2894526 "$130,135.45 "  0.0747  0.036129032     "$4,701.67 "
2894406 "$179,897.41 "  0.0747  0.036129032     "$6,499.52 "
2894427 "$79,097.80 "   0.0747  0.036129032     "$2,857.73 "
2894460 "$178,147.36 "  0.0747  0.036129032     "$6,436.29 "
1930672 "$326,536.91 "  0.0747  0.036129032     "$11,797.46 "
1938882 "$96,662.92 "   0.0747  0.036129032     "$3,492.34 "
2894439 "$420,453.03 "  0.0747  0.036129032     "$15,190.56 "
2894432 "$247,648.79 "  0.0747  0.036129032     "$8,947.31 "
1930076 "$261,192.78 "  0.0747  0.036129032     "$9,436.64 "
1940841 "$70,949.89 "   0.0747  0.036129032     "$2,563.35 "
2894189 "$130,215.32 "  0.0747  0.036129032     "$4,704.55 "
1944255 "$263,626.14 "  0.0747  0.036129032     "$9,524.56 "
2894303 "$67,855.08 "   0.0747  0.036129032     "$2,451.54 "
2820392 "$117,783.94 "  0.0747  0.036129032     "$4,255.42 "
2856069 "$299,575.15 "  0.0747  0.036129032     "$10,823.36 "
2894371 "$138,222.37 "  0.0747  0.036129032     "$4,993.84 "
2894349 "$218,290.43 "  0.0747  0.036129032     "$7,886.62 "
2894527 "$89,877.89 "   0.0747  0.036129032     "$3,247.20 "
2894205 "$139,901.19 "  0.0747  0.036129032     "$5,054.49 "
1744712 "$68,507.83 "   0.0747  0.036129032     "$2,475.12 "
2894207 "$255,819.31 "  0.0747  0.036129032     "$9,242.50 "
1942445 "$121,714.03 "  0.0747  0.036129032     "$4,397.41 "
2901708 "$89,355.90 "   0.0747  0.036129032     "$3,228.34 "
2916509 "$99,929.41 "   0.0747  0.036129032     "$3,610.35 "
2906883 "$602,745.23 "  0.0747  0.036129032     "$21,776.60 "
2901340 "$105,774.09 "  0.0747  0.036129032     "$3,821.52 "
2906855 "$106,770.89 "  0.0747  0.036129032     "$3,857.53 "
1939369 "$63,867.01 "   0.07595 0.02    "$1,277.34 "
1934729 "$99,861.91 "   0.07595 0.02    "$1,997.24 "
2901747 "$72,620.46 "   0.07595 0.02    "$1,452.41 "
1934766 "$81,285.49 "   0.07595 0.02    "$1,625.71 "
1935632 "$123,514.94 "  0.07595 0.02    "$2,470.30 "
2901730 "$47,533.69 "   0.07595 0.02    $950.67
1939246 "$59,917.15 "   0.07595 0.02    "$1,198.34 "
1934696 "$79,988.58 "   0.07595 0.02    "$1,599.77 "
2906867 "$105,404.23 "  0.07595 0.02    "$2,108.08 "
2863176 "$127,156.06 "  0.07595 0.02    "$2,543.12 "
1939778 "$277,918.70 "  0.07595 0.02    "$5,558.37 "
2863600 "$96,548.95 "   0.07595 0.02    "$1,930.98 "
1939779 "$307,440.06 "  0.07595 0.02    "$6,148.80 "
2901727 "$73,094.26 "   0.07595 0.02    "$1,461.89 "
2878288 "$117,355.61 "  0.07595 0.02    "$2,347.11 "
2878383 "$187,740.39 "  0.07595 0.02    "$3,754.81 "
2882905 "$498,960.91 "  0.07595 0.02    "$9,979.22 "
2901715 "$78,867.52 "   0.07595 0.02    "$1,577.35 "
1945462 "$60,000.00 "   0.07595 0.02    "$1,200.00 "
2894181 "$210,908.35 "  0.07595 0.02    "$4,218.17 "
2848815 "$74,844.12 "   0.07595 0.02    "$1,496.88 "
2894204 "$329,544.30 "  0.07595 0.02    "$6,590.89 "
2901692 "$41,619.07 "   0.07595 0.02    $832.38
2901690 "$328,085.38 "  0.07595 0.02    "$6,561.71 "
2937286 "$271,812.81 "  0.07595 0.02    "$5,436.26 "
2901728 "$106,776.39 "  0.07595 0.02    "$2,135.53 "
1941926 "$51,064.83 "   0.07595 0.02    "$1,021.30 "
1945793 "$159,789.95 "  0.07595 0.02    "$3,195.80 "
2716905 "$260,539.28 "  0.07595 0.02    "$5,210.79 "
2748078 "$28,658.50 "   0.07595 0.02    $573.17
2751901 "$26,618.54 "   0.07595 0.02    $532.37
2768916 "$101,073.92 "  0.07595 0.02    "$2,021.48 "
2787678 "$27,310.04 "   0.07595 0.02    $546.20
2791977 "$708,015.54 "  0.07595 0.02    "$14,160.31 "
1943700 "$114,891.14 "  0.07595 0.02    "$2,297.82 "
2799068 "$130,453.98 "  0.07595 0.02    "$2,609.08 "
1943599 "$359,502.87 "  0.07595 0.02    "$7,190.06 "
2827190 "$32,908.22 "   0.07595 0.02    $658.16
2906864 "$64,271.67 "   0.07595 0.02    "$1,285.43 "
1942538 "$249,868.58 "  0.07595 0.02    "$4,997.37 "
1931421 "$34,652.08 "   0.07595 0.02    $693.04
2835406 "$55,057.33 "   0.07595 0.02    "$1,101.15 "
2901774 "$184,385.95 "  0.07595 0.02    "$3,687.72 "
2844466 "$32,309.94 "   0.07595 0.02    $646.20
2844523 "$29,667.28 "   0.07595 0.02    $593.35
2901831 "$39,118.52 "   0.07595 0.02    $782.37
2848499 "$82,970.87 "   0.07595 0.02    "$1,659.42 "
2895238 "$274,620.26 "  0.07595 0.02    "$5,492.41 "
2858345 "$182,497.65 "  0.07595 0.02    "$3,649.95 "
2858354 "$207,712.78 "  0.07595 0.02    "$4,154.26 "
1939904 "$251,476.29 "  0.07595 0.02    "$5,029.53 "
2859011 "$57,820.04 "   0.07595 0.02    "$1,156.40 "
2860348 "$79,839.60 "   0.07595 0.02    "$1,596.79 "
1942969 "$159,889.89 "  0.07595 0.02    "$3,197.80 "
2901616 "$92,542.97 "   0.07595 0.02    "$1,850.86 "
2894302 "$315,563.63 "  0.07595 0.02    "$6,311.27 "
1932917 "$104,310.04 "  0.07595 0.02    "$2,086.20 "
2901656 "$235,852.11 "  0.07595 0.02    "$4,717.04 "
1909028 "$34,202.67 "   0.07595 0.02    $684.05
2920902 "$619,573.31 "  0.07595 0.02    "$12,391.47 "
2894440 "$295,796.29 "  0.07595 0.02    "$5,915.93 "
1915160 "$122,143.28 "  0.07595 0.02    "$2,442.87 "
2894341 "$199,662.50 "  0.07595 0.02    "$3,993.25 "
2894291 "$295,796.29 "  0.07595 0.02    "$5,915.93 "
2901520 "$71,748.98 "   0.07595 0.02    "$1,434.98 "
2901638 "$151,253.15 "  0.07595 0.02    "$3,025.06 "
1881316 "$24,646.14 "   0.07595 0.02    $492.92
2894353 "$199,862.36 "  0.07595 0.02    "$3,997.25 "
2894363 "$113,692.77 "  0.07595 0.02    "$2,273.86 "
2901628 "$14,289.75 "   0.07595 0.02    $285.80
2894221 "$59,958.69 "   0.07595 0.02    "$1,199.17 "
2894473 "$116,919.47 "  0.07595 0.02    "$2,338.39 "
2901582 "$73,636.36 "   0.07595 0.02    "$1,472.73 "
2894448 "$315,313.97 "  0.07595 0.02    "$6,306.28 "
2894238 "$319,558.09 "  0.07595 0.02    "$6,391.16 "
2894242 "$199,723.82 "  0.07595 0.02    "$3,994.48 "
2895211 "$272,623.01 "  0.07595 0.02    "$5,452.46 "
2894428 "$69,903.34 "   0.07595 0.02    "$1,398.07 "
2901661 "$131,343.84 "  0.07595 0.02    "$2,626.88 "
1929475 "$303,313.63 "  0.07595 0.02    "$6,066.27 "
2901669 "$68,063.93 "   0.07595 0.02    "$1,361.28 "
2895317 "$482,532.74 "  0.07595 0.02    "$9,650.65 "
2894512 "$288,351.26 "  0.07595 0.02    "$5,767.03 "
1929050 "$190,795.72 "  0.07595 0.02    "$3,815.91 "
2901671 "$65,549.39 "   0.07595 0.02    "$1,310.99 "
2933228 "$110,769.32 "  0.07595 0.02    "$2,215.39 "
2906893 "$166,020.42 "  0.07595 0.02    "$3,320.41 "
2933229 "$239,834.83 "  0.07595 0.02    "$4,796.70 "
1924010 "$94,941.37 "   0.0771  0.00516129      $490.02
1891460 "$20,600.81 "   0.0772  0.003870968     $79.75
1891427 "$29,307.92 "   0.0772  0.003870968     $113.45
1941282 "$165,200.00 "  0.0772  0.003870968     $639.48
2933226 "$175,682.04 "  0.0772  0.003870968     $680.06
2901827 "$168,408.05 "  0.0772  0.003870968     $651.90
1881799 "$75,653.09 "   0.0772  0.003870968     $292.85
1880076 "$29,430.29 "   0.0772  0.003870968     $113.92
2901808 "$126,456.24 "  0.0772  0.003870968     $489.51
1939796 "$299,596.08 "  0.0772  0.003870968     "$1,159.73 "
1943987 "$56,661.95 "   0.0772  0.003870968     $219.34
2901804 "$310,619.27 "  0.0772  0.003870968     "$1,202.40 "
1829119 "$27,239.00 "   0.0772  0.003870968     $105.44
1944451 "$276,000.00 "  0.0772  0.003870968     "$1,068.39 "
1944622 "$199,730.71 "  0.0772  0.003870968     $773.15
1829111 "$27,240.47 "   0.0772  0.003870968     $105.45
1880007 "$26,735.05 "   0.0772  0.003870968     $103.49
1936595 "$87,931.45 "   0.0772  0.003870968     $340.38
1931128 "$39,946.14 "   0.0772  0.003870968     $154.63
1931732 "$319,785.28 "  0.0772  0.003870968     "$1,237.88 "
1930092 "$80,641.28 "   0.0772  0.003870968     $312.16
1932598 "$281,220.84 "  0.0772  0.003870968     "$1,088.60 "
2906886 "$70,955.91 "   0.0772  0.003870968     $274.67
1930070 "$44,040.62 "   0.0772  0.003870968     $170.48
1933216 "$74,599.41 "   0.0772  0.003870968     $288.77
1933558 "$89,755.96 "   0.0772  0.003870968     $347.44
2906882 "$115,864.71 "  0.0772  0.003870968     $448.51
1928993 "$109,577.51 "  0.0772  0.003870968     $424.17
1939818 "$391,663.80 "  0.0772  0.003870968     "$1,516.12 "
2906899 "$53,476.18 "   0.0772  0.003870968     $207.00
1898731 "$23,519.75 "   0.0772  0.003870968     $91.04
2906869 "$143,609.60 "  0.0772  0.003870968     $555.91
2906939 "$95,935.58 "   0.0772  0.003870968     $371.36
1912380 "$189,751.72 "  0.0772  0.003870968     $734.52
2906940 "$93,936.93 "   0.0772  0.003870968     $363.63
1939793 "$259,649.92 "  0.0772  0.003870968     "$1,005.10 "
1939797 "$515,702.86 "  0.0772  0.003870968     "$1,996.27 "
1939855 "$134,309.82 "  0.0772  0.003870968     $519.91
1902541 "$34,483.95 "   0.0772  0.003870968     $133.49
2901837 "$275,440.69 "  0.0772  0.003870968     "$1,066.22 "
1899815 "$38,894.27 "   0.0772  0.003870968     $150.56
1928110 "$96,235.38 "   0.0772  0.003870968     $372.52
2894272 "$138,313.50 "  0.0772  0.003870968     $535.41
2901644 "$58,219.61 "   0.0772  0.003870968     $225.37
2894340 "$276,114.60 "  0.0772  0.003870968     "$1,068.83 "
2901646 "$75,635.75 "   0.0772  0.003870968     $292.78
2894330 "$114,345.81 "  0.0772  0.003870968     $442.63
2901653 "$26,870.60 "   0.0772  0.003870968     $104.02
2894288 "$497,565.58 "  0.0772  0.003870968     "$1,926.06 "
2855880 "$120,748.03 "  0.0772  0.003870968     $467.41
2894281 "$370,500.46 "  0.0772  0.003870968     "$1,434.20 "
2901623 "$55,980.40 "   0.0772  0.003870968     $216.70
2894269 "$87,881.50 "   0.0772  0.003870968     $340.19
2894263 "$193,738.78 "  0.0772  0.003870968     $749.96
2894246 "$148,088.55 "  0.0772  0.003870968     $573.25
2901679 "$48,765.17 "   0.0772  0.003870968     $188.77
2901680 "$29,578.41 "   0.0772  0.003870968     $114.50
2894219 "$172,267.73 "  0.0772  0.003870968     $666.84
2901696 "$134,592.82 "  0.0772  0.003870968     $521.00
2894285 "$177,409.29 "  0.0772  0.003870968     $686.75
2894454 "$399,731.61 "  0.0772  0.003870968     "$1,547.35 "
2895237 "$343,269.52 "  0.0772  0.003870968     "$1,328.79 "
2895192 "$649,563.86 "  0.0772  0.003870968     "$2,514.44 "
2895314 "$647,565.21 "  0.0772  0.003870968     "$2,506.70 "
2894509 "$288,411.13 "  0.0772  0.003870968     "$1,116.43 "
2901512 "$57,364.19 "   0.0772  0.003870968     $222.05
2894470 "$71,903.04 "   0.0772  0.003870968     $278.33
2894462 "$190,992.48 "  0.0772  0.003870968     $739.33
2901642 "$25,079.23 "   0.0772  0.003870968     $97.08
2901534 "$36,973.84 "   0.0772  0.003870968     $143.12
2894352 "$54,899.54 "   0.0772  0.003870968     $212.51
2901535 "$39,764.30 "   0.0772  0.003870968     $153.93
2901577 "$180,059.86 "  0.0772  0.003870968     $697.01
2901578 "$164,125.35 "  0.0772  0.003870968     $635.32
2901588 "$39,109.27 "   0.0772  0.003870968     $151.39
2894418 "$161,831.80 "  0.0772  0.003870968     $626.45
2894411 "$105,857.26 "  0.0772  0.003870968     $409.77
2894168 "$57,886.67 "   0.0772  0.003870968     $224.08
2901521 "$87,173.73 "   0.0772  0.003870968     $337.45
2827415 "$39,066.69 "   0.0772  0.003870968     $151.23
2894190 "$319,285.62 "  0.0772  0.003870968     "$1,235.94 "
2858385 "$248,465.00 "  0.0772  0.003870968     $961.80
2901765 "$61,333.26 "   0.0772  0.003870968     $237.42
2894213 "$178,559.24 "  0.0772  0.003870968     $691.20
2848480 "$107,381.93 "  0.0772  0.003870968     $415.67
2844465 "$34,107.28 "   0.0772  0.003870968     $132.03
2829994 "$99,105.90 "   0.0772  0.003870968     $383.64
2859108 "$303,590.68 "  0.0772  0.003870968     "$1,175.19 "
2827416 "$39,066.69 "   0.0772  0.003870968     $151.23
2859134 "$86,882.85 "   0.0772  0.003870968     $336.32
2901775 "$116,682.81 "  0.0772  0.003870968     $451.68
2799057 "$33,163.65 "   0.0772  0.003870968     $128.38
2798981 "$328,186.75 "  0.0772  0.003870968     "$1,270.40 "
2796521 "$35,304.87 "   0.0772  0.003870968     $136.66
2901794 "$50,198.05 "   0.0772  0.003870968     $194.32
2725834 "$28,600.79 "   0.0772  0.003870968     $110.71
1946264 "$327,779.92 "  0.0772  0.003870968     "$1,268.83 "
2827541 "$75,793.94 "   0.0772  0.003870968     $293.40
2863242 "$96,104.85 "   0.0772  0.003870968     $372.02
1944899 "$75,949.01 "   0.0772  0.003870968     $294.00
2901711 "$107,458.25 "  0.0772  0.003870968     $415.97
2894159 "$85,784.33 "   0.0772  0.003870968     $332.07
2878276 "$77,442.76 "   0.0772  0.003870968     $299.78
2875457 "$80,662.83 "   0.0772  0.003870968     $312.24
2901748 "$74,173.41 "   0.0772  0.003870968     $287.12
2901754 "$97,218.33 "   0.0772  0.003870968     $376.33
2859101 "$99,865.35 "   0.0772  0.003870968     $386.58
2863567 "$280,486.93 "  0.0772  0.003870968     "$1,085.76 "
2894171 "$123,482.45 "  0.0772  0.003870968     $478.00
2863239 "$71,852.42 "   0.0772  0.003870968     $278.14
2863214 "$53,757.32 "   0.0772  0.003870968     $208.09
2901755 "$77,190.15 "   0.0772  0.003870968     $298.80
2901758 "$121,153.96 "  0.0772  0.003870968     $468.98
2863144 "$29,939.21 "   0.0772  0.003870968     $115.89
2863122 "$92,675.04 "   0.0772  0.003870968     $358.74
2860333 "$86,333.60 "   0.0772  0.003870968     $334.19
2863585 "$74,347.87 "   0.0772  0.003870968     $287.80


<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

                                             -i-

<PAGE>

                                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


                                                  -iii-

<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>
                                             -iv-

<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,



                                        2
<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.

                                        8
<PAGE>


        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.


                                        9
<PAGE>

     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.

                                        10
<PAGE>

     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.

                                        11
<PAGE>

        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.

                                        12
<PAGE>

        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.

                                        13
<PAGE>

        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.

                                        14
<PAGE>

        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

                                        15
<PAGE>


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.

                                   16
<PAGE>

        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

                                        17
<PAGE>

     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.

                                        18
<PAGE>

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

     Pledged 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,

                                        19
<PAGE>

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);

                                        20
<PAGE>


         (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

                                        21
<PAGE>

               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.


                                        22
<PAGE>


        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

                                        23
<PAGE>

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


                                        24
<PAGE>


               (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.

                                   25
<PAGE>


     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,

                                        26

<PAGE>


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

                                        27
<PAGE>

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

                                        28
<PAGE>

          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.

                                        29

<PAGE>

                                   ARTICLE II



                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.

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

                                        30
<PAGE>


(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

                                        31
<PAGE>

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.


                                        32
<PAGE>


(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,

                                        33
<PAGE>

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

                                        34
<PAGE>

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

                                        35
<PAGE>

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:


                                        36
<PAGE>


(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.

                                   37
<PAGE>


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

                                        38
<PAGE>

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.

                                        39
<PAGE>



        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.



                                        40

<PAGE>


                                  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.

                                        41
<PAGE>


(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

                                        42
<PAGE>

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.

                                        43
<PAGE>

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

                                        44
<PAGE>

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;


                                   45
<PAGE>


(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.

                                        46
<PAGE>


(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)

                                        47
<PAGE>

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;


                                   48
<PAGE>


(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

                                        49
<PAGE>

          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

                                        50
<PAGE>

(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

                                        51
<PAGE>

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

                                        52
<PAGE>

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

                                        53
<PAGE>

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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<PAGE>

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

                                        55
<PAGE>

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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<PAGE>

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

                                        57
<PAGE>

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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<PAGE>

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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<PAGE>

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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<PAGE>

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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<PAGE>

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.


                                        62

<PAGE>

                                   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


                                        63
<PAGE>

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

                                   64
<PAGE>

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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<PAGE>

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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<PAGE>

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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<PAGE>

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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<PAGE>

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

                                        70
<PAGE>

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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<PAGE>

     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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<PAGE>


(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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<PAGE>


(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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<PAGE>

     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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<PAGE>

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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<PAGE>


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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<PAGE>

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.

                                        78

<PAGE>



                                   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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<PAGE>

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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<PAGE>


     (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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<PAGE>

                                  Article VIII


                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

     (a) The Trustee,  prior to the  occurrence of an Event of Default and after
the  curing  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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<PAGE>

     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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<PAGE>


(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,

                                        88
<PAGE>

     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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<PAGE>

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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<PAGE>



                                   ARTICLE IX

                                   TERMINATION

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

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

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

(ii) the purchase by the Master  Servicer or the Company of all  Mortgage  Loans
     and all property  acquired in respect of any Mortgage Loan remaining in the
     Trust Fund at a price equal to 100% of the unpaid principal balance of each
     Mortgage  Loan or, if less than such  unpaid  principal  balance,  the fair
     market value of the related underlying  property of such Mortgage Loan with
     respect to Mortgage  Loans as to which title has been acquired if such fair
     market  value  is less  than  such  unpaid  principal  balance  (net of any
     unreimbursed  Advances  attributable to principal) on the day of repurchase
     plus accrued  interest  thereon at the Net  Mortgage  Rate (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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<PAGE>


     (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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<PAGE>

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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<PAGE>


                                   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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<PAGE>


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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<PAGE>


     (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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<PAGE>


     (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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<PAGE>

          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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<PAGE>

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.


                                        106
<PAGE>


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.


                                        107
<PAGE>


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

                                        108
<PAGE>

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).


                                        109
<PAGE>




                                    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.]


                                        110
<PAGE>


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

                                   111
<PAGE>

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

                                        112
<PAGE>

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

                                   113
<PAGE>

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.


                                   114

<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  A-  Certificates  referred  to in the
within-mentioned Agreement.



                                            [________________________,]
                                                 as Certificate Registrar





                                            By:
                                                 Authorized Signatory


                                   115

<PAGE>


                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:                                    Signature by or on behalf of assignor





                                                 Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds     to     _________________________for      the     account
__________________________      of      _________________________,       account
number____________________,      or,     if     mailed     by     check,      to
________________________________.

     Applicable statements should be mailed to __________________________.

     This  information  is  provided   by________________________________,   the
assignee named above, or__________________________________ , as its agent.



<PAGE>


                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE 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>

<PAGE>


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