RESIDENTIAL ACCREDIT LOANS INC
8-K, EX-10.1, 2000-10-12
ASSET-BACKED SECURITIES
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                                 EXECUTION COPY
================================================================================


                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                         Dated as of September 1, 2000,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                          dated as of September 1, 2000

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2000-QS10


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



<PAGE>

<TABLE>

<CAPTION>




<S>                                                                                        <C>
        Article I      DEFINITIONS..........................................................4

        Section 1.01.   Definitions.........................................................4

        Section 1.02.   Use of Words and Phrases...........................................15

        Article II     CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES.....16

        Section 2.01.   Conveyance of Mortgage Loans.  (See Section 2.01 of the
                        Standard Terms)....................................................16

        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard
                        Terms).............................................................16

        Section 2.03.   Representations, Warranties and Covenants of the Master
                        Servicer and the Company...........................................16

        Section 2.04.   Representations and Warranties of Sellers. (See Section 2.04
                        of the Standard Terms).............................................19

        Section 2.05.   Execution and Authentication of Certificates.......................19

        Section 2.06.   Conveyance of Uncertificated REMIC I and REMIC II Regular
                        Interests; Acceptance by Trustee...................................19

        Section 2.07.   Issuance of Certificates Evidencing Interest in REMIC II...........19

        Section 2.08.   Negative Covenants of the Trust Fund...............................19

        Article III    ADMINISTRATION AND SERVICING OF MORTGAGE LOANS......................21

        Article IV     PAYMENTS TO CERTIFICATEHOLDERS......................................22

        Section 4.01.   Certificate Account.  (See Section 4.01 of the Standard Terms).....22

        Section 4.02.   Distributions......................................................22

        Section 4.03.   Statements to Certificateholders.  (See Section 4.03 of the
                        Standard Terms and Exhibit Three attached hereto)..................32

        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)....................................................32

        Section 4.05.   Allocation of Realized Losses......................................32

        Section 4.06.   Reports of Foreclosures and Abandonment of Mortgaged
                        Property.  (See Section 4.06 of the Standard Terms)................33

        Section 4.07.   Optional Purchase of Defaulted Mortgage Loans.  (See Section
                        4.07 of the Standard Terms)........................................33

        Section 4.08.   Surety Bond. (See Section 4.08 of the Standard Terms)..............33

        Article V      THE CERTIFICATES....................................................34

        Article VI     THE COMPANY AND THE MASTER SERVICER.................................35

<PAGE>




        Article VII    DEFAULT.............................................................36

        Article VIII   CONCERNING THE TRUSTEE..............................................37

        Article IX     TERMINATION.........................................................38

        Article X      REMIC PROVISIONS....................................................39

        Section 10.01.  REMIC Administration.  (See Section 10.01 of the Standard
                        Terms).............................................................39

        Section 10.02.  Master Servicer; REMIC Administrator and Trustee
                        Indemnification.  (See Section 10.02 of the Standard Terms)........39

        Section 10.03.  Designation of REMICs..............................................39

        Section 10.04.  Distributions On The Uncertificated REMIC I And

                       REMIC II Regular Interests..........................................39

        Section 10.05.   Compliance with Withholding Requirements..........................41

        Article XI     MISCELLANEOUS PROVISIONS............................................42

        Section 11.01.  Amendment.  (See Section 11.01 of the Standard Terms)..............42

        Section 11.02.  Recordation of Agreement;  Counterparts.  (See Section 11.02
                        of the Standard Terms).............................................42

        Section 11.03.  Limitation on Rights of Certificateholders.  (See Section
                        11.03 of the Standard Terms).......................................42

        Section 11.04.  Governing Laws.  (See Section 11.04 of the Standard Terms).........42

        Section 11.05.  Notices............................................................42

        Section 11.06.  Required Notices to Rating Agency and Subservicer.  (See
                        Section 11.06 of the Standard Terms)...............................43

        Section 11.07.  Severability of Provisions. (See Section 11.07 of the Standard
                        Terms).............................................................43

        Section 11.08.  Supplemental Provisions for Resecuritization.  (See Section
                        11.08 of the Standard Terms).......................................43

        Section 11.09.  Allocation of Voting Rights........................................43

        Section 11.10   Allocation of Voting Rights........................................43


</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 September 1, 2000
Exhibit Five:         Planned Principal Balances
Exhibits Six:         Contingent Class A-2 and Class A-7 Certificate
                        Principal Balance Schedule


<PAGE>






        This is a Series Supplement,  dated as of September 1, 2000 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of September 1, 2000 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
                                      -
                                                              September 25,
<S>     <C>       <C>       <C>                                   <C>                          <C>
Class A-1         8.00%     $75,000,000.00    Senior/PAC          2030           AAA/AAA       $25,000.00
Class A-1A        7.50%     $17,454,000.00    Senior/PAC      September 25,      AAA/AAA       $25,000.00
                                                                  2030
Class A-1B        0.50%              $0.003  Senior/Interest  September 25,      AAA/AAA     $2,000,000.00
                                                 Only             2030

Class A-2         8.00%     $75,000,000.00      Senior/       September 25,      AAA/AAA       $25,000.00
                                               Accretion          2030
                                               Directed
Class A-3         8.00%     $10,749,000.00      Senior        September 25,      AAA/AAA       $25,000.00
                                                                  2030
Class A-4         8.00%     $21,500,000.00   Senior/Lockout   September 25,      AAA/AAA       $25,000.00
                                                                  2030
Class A-5         8.00%      $1,075,000.00   Senior/Accrual/  September 25,      AAA/AAA       $25,000.00
                                               Companion          2030
Class A-6         7.25%     $31,250,000.00    Senior/PAC      September 25,      AAA/AAA       $25,000.00
                                                                  2030
Class A-6A        0.75%              $0.004  Senior/Interest                                 $2,000,000.00
                                                 Only
Class A-7         8.00%     $33,000,000.00   Senior/Accretion September 25,      AAA/AAA       $25,000.00
                                               Directed           2030
Class A-8         8.00%     $10,000,000.00      Senior        September 25,      AAA/AAA       $25,000.00
                                                                  2030
Class A-9         8.00%        $750,000.00   Senior/Accrual/  September 25,      AAA/AAA       $25,000.00
                                               Companion          2030
Class A-P         0.00%         $51,480.72     Principal      September 25,      AAA/AAA       $25,000.00
                                              Only/Senior         2030
Class A-V       Variable             $0.00     Variable       September 25,      AAA/AAA     6
               Rate5                         Strip/Senior         2030
Class R-I         8.00%            $100.00   Residual/Senior  September 25,      AAA/AAA     7
                                                                  2030
Class R-II        8.00%            $100.00   Residual/Senior  September 25,      AAA/AAA     7
                                                                  2030
Class M-1         8.00%     $10,260,400.00     Mezzanine      September 25,       NA/AA        $25,000.00
                                                                  2030
Class M-2         8.00%      $3,717,400.00     Mezzanine      September 25,        NA/A       $250,000.00
                                                                  2030
Class M-3         8.00%     $3,420,000.00      Mezzanine      September 25,       NA/BBB      $250,000.00
                                                                  2030
Class B-1         8.00%     $1,933,000.00     Subordinate     September 25,       NA/BB       $250,000.00
                                                                  2030
Class B-2         8.00%      $892,200.00      Subordinate     September 25,        NA/B       $250,000.00
                                                                  2030
Class B-3         8.00%     $1,338,301.06     Subordinate     September 25,       NA/NA       $250,000.00
                                                                  2030
</TABLE>

________________________________
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    As of any  Distribution  Date,  the Class  A-1A  Certificates  will  accrue
     interest at a Pass-Through  Rate equal to 0.50% on a Notional  Amount equal
     to the  Certificate  Principal  Balance  of  the  Class  A-1A  Certificates
     immediately prior to such date.

4    As of any  Distribution  Date,  the Class  A-6A  Certificates  will  accrue
     interest at a Pass-Through  Rate equal to 0.75% on a Notional  Amount equal
     to  the  Certificate  Principal  Balance  of  the  Class  A-6  Certificates
     immediately prior to such date.

5    The Initial Pass-Through Rate on the Class A-V Certificates is 0.8455%.

6    The Class A-V  Certificates  shall be issuable in minimum  denominations of
     not less than a 20% Percentage Interest.

7    Each  Class of 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%.

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $297,390,981.78.

        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: Any one of the Class A-5 Accretion Termination
Date or Class A-9 Accretion Termination Date.

     Accrual  Certificates:  Any one of the Class A-5  Certificates or Class A-9
Certificates.

     Accrual  Distribution Amount: Any one of the Class A-5 Accrual Distribution
Amount or Class A-9 Accrual Distribution Amount.

        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)
$150,000 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,


<PAGE>


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

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

        Certificate:  Any Class A, 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 2000-QS10" and which must be an Eligible Account.

        Certificate Policy:  None.

        Class A Certificate:  Any one of the Class A-1, Class A-1A,  Class A-1B,
Class A-2, Class A-3,  Class A-4,  Class A-5, Class A-6, Class A-6A,  Class A-7,
Class  A-8,  Class A-9,  Class A-V or Class A-P  Certificates,  executed  by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit A.

        Class A-5 Accretion  Termination  Date:  The earlier to occur of (i) the
Distribution  Date on which the Certificate  Principal  Balance of the Class A-2
Certificates  has been  reduced  to zero and (ii) the Credit  Support  Depletion
Date.

        Class A-9 Accretion  Termination  Date:  The earlier to occur of (i) the
Distribution  Date on which the Certificate  Principal  Balance of the Class A-7
Certificates  has been  reduced  to zero and (ii) the Credit  Support  Depletion
Date.

        Class A-5 Accrual  Distribution Amount: With respect to any Distribution
Date on or prior to the Class A-5 Accretion Termination Date, an amount equal to
the amount of the Accrued  Certificate  Interest  on the Class A-5  Certificates
that is added to the Certificate  Principal Balance thereof on such Distribution
Date pursuant to Section 4.02(h).

        Class A-9 Accrual  Distribution Amount: With respect to any Distribution
Date on or prior to the Class A-9 Accretion Termination Date, an amount equal to
the amount of the Accrued  Certificate  Interest  on the Class A-9  Certificates
that is added to the Certificate  Principal Balance thereof on such Distribution
Date pursuant to Section 4.02(i).

     Class R Certificate:  Any one of the Class R-I  Certificates and Class R-II
Certificates.

        Class R-I Certificate: Any one of the Class R-I 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  REMIC I for  purposes  of the  REMIC
Provisions.

<PAGE>

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

        Closing Date:  September 29, 2000.

     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.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2000-QS10.

        Cut-off Date:  September 1, 2000.

        Discount Net Mortgage Rate:  8.00% 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)(Z)(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

<PAGE>


of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 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.

        Indirect Depository Participant: An institution that is not a Depository
Participant  but clears  through or  maintains  a  custodial  relationship  with
Participants and has access to the Depository's clearing system.

        Initial  Monthly  Payment  Fund:   $57,728.34,   representing  scheduled
principal  amortization  and  interest at the Net  Mortgage  Rate during the Due
Period ending on October 1, 2000, 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-1B  Certificates,
$17,454,000.00.  With  respect to the Class A-6A  Certificates,  $31,250,000.00.
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   REMIC  II  Regular  Interest  Z
represented by such Class or Subclass on such date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate  Principal  Balance  of the such Class of  Subordinate  Certificates
divided by the aggregate Stated  Principal  Balance of all the Mortgage Loans as
of the Cut-off Date as follows:

        Class M-1:  3.45%           Class B-1:  0.65%
        Class M-2:  1.25 %          Class B-2:  0.30%
        Class M-3:  1.15%           Class B-3:  0.45%

     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-1B, Class A-6A or Class
A-V  Certificates.  The  Interest  Only  Certificates  will have no  Certificate
Principal Balance.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution  Date in  October  2005 will be 0%, and for any  Distribution  Date
thereafter will be as follows: 30% for any Distribution Date on or after October
2005 and  prior  to  October  2006;  40% for any  Distribution  Date on or after
October  2006 and prior to October  2007;  60% for any  Distribution  Date on or
after October 2007 and prior to October 2008; 80% for any  Distribution  Date on
or after October 2008 and prior to October 2009;  and 100% for any  Distribution
Date thereafter.

     Maturity  Date:  September  25, 2030,  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

<PAGE>


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.

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

        Notional Amount: As of any Distribution  Date, with respect to any Class
A-1B Certificates,  an amount equal to the Certificate  Principal Balance of the
Class A-1A Certificates.  As of any Distribution Date, with respect to any Class
A-6A Certificates,  an amount equal to the Certificate  Principal Balance of the
Class A-6 Certificates.  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
Uncertificated REMIC II Regular Interest Z represented by such Class or Subclass
immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the  Class A-V and Class A-P  Certificates),  Class M  Certificates  and Class B

<PAGE>


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 0.8455% 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  REMIC II Regular Interest 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.

        Planned Principal  Balance:  With respect to any of the Class A-1, Class
A-1A and Class A-6 Certificates and any Distribution  Date, the amount set forth
in Exhibit Five opposite such date.

        Prepayment  Assumption:   The  prepayment  assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on the  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.

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

        (i)    For any  Distribution  Date  prior  to the  Distribution  Date in
               October 2005 (unless the  Certificate  Principal  Balances of the
               Senior Certificates (other than the Class A-P Certificates), have
               been reduced to zero), 0%.

        (ii)   For any  Distribution  Date for which  clause  (i) above does not
               apply,  and 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

<PAGE>


                      (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.

        Principal Only Certificates:  Any one of the Class A-P Certificates.

        Related  Classes:  As to any  Uncertificated  REMIC I Regular  Interest,
those classes of Certificates identified as "Related Classes of Certificates" to
such Uncertificated REMIC I Regular Interest in the definition of Uncertificated
REMIC I Regular Interest.

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

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

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


<PAGE>


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

               (iv)   the  hazard  insurance   policies  and  Primary  Insurance
                      Policies,  if any, the Pledged Assets with respect to each
                      Pledged  Asset  Mortgage  Loan,  and the  interest  in the
                      Surety Bond transferred to the Trustee pursuant to Section
                      2.01 herein, and

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

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the  holders  of  each  Class  of   Certificates   (other  than  the  Class  R-I
Certificates)  pursuant to Section 2.06,  with respect to which a separate REMIC
election is to be made.

     REMIC II Certificates:  Any Class of Certificates (other than the Class R-I
Certificates).

        Senior  Certificate:  Any one of the  Class A 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: 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 Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Senior Principal  Distribution  Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i),  Section 4.02(a)(ii)(W),  Section 4.02(a)(ii)(X) and 4.02(a)(ii)(Y),
or,  after  the  Credit  Support  Depletion  Date,  the  amount  required  to be
distributed to the Class A-P  Certificateholders  pursuant to Section 4.02(c) of
this  Series  Supplement,  and  (b)  the  sum  of  the  amounts  required  to be
distributed to the Senior  Certificateholders on such Distribution Date pursuant
to  Sections  4.02(a)(ii)(Z),  4.02(a)(xvi)  and  4.02(a)(xvii)  of this  Series
Supplement.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,973,910  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

<PAGE>


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
23.61%  (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.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the  aggregate  of the  amounts  calculated  (without  giving  effect to the
related Senior  Percentages) for such  Distribution  Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Z)(A); (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)(Z)(B)(b)   (without   giving   effect  to  the  Senior   Accelerated
Distribution  Percentage)  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
(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 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

<PAGE>


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 Accrued Interest: With respect to each Distribution Date,
(i)  as  to  each  Uncertificated  REMIC  I  Regular  Interest  other  than  the
Uncertificated  REMIC I Regular  Interests Z, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Related Classes of  Certificates if the  Pass-Through
Rate on such Classes were equal to the Uncertificated  Pass-Through Rate on such
Uncertificated REMIC I Regular Interest,  (ii) as to each Uncertificated REMIC I
Regular  Interest  Z and each  Uncertificated  REMIC II Regular  Interest  Z, an
amount  equal to one  month's  interest  at the Pool Strip  Rate of the  related
Mortgage  Loan on the  principal  balance of such  Mortgage Loan reduced by such
Interest's  pro-rata  share  of any  prepayment  interest  shortfalls  or  other
reductions of interest allocable to the Class A-V Certificates.

        Uncertificated   Pass-Through   Rate:   With  respect  to  each  of  the
Uncertificated  REMIC I Regular  Interests  the per annum rate  specified in the
definition  of  Uncertificated  REMIC I Regular  Interest.  With respect to each
Uncertificated  REMIC I  Regular  Interest  Z and each  Uncertificated  REMIC II
Regular Interest Z, the Pool Strip Rate for the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest, as defined in the definition of Uncertificated REMIC I
Regular Interest.

        Uncertificated  REMIC I Regular Interests:  The  Uncertificated  REMIC I
Regular  Interests Z together with the interests  identified in the table below,
each  representing an undivided  beneficial  ownership  interest in REMIC I, and
having the following characteristics:

1.   The  principal  balance  from time to time of each  Uncertificated  REMIC I
     Regular  Interest  identified  in the  table  below  shall  be  the  amount
     identified as the Initial  Principal  Balance thereof in such table,  minus
     (ii)  the  sum of  (x)  the  aggregate  of all  amounts  previously  deemed
     distributed  with  respect  to such  interest  and  applied  to reduce  the
     Uncertificated  Principal Balance thereof pursuant to Section  10.04(a)(ii)
     and (y) the aggregate of all  reductions in Certificate  Principal  Balance
     deemed to have  occurred  in  connection  with  Realized  Losses  that were
     previously deemed allocated to the Uncertificated Principal Balance of such
     Uncertificated REMIC I Regular Interest pursuant to Section 10.04(d), which
     equals  the  aggregate  principal  balance of the  Classes of  Certificates
     identified as related to such  Uncertificated  REMIC I Regular  Interest in
     such table.

2.   The  Uncertificated  Pass-Through  Rate  for  each  Uncertificated  REMIC I
     Regular Interest  identified in the table below shall be the per annum rate
     set forth in the Pass-Through Rate column of such table.


<PAGE>

3.   The  Uncertificated  REMIC I  Distribution  Amount for each REMIC I Regular
     Interest identified in the table below shall be, for any Distribution Date,
     the amount deemed distributed with respect to such  Uncertificated  REMIC I
     Regular  Interest on such  Distribution  Date pursuant to the provisions of
     Section 10.04(a).


<TABLE>

<CAPTION>

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                             <C>         <C>           <C>                 <C>
          V             Class A-1A, Class A-1B            8.00%               $17,454,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-6, Class A-6A             8.00%               $31,250,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%               $51,480.72
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class A-1, Class A-2, Class       8.00%               $248,635,501.06
                        A-3,  Class A-4,  Class A-5,
                        Class A-7, Class A-8, Class
                        A-9, Class R-II,  Class M-1,
                        Class M-2, Class M-3, Class
                        B-1, Class B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------


</TABLE>

        Uncertificated   REMIC  I  Regular   Interest   Z:  Each  of  the  1,862
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,862,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

        Uncertificated  REMIC I Regular  Interests Z Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I  Regular  Interest  Distribution  Amounts:  With
respect  to each  Uncertificated  REMIC  I  Regular  Interest,  other  than  the
Uncertificated  REMIC  I  Regular  Interest  Z,  the  amount  specified  as  the
Uncertificated REMIC I Regular Interest Distribution Amount with respect thereto
in the definition of Uncertificated  REMIC I Regular  Interest.  With respect to
the  Uncertificated  REMIC I Regular  Interests  Z, the  Uncertificated  REMIC I
Regular Interests Z Distribution Amount.

        Uncertificated   REMIC  II  Regular   Interest  Z:  Each  of  the  1,862
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,862 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interest  Z,   comprising   such
Uncertificated  REMIC  II  Regular  Interest's  pro  rata  share  of the  amount
distributed pursuant to Sections 10.04(a) and (b).

        Uncertificated  REMIC II Regular  Interests  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

<PAGE>


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.


<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) Each Mortgage Loan with a  Loan-to-Value  Ratio at origination in excess of
     80% will be insured by a Primary  Insurance Policy covering at least 30% of
     the  principal   balance  of  the  Mortgage  Loan  at  origination  if  the
     Loan-to-Value  Ratio is  between  95.00%  and  90.01%,  at least 25% of the
     balance  if the  Loan-to-Value  Ratio is  between  90.00% and 85.01% and at
     least 12% of the balance if the  Loan-to-Value  Ratio is between 85.00% and
     80.01%. To the best of the Company's knowledge, each such Primary Insurance
     Policy is in full  force and  effect and the  Trustee  is  entitled  to the
     benefits thereunder;

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

(vi)    No more than 0.5% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.6% of

<PAGE>


        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

(vii)   The improvements upon the Mortgaged  Properties are insured against loss
        by fire and other  hazards as required by the Program  Guide,  including
        flood  insurance if required under the National  Flood  Insurance Act of
        1968, as amended.  The Mortgage  requires the Mortgagor to maintain such
        casualty  insurance at the Mortgagor's  expense,  and on the Mortgagor's
        failure to do so,  authorizes  the holder of the  Mortgage to obtain and
        maintain  such  insurance  at  the  Mortgagor's   expense  and  to  seek
        reimbursement therefor from the Mortgagor;

(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 59.43% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  17.26% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  3.29%
        of the Mortgage 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  26.67% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

(xi)    None of the Mortgage Loans are Buy-Down Mortgage Loans;

(xii)   Each  Mortgage  Loan  constitutes  a qualified  mortgage  under  Section
        860G(a)(3)(A)   of   the   Code   and   Treasury   Regulations   Section
        1.860G-2(a)(1);

(xiii)  A policy of title  insurance  was  effective  as of the  closing of each
        Mortgage  Loan and is valid and  binding  and  remains in full force and
        effect, unless the Mortgaged Properties are located in the State of Iowa
        and an  attorney's  certificate  has been  provided as  described in the
        Program Guide;

(xiv)   None of the  Mortgage  Loans is a  Cooperative  Loan;  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);


<PAGE>


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

(xviii) One of the Mortgage Loans by aggregate  Stated  Principal  Balance as of
        the Cut-off Date will have been made to International  Borrowers, and no
        such  Mortgagor  is  a  member  of a  foreign  diplomatic  mission  with
        diplomatic rank;

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

(xx) None of the Mortgage Loans are Additional  Collateral Loans and none of the
     Mortgage Loans are Pledged Asset Loans.

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

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as 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.

<PAGE>


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.

Section               2.06.  Conveyance of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

        The Company, as of the Closing Date, and concurrently with the execution
and delivery hereof,  does hereby assign without  recourse all the right,  title
and  interest  of the  Company  in and to the  Uncertificated  REMIC  I  Regular
Interests  to the  Trustee  for the  benefit  of the  Holders  of each  Class of
Certificates (other than the Class R-I Certificates).  The Trustee  acknowledges
receipt of the  Uncertificated  REMIC I Regular  Interests  and declares that it
holds and will hold the same in trust for the  exclusive  use and benefit of all
present and future Holders of each Class of  Certificates  (other than the Class
R-I  Certificates).  The rights of the  Holders  of each  Class of  Certificates
(other  than the Class  R-I  Certificates)  to  receive  distributions  from the
proceeds of REMIC II in respect of such Classes,  and all ownership interests of
the Holders of such Classes in such distributions, shall be as set forth in this
Agreement.

Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.

        The Trustee  acknowledges  the  assignment  to it of the  Uncertificated
REMIC I Regular Interests and, concurrently  therewith and in exchange therefor,
pursuant  to the written  request of the  Company  executed by an officer of the
Company,  the Trustee has executed and caused to be authenticated  and delivered
to or upon the order of the Company, all Classes of Certificates (other than the
Class R-I Certificates) in authorized denominations, which evidence ownership of
the entire REMIC II.

Section 2.08.  Negative Covenants of the Trust Fund.

               Except as otherwise  expressly  permitted by this Agreement,  the
Trust Fund shall not:


<PAGE>


     (a) sell,  transfer,  exchange or otherwise dispose of any of the assets of
the Trust Fund;

(b)     dissolve or liquidate in whole or in part;

     (c) engage, directly or indirectly, in any business other than that arising
out of the issue of the Certificates,  and the actions  contemplated or required
to be performed under this Agreement;

     (d) incur,  create or assume any indebtedness for borrowed money other than
the Certificates;

     (e) voluntarily file a petition for bankruptcy, reorganization,  assignment
for the benefit of creditors or similar proceeding; or

               (f)    merge, convert or consolidate with any other Person.


<PAGE>


                                  Article III

                          ADMINISTRATION AND SERVICING
                              OF MORTGAGE LOANS

                     (See Article III of the Standard Terms)


<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)(iii) below,
the amount  required to be distributed to the Master  Servicer or a Sub-Servicer
pursuant to Section 4.02(a)(iii) 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),  (c) and (e) below), in each case
to the extent of the Available Distribution Amount remaining:

               (i)  to  the  Senior  Certificates  (other  than  the  Class  A-P
        Certificates and prior to the related  Accretion  Termination  Date, the
        related  Accrual  Certificates  to the  extent  of the  related  Accrual
        Distribution  Amount),  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

               (ii) (W) to the Class A-P  Certificates,  the Class A-P Principal
          Distribution Amount;

               (X)  to  the  Class  A-2  Certificates,  the  Class  A-5  Accrual
          Distribution Amount;

               (Y)  to  the  Class  A-7  Certificates,  the  Class  A-9  Accrual
          Distribution Amount; and

                      (Z) to the Senior  Certificates  (other than the Class A-P
        Certificates),  in the  priorities  and  amounts  set  forth in  Section
        4.02(b),  (c) and (e), the sum of the  following  (applied to reduce the
        Certificate   Principal  Balances  of  such  Senior   Certificates,   as
        applicable):


<PAGE>


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

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

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

(3)  the  principal  portion of all other  unscheduled  collections  (other than
     Principal  Prepayments  in Full and  Curtailments  and amounts  received in
     connection  with a Cash  Liquidation or REO  Disposition of a Mortgage Loan
     described in Section 4.02(a)(ii)(Z)(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  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 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 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

<PAGE>


Mortgage Loan) and (b) the Senior Accelerated  Distribution  Percentage for such
Distribution Date times the related unscheduled  collections  (including without
limitation  Insurance  Proceeds,  Liquidation  Proceeds and REO Proceeds) to the
extent applied by the Master  Servicer as recoveries of principal of the related
Mortgage Loan pursuant to Section 3.14 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  Senior   Accelerated   Distribution   Percentage   for  such
               Distribution   Date  times  the   aggregate   of  all   Principal
               Prepayments  in Full and  Curtailments  received  in the  related
               Prepayment  Period (other than the related  Discount  Fraction of
               such Principal Prepayments in Full and Curtailments, with respect
               to each Discount Mortgage Loan);

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

(E)            any amounts described in subsection (ii)(Z), 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;

               (iii) 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;

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

               (v) to the Holders of the Class M-1 Certificates, an amount equal
        to (x) the Subordinate  Principal  Distribution Amount for such Class of
        Certificates  for such  Distribution  Date,  minus (y) the amount of any
        Class A-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)(vii),  (ix), (xi),
        (xiii),  (xiv),  and (xv) of this  Series  Supplement  are  insufficient
        therefor,  applied in reduction of the Certificate  Principal Balance of
        the Class M-1 Certificates;

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


<PAGE>


               (vii) to the  Holders  of the Class M-2  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such  Distribution  Date, minus (y) the amount
        of any Class A-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) (ix), (xi),
        (xiii), (xiv) and (xv) are insufficient  therefor,  applied in reduction
        of the Certificate Principal Balance of the Class M-2 Certificates;

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

               (ix) to the  Holders  of the  Class M-3  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-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)(xi),
        (xiii), (xiv) and (xv) are insufficient  therefor,  applied in reduction
        of the Certificate Principal Balance of the Class M-3 Certificates;

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

               (xi) to the  Holders  of the  Class B-1  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-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)(xiii),
        (xiv) and (xv) are  insufficient  therefor,  applied in reduction of the
        Certificate Principal Balance of the Class B-1 Certificates;

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

               (xiii) to the  Holders of the Class B-2  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such Distribution Date minus (y) the amount of
        any  Class  A-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) and
        (xv) are insufficient therefor,  applied in reduction of the Certificate
        Principal Balance of the Class B-2 Certificates;

               (xiv) to the  Holders  of the Class B-3  Certificates,  an amount
        equal  to  (x)  the  Accrued  Certificate   Interest  thereon  for  such
        Distribution  Date,  plus  any  Accrued  Certificate   Interest  thereon
        remaining unpaid from any previous Distribution Date, except as provided

<PAGE>


        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) (xv) are insufficient therefor;

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

               (xvi)  to  the  Senior  Certificates,  on a  pro  rata  basis  in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances,  the portion,  if any, of the  Available  Distribution  Amount
        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  Amount 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

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

        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 or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

(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;

<PAGE>



(B)  the related Discount  Fraction of the principal  portion of all unscheduled
     collections  on each Discount  Mortgage Loan received  during the preceding
     calendar  month  (other than  amounts  received in  connection  with a Cash
     Liquidation  or REO  Disposition  of a Discount  Mortgage Loan described in
     clause (C) below),  including Principal  Prepayments in Full,  Curtailments
     and repurchases  (including deemed repurchases under Section 3.07(b) of 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)    second, the Class A-5 Accrual  Distribution  Amount shall be distributed
        to the Class A-2 Certificates, without regard to the amount set forth in
        the table  entitled  "Contingent  Class  A-2 and  Class A-7  Certificate
        Principal  Balance  Schedule"  attached  as  Exhibit  6 hereto  for such
        Distribution  Date, until the Certificate  Principal Balance thereof has
        been reduced to zero;

(iii)   third, the Class A-9 Accrual Distribution Amount shall be distributed to
        the Class A-7  Certificates,  without  regard to the amount set forth in
        the table  entitled  "Contingent  Class  A-2 and  Class A-7  Certificate
        Principal  Balance  Schedule"  attached  as  Exhibit  6 hereto  for such
        Distribution  Date, until the Certificate  Principal Balance thereof has
        been reduced to zero; and

(iv)    fourth, the Senior Principal  Distribution  Amount shall be distributed,
        concurrently, as follows:

                      (A)  27.1958407155%  of such amount shall be  distributed,
               concurrently, as follows:


<PAGE>


(1)  first,   sequentially  to  the  Class  R-I   Certificates  and  Class  R-II
     Certificates,  in that order, in each case until the Certificate  Principal
     Balances thereof has been reduced to zero;

(2)  second,  to the Class A-6  Certificates,  until the  Certificate  Principal
     Balance thereof has been reduced to its Planned  Principal Balance for such
     Distribution Date;

(3)  third,  to the Class A-7  Certificates,  until  the  Certificate  Principal
     Balance thereof,  after taking into account the allocation of the Class A-9
     Accrual  Distribution  Amount,  has been reduced to the amount set forth in
     the  table  entitled  "Contingent  Class  A-2  and  Class  A-7  Certificate
     Principal  Balance  Schedule"   attached  hereto  as  Exhibit  6  for  such
     Distribution Date;

(4)  fourth,  to the Class A-9  Certificates,  until the  Certificate  Principal
     Balance thereof has been reduced to zero;

(5)  fifth,  to the Class A-7  Certificates  (without  regard to the  amount set
     forth in the table entitled "Contingent Class A-2 and Class A-7 Certificate
     Principal  Balance  Schedule"   attached  hereto  as  Exhibit  6  for  such
     Distribution Date), until the Certificate Principal Balance thereof,  after
     taking into account the  allocation  of the Class A-9 Accrual  Distribution
     Amount and the  payment of  principal  made in  accordance  with clause (3)
     above, has been reduced to zero;

(6)  sixth,  to the  Class  A-6  Certificates  (without  regard  to the  Planned
     Principal  Balance  for such  Distribution  Date),  until  the  Certificate
     Principal  Balance  thereof,  after  taking  into  account  the  payment of
     principal  made in  accordance  with clause (2) above,  has been reduced to
     zero; and

(7)  seventh,  to the Class A-8  Certificates,  until the Certificate  Principal
     Balances thereof have been reduced to zero; and

                      (B)  72.8041592845% of such amount shall be distributed in
               the following order of priority:

(1)  first,  to the Class  A-4  Certificates  in  reduction  of the  Certificate
     Principal Balance thereof, an amount equal to the Lockout Percentage of the
     Class A-4 Certificates' pro rata share (based on the Certificate  Principal
     Balance thereof relative to the Certificate Principal Balance of all of the
     Senior  Certificates (other than the Class A-6, Class A-7, Class A-8, Class
     A-9,  Class R and Class A-P  Certificates))  of the  portion  of the Senior
     Principal Distribution Amount described in this clause (B) above, until the
     Certificate Principal Balance thereof has been reduced to zero;


<PAGE>


(2)  second, to the Class A-1 Certificates and Class A-1A Certificates, on a pro
     rata basis in accordance  with the respective  amounts  necessary to reduce
     their Certificate  Principal  Balances to their aggregate Planned Principal
     Balance for such Distribution Date, until the Certificate Principal Balance
     thereof  have been  reduced to their  Planned  Principal  Balances for such
     Distribution Date;

(3)  third,  to the Class A-2  Certificates,  until  the  Certificate  Principal
     Balance thereof,  after taking into account the allocation of the Class A-5
     Accrual  Distribution  Amount,  has been reduced to the amount set forth in
     the  table  entitled  "Contingent  Class  A-2  and  Class  A-7  Certificate
     Principal  Balance  Schedule"   attached  hereto  as  Exhibit  6  for  such
     Distribution Date;

(4)  fourth,  to the Class A-5  Certificates,  until the  Certificate  Principal
     Balance thereof has been reduced to zero;

(5)  fifth,  to the Class A-2  Certificates  (without  regard to the  amount set
     forth in the table entitled "Contingent Class A-2 and Class A-7 Certificate
     Principal  Balance  Schedule"   attached  hereto  as  Exhibit  6  for  such
     Distribution Date), until the Certificate Principal Balance thereof,  after
     taking into account the  allocation  of the Class A-5 Accrual  Distribution
     Amount and the  payment of  principal  made in  accordance  with clause (3)
     above, has been reduced to zero;

(6)  sixth, to the Class A-1 Certificates and Class A-1A Certificates,  on a pro
     rata  basis in  accordance  with  their  respective  Certificate  Principal
     Balances  (without regard to their aggregate  Planned Principal Balance for
     such Distribution Date), until the Certificate  Principal Balances thereof,
     after taking into account the payment of principal made in accordance  with
     clause (2) above, have been reduced to zero;

(7)  seventh,  to the Class A-3  Certificates,  until the Certificate  Principal
     Balance thereof has been reduced to zero; and

(8)  eighth,  to the Class A-4  Certificates,  until the  Certificate  Principal
     Balance thereof has been reduced to zero.

     (c) 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) an  amount  equal to the  Discount
Fraction  of  the  principal  portion  of  scheduled  payments  and  unscheduled
collections  received or advanced in respect of the Discount Mortgage Loans will
be  distributed  to the  Class  A-P  Certificates,  (ii)  the  Senior  Principal

<PAGE>


Distribution  Amount will be  distributed to the remaining  Senior  Certificates
(other  than the Class  A-P  Certificates)  pro rata in  accordance  with  their
respective  outstanding  Certificate Principal Balances and (iii) the amount set
forth in Section 4.02(a)(i) will be distributed as set forth therein.

(d) 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 will be paid solely to the holders of the
Class A-P,  Class A-V and  Subordinate  Certificates,  in each case as described
herein.

(e) In addition to the  foregoing  distributions,  with  respect to any Mortgage
Loan that was previously the subject of a Cash Liquidation or an REO Disposition
that resulted in a Realized Loss, in the event that within two years of the date
on which such Realized Loss was determined to have occurred the Master  Servicer
receives  amounts,  which the Master Servicer  reasonably  believes to represent
subsequent recoveries (net of any related liquidation  expenses),  or determines
that it holds surplus amounts previously  reserved to cover estimated  expenses,
specifically  related to such  Mortgage  Loan  (including,  but not  limited to,
recoveries in respect of the  representations and warranties made by the related
Seller pursuant to the applicable Seller's Agreement and assigned to the Trustee
pursuant to Section 2.04),  the Master Servicer shall distribute such amounts to
the applicable Certificateholders of the Class or Classes to which such Realized
Loss was  allocated  (with the amounts to be  distributed  allocated  among such
Classes in the same proportions as such Realized Loss was allocated), and within
each  such  Class to the  Certificateholders  of record  as of the  Record  Date
immediately  preceding  the  date of such  distribution  (or if  such  Class  of
Certificates is no longer outstanding,  to the  Certificateholders  of record at
the  time  that  such  Realized  Loss  was  allocated);  provided  that  no such
distribution to any Class of Certificates of subsequent  recoveries related to a
Mortgage Loan shall exceed, either individually or in the aggregate and together
with any other amounts paid in reimbursement therefor, the amount of the related
Realized Loss that was allocated to such Class of Certificates.  Notwithstanding
the  foregoing,  no  such  distribution  shall  be  made  with  respect  to  the
Certificates of any Class to the extent that either (i) such Class was protected
against the related Realized Loss pursuant to any instrument or fund established
under Section  11.01(e) or (ii) such Class of  Certificates  has been  deposited
into  a  separate  trust  fund  or  other   structuring   vehicle  and  separate
certificates  or other  instruments  representing  interests  therein  have been
issued in one or more classes,  and any of such separate  certificates  or other
instruments  was  protected  against the related  Realized  Loss pursuant to any
limited guaranty, payment obligation, irrevocable letter of credit, surety bond,
insurance  policy or similar  instrument  or a reserve  fund,  or a  combination
thereof. Any amount to be so distributed with respect to the Certificates of any
Class shall be distributed by the Master Servicer to the  Certificateholders  of
record as of the Record Date immediately preceding the date of such distribution
(i) with  respect to the  Certificates  of any Class  (other  than the Class A-V
Certificates),  on a pro rata basis based on the Percentage Interest represented
by each  Certificate  of such Class as of such Record Date and (ii) with respect
to the Class A-V  Certificates,  to the Class A-V  Certificates  or any Subclass
thereof in the same proportion as the related  Realized Loss was allocated.  Any
amounts to be so distributed  shall not be remitted to or  distributed  from the
Trust Fund, and shall constitute  subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.


<PAGE>


(f) 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.  The Trustee and the Depository  shall be responsible for allocation
of the  aggregate  amount  of  distributions  in  reduction  of the  Certificate
Principal  Balance  of each  Class of the Class  A-7,  Class A-8 and Class  A-10
Certificates as set forth in Section 4.10. None of the Trustee,  the Certificate
Registrar,  the  Company or the Master  Servicer  shall have any  responsibility
therefor.

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

(h) On each  Distribution  Date  preceding the Class A-5  Accretion  Termination
Date, Accrued  Certificate  Interest on the Class A-5 Certificates will be added
to the  Certificate  Principal  Balance of the Class A-5  Certificates  and such
amount will  thereafter  accrue  interest  at a rate of 8.00% per annum.  On the
Class A-5 Accretion  Termination Date, the Accrued  Certificate  Interest on the
Class A-5 Certificates for such date will be payable to the holders of the Class
A-2 Certificates as a distribution of principal until the Certificate  Principal
Balance  thereof has been reduced to zero,  any such amount will be added to the
Certificate  Principal Balance of the Class A-5 Certificates,  and any remaining
amount of Accrued Certificate  Interest will be paid to the holders of the Class
A-5  Certificates  as a  distribution  of interest  and will not be added to the
Certificate  Principal  Balance  thereof;  provided,  however,  if the Class A-5
Accretion  Termination  Date is the Credit  Support  Depletion  Date, the entire
amount of  Accrued  Certificate  Interest  for such date will be  payable to the
holders of the Class A-5 Certificates as a distribution of interest and will not
be added to the Certificate Principal Balance thereof.

(i) On each  Distribution  Date  preceding the Class A-9  Accretion  Termination
Date, Accrued  Certificate  Interest on the Class A-9 Certificates will be added
to the  Certificate  Principal  Balance of the Class A-9  Certificates  and such
amount will  thereafter  accrue  interest  at a rate of 8.00% per annum.  On the
Class A-9 Accretion  Termination Date, the Accrued  Certificate  Interest on the
Class A-9 Certificates for such date will be payable to the holders of the Class
A-7 Certificates as a distribution of principal until the Certificate  Principal
Balance  thereof has been reduced to zero,  any such amount will be added to the

<PAGE>


Certificate  Principal Balance of the Class A-9 Certificates,  and any remaining
amount of Accrued Certificate  Interest will be paid to the holders of the Class
A-9  Certificates  as a  distribution  of interest  and will not be added to the
Certificate  Principal  Balance  thereof;  provided,  however,  if the Class A-9
Accretion  Termination  Date is the Credit  Support  Depletion  Date, the entire
amount of  Accrued  Certificate  Interest  for such date will be  payable to the
holders of the Class A-9 Certificates as a distribution of interest and will not
be added to the Certificate Principal Balance thereof.

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 Senior  Certificates  (other than the Class A-P Certificates) on a pro
rata basis,  as described  below.  The principal  portion of any Excess  Special
Hazard Losses,  Excess Bankruptcy Losses,  Excess Fraud Losses and Extraordinary
Losses  on  Discount   Mortgage  Loans  will  be  allocated  to  the  Class  A-P
Certificates  in an  amount  equal  to the  Discount  Fraction  thereof  and the
remainder of the principal  portion of such Realized Losses on Discount Mortgage
Loans and the entire amount of such  Realized  Losses on  Non-Discount  Mortgage
Loans will be allocated among the Senior  Certificates (other than the Class A-P
Certificates)  and 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.

<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 prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that the Certificate  Principal Balance of the Accrual Certificates for purposes
this Section 4.05 shall be the lesser of (a) the Certificate  Principal  Balance
of the Accrual  Certificates  as of the Cut-off  Date,  and (b) the  Certificate
Principal  Balance of the Accrual  Certificates as of the date of determination.
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 ortgage Loans. (See Section 4.07 of
     the Standard Terms)

Section 4.08. Surety Bond. (See Section 4.08 of the Stadard Terms)

<PAGE>

                                   Article V
                                THE CERTIFICATES

                      (See Article V of the Standard Terms)

5.02    Registration of Transfer and Exchange of Certificates.

     (i) The  provisions  contained in Section  5.02(e) shall no longer apply to
the Class M Certificates if the Company or the Master  Servicer  delivers to the
Trustee an Officer's  Certificate stating that amendments proposed by the United
States  Department  of Labor (the  "DOL") to be made to  Prohibited  Transaction
Exemption  94-29,  59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE 97-34,
62 Fed. Reg. 39021 (July 21, 1997) and similar exemptions have been published in
final form  substantially  as  proposed  in the DOL  Exemption  Application  No.
D-10809, 65 Fed. Reg. 51454 (August 23, 2000).


<PAGE>


                                   Article VI


                       THE COMPANY AND THE MASTER SERVICER

                     (See Article VI of the Standard Terms)


<PAGE>


                                  Article VII

                                     DEFAULT

                     (See Article VII of the Standard Terms)


<PAGE>


                                  Article VIII


                             CONCERNING THE TRUSTEE

                    (See Article VIII of the Standard Terms)


<PAGE>


                                   Article IX

                                   TERMINATION

                     (See Article IX of the Standard Terms)

<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 REMICs.

        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 ("REMIC I") and will make and election to treat
the pool of assets comprised of the uncertificated REMIC I Regular Interest as a
REMIC ("REMIC II") for federal income tax purposes.

        The Uncertificated REMIC I Regular Interests will be "regular interests"
in REMIC I and the Class R-I  Certificates  will be the sole class of  "residual
interests" in REMIC I for purposes of the REMIC  Provisions (as defined  herein)
under the federal income tax law.

        The Class A-1, Class A-1A,  Class A-1B, Class A-2, Class A-3, Class A-4,
Class A-5,  Class A-6,  Class A-6A,  Class A-7, Class A-8, Class A-9, 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  REMIC II Regular  Interests,  the rights in and to which
will be represented by the Class A-V Certificates,  will be "regular  interests"
in REMIC II, and the Class R-II Certificates will be the sole class of "residual
interests"  therein for  purposes of the REMIC  Provisions  (as defined  herein)
under federal  income tax law. 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  REMIC II Regular Interest Z or Interests specified
by the initial Holder of the Class A-V Certificates pursuant to said Section.

        Section       10.04.Distributions  on  the  Uncertificated  REMIC  I and
                      REMIC II Regular Interests.

        (a)On each  Distribution  Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular  Interests,  the
Uncertificated  REMIC I Regular Interest  Distribution  Amounts in the following
order of priority to the extent of the Available  Distribution Amount reduced by
distributions made to the Class R-I Certificates pursuant to Section 4.02(a):

               (i) Uncertificated Accrued Interest on the Uncertificated REMIC I
        Regular  Interests for such Distribution  Date, plus any  Uncertificated
        Accrued Interest thereon remaining unpaid from any previous Distribution
        Date; and

               (ii) In  accordance  with  the  priority  set  forth  in  Section
        10.04(b),  an  amount  equal to the sum of the  amounts  in  respect  of
        principal  distributable  on each Class of Certificates  (other than the

<PAGE>


        Class R-I  Certificates)  under Section  4.02(a),  as allocated  thereto
        pursuant to Section 4.02(b).

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   W,  (ii)
Uncertificated  REMIC I  Regular  Interest  X and (iii)  Uncertificated  REMIC I
Regular  Interest  Y with the  amount to be  distributed  allocated  among  such
interests  in  accordance  with the priority  assigned to each Related  Class of
Certificates  (other  than the  Class  R-I  Certificates),  respectively,  under
Section 4.02(b) until the Uncertificated Principal Balance of each such interest
is reduced to zero.

        (c)The  portion  of  the   Uncertificated   REMIC  I  Regular   Interest
Distribution   Amounts  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed by REMIC I to REMIC II in accordance  with the priority  assigned to
the REMIC II Certificates  relative to that assigned to the REMIC I Certificates
under Section 4.02(b).

        (d)In determining from time to time the  Uncertificated  REMIC I Regular
Interest  Distribution  Amounts  and  Uncertificated  REMIC II Regular  Interest
Distribution Amounts:

               (i) Realized Losses allocated to the Class A-V Certificates under
        Section 4.05 shall be deemed  allocated to the  Uncertificated  REMIC II
        Regular  Interests  pro-rata  according  to the  respective  amounts  of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC Regular II Interests for the Distribution Date for
        which such allocation is being made in the absence of such allocation;

               (ii) Realized Losses allocated to the Class A-1A Certificates and
        Class A-1B Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest V;

               (iii) Realized Losses allocated to the Class A-6 Certificates and
Class  A-6A  Certificates  under  Section  4.05  shall be  deemed  allocated  to
Uncertificated REMIC I Regular Interest W;

               (iv)  Realized  Losses  allocated  to the Class A-P  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest X;

               (v) Realized  Losses  allocated to the Class A-1, A-2, Class A-3,
        Class A-4,  Class A-5, Class A-7, Class A-8, Class A-9, Class M-1, Class
        M-2,  Class  M-3,  Class  B-1,  Class  B-2,  Class  B-3 and  Class  R-II
        Certificates   under   Section   4.05  shall  be  deemed   allocated  to
        Uncertificated REMIC I Regular Interest Y; and

               (vi) Realized  Losses  allocated to the  Uncertificated  REMIC II
        Regular Interests under clause (I), above, shall be deemed allocated, in
        each case, to the related Uncertificated REMIC I Regular Interest Z.

        (e)On each  Distribution  Date the Trustee shall be deemed to distribute
from REMIC II, in the  priority  set forth in  Sections  4.02(a) and (b), to the
Holders of each Class of  Certificates  (other than the Class R-I  Certificates)
the  amounts  distributable  thereon  from the  Uncertificated  REMIC I  Regular
Interest  Distribution  Amounts  deemed to have been  received  by REMIC II from
REMIC I under this Section 10.04. The amounts deemed distributed  hereunder with

<PAGE>


respect to the Class A-V  Certificates  shall be deemed to have been distributed
in respect of the Uncertificated REMIC II Regular Interests Z in accordance with
their respective  Uncertificated REMIC II Regular Interest Distribution Amounts,
as such  Uncertificated  REMIC II  Regular  Interests  comprise  the  Class  A-V
Certificates.

        (f)Notwithstanding  the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

        Section 10.05.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.


<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      2255 N. Ontario Street, Suite 400
                     Burbank, California 91504-2130,
                     Attention:  Managing Director/Master Servicing

------------------------------------------------------------------------------
------------------------------------------------------------------------------
Trustee              Corporate Trust Office
                     1761 East St. Andrew Place
                     Santa Ana, California 92705-4934,
                     Attention:  Residential Accredit Loans, Inc. Series
                                2000-QS10

                     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, Inc.          One State Street Plaza
                     New York, New York 10004

------------------------------------------------------------------------------
<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.

               96.0%  of all of the  Voting  Rights  shall  be  allocated  among
Holders of  Certificates,  other than the Class  A-1B  Certificates,  Class A-6A
Certificates,  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-1B
Certificates in accordance with their respective Percentage Interests; 1% of all
Voting  Rights  shall  be  allocated   among  the  Holders  of  the  Class  A-6A
Certificates in accordance with their respective Percentage Interests; 1% of all
Voting Rights shall be allocated among the Holders of the Class A-V Certificates
in accordance with their  respective  Percentage  Interests;  0.5% of all Voting
Rights shall be  allocated  among the Holders of the Class R-I  Certificates  in
accordance with their respective  Percentage  Interests;  and 0.5% of all Voting
Rights shall be allocated  among the Holders of the Class R-II  Certificates  in
accordance with their respective Percentage Interests.

Section 11.10. No Petition.

               The Depositor,  Master Servicer and the Trustee, by entering into
this Agreement, and each Certificateholder,  by accepting a Certificate,  hereby
covenant  and agree that they will not at any time  institute  against the Trust
Fund,  or join in any  institution  against  the Trust Fund of,  any  bankruptcy
proceedings  under any United States federal or state  bankruptcy or similar law
in  connection  with any  obligation  with respect to the  Certificates  or this
Agreement.




<PAGE>








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



                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]



                                            By:  /s/ Randy Van Zee
                                                 Name:   Randy Van Zee
                                                 Title:  Vice President


Attest: /s/ Julie Steinhagen
Name:   Julie Steinhagen
Title:  Vice President


                                            RESIDENTIAL FUNDING CORPORATION
[Seal]



                                            By:  /s/ Julie Steinhagen
                                                 Name:  Julie Steinhagen
                                                 Title: Director


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


                                            BANKERS TRUST COMPANY,
                                                 as Trustee
[Seal]



                                            By:  /s/ Stephen T. Hessler
                                                 Name: Stephen T. Hessler
                                                 Title:   Vice President


Attest:/s/ Hermi Alignay
      Name: Hermi Alignay
      Title:    Assistant Secretary

<PAGE>


STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of September,  2000 before me, a notary public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                   /s/ Jennifer Olsen

                                                   Notary Public

[Notarial Seal]


<PAGE>


STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of September,  2000 before me, a notary public in
and for said State,  personally  appeared Julie Steinhagen,  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.

                                                   /s/ Jennifer Olsen

                                                   Notary Public



 [Notarial Seal]


<PAGE>


STATE OF
                                  )
                                  ) ss.:
COUNTY OF                         )
               On the 26th day of September,  2000 before me, a notary public in
and for said State,  personally appeared Stephen Hessler, known to me to be a[n]
Vice President of Bankers Trust Company,  the New York banking  corporation that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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



                                            /s/ Thomas J. Baldwin

                                            Notary Public

 [Notarial Seal]



<PAGE>






                                   Exhibit ONE

                             MORTGAGE LOAN SCHEDULE

1

  RUN ON     : 09/24/00           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 11.51.13           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2000-QS10                                 CUTOFF : 09/01/00
  POOL       : 0004455
             :
             :
  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
  ---------------------------------------------------------------------------

      1844102                              .2500
       31,046.12                           .0300
            8.1250                         .0000
            7.8750                         .0000
            7.8450                         .0000
            7.8450                         .0000

      1966828                              .2500
      108,379.86                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1968491                              .2500
      164,909.87                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      1977884                              .2500
       55,483.35                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1979400                              .2500
      108,513.60                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1982118                              .2500
       61,952.79                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200
1



      1982238                              .2500
      294,277.50                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            8.0000                         .1700

      1982992                              .2500
       78,152.08                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      1983167                              .2500
      131,653.88                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1983240                              .2500
      101,970.38                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1985881                              .2500
       57,923.67                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      1985988                              .2500
      219,876.66                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      1986012                              .2500
       86,904.58                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      1986288                              .2500
      124,926.20                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            8.0000                         .2950
1



      1987206                              .2500
      123,137.78                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            8.0000                        1.0450

      1987312                              .2500
       44,933.08                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1988766                              .2500
      127,859.64                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      1989018                              .2500
      137,439.81                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1989050                              .2500
       31,965.48                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      1989532                              .2500
       83,869.71                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            8.0000                        1.0450

      1989688                              .2500
       83,951.67                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            8.0000                         .4200

      1989842                              .2500
      111,549.30                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450
1



      1989932                              .2500
      135,653.19                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950

      1989972                              .2500
       91,893.76                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            8.0000                         .4200

      1990016                              .2500
       75,559.77                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1990120                              .2500
      168,519.76                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1990187                              .2500
       49,947.96                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1990221                              .2500
       49,575.61                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1990275                              .2500
       56,247.61                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      1990320                              .2500
       75,115.85                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450
1



      1990402                              .2500
       57,606.76                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      1990421                              .2500
      139,262.32                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1990431                              .2500
      147,442.32                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1990432                              .2500
       51,949.98                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950

      1990443                              .2500
      749,159.48                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      1990514                              .2500
       83,910.26                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1990604                              .2500
      393,540.46                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1990748                              .2500
       67,934.60                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950
1



      1990783                              .2500
      122,533.03                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      1990784                              .2500
      140,922.98                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      1990798                              .2500
      123,227.21                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            8.0000                         .2950

      1990847                              .2500
      132,875.39                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      1990985                              .2500
      171,706.55                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      1990992                              .2500
       34,170.40                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         .0000
            8.0000                        1.7950

      1991060                              .2500
      332,228.49                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1991067                              .2500
       63,493.53                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         .0000
            8.0000                        1.6700
1



      1991124                              .2500
      396,201.94                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            8.0000                         .2950

      1991142                              .2500
      103,791.86                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1991175                              .2500
       63,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1991217                              .2500
       91,607.03                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            8.0000                        1.0450

      1991291                              .2500
       50,250.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1991347                              .2500
      155,857.66                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      1991350                              .2500
       74,666.06                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      1991466                              .2500
       60,975.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200
1



      1991512                              .2500
      139,358.55                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            8.0000                        1.0450

      1991634                              .2500
       66,966.16                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            8.0000                        1.0450

      1991655                              .2500
       35,878.10                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         .0000
            8.0000                        1.6700

      1991667                              .2500
      129,881.40                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      1991699                              .2500
       98,697.17                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1991707                              .2500
      199,769.02                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            8.0000                         .4200

      1991839                              .2500
      197,432.57                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            8.0000                        1.0450

      1991846                              .2500
       33,215.39                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200
1



      1991848                              .2500
      186,500.54                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1992068                              .2500
      364,260.40                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1992119                              .2500
      179,906.68                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      1992213                              .2500
      179,899.09                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      1992260                              .2500
      143,358.26                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1992266                              .2500
       35,983.20                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      1992342                              .2500
      101,747.50                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1992374                              .2500
       67,932.84                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700
1



      1992379                              .2500
      104,948.35                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1992406                              .5000
       65,132.12                           .0800
            9.2500                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      1992418                              .5000
      331,626.36                           .0800
            8.8750                         .0000
            8.3750                         .0000
            8.2950                         .0000
            8.0000                         .2950

      1992544                              .2500
       56,950.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      1992562                              .2500
      167,898.23                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            8.0000                         .1700

      1992722                              .2500
      595,948.89                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            8.0000                        1.0450

      1992730                              .5000
       51,142.36                           .0800
            8.8750                         .0000
            8.3750                         .0000
            8.2950                         .0000
            8.0000                         .2950

      1992781                              .2500
       51,271.24                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450
1



      1992823                              .2500
      153,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      1992857                              .2500
      292,627.13                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            8.0000                         .2950

      1992886                              .2500
       97,908.17                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      1992904                              .2500
       78,711.27                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1992957                              .2500
      367,250.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      1993156                              .2500
       29,974.05                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         .0000
            8.0000                        1.7950

      1993215                              .2500
       55,260.22                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      1993217                              .2500
      113,695.51                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950
1



      1993226                              .2500
       80,255.17                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      1993278                              .2500
      125,247.87                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      1993301                              .2500
      158,040.84                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      1993304                              .2500
       75,600.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      1993307                              .2500
      109,800.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
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1



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      1996411                              .2500
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1



      1996438                              .2500
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1



      1996563                              .2500
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      1996601                              .2500
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      1996612                              .2500
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1



      1996616                              .2500
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      1996740                              .2500
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      1996742                              .2500
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      1996745                              .2500
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      1996748                              .2500
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1



      1996758                              .2500
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      1996760                              .2500
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      1996769                              .2500
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      1996772                              .2500
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      1996773                              .2500
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1



      1996779                              .2500
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      1996792                              .2500
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      1996797                              .2500
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1



      1996827                              .2500
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      1996828                              .2500
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1



      1996845                              .2500
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1



      1996870                              .2500
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1



      1997260                              .2500
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1



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1



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      1997664                              .2500
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      1997667                              .2500
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1



      1997681                              .2500
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      1997685                              .2500
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1



      1997692                              .2500
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      1997698                              .2500
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      1997700                              .2500
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1



      1997702                              .2500
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      1997706                              .2500
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      1997708                              .2500
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      1997711                              .2500
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      1997712                              .2500
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      1997713                              .2500
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      1997714                              .2500
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      1997716                              .2500
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1



      1997717                              .2500
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      1997718                              .2500
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      1997722                              .2500
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      1997724                              .2500
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      1997726                              .2500
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      1997727                              .2500
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      1997728                              .2500
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      1997730                              .2500
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1



      1997731                              .2500
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      1997732                              .2500
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      1997734                              .2500
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      1997736                              .2500
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      1997742                              .2500
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      1997747                              .2500
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      1997751                              .2500
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      1997753                              .2500
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1



      1997756                              .2500
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      1997757                              .2500
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      1997759                              .2500
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      1997761                              .2500
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      1997762                              .2500
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      1997763                              .2500
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      1997767                              .2500
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      1997768                              .2500
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1



      1997771                              .2500
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      1997774                              .2500
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      1997776                              .2500
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      1997777                              .2500
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      1997779                              .2500
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      1997780                              .2500
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      1997782                              .2500
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      1997784                              .2500
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1



      1997785                              .2500
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      1997786                              .2500
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      1997788                              .2500
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      1997790                              .2500
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      1997791                              .2500
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      1997792                              .2500
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      1997793                              .2500
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      1997794                              .2500
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1



      1997795                              .2500
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      1997796                              .2500
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      1997801                              .2500
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1



      1997810                              .2500
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      1997813                              .2500
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      1997823                              .2500
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      1997829                              .2500
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1



      1997844                              .2500
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1



      1997898                              .2500
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1



      1997940                              .2500
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1



      1997967                              .2500
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      1997970                              .2500
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      1998021                              .2500
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1



      1998022                              .2500
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      1998052                              .2500
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      1998054                              .2500
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      1998056                              .2500
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1



      1998060                              .2500
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      1998064                              .2500
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      1998067                              .2500
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      1998069                              .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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      3694981                              .2500
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      3694982                              .2500
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      3694983                              .2500
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      3694984                              .2500
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      3694985                              .2500
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      3694986                              .2500
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      3694987                              .2500
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1



      3694988                              .2500
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      3694989                              .2500
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      3694990                              .2500
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      3694991                              .2500
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      3694992                              .2500
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      3694993                              .2500
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      3694994                              .2500
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      3694995                              .2500
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1



      3694996                              .2500
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      3694997                              .2500
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      3694999                              .2500
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      3695000                              .2500
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      3695001                              .2500
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      3695002                              .2500
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      3695003                              .2500
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      3695006                              .2500
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1



      3695007                              .2500
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      3695008                              .2500
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      3695009                              .2500
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      3695010                              .2500
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      3695011                              .2500
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      3695012                              .2500
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      3695013                              .2500
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      3695014                              .2500
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1



      3695015                              .2500
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      3695017                              .2500
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      3695018                              .2500
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      3695019                              .2500
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      3695020                              .2500
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      3695021                              .2500
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      3695022                              .2500
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      3695023                              .2500
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1



      3695024                              .2500
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      3695025                              .2500
       67,376.84                           .0800
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      3695026                              .2500
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      3695027                              .2500
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      3695028                              .2500
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      3695029                              .2500
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      3695030                              .2500
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      3695031                              .2500
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1



      3695032                              .2500
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      3695033                              .2500
       85,372.84                           .0800
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      3695034                              .2500
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      3695035                              .2500
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      3695036                              .2500
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      3695037                              .2500
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      3695038                              .2500
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      3695039                              .2500
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1



      3695040                              .2500
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      3695041                              .2500
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      3695042                              .2500
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      3695044                              .2500
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      3695045                              .2500
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      3695046                              .2500
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      3695047                              .2500
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      3695048                              .2500
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1



      3695049                              .2500
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      3695050                              .2500
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      3695051                              .2500
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      3695052                              .2500
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      3695054                              .2500
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      3695055                              .2500
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      3695056                              .2500
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      3695057                              .2500
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1



      3695058                              .2500
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      3695059                              .2500
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      3695060                              .2500
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      3695061                              .2500
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      3695062                              .2500
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      3695063                              .2500
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      3695064                              .2500
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      3695065                              .2500
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1



      3695066                              .2500
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      3695069                              .2500
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      3695070                              .2500
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      3695071                              .2500
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      3695072                              .2500
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      3695073                              .2500
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1



      3695074                              .2500
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      3695077                              .2500
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      3695661                              .2500
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      3695785                              .2500
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1



      3695786                              .2500
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      3695792                              .2500
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1



      3695797                              .2500
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1



      3696178                              .2500
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1



      3696187                              .2500
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1



      3697618                              .2500
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      3697622                              .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



      3759617                              .2500
       51,975.09                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950

      3759618                              .2500
       45,476.41                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      3759619                              .2500
       53,573.63                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759620                              .2500
      155,867.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      3759622                              .2500
      125,539.83                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950

      3759623                              .2500
      454,764.12                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      3759624                              .2500
      100,800.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759625                              .2500
       97,939.08                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            8.0000                         .0450
1



      3759626                              .2500
      121,443.31                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759628                              .2500
       76,454.24                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759629                              .2500
      108,193.88                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      3759630                              .2500
      101,394.59                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      3759631                              .2500
       65,957.88                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         .0000
            8.0000                        1.7950

      3759632                              .2500
      100,253.20                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759633                              .2500
       85,462.17                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         .0000
            8.0000                        1.6700

      3759635                              .2500
       52,704.02                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700
1



      3759637                              .2500
       53,974.80                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759638                              .2500
       17,991.60                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759639                              .2500
       79,463.88                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759640                              .2500
      649,712.45                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         .0000
            8.0000                        1.6700

      3759643                              .2500
      170,804.19                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759644                              .2500
      319,850.70                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759645                              .2500
       67,467.66                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950

      3759646                              .2500
       67,467.66                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950
1



      3759647                              .2500
      128,629.70                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      3759648                              .2500
       44,229.35                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759649                              .2500
       68,000.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            8.0000                        1.0450

      3759650                              .2500
      286,512.67                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950

      3759651                              .2500
       43,179.84                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759652                              .2500
      292,363.53                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759653                              .2500
      160,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            8.0000                         .4200

      3759654                              .2500
       44,438.70                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950
1



      3759655                              .2500
      125,035.14                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      3759656                              .2500
      143,519.49                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759657                              .2500
       56,374.38                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759658                              .2500
       31,985.45                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759660                              .2500
       44,977.86                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759662                              .2500
       97,495.30                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759663                              .2500
       43,980.53                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         .0000
            8.0000                        1.6700

      3759665                              .2500
       84,948.50                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            8.0000                         .1700
1



      3759666                              .2500
       30,035.22                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759668                              .2500
      116,479.39                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            8.0000                         .1700

      3759670                              .2500
       43,980.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759671                              .2500
      104,748.45                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759672                              .2500
      111,545.10                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759673                              .2500
      146,627.84                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759675                              .2500
       74,964.06                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950

      3759676                              .2500
       42,300.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450
1



      3759677                              .2500
       68,368.92                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759678                              .2500
       81,213.08                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759680                              .2500
       49,572.19                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759681                              .2500
       31,985.07                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759682                              .2500
      340,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759686                              .2500
       57,167.08                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            8.0000                         .4200

      3759689                              .2500
      106,140.46                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759690                              .2500
       80,062.62                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200
1



      3759691                              .2500
       71,967.28                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759692                              .2500
       59,972.74                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759693                              .2500
       85,960.93                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3759695                              .2500
       63,000.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759698                              .2500
       54,371.79                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      3759700                              .2500
       52,369.84                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            8.0000                         .4200

      3759701                              .2500
       61,200.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      3759702                              .2500
       56,472.93                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950
1



      3759703                              .2500
       81,311.02                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            8.0000                        1.2950

      3759704                              .2500
      106,335.54                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            8.0000                         .1700

      3759705                              .2500
       48,576.09                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759706                              .2500
       40,480.08                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759707                              .2500
      108,000.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759708                              .2500
      107,949.61                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3759709                              .2500
      135,925.71                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      3759710                              .2500
       45,920.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200
1



      3759711                              .2500
       76,462.37                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759713                              .2500
       64,968.02                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3759714                              .2500
       57,732.61                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759715                              .2500
       83,358.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3759716                              .2500
       25,616.54                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         .0000
            8.0000                        1.7950

      3761873                              .2500
      301,800.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3763204                              .2500
       27,450.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            8.0000                        1.5450

      3763210                              .2500
      100,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            8.0000                         .1700
1



      3763218                              .2500
       79,750.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            8.0000                         .7950

      3763279                              .2500
      500,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

      3763325                              .2500
      102,600.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200

      3763385                              .2500
       31,971.82                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            8.0000                         .6700

      3763430                              .2500
      216,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            8.0000                         .5450

      3769377                              .2500
      162,000.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            8.0000                         .9200

      3771453                              .2500
       26,000.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            8.0000                        1.4200
1



      3779080                              .2500
      371,815.57                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            8.0000                        1.1700

  TOTAL NUMBER OF LOANS:     1862
  TOTAL BALANCE........:        297,390,981.78


1

  RUN ON     : 09/24/00            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 11.51.13            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2000-QS10       FIXED SUMMARY REPORT      CUTOFF : 09/01/00
  POOL       : 0004455
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        9.1753            7.7500     10.6250
  RFC NET RATE                          8.9236            7.5000     10.3750
  NET MTG RATE(INVSTR RATE)             8.8441            7.4700     10.2950
  POST STRIP RATE                       7.9986            7.4700      8.0000
  SUB SERV FEE                           .2517             .2500       .5000
  MSTR SERV FEE                          .0795             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .8455             .0000      2.2950







  TOTAL NUMBER OF LOANS:  1862
  TOTAL BALANCE........:     297,390,981.78


                             ***************************
                             *      END OF REPORT      *
                             ***************************
1

  RUN ON     : 09/24/00           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 11.51.13          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2000-QS10                                 CUTOFF : 09/01/00
  POOL       : 0004455
             :
             :
  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 #
  ______________________________________________________________________________


    1844102          A38/G02             F           31,500.00         ZZ
                                         360         31,046.12          1
    320 E WITNESS LANE                 8.125            234.55         90
                                       7.875            234.55       35,100.00
    NEWPORT NEWS     VA   23602          1            12/16/98         10
    0431173723                           05           02/01/99         25
    3320388                              N            01/01/29
    0


    1966828          738/G02             F          108,550.00         ZZ
                                         360        108,379.86          1
    3505 SUMMERFIELD RIDGE LANE        9.250            893.02         90
                                       9.000            893.02      120,662.00
    MATTHEWS         NC   28105          1            05/31/00         10
    0432097004                           09           07/01/00         25
    4925583                              O            06/01/30
    0


    1968491          G26/G02             F          165,000.00         ZZ
                                         360        164,909.87          1
    270 ROCKLYN AVENUE                 9.000          1,327.63         65
                                       8.750          1,327.63      255,000.00
    EAST ROCKAWAY    NY   11518          5            07/14/00         00
    0432236313                           05           09/01/00          0
    3920                                 O            08/01/30
    0


    1977884          992/G02             F           55,600.00         ZZ
                                         360         55,483.35          3
    7 FALL STREET                      9.250            457.41         90
                                       9.000            457.41       61,800.00
    PORT JERVIS      NY   12771          1            04/20/00         04
    0432250892                           05           06/01/00         25
1


    843501                               N            05/01/30
    0


    1979400          665/G02             F          108,800.00         ZZ
                                         360        108,513.60          4
    1920  6TH STREET                   9.250            895.07         80
                                       9.000            895.07      136,000.00
    SACRAMENTO       CA   95814          1            03/23/00         00
    0432051209                           05           05/01/00          0
    0001238063                           N            04/01/30
    0


    1982118          286/286             F           62,100.00         ZZ
                                         360         61,952.79          2
    14-16 SCHOOL STREET                9.750            533.53         90
                                       9.500            533.53       69,500.00
    HOLYOKE          MA   01040          1            03/08/00         14
    09700913                             05           05/01/00         25
    09700913                             N            04/01/30
    0


    1982238          964/G02             F          295,000.00         ZZ
                                         360        294,277.50          1
    2174 NOVATO BOULEVARD              8.500          2,268.30         63
                                       8.250          2,268.30      475,000.00
    NOVATO           CA   94947          1            04/19/00         00
    0431995422                           05           06/01/00          0
    75875                                N            05/01/30
    0


    1982992          N34/G02             F           78,300.00         ZZ
                                         360         78,152.08          1
    258 E ALPINE DRIVE                 9.750            672.72         90
                                       9.500            672.72       87,000.00
    GLENDALE HEIGHT  IL   60139          1            05/02/00         04
    0432018539                           07           06/01/00         25
    0403568                              N            05/01/30
    0


    1983167          700/G02             F          131,850.00         E
                                         360        131,653.88          2
    5516 & 5518 MISSIE WAY             9.500          1,108.67         90
                                       9.250          1,108.67      146,500.00
    SACRAMENTO       CA   95841          1            05/25/00         10
    0432088177                           05           07/01/00         30
    00250993                             N            06/01/30
    0


1


    1983240          637/G02             F          102,500.00         ZZ
                                         360        101,970.38          1
    667 WEST DAYTON CIRCLE             9.125            833.98         90
                                       8.875            833.98      114,000.00
    FT LAUDERDALE    FL   33312          5            04/20/00         10
    0432008886                           05           06/01/00         25
    0019083005                           O            05/01/30
    0


    1985881          683/G02             F           57,950.00         ZZ
                                         360         57,923.67          1
    315 ABBOTT FARMS LANE              9.875            503.21         95
                                       9.625            503.21       61,000.00
    HUDSON           NH   03051          1            07/05/00         04
    0432169803                           01           09/01/00         30
    00010257                             O            08/01/30
    0


    1985988          227/G02             F          220,000.00         ZZ
                                         360        219,876.66          1
    42758 BADGER CIRCLE DRIVE          8.875          1,750.42         80
                                       8.625          1,750.42      275,000.00
    COARSEGOLD       CA   93614          1            07/24/00         00
    0432209542                           05           09/01/00          0
    1803804                              O            08/01/30
    0


    1986012          229/G02             F           87,000.00         ZZ
                                         360         86,904.58          1
    11405 FRUIT WOOD WAY               9.000            700.03         90
    #161                               8.750            700.03       96,700.00
    GERMANTOWN       MD   20876          1            06/09/00         10
    0432168300                           01           08/01/00         25
    0017424573                           N            07/01/30
    0


    1986288          742/G02             F          125,000.00         ZZ
                                         360        124,926.20          1
    4342 POSEIDON CIRCLE               8.625            972.24         68
                                       8.375            972.24      185,500.00
    LIVERPOOL        NY   13090          1            07/26/00         00
    0432214260                           05           09/01/00          0
    6077507                              O            08/01/30
    0


    1987206          742/G02             F          123,200.00         ZZ
                                         360        123,137.78          1
    3479 MELVIN DRIVE NORTH            9.375          1,024.72         80
                                       9.125          1,024.72      154,000.00
1


    BALDWINSVILLE    NY   13027          1            07/18/00         00
    0432247963                           07           09/01/00          0
    6082234                              O            08/01/30
    0


    1987312          U05/G02             F           45,000.00         ZZ
                                         360         44,933.08          2
    1839 PARK STREET                   9.500            378.38         90
                                       9.250            378.38       50,000.00
    HARRISBURG       PA   17103          1            05/24/00         04
    0432068831                           05           07/01/00         30
    3043576                              N            06/01/30
    0


    1988766          A06/G02             F          128,000.00         ZZ
                                         360        127,859.64          1
    13 MIDDLESEX DR                    9.000          1,029.92         80
                                       8.750          1,029.92      160,000.00
    WILTON MANORS    FL   33305          1            06/29/00         00
    0432130755                           09           08/01/00          0
    021000020007200                      O            07/01/30
    0


    1989018          A38/G02             F          137,583.00         ZZ
                                         360        137,439.81          2
    2202 HANOVER AVENUE                9.250          1,131.86         90
                                       9.000          1,131.86      152,870.00
    RICHMOND         VA   23220          1            06/29/00         11
    0432131985                           07           08/01/00         25
    5340147                              N            07/01/30
    0


    1989050          U05/G02             F           32,950.00         ZZ
                                         360         31,965.48          1
    79 MAUDE AVENUE B                  9.875            286.12         70
                                       9.625            286.12       47,110.00
    FOX LAKE         IL   60020          1            05/26/00         00
    0432106300                           01           07/01/00          0
    3034808                              N            06/01/30
    0


    1989532          U05/G02             F           84,000.00         ZZ
                                         360         83,869.71          1
    200 FAMILY CIRCLE                  9.375            698.67         80
                                       9.125            698.67      105,000.00
    GEORGETOWN       TX   78626          5            05/24/00         00
    0432101376                           05           07/01/00          0
    3031962                              O            06/01/30
    0
1




    1989688          H37/G02             F           84,000.00         ZZ
                                         360         83,951.67          2
    4 WEST 23RD STREET                 8.750            660.83         80
                                       8.500            660.83      105,000.00
    BARNEGAT LIGHT   NJ   08006          5            07/27/00         00
    0432209807                           05           09/01/00          0
    00233265                             O            08/01/30
    0


    1989842          758/G02             F          111,600.00         ZZ
                                         360        111,549.30          4
    2003 LONGMIRE COURT #19            9.875            969.08         90
                                       9.625            969.08      124,000.00
    COLLEGE STATION  TX   77840          1            07/12/00         04
    0432211621                           05           09/01/00         25
    23409                                N            08/01/30
    0


    1989932          U05/G02             F          135,850.00         ZZ
                                         360        135,653.19          1
    7112 24TH AVENUE                   9.625          1,154.71         95
                                       9.375          1,154.71      143,000.00
    HYATTSVILLE      MD   20783          5            05/17/00         04
    0432255503                           05           07/01/00         30
    2493245251729                        O            06/01/30
    0


    1989972          F19/G02             F           92,000.00         ZZ
                                         360         91,893.76          1
    375 CLIFFORD AVENUE                8.750            723.76         80
    #218                               8.500            723.76      115,000.00
    WATSONVILLE      CA   95076          1            06/21/00         00
    0432111516                           01           08/01/00          0
    20182                                N            07/01/30
    0


    1990016          742/G02             F           75,600.00         ZZ
                                         360         75,559.77          3
    195 ELM STREET                     9.125            615.11         90
                                       8.875            615.11       84,000.00
    SARATOGA SPRING  NY   12866          1            07/12/00         04
    0432244986                           05           09/01/00         25
    6100796                              N            08/01/30
    0


    1990120          624/G02             F          168,700.00         ZZ
                                         360        168,519.76          1
1


    385 FARMHILL WAY                   9.125          1,372.60         70
                                       8.875          1,372.60      241,000.00
    BRENTWOOD        CA   94513          1            06/19/00         00
    0432115533                           05           08/01/00          0
    31300100486F                         N            07/01/30
    0


    1990187          665/G02             F           50,000.00         ZZ
                                         360         49,947.96          1
    6932 N SHERIDAN 1                  9.250            411.34         34
                                       9.000            411.34      150,000.00
    CHICAGO          IL   60626          1            06/13/00         00
    0432116143                           01           08/01/00          0
    0001239708                           N            07/01/30
    0


    1990221          A33/G02             F           49,600.00         ZZ
                                         360         49,575.61          1
    210 N ELBA RD                      9.500            417.06         80
                                       9.250            417.06       62,000.00
    LAPEER           MI   48446          1            07/07/00         00
    0432165850                           05           09/01/00          0
    011089429                            N            08/01/30
    0


    1990275          455/G02             F           56,299.00         ZZ
                                         360         56,247.61          1
    1535 LANCASHIRE PLACE              9.875            488.88         90
                                       9.625            488.88       62,555.00
    NORCROSS         GA   30093          1            06/16/00         01
    0432120079                           09           08/01/00         25
    43000013                             N            07/01/30
    0


    1990320          A60/G02             F           75,150.00         ZZ
                                         360         75,115.85          1
    879 BAY ROAD                       9.875            652.57         90
                                       9.625            652.57       83,500.00
    WEBSTER          NY   14580          1            07/18/00         04
    0432181709                           05           09/01/00         25
    VONSANDEN                            O            08/01/30
    0


    1990402          U05/G02             F           57,670.00         ZZ
                                         360         57,606.76          1
    243 TIMBER CREEK LANE              9.000            464.03         90
                                       8.750            464.03       64,078.00
    MARIETTA         GA   30060          1            06/16/00         04
    0432118891                           07           08/01/00         25
1


    3050462                              N            07/01/30
    0


    1990421          G52/G02             F          139,400.00         ZZ
                                         360        139,262.32          1
    1202 NORTH PACIFIC STREET          9.500          1,172.15         90
    #203B                              9.250          1,172.15      155,000.00
    OCEANSIDE        CA   92054          1            06/16/00         10
    0432250710                           01           08/01/00         25
    89505097                             N            07/01/30
    0


    1990431          N79/G02             F          147,600.00         ZZ
                                         360        147,442.32          4
    1911 WEST LOOP                     9.125          1,200.92         90
    A-D                                8.875          1,200.92      164,000.00
    AUSTIN           TX   78758          1            06/16/00         04
    0432119345                           05           08/01/00         30
    LA030030                             N            07/01/30
    0


    1990432          U05/G02             F           52,000.00         ZZ
                                         360         51,949.98          1
    508 21ST STREET                    9.625            441.99         80
                                       9.375            441.99       65,000.00
    ODGEN            UT   84401          1            06/14/00         00
    0432119832                           05           08/01/00          0
    3048697                              N            07/01/30
    0


    1990443          369/G02             F          749,500.00         ZZ
                                         360        749,159.48          1
    655 LEOPARD ROAD                   9.875          6,508.28         60
                                       9.625          6,508.28    1,250,000.00
    BERWYN           PA   19312          1            07/17/00         00
    0432222578                           05           09/01/00          0
    0072349889                           O            08/01/30
    0


    1990514          964/G02             F           84,000.00         ZZ
                                         360         83,910.26          2
    119 & 119 1/2 NORTH E STREET       9.125            683.45         70
                                       8.875            683.45      120,000.00
    LOMPOC           CA   93436          1            06/19/00         00
    0432130037                           05           08/01/00          0
    80485                                N            07/01/30
    0


1


    1990604          637/G02             F          393,750.00         ZZ
                                         360        393,540.46          1
    20862 E. SPRINGS RANCHES RD.       9.125          3,203.68         75
                                       8.875          3,203.68      525,000.00
    GRASS VALLEY     CA   95949          1            07/07/00         00
    0432201713                           05           09/01/00          0
    0015412844                           O            08/01/30
    0


    1990748          T08/G02             F           68,000.00         ZZ
                                         360         67,934.60          1
    2300 NW 9TH PLACE                  9.625            577.99         80
                                       9.375            577.99       85,000.00
    FT LAUDERDALE    FL   33311          1            06/30/00         00
    0432204071                           05           08/01/00          0
    13201658                             N            07/01/30
    0


    1990783          637/G02             F          122,600.00         ZZ
                                         360        122,533.03          1
    6526 LYLES ROAD                    9.000            986.47         67
                                       8.750            986.47      185,000.00
    ALEXANDRIA       VA   22150          2            07/31/00         00
    0432239077                           05           09/01/00          0
    0019176734                           N            08/01/30
    0


    1990784          637/G02             F          141,000.00         ZZ
                                         360        140,922.98          1
    6400 MAY BOULEVARD                 9.000          1,134.52         60
                                       8.750          1,134.52      237,000.00
    ALEXANDRIA       VA   22310          2            07/31/00         00
    0432239101                           05           09/01/00          0
    0019176742                           N            08/01/30
    0


    1990798          H37/G02             F          123,300.00         ZZ
                                         360        123,227.21          1
    28 COLD SPRINGS ROAD               8.625            959.01         90
    DICKINSON TWP                      8.375            959.01      137,000.00
    (CARLISLE)       PA   17013          1            07/14/00         01
    0432187193                           05           09/01/00         25
    00236353                             O            08/01/30
    0


    1990847          950/G02             F          133,000.00         ZZ
                                         360        132,875.39          1
    17607 44TH AVENUE WEST             9.750          1,142.68         70
                                       9.500          1,142.68      190,000.00
1


    LYNNWOOD         WA   98037          1            06/16/00         00
    0432124113                           05           08/01/00          0
    101000518093                         N            07/01/30
    0


    1990985          B60/G02             F          171,900.00         ZZ
                                         360        171,706.55          4
    920 PRAIRIE                        8.875          1,367.71         90
                                       8.625          1,367.71      191,000.00
    AURORA           IL   60505          1            06/29/00         01
    0432125151                           05           08/01/00         25
    294540                               N            07/01/30
    0


    1990992          737/G02             F           34,200.00         ZZ
                                         360         34,170.40          2
    433 JOHNSON STREET                10.125            303.30         90
                                       9.875            303.30       38,000.00
    LA CROSSE        WI   54601          1            06/26/00         01
    0432180057                           05           08/01/00         25
    964168                               N            07/01/30
    0


    1991060          E45/G02             F          332,750.00         ZZ
                                         360        332,228.49          1
    22951 COLLRIDGE DRIVE              9.250          2,737.46         90
                                       9.000          2,737.46      369,774.00
    LAND O LAKES     FL   34639          1            05/31/00         11
    0432126423                           03           07/01/00         25
    86807                                O            06/01/30
    0


    1991067          F42/G02             F           63,550.00         ZZ
                                         360         63,493.53          1
    5905 N.W. 3RD AVENUE              10.000            557.70         95
                                       9.750            557.70       66,940.00
    MIAMI            FL   33127          1            06/27/00         10
    0432126464                           05           08/01/00         30
    00OZ0140                             O            07/01/30
    0


    1991124          E84/G02             F          397,150.00         ZZ
                                         360        396,201.94          1
    171 CARDINAL LANE                  8.625          3,088.99         80
                                       8.375          3,088.99      500,000.00
    PAIGE            TX   78659          4            05/04/00         00
    0432213536                           05           06/01/00          0
    32601289                             O            05/01/30
    0
1




    1991142          L42/G02             F          103,900.00         ZZ
                                         360        103,791.86          1
    110969 VON HERTZEN CIRCLE          9.250            854.76         80
                                       9.000            854.76      129,900.00
    CHASKA           MN   55318          1            06/29/00         00
    0432127314                           09           08/01/00          0
    123918                               O            07/01/30
    0


    1991175          742/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
    3720 ROUTE 31                      9.125            512.59         90
                                       8.875            512.59       70,000.00
    LIVERPOOL        NY   13090          1            08/18/00         04
    0432237022                           05           10/01/00         25
    6108914                              O            09/01/30
    0


    1991217          K31/G02             F           91,700.00         ZZ
                                         360         91,607.03          1
    802 BERKELEY WOODS DRIVE           9.375            762.71         90
                                       9.125            762.71      101,900.00
    DULUTH           GA   30096          1            06/30/00         14
    0432131498                           01           08/01/00         25
    0409080                              N            07/01/30
    0


    1991291          M66/G02             F           50,250.00         ZZ
                                         360         50,250.00          1
    5004 RAVENS CREST DRIVE            9.500            422.53         75
                                       9.250            422.53       67,000.00
    PLAINSBORO       NJ   08536          1            08/14/00         00
    0432249381                           01           10/01/00          0
    90900088                             O            09/01/30
    0


    1991347          637/G02             F          156,000.00         ZZ
                                         360        155,857.66          1
    4516 LINSCOTT AVENUE               9.875          1,354.63         80
                                       9.625          1,354.63      195,000.00
    DOWNERS GROVE    IL   60515          1            06/23/00         00
    0432132314                           05           08/01/00          0
    0020239380                           N            07/01/30
    0


    1991350          A48/G02             F           74,700.00         ZZ
                                         360         74,666.06          1
1


    168 BELMONTE DRIVE                 9.875            648.66         90
                                       9.625            648.66       83,000.00
    ATLANTA          GA   30311          1            08/03/00         04
    0432216513                           01           09/01/00         25
    4140122127                           N            08/01/30
    0


    1991466          828/G02             F           60,975.00         ZZ
                                         360         60,975.00          1
    2435 MEANDERING TRAIL              9.750            523.87         90
                                       9.500            523.87       67,750.00
    KINGWOOD         TX   77339          1            08/09/00         11
    0432236222                           03           10/01/00         30
    00003381                             N            09/01/30
    0


    1991512          E23/G02             F          139,500.00         ZZ
                                         360        139,358.55          4
    347,349,351 AND 353 S.MAPLE AV     9.375          1,160.29         90
                                       9.125          1,160.29      155,000.00
    RIALTO           CA   92376          1            06/28/00         04
    0432165348                           05           08/01/00         25
    10511946                             N            07/01/30
    0


    1991634          F44/G02             F           67,000.00         ZZ
                                         360         66,966.16          1
    282 PACTOLUS LAKE ROAD             9.375            557.28         51
                                       9.125            557.28      133,000.00
    PINECLIFFE       CO   80471          5            07/24/00         00
    0432178143                           05           09/01/00          0
    214761                               O            08/01/30
    0


    1991655          U05/G02             F           35,910.00         T
                                         360         35,878.10          1
    1840 FRONT STREET                 10.000            315.13         90
                                       9.750            315.13       39,900.00
    MANCHESTER       NH   03102          1            06/30/00         10
    0432135267                           01           08/01/00         25
    00000                                O            07/01/30
    0


    1991667          F34/G02             F          130,000.00         ZZ
                                         360        129,881.40          1
    1430 MONROE STREET NW              9.875          1,128.85         65
                                       9.625          1,128.85      200,000.00
    WASHINGTON       DC   20010          5            06/30/00         00
    0432180594                           07           08/01/00          0
1


    22000516                             N            07/01/30
    0


    1991699          U05/G02             F           98,800.00         ZZ
                                         360         98,697.17          1
    4390 EAST SUNRISE DRIVE            9.250            812.80         80
                                       9.000            812.80      123,500.00
    PHOENIX          AZ   85044          1            06/26/00         00
    0432170439                           05           08/01/00          0
    3050563                              N            07/01/30
    0


    1991707          U05/G02             F          200,000.00         ZZ
                                         360        199,769.02          1
    13013 NORTH PANORAMA DRIVE 124     8.750          1,573.40         80
                                       8.500          1,573.40      250,000.00
    FOUNTAIN HILLS   AZ   85268          1            06/20/00         00
    0432179976                           01           08/01/00          0
    3042054                              O            07/01/30
    0


    1991839          737/G02             F          198,000.00         ZZ
                                         240        197,432.57          1
    1637,1637A,1639,1639A W            9.375          1,829.49         80
    59TH STREET                        9.125          1,829.49      250,000.00
    LOS ANGELES      CA   90047          5            06/26/00         00
    0432136679                           05           08/01/00          0
    0594530                              O            07/01/20
    0


    1991846          B57/G02             F           33,250.00         ZZ
                                         360         33,215.39          1
    19204 AVENUE OF THE OAKS #F        9.250            273.54         70
    (NEWHALL AREA)                     9.000            273.54       47,500.00
    SANTA CLARITA    CA   91321          1            06/15/00         00
    0432137636                           01           08/01/00          0
    2012505                              N            07/01/30
    0


    1991848          665/G02             F          186,700.00         ZZ
                                         360        186,500.54          1
    4283 ELIZABETH LANE 4              9.125          1,519.05         79
                                       8.875          1,519.05      237,000.00
    COMMERCE         MI   48390          2            06/27/00         00
    0432210805                           01           08/01/00          0
    0001239880                           O            07/01/30
    0


1


    1992068          229/G02             F          364,650.00         ZZ
                                         360        364,260.40          1
    13733 SE WILSON COURT              9.125          2,966.92         85
                                       8.875          2,966.92      429,000.00
    PORTLAND         OR   97236          1            06/21/00         12
    0432139699                           03           08/01/00         12
    0017447251                           O            07/01/30
    0


    1992119          A52/G02             F          180,000.00         ZZ
                                         360        179,906.68          1
    976 LINDRIDGE DRIVE                9.250          1,480.82         90
                                       9.000          1,480.82      200,000.00
    ATLANTA          GA   30324          1            08/01/00         11
    0432177699                           05           09/01/00         25
    11658                                N            08/01/30
    0


    1992213          E23/G02             F          180,000.00         ZZ
                                         360        179,899.09          1
    17 WINGED FOOT WAY                 8.875          1,432.16         60
                                       8.625          1,432.16      300,000.00
    ANGEL FIRE       NM   87710          5            07/06/00         00
    0432175586                           05           09/01/00          0
    040504395                            O            08/01/30
    0


    1992260          967/G02             F          143,500.00         ZZ
                                         360        143,358.26          4
    8120-8126 SOUTHEAST RAMONA         9.500          1,206.63         70
    STREET                             9.250          1,206.63      205,000.00
    PORTLAND         OR   97206          1            06/23/00         00
    0432141877                           05           08/01/00          0
    6081590                              N            07/01/30
    0


    1992266          962/G02             F           36,000.00         ZZ
                                         360         35,983.20          1
    409 9TH STREET S                   9.750            309.30         90
                                       9.500            309.30       40,000.00
    FARGO            ND   58103          1            08/01/00         14
    0432189223                           05           09/01/00         25
    1992266                              N            08/01/30
    0


    1992342          A50/A50             F          102,000.00         ZZ
                                         360        101,747.50          1
    205 MOUNTAIN DRIVE                 9.500            857.67         80
                                       9.250            857.67      127,500.00
1


    TRUSSVILLE       AL   35173          1            05/26/00         00
    130897                               05           07/01/00          0
    130897                               O            06/01/30
    0


    1992374          U05/G02             F           68,000.00         ZZ
                                         360         67,932.84          1
    1605 CEDAR STREET                  9.500            571.78         80
                                       9.250            571.78       85,500.00
    MCKENZIE         TN   38201          2            06/28/00         00
    0432149508                           05           08/01/00          0
    3048292                              N            07/01/30
    0


    1992379          G81/G02             F          105,000.00         ZZ
                                         360        104,948.35          2
    21 SEAGATE BOULEVARD               9.500            882.90         75
                                       9.250            882.90      140,000.00
    KEY LARGO        FL   33037          5            07/12/00         00
    0432153195                           05           09/01/00          0
    200006069                            O            08/01/30
    0


    1992406          637/G02             F           65,200.00         ZZ
                                         360         65,132.12          1
    3530 EAST YALE STREET              9.250            536.39         80
                                       8.750            536.39       81,500.00
    PHOENIX          AZ   85008          1            06/27/00         00
    0432149896                           05           08/01/00          0
    0015412828                           N            07/01/30
    0


    1992418          637/G02             F          332,000.00         ZZ
                                         360        331,626.36          1
    46 CONVENT ROAD                    8.875          2,641.55         80
                                       8.375          2,641.55      415,000.00
    SYOSSET          NY   11791          1            06/23/00         00
    0432155786                           05           08/01/00          0
    0013319348                           O            07/01/30
    0


    1992544          H37/G02             F           56,950.00         ZZ
                                         360         56,950.00          3
    132-136 BRECKENRIDGE STREET        9.750            489.29         90
                                       9.500            489.29       63,300.00
    GETTYSBURG       PA   17326          1            08/31/00         12
    0432258390                           05           10/01/00         25
    00238164                             N            09/01/30
    0
1




    1992562          964/G02             F          168,000.00         ZZ
                                         360        167,898.23          1
    11137 W PRIMROSE LANE              8.500          1,291.77         80
                                       8.250          1,291.77      210,000.00
    AVONDALE         AZ   85323          1            07/12/00         00
    0432200483                           03           09/01/00          0
    81005                                O            08/01/30
    0


    1992722          U59/G02             F          596,250.00         T
                                         360        595,948.89          1
    935 11TH ST                        9.375          4,959.31         75
                                       9.125          4,959.31      795,000.00
    BOULDER          CO   80302          1            08/03/00         00
    0432212280                           05           09/03/00          0
    800540936                            O            08/03/30
    0


    1992730          637/G02             F           51,200.00         ZZ
                                         360         51,142.36          1
    10381 CHAMPION VILLAGE ROAD        8.875            407.38         80
                                       8.375            407.38       64,000.00
    CONROE           TX   77303          1            06/22/00         00
    0432157667                           03           08/01/00          0
    0021689989                           O            07/01/30
    0


    1992781          683/G02             F           51,300.00         ZZ
                                         360         51,271.24          1
    511 ABBOTT FARM DRIVE              8.875            408.17         90
                                       8.625            408.17       57,000.00
    HUDSON           NH   03051          1            07/28/00         01
    0432243277                           01           09/01/00         25
    110736                               O            08/01/30
    0


    1992823          G92/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
    2039 WEST CHEYENNE DRIVE           8.875          1,217.34         58
                                       8.625          1,217.34      267,000.00
    CHANDLER         AZ   85224          2            08/11/00         00
    0432244176                           05           10/01/00          0
    BERNARD                              O            09/01/30
    0


    1992857          E84/G02             F          292,800.00         ZZ
                                         360        292,627.13          1
1


    929 FOREST BAY COURT               8.625          2,277.37         80
                                       8.375          2,277.37      366,000.00
    GAMBRILLES       MD   21054          1            07/13/00         00
    0432253367                           03           09/01/00          0
    70302068                             O            08/01/30
    0


    1992886          M66/G02             F           98,000.00         ZZ
                                         360         97,908.17          2
    73 PAMRAPO STREET                  9.750            841.98         79
                                       9.500            841.98      125,000.00
    JERSEY CITY      NJ   07302          1            06/23/00         00
    0432163616                           05           08/01/00          0
    138009                               N            07/01/30
    0


    1992904          K31/G02             F           78,750.00         ZZ
                                         360         78,711.27          1
    2109 PINE TREE DRIVE               9.500            662.17         75
                                       9.250            662.17      105,000.00
    BUFORD           GA   30518          1            07/17/00         00
    0432170371                           01           09/01/00          0
    2015110212                           N            08/01/30
    0


    1992957          E76/G02             F          367,250.00         ZZ
                                         360        367,250.00          1
    310 SOUTH GLENCOE STREET           9.875          3,189.01         65
                                       9.625          3,189.01      565,000.00
    DENVER           CO   80222          5            08/09/00         00
    0432216794                           05           10/01/00          0
    00080003                             N            09/01/30
    0


    1993156          286/286             F           30,000.00         ZZ
                                         360         29,974.05          1
    1879 37TH AVENUE                  10.125            266.05         38
                                       9.875            266.05       80,000.00
    VERO BEACH       FL   32960          1            06/15/00         00
    09735893                             05           08/01/00          0
    09735893                             N            07/01/30
    0


    1993215          E45/G02             F           55,650.00         ZZ
                                         360         55,260.22          1
    3959 NW 23RD CIRCLE                9.125            452.79         70
                                       8.875            452.79       79,500.00
    GAINESVILLE      FL   32605          1            07/17/00         00
    0432164028                           09           09/01/00          0
1


    88701                                O            08/01/30
    0


    1993217          P30/G02             F          113,750.00         ZZ
                                         360        113,695.51          1
    25 NORWOOD AVENUE                  9.625            966.86         70
                                       9.375            966.86      162,500.00
    ASHEVILLE        NC   28804          1            07/18/00         00
    0432186898                           05           09/01/00          0
    00658                                N            08/01/30
    0


    1993226          286/286             F           80,500.00         ZZ
                                         360         80,255.17          1
    226 STATION DRIVE                  9.500            676.89         70
                                       9.250            676.89      115,000.00
    WOODDALE         IL   60191          1            06/27/00         00
    02738153                             09           08/01/00          0
    02738153                             N            07/01/30
    0


    1993278          286/286             F          125,910.00         ZZ
                                         360        125,247.87          1
    6383 BROCKTON AVENUE               9.000          1,013.10         90
                                       8.750          1,013.10      139,900.00
    RIVERSIDE        CA   92506          1            11/17/99         01
    09686285                             05           01/01/00         30
    09686285                             O            12/01/29
    0


    1993301          286/286             F          158,400.00         ZZ
                                         360        158,040.84          1
    32 VALLEY ROAD                     8.875          1,260.30         80
                                       8.625          1,260.30      198,000.00
    TIJERAS          NM   87059          1            04/26/00         00
    09722676                             05           06/01/00          0
    09722676                             O            05/01/30
    0


    1993304          A06/G02             F           75,600.00         ZZ
                                         360         75,600.00          1
    1032 CHAMPAGNE                     8.875            601.51         80
                                       8.625            601.51       94,500.00
    LINCOLN PARK     MI   48146          1            08/08/00         00
    0432208841                           05           10/01/00          0
    21000020003519                       O            09/01/30
    0


1


    1993307          624/G02             F          109,800.00         ZZ
                                         360        109,800.00          1
    18107 S.E. 20TH WAY                9.500            923.26         90
                                       9.250            923.26      122,000.00
    VANCOUVER        WA   98683          1            08/15/00         11
    0432248730                           03           10/01/00         25
    81700101913F                         N            09/01/30
    0


    1993311          G92/G02             F          466,000.00         ZZ
                                         360        466,000.00          1
    483 GALEN DRIVE                    8.500          3,583.14         80
                                       8.250          3,583.14      582,500.00
    SAN JOSE         CA   95123          1            08/14/00         00
    0432250793                           05           10/01/00          0
    RASHINGKAR                           O            09/01/30
    0


    1993364          U05/G02             F          111,600.00         ZZ
                                         360        111,549.30          1
    708 N 20TH AVENUE                  9.875            969.08         90
                                       9.625            969.08      124,000.00
    HOLLYWOOD        FL   33020          1            07/14/00         11
    0432164325                           05           09/01/00         25
    3051249                              N            08/01/30
    0


    1993369          U05/G02             F           77,600.00         ZZ
                                         360         77,563.80          1
    7314 EAST PORTLAND STREET          9.750            666.70         80
                                       9.500            666.70       97,000.00
    SCOTTSDALE       AZ   85257          1            07/03/00         00
    0432164408                           05           09/01/00          0
    3052792                              N            08/01/30
    0


    1993401          U05/G02             F          103,600.00         ZZ
                                         360        103,547.69          1
    6222 AUTUMN WOODS TRAIL            9.375            861.69         80
                                       9.125            861.69      130,000.00
    DALLAS           TX   75232          2            07/05/00         00
    0432201317                           05           09/01/00          0
    3030087                              O            08/01/30
    0


    1993422          F44/G02             F          217,300.00         ZZ
                                         360        217,187.34          1
    14403 COACHWAY DRIVE               9.250          1,787.68         88
                                       9.000          1,787.68      249,000.00
1


    CENTREVILLE      VA   20120          2            07/13/00         10
    0432210177                           05           09/01/00         25
    214524                               O            08/01/30
    0


    1993535          883/G02             F           93,100.00         ZZ
                                         360         93,057.70          1
    1623 WOODFIELD COURT               9.875            808.44         63
                                       9.625            808.44      150,000.00
    LUTZ             FL   33549          1            07/19/00         00
    0432174050                           05           09/01/00          0
    05009553                             N            08/01/30
    0


    1993543          K31/G02             F           76,000.00         ZZ
                                         360         75,926.89          2
    213 EAST 20TH STREET A B           9.625            645.99         90
                                       9.375            645.99       84,475.00
    ROME             GA   30161          1            07/18/00         14
    0432165108                           07           08/01/00         25
    2071310745                           N            07/01/30
    0


    1993571          L03/G02             F           72,000.00         ZZ
                                         360         71,927.00          1
    3519 WEST KRALL STREET             9.375            598.86         80
                                       9.125            598.86       90,000.00
    PHOENIX          AZ   85019          1            06/29/00         00
    0432183903                           05           08/01/00          0
    TRUONG                               O            07/01/30
    0


    1993619          E23/G02             F          284,000.00         ZZ
                                         360        283,840.79          1
    1128 WEST VALLEY VIEW DRIVE        8.875          2,259.63         80
                                       8.625          2,259.63      355,000.00
    FULLERTON        CA   92833          1            07/18/00         00
    0432201028                           05           09/01/00          0
    50509238                             O            08/01/30
    0


    1993639          665/G02             F           69,300.00         ZZ
                                         360         69,264.08          1
    44557 LA PAZ ROAD A                9.250            570.11         70
                                       9.000            570.11       99,000.00
    TEMECULA         CA   92592          1            07/14/00         00
    0432165645                           01           09/01/00          0
    0001241597                           N            08/01/30
    0
1




    1993730          H76/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
    101 STACKYARD LANE                 9.125          3,254.54         57
                                       8.875          3,254.54      702,000.00
    BASALT           CO   81621          5            08/10/00         00
    0432209229                           05           10/01/00          0
    REED                                 O            09/01/30
    0


    1993732          624/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
    1036 OAK GROVE                     8.875            907.04         95
    #104                               8.625            907.04      120,000.00
    CONCORD          CA   94518          1            08/16/00         11
    0432242576                           01           10/01/00         30
    38700200103                          O            09/01/30
    0


    1993744          F96/G02             F          274,550.00         ZZ
                                         360        274,414.95          3
    257-259 DEVON STREET               9.500          2,308.57         95
                                       9.250          2,308.57      289,000.00
    TOWN OF KEARNY   NJ   07031          1            07/26/00         12
    0432167104                           05           09/01/00         30
    0002181                              O            08/01/30
    0


    1993753          U05/G02             F           70,500.00         ZZ
                                         360         70,463.45          1
    269 CEDAR BOULEVARD                9.250            579.99         75
                                       9.000            579.99       94,000.00
    PITTSBURGH       PA   15228          5            07/21/00         00
    0432169662                           05           09/01/00          0
    3050326                              N            08/01/30
    0


    1993850          637/G02             F           72,200.00         ZZ
                                         360         72,162.56          1
    3003 RAINWOOD STREET               9.250            593.98         76
                                       9.000            593.98       95,000.00
    SPRING           TX   77338          2            08/07/00         00
    0432252302                           03           09/01/00          0
    002170078                            O            08/01/30
    0


    1993870          E23/G02             F          180,000.00         ZZ
                                         360        179,896.44          3
1


    130,140,150 ROANOKE ROAD           8.750          1,416.06         80
                                       8.500          1,416.06      225,000.00
    EL CAJON         CA   92020          1            07/18/00         00
    0432210433                           05           09/01/00          0
    10512030                             N            08/01/30
    0


    1993878          U05/G02             F           94,525.00         ZZ
                                         360         94,476.00          1
    120 AMRON AVENUE                   9.250            777.63         95
                                       9.000            777.63       99,500.00
    BLOOMSBURG       PA   17815          5            07/19/00         01
    0432169712                           05           09/01/00         30
    3046746                              O            08/01/30
    0


    1993902          637/G02             F          268,000.00         ZZ
                                         360        265,647.72          2
    40-39 ASKE STREET                  7.750          1,919.99         80
                                       7.500          1,919.99      335,000.00
    ELMHURST         NY   11373          2            08/11/99         00
    0432237428                           07           10/01/99          0
    0018325282                           O            09/01/29
    0


    1993911          E11/G02             F           86,250.00         ZZ
                                         360         86,205.28          1
    2215 SE COLE AVENUE                9.250            709.56         75
                                       9.000            709.56      115,000.00
    MINNEAPOLIS      MN   55554          5            08/04/00         00
    0432223659                           05           09/01/00          0
    00100010223940                       N            08/01/30
    0


    1993945          F25/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
    1724 LARCH COURT                   8.875            684.25         69
                                       8.625            684.25      125,000.00
    PEEKSKILL        NY   10566          2            08/18/00         00
    0432231207                           05           10/01/00          0
    0418140                              O            09/01/30
    0


    1994030          S68/G02             F           76,500.00         ZZ
                                         360         76,465.24          1
    5008 NORTH CLARK                   9.875            664.29         90
                                       9.625            664.29       85,000.00
    TAMPA            FL   33614          1            07/21/00         04
    0432209518                           05           09/01/00         25
1


    40414                                N            08/01/30
    0


    1994063          964/G02             F          103,950.00         ZZ
                                         360        103,888.63          1
    429 OAK STREET                     8.625            808.51         70
                                       8.375            808.51      148,500.00
    PASO ROBLES      CA   93446          1            07/25/00         00
    0432174316                           05           09/01/00          0
    82667                                N            08/01/30
    0


    1994072          163/G02             F          125,000.00         ZZ
                                         360        124,855.63          1
    294 SHAWSHEEN AVENUE               8.750            983.38         65
                                       8.500            983.38      195,000.00
    WILMINGTON       MA   01887          1            06/23/00         00
    0432192995                           05           08/01/00          0
    1000233226                           N            07/01/30
    0


    1994077          A21/G02             F          348,750.00         ZZ
                                         360        348,591.55          1
    148 WEST 57TH ST                   9.875          3,028.37         75
    APT 49F                            9.625          3,028.37      465,000.00
    NEW YORK         NY   10019          1            07/27/00         00
    0432173227                           06           09/01/00          0
    9990002660                           O            08/01/30
    0


    1994133          637/G02             F          161,400.00         ZZ
                                         360        161,307.14          1
    5112 VERBENA DRIVE                 8.750          1,269.74         85
                                       8.500          1,269.74      189,900.00
    ACWORTH          GA   30102          1            07/03/00         10
    0432173409                           05           09/01/00         17
    0012080503                           O            08/01/30
    0


    1994146          A19/G02             F          138,000.00         ZZ
                                         300        138,000.00          1
    26 LIBERTY AVENUE                  8.250          1,088.06         60
                                       8.000          1,088.06      232,000.00
    MEDFORD          MA   02155          2            08/23/00         00
    0432242220                           05           10/01/00          0
    009370                               O            09/01/25
    0


1


    1994191          U05/G02             F          111,260.00         ZZ
                                         360        111,199.23          1
    133 RIDGELAND ROAD                 9.000            895.22         90
                                       8.750            895.22      123,625.00
    WILLINGTON       DE   19803          1            07/20/00         01
    0432199511                           05           09/01/00         25
    3055384                              O            08/01/30
    0


    1994198          624/G02             F          128,000.00         ZZ
                                         360        127,935.36          1
    1129 STANLEY AVENUE                9.375          1,064.64         80
                                       9.125          1,064.64      160,000.00
    GLENDALE         CA   91206          1            07/14/00         00
    0432174027                           05           09/01/00          0
    3501390001                           N            08/01/30
    0


    1994200          737/G02             F          106,900.00         ZZ
                                         360        106,838.50          1
    12587 EAST ALASKA AVENUE           8.750            840.98         69
                                       8.500            840.98      156,900.00
    AURORA           CO   80012          1            08/07/00         00
    0432174290                           05           09/01/00          0
    594930                               N            08/01/30
    0


    1994206          144/144             F          172,000.00         ZZ
                                         360        171,901.05          1
    1855 ROUTE 32                      8.750          1,353.12         80
                                       8.500          1,353.12      215,000.00
    PLATTEKILL       NY   12548          1            07/25/00         00
    STUTS                                05           09/01/00          0
    STUTS                                O            08/01/30
    0


    1994261          624/G02             F           79,900.00         ZZ
                                         360         79,900.00          1
    8777 HUNTERS TRAIL                 9.125            650.09         72
                                       8.875            650.09      112,000.00
    FORT WORTH       TX   76123          2            08/09/00         00
    0432247807                           03           10/01/00          0
    34200600073F                         N            09/01/30
    0


    1994377          633/G02             F          188,000.00         ZZ
                                         360        187,907.52          1
    26635 DOROTHEA                     9.500          1,580.81         80
                                       9.250          1,580.81      235,000.00
1


    MISSION VIEJO    CA   92691          1            07/21/00         00
    0432229904                           09           09/01/00          0
    699335                               O            08/01/30
    0


    1994388          E11/G02             F           59,300.00         ZZ
                                         360         59,271.60          2
    103 W 4TH AVENUE                   9.625            504.04         90
                                       9.375            504.04       65,900.00
    MENOMONIE        WI   54751          1            07/28/00         12
    0432178069                           05           09/01/00         25
    BONJEAN                              N            08/01/30
    0


    1994393          E11/G02             F          104,850.00         ZZ
                                         360        104,799.77          2
    502 E 13TH AVENUE                  9.625            891.21         90
                                       9.375            891.21      116,500.00
    MENOMONIE        WI   54751          1            07/28/00         10
    0432181451                           05           09/01/00         25
    BONJEAN                              N            08/01/30
    0


    1994396          U46/G02             F          168,750.00         ZZ
                                         360        168,673.33          3
    11817-11819,11819 1/2 S NEW        9.875          1,465.34         75
    HAMPSHIRE AVENUE                   9.625          1,465.34      225,000.00
    LOS ANGELES      CA   90044          2            07/20/00         00
    0432214781                           05           09/01/00          0
    10000887                             N            08/01/30
    0


    1994403          950/G02             F          112,500.00         ZZ
                                         360        112,440.13          1
    12621 2ND PLACE SOUTHWEST          9.125            915.34         90
                                       8.875            915.34      125,000.00
    SEATTLE          WA   98146          1            07/03/00         14
    0432180362                           05           09/01/00         25
    EW006096                             O            08/01/30
    0


    1994406          E11/G02             F           85,950.00         ZZ
                                         360         85,908.82          1
    203 12TH AVENUE                    9.625            730.57         90
                                       9.375            730.57       95,500.00
    MENOMONIE        WI   54571          1            07/28/00         04
    0432175800                           05           09/01/00         25
    WILLIAMS                             N            08/01/30
    0
1




    1994415          T44/G02             F          116,100.00         ZZ
                                         360        116,045.83          1
    3711 MILL LAKE ROAD                9.750            997.48         90
                                       9.500            997.48      129,000.00
    LAKE ORION       MI   48362          1            07/28/00         04
    0432177897                           05           09/01/00         25
    009037888                            N            08/01/30
    0


    1994418          E11/G02             F           65,250.00         ZZ
                                         360         65,218.74          1
    1309 E 9TH STREET                  9.625            554.62         90
                                       9.375            554.62       72,500.00
    MENOMONIE        WI   54751          1            07/28/00         12
    0432177889                           05           09/01/00         25
    0002001023921                        N            08/01/30
    0


    1994570          M66/G02             F          100,000.00         ZZ
                                         360         99,949.50          2
    100 DAVENPORT AVENUE               9.375            831.75         80
                                       9.125            831.75      125,000.00
    NEWARK           NJ   07107          1            07/07/00         00
    0432182467                           05           09/01/00          0
    EVARISTO                             O            08/01/30
    0


    1994605          637/G02             F          239,950.00         ZZ
                                         360        239,811.95          1
    9671 ARROWLEAF TRAIL               8.750          1,887.69         80
                                       8.500          1,887.69      299,950.00
    SALINAS          CA   93907          1            07/01/00         00
    0432210524                           03           09/01/00          0
    0021466487                           O            08/01/30
    0


    1994613          637/G02             F           56,000.00         ZZ
                                         360         55,974.55          1
    2001 HOLLYWOOD DRIVE               9.875            486.28         80
                                       9.625            486.28       70,000.00
    PUEBLO           CO   81005          1            07/07/00         00
    0432183473                           05           09/01/00          0
    0015008378                           N            08/01/30
    0


    1994622          637/G02             F           35,850.00         ZZ
                                         360         34,806.90          1
1


    1797 C BOULEVARD DE PROVINCE       9.500            301.45         90
                                       9.250            301.45       39,875.00
    BATON ROUGE      LA   70816          1            06/30/00         11
    0432178416                           09           08/01/00         25
    0021642285                           O            07/01/30
    0


    1994631          893/G02             F          452,000.00         ZZ
                                         360        452,000.00          1
    1627 S SPRINGER RD                 9.000          3,636.89         80
                                       8.750          3,636.89      565,000.00
    MOUNTAIN VIEW    CA   94040          1            08/01/00         00
    0432183366                           05           10/01/00          0
    M00721011                            O            09/01/30
    0


    1994634          637/G02             F          135,000.00         ZZ
                                         360        134,859.47          1
    1914 DECATUR ST                    9.250          1,110.62         63
                                       9.000          1,110.62      215,000.00
    HOUSTON          TX   77007          5            07/03/00         00
    0432178119                           05           08/01/00          0
    0021692439                           N            07/01/30
    0


    1994643          R55/G02             F          102,400.00         ZZ
                                         360        102,400.00          1
    604 W 3RD ST                       9.125            833.17         80
                                       8.875            833.17      128,000.00
    TEMPE            AZ   85281          1            08/01/00         00
    0432210847                           05           10/01/00          0
    200357                               N            09/01/30
    0


    1994694          A48/G02             F           59,500.00         ZZ
                                         360         59,466.64          2
    1924 PAWNEE WAY                    8.875            473.41         70
                                       8.625            473.41       85,000.00
    STOCKTON         CA   95209          1            07/26/00         00
    0432233823                           05           09/01/00          0
    8511003711                           N            08/01/30
    0


    1994712          H37/G02             F           48,750.00         T
                                         360         48,750.00          1
    4600 W BRIGANTINE AVE              8.750            383.52         65
    UNIT 111                           8.500            383.52       75,000.00
    BRIGANTINE       NJ   08203          1            08/21/00         00
    0432258549                           01           10/01/00          0
1


    00239935                             O            09/01/30
    0


    1994719          E47/G02             F          144,000.00         ZZ
                                         360        143,917.15          1
    8814 CARRIAGE DRIVE                8.750          1,132.85         80
                                       8.500          1,132.85      180,000.00
    SAN ANTONIO      TX   78217          1            07/05/00         00
    0432181519                           05           09/01/00          0
    7362510199                           O            08/01/30
    0


    1994764          L47/G02             F           40,500.00         ZZ
                                         240         40,445.79          1
    907 REAR MAIN STREET               9.875            387.49         56
                                       9.625            387.49       73,500.00
    DICKSON CITY     PA   18519          2            07/31/00         00
    0432181329                           05           09/01/00          0
    0010065972                           N            08/01/20
    0


    1994863          B60/G02             F          127,200.00         ZZ
                                         360        127,130.52          1
    302 CAMBRIDGE DRIVE                9.000          1,023.48         80
                                       8.750          1,023.48      159,000.00
    LYNCHBURG        VA   24502          1            08/04/00         23
    0432185205                           05           09/01/00          0
    296668                               O            08/01/30
    0


    1994893          K15/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
    3778 100 N WEST                   10.000            592.36         90
                                       9.750            592.36       75,000.00
    WINCHESTER       IN   47394          5            07/28/00         10
    0432185379                           05           10/01/00         25
    033705301309                         O            09/01/30
    0


    1994942          811/G02             F          563,500.00         ZZ
                                         360        563,500.00          1
    1462 RICHARDS AVENUE               9.125          4,584.82         70
                                       8.875          4,584.82      805,000.00
    SAN JOSE         CA   95125          1            08/16/00         00
    0432253011                           05           10/01/00          0
    FM02702151                           N            09/01/30
    0


1


    1994969          944/G02             F          127,300.00         ZZ
                                         360        127,222.88          1
    6824 BENDER COURT                  8.500            978.83         95
                                       8.250            978.83      134,000.00
    SACRAMENTO       CA   95820          2            07/28/00         01
    0432243830                           05           09/01/00         30
    W00050833                            O            08/01/30
    0


    1994985          E84/G02             F           98,400.00         ZZ
                                         360         98,344.84          1
    7921 SOUTHEAST KANE ROAD           8.875            782.91         48
                                       8.625            782.91      205,000.00
    GRESHAM          OR   97080          5            07/19/00         00
    0432233153                           05           09/01/00          0
    61301449                             N            08/01/30
    0


    1994991          E84/G02             F           31,500.00         ZZ
                                         360         31,485.69          1
    514 B-1 WILSON BRIDGE DRIVE        9.875            273.53         90
                                       9.625            273.53       35,000.00
    OXON HILL        MD   20745          1            07/26/00         14
    0432233450                           01           09/01/00         25
    70301823                             N            08/01/30
    0


    1994992          144/144             F          205,500.00         ZZ
                                         360        205,393.46          1
    EAST AMBER LANE                    9.250          1,690.60         74
    WADING RIVER                       9.000          1,690.60      280,000.00
    T/BROOKHAVEN     NY   11792          2            07/26/00         00
    121229036                            05           09/01/00          0
    121229036                            O            08/01/30
    0


    1994999          G26/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    650 HOFFMAN AVENUE                 9.875            607.85         70
                                       9.625            607.85      100,000.00
    BELLPORT         NY   11713          1            08/25/00         00
    0432257277                           05           10/01/00          0
    13404N                               N            09/01/30
    0


    1995000          E84/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
    2305 SUNNY SLOPE DRIVE             8.750          4,130.18         64
                                       8.500          4,130.18      825,000.00
1


    AUSTIN           TX   78703          1            08/02/00         00
    0432233260                           05           10/01/00          0
    32601437                             O            09/01/30
    0


    1995003          E84/G02             F          416,300.00         ZZ
                                         360        416,089.77          1
    411 BRAZOS STREET UNIT #99         9.375          3,462.57         78
                                       9.125          3,462.57      540,000.00
    AUSTIN           TX   78701          2            07/24/00         00
    0432233278                           01           09/01/00          0
    32601429                             O            08/01/30
    0


    1995005          E84/G02             F          113,650.00         T
                                         360        113,594.10          1
    23576 SANDYCREEK TERRACE #1505     9.500            955.63         90
                                       9.250            955.63      126,326.00
    BONITA SPRINGS   FL   34135          1            07/28/00         10
    0432233526                           01           09/01/00         25
    15300477                             O            08/01/30
    0


    1995007          U05/G02             F          198,900.00         ZZ
                                         360        198,809.63          4
    571 SIDNEY AVENUE                  9.875          1,727.15         90
                                       9.625          1,727.15      221,000.00
    GLENDALE HEIGHT  IL   60139          1            07/27/00         11
    0432186351                           05           09/01/00         25
    3053514                              N            08/01/30
    0


    1995008          U05/G02             F          172,800.00         ZZ
                                         360        172,695.32          1
    19062 NW 23 PLACE                  8.500          1,328.68         90
                                       8.250          1,328.68      192,000.00
    PEMBROKE PINES   FL   33029          1            07/28/00         11
    0432186401                           03           09/01/00         25
    3057771                              O            08/01/30
    0


    1995021          H22/G02             F          351,000.00         ZZ
                                         360        351,000.00          2
    30-31 72ND STREET                  9.250          2,887.59         89
                                       9.000          2,887.59      395,500.00
    JACKSON HEIGHTS  NY   11370          1            08/04/00         10
    0432186252                           07           10/01/00         25
    0003038                              O            09/01/30
    0
1




    1995119          M66/G02             F           95,200.00         ZZ
                                         360         95,147.99          1
    331 PARKVIEW DRIVE                 9.000            766.01         70
                                       8.750            766.01      136,000.00
    SOUDERTON        PA   18964          1            07/12/00         00
    0432182558                           09           09/01/00          0
    25100036                             N            08/01/30
    0


    1995132          J40/G02             F           36,750.00         ZZ
                                         360         36,731.44          1
    2376 DAVIS RIDGE ROAD              9.375            305.67         70
                                       9.125            305.67       52,500.00
    RINGGOLD         GA   30736          1            07/14/00         00
    0432186153                           05           09/01/00          0
    0157464348                           N            08/01/30
    0


    1995199          811/G02             F          605,000.00         ZZ
                                         360        605,000.00          4
    675 VINEMAPLE AVENUE               9.000          4,867.87         68
                                       8.750          4,867.87      890,000.00
    SUNNYVALE        CA   94086          1            08/01/00         00
    0432248367                           05           10/01/00          0
    02701742                             N            09/01/30
    0


    1995204          253/253             F           69,120.00         ZZ
                                         360         69,120.00          1
    225 CASEY AVE                      9.250            568.64         80
                                       9.000            568.64       86,400.00
    CENTRAL CITY     CO   80427          1            08/03/00         00
    954809                               05           10/01/00          0
    954809                               N            09/01/30
    0


    1995208          M66/G02             F          108,900.00         ZZ
                                         360        108,850.52          3
    32 WINANS STREET                   9.875            945.64         90
                                       9.625            945.64      121,000.00
    EAST ORANGE      NJ   07017          1            07/11/00         11
    0432207694                           05           09/01/00         30
    135288                               O            08/01/30
    0


    1995229          L38/G02             F          150,000.00         ZZ
                                         360        149,826.75          1
1


    28508 MISSION DRIVE                8.750          1,180.06         80
                                       8.500          1,180.06      187,531.00
    MENIFEE          CA   92584          1            06/28/00         00
    0432203222                           05           08/01/00          0
    0538                                 O            07/01/30
    0


    1995242          624/G02             F          352,000.00         ZZ
                                         360        351,786.75          1
    4808 F.M.2222                      8.500          2,706.58         80
                                       8.250          2,706.58      440,000.00
    AUSTIN           TX   78731          1            07/26/00         00
    0432189496                           05           09/01/00          0
    82200100036                          O            08/01/30
    0


    1995264          L99/G02             F          127,500.00         ZZ
                                         360        127,383.67          4
    2128 A,B,C, IDAHO AVENUE           9.875          1,107.14         85
                                       9.625          1,107.14      150,000.00
    KENNER           LA   70062          1            06/27/00         04
    0432236305                           05           08/01/00         25
    201841                               N            07/01/30
    0


    1995265          F61/G02             F          184,000.00         ZZ
                                         360        183,896.84          1
    2711 NORTH HENRY ROAD              8.875          1,463.99         80
                                       8.625          1,463.99      230,000.00
    TACOMA           WA   98403          1            07/19/00         00
    0432189918                           05           09/01/00          0
    0001171                              O            08/01/30
    0


    1995267          R43/G02             F           92,600.00         ZZ
                                         360         92,600.00          2
    864 ELOISE RD                      9.750            795.98         85
                                       9.500            795.98      110,000.00
    CLEVELAND HTS    OH   44118          2            08/03/00         04
    0432190031                           05           10/01/00         12
    000004049                            N            09/01/30
    0


    1995309          P34/G02             F          138,500.00         ZZ
                                         360        138,431.87          2
    24-26 PECK STREET                  9.500          1,164.59         63
                                       9.250          1,164.59      220,000.00
    REHOBATH         MA   02769          5            07/31/00         00
    0432202281                           05           09/01/00          0
1


    61445                                N            08/01/30
    0


    1995373          G81/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
    2750 NE 183 STREET                 8.875            509.22         80
    UNIT 2409                          8.625            509.22       80,000.00
    AVENTURA         FL   33160          1            08/04/00         00
    0432190437                           01           10/01/00          0
    200007045                            O            09/01/30
    0


    1995410          163/G02             F           54,000.00         ZZ
                                         360         53,970.50          3
    63 ADAMS STREET                    9.000            434.50         90
                                       8.750            434.50       60,000.00
    NEW BEDFORD      MA   02746          1            07/26/00         04
    0432194124                           05           09/01/00         25
    1000180378                           N            08/01/30
    0


    1995411          950/G02             F          125,000.00         ZZ
                                         360        124,936.87          1
    615 EDGEWOOD STREET                9.375          1,039.69         74
                                       9.125          1,039.69      170,000.00
    INGLEWOOD        CA   90302          1            07/11/00         00
    0432207769                           03           09/01/00          0
    401000323276                         O            08/01/30
    0


    1995420          950/G02             F          195,300.00         ZZ
                                         360        195,126.48          4
    4450-4456 ALMIRA DRIVE            10.000          1,713.90         87
                                       9.750          1,713.90      225,000.00
    BREMERTON        WA   98310          1            06/21/00         14
    0432211514                           05           08/01/00         25
    107000531083                         N            07/01/30
    0


    1995433          163/G02             F          300,000.00         ZZ
                                         360        299,852.44          1
    1407 SOUTH UNION COURT             9.500          2,522.56         76
                                       9.250          2,522.56      395,000.00
    SUPERIOR         CO   80027          1            07/25/00         00
    0432205243                           03           09/01/00          0
    1817509672                           O            08/01/30
    0


1


    1995446          637/G02             F           60,900.00         ZZ
                                         360         60,867.58          1
    15154 ELSTREE DRIVE                9.125            495.51         70
                                       8.875            495.51       87,000.00
    CHANNELVIEW      TX   77530          1            07/11/00         00
    0432201309                           05           09/01/00          0
    0021694633                           N            08/01/30
    0


    1995449          637/G02             F          189,000.00         ZZ
                                         360        188,885.50          3
    55 JAMES STREET                    8.500          1,453.25         90
                                       8.250          1,453.25      210,000.00
    DANBURY          CT   06810          1            07/13/00         14
    0432206563                           05           09/01/00         30
    0018829358                           N            08/01/30
    0


    1995454          H19/G02             F          108,000.00         ZZ
                                         360        107,937.86          2
    141 MT PLEASANT STREET             8.750            849.64         90
                                       8.500            849.64      120,000.00
    ST JOHNSBURY     VT   05819          1            07/27/00         10
    0432194736                           05           09/01/00         25
    0010022077                           O            08/01/30
    0


    1995458          A33/G02             F          200,000.00         ZZ
                                         360        199,896.32          1
    8182 BRYCE                         9.250          1,645.35         39
                                       9.000          1,645.35      520,000.00
    KENOCKEE         MI   48006          2            07/25/00         00
    0432190155                           05           09/01/00          0
    749090238                            O            08/01/30
    0


    1995474          F96/G02             F          258,300.00         ZZ
                                         360        258,300.00          3
    7104-6 MADISON STREET              9.750          2,219.20         90
                                       9.500          2,219.20      287,000.00
    NORTH BERGEN     NJ   07047          1            08/04/00         04
    0432190700                           05           10/01/00         25
    0002408                              O            09/01/30
    0


    1995476          F42/G02             F          150,000.00         ZZ
                                         360        150,000.00          2
    15 VAN COTT AVENUE                 8.875          1,193.47         74
                                       8.625          1,193.47      203,000.00
1


    HEMPSTEAD        NY   11550          2            08/04/00         00
    0432207777                           05           10/01/00          0
    03708                                O            09/01/30
    0


    1995477          M66/G02             F           62,100.00         ZZ
                                         360         62,072.52          3
    4910 PENN STREET                  10.000            544.98         90
                                       9.750            544.98       69,000.00
    PHILADELPHIA     PA   19124          1            07/07/00         04
    0432231058                           07           09/01/00         25
    139208                               N            08/01/30
    0


    1995478          M66/G02             F          336,950.00         ZZ
                                         360        336,950.00          1
    9452 COPANS GLEN LANE              9.250          2,772.01         90
                                       9.000          2,772.01      374,410.00
    HUNTERSVILLE     NC   28078          1            08/03/00         11
    0432192441                           05           10/01/00         25
    1778792                              O            09/01/30
    0


    1995581          F19/G02             F           96,000.00         ZZ
                                         360         95,944.77          1
    375 CLIFFORD AVENUE 215            8.750            755.23         80
                                       8.500            755.23      120,000.00
    WATSONVILLE      CA   95076          1            07/12/00         00
    0432237006                           01           09/01/00          0
    20181                                N            08/01/30
    0


    1995603          E84/G02             F          340,000.00         ZZ
                                         360        339,804.39          1
    5005 NORTH MESA DRIVE              8.750          2,674.78         80
                                       8.500          2,674.78      425,000.00
    CASTLE ROCK      CO   80104          1            07/24/00         00
    0432233500                           05           09/01/00          0
    32700062                             O            08/01/30
    0


    1995605          E84/G02             F           74,200.00         ZZ
                                         360         74,200.00          2
    5560 BUCKINGHAM AVENUE             9.875            644.31         70
                                       9.625            644.31      106,000.00
    DETROIT          MI   48224          5            08/01/00         00
    0432233146                           05           10/01/00          0
    11701652                             N            09/01/30
    0
1




    1995607          E84/G02             F          560,000.00         ZZ
                                         360        559,651.93          1
    101 BRIDGE ROAD                    8.375          4,256.40         80
                                       8.125          4,256.40      700,000.00
    KENTFIELD        CA   94904          1            07/27/00         00
    0432213478                           05           09/01/00          0
    23092446                             O            08/01/30
    0


    1995625          A46/G02             F          159,500.00         ZZ
                                         360        159,403.37          1
    199 CAMILLA CIRCLE                 8.500          1,226.42         80
                                       8.250          1,226.42      200,000.00
    BELLVILLE        TX   77418          2            08/01/00         00
    0432224343                           03           09/01/00          0
    0992556                              O            08/01/30
    0


    1995627          811/G02             F          107,150.00         ZZ
                                         360        107,089.93          1
    4554 NORTH POINT DRIVE             8.875            852.53         80
                                       8.625            852.53      133,953.00
    CAMILLA          GA   31730          1            07/28/00         00
    0432196319                           05           09/01/00          0
    80065726                             O            08/01/30
    0


    1995645          637/G02             F           56,700.00         ZZ
                                         360         56,674.23          2
    2867 12TH AVE NO                   9.875            492.36         90
                                       9.625            492.36       63,000.00
    ST PETERSBURG    FL   33713          1            07/14/00         12
    0432197531                           05           09/01/00         25
    0019096817                           N            08/01/30
    0


    1995648          163/G02             F          163,600.00         ZZ
                                         360        163,517.38          4
    34-36 BRENTWOOD STREET             9.375          1,360.75         85
                                       9.125          1,360.75      192,500.00
    PORTLAND         ME   04103          1            07/11/00         04
    0432203115                           05           09/01/00         20
    1000187501                           N            08/01/30
    0


    1995661          F61/G02             F          100,000.00         ZZ
                                         360         99,940.96          1
1


    20306 SOUTHEAST 268TH STREET       8.625            777.79         43
                                       8.375            777.79      235,000.00
    COVINGTON        WA   98042          1            07/19/00         00
    0432198232                           05           09/01/00          0
    000284B                              O            08/01/30
    0


    1995679          K15/G02             F          192,900.00         ZZ
                                         360        192,805.12          2
    1278 & 1280 COLLINS ST.            9.500          1,622.01         85
                                       9.250          1,622.01      227,000.00
    OXNARD           CA   93030          5            07/25/00         10
    0432235802                           05           09/01/00         12
    038305301209                         O            08/01/30
    0


    1995728          286/286             F          151,900.00         ZZ
                                         360        151,805.59          1
    1061 WESTWARD LANE #31             8.375          1,154.55         79
                                       8.125          1,154.55      193,000.00
    COSTA MESA       CA   92627          2            07/13/00         00
    09744541                             01           09/01/00          0
    09744541                             O            08/01/30
    0


    1995731          286/286             F          272,000.00         ZZ
                                         360        271,839.41          1
    1089 EASTSIDE ROAD                 8.625          2,115.59         80
                                       8.375          2,115.59      340,000.00
    EL CAJON         CA   92020          1            07/18/00         00
    09735153                             05           09/01/00          0
    09735153                             O            08/01/30
    0


    1995747          286/286             F          278,000.00         ZZ
                                         360        277,831.59          1
    326 NEY STREET                     8.500          2,137.58         80
                                       8.250          2,137.58      347,500.00
    SAN FRANCISCO    CA   94112          1            07/13/00         00
    09725222                             05           09/01/00          0
    09725222                             O            08/01/30
    0


    1995750          286/286             F          440,000.00         ZZ
                                         360        439,733.45          1
    16270 HERITAGE GROVE ROAD          8.500          3,383.22         80
                                       8.250          3,383.22      550,000.00
    RIVERSIDE        CA   92504          1            07/17/00         00
    09740386                             05           09/01/00          0
1


    09740386                             O            08/01/30
    0


    1995822          L99/G02             F           97,042.50         T
                                         360         96,922.62          1
    620 PEACHTREE ST 1116             10.375            878.63         90
                                      10.125            878.63      107,825.00
    ATLANTA          GA   30308          1            05/31/00         04
    0432237410                           01           07/01/00         25
    201706                               O            06/01/30
    0


    1995828          664/G02             F          141,400.00         ZZ
                                         360        141,326.69          1
    2319 WOODROW DRIVE                 9.250          1,163.27         70
                                       9.000          1,163.27      202,000.00
    RALEIGH          NC   27611          5            07/07/00         00
    0432200632                           05           09/01/00          0
    0003425683                           N            08/01/30
    0


    1995833          664/G02             F           80,000.00         ZZ
                                         360         79,963.65          2
    853 857 N PRESCOTT STREET          9.875            694.68         56
                                       9.625            694.68      145,000.00
    PORTLAND         OR   97217          5            07/01/00         00
    0432200442                           05           09/01/00          0
    003229283                            N            08/01/30
    0


    1995841          664/G02             F           74,900.00         ZZ
                                         360         74,861.16          1
    7601 IDOLBROOK LANE                9.250            616.19         70
                                       9.000            616.19      107,000.00
    RALEIGH          NC   27602          5            07/07/00         00
    0432200350                           05           09/01/00          0
    003425691                            N            08/01/30
    0


    1995848          E11/G02             F          528,100.00         ZZ
                                         360        527,796.17          1
    18667 VOGEL FARM TRAIL             8.750          4,154.56         77
                                       8.500          4,154.56      694,816.00
    EDEN PRAIRIE     MN   55347          2            07/31/00         00
    0432210821                           05           09/01/00          0
    0010001021929                        O            08/01/30
    0


1


    1995852          P44/G02             F          108,000.00         ZZ
                                         360        107,950.93          1
    42 FOXMOOR CIRCLE                  9.875            937.82         90
                                       9.625            937.82      120,000.00
    NASHUA           NH   03063          1            07/17/00         04
    0432203438                           01           09/01/00         25
    000553                               N            08/01/30
    0


    1995853          664/G02             F          595,000.00         ZZ
                                         360        594,666.43          4
    1010 N WOOD STREET                 8.875          4,734.09         70
                                       8.625          4,734.09      850,000.00
    CHICAGO          IL   60622          5            07/26/00         00
    0432201572                           05           09/01/00          0
    0003597150                           O            08/01/30
    0


    1995860          664/G02             F          143,100.00         ZZ
                                         360        143,029.61          1
    31 BOAT LANE                       9.500          1,203.27         90
                                       9.250          1,203.27      159,000.00
    OSWEGO           IL   60543          1            07/24/00         11
    0432207322                           05           09/01/00         25
    0003601430                           O            08/01/30
    0


    1995866          664/G02             F           37,500.00         ZZ
                                         360         37,482.95          1
    724 KILBURN AVENUE                 9.875            325.64         75
                                       9.625            325.64       50,000.00
    ROCKFORD         IL   61101          5            07/31/00         00
    0432201424                           05           09/01/00          0
    67758                                N            08/01/30
    0


    1995870          313/G02             F          280,000.00         ZZ
                                         360        279,854.83          1
    6501 HIGHLAND POINT PLACE          9.250          2,303.50         80
                                       9.000          2,303.50      350,000.00
    MONROE           GA   30656          2            07/31/00         00
    0432201382                           03           09/01/00          0
    0006861876                           O            08/01/30
    0


    1995872          M66/G02             F          318,250.00         ZZ
                                         360        318,250.00          1
    475 SOUTH PLEASANT AVE             9.750          2,734.26         95
                                       9.500          2,734.26      335,000.00
1


    RIDGEWOOD        NJ   07450          1            08/04/00         04
    0432205151                           05           10/01/00         30
    139817                               O            09/01/30
    0


    1995876          664/G02             F           28,350.00         ZZ
                                         360         28,336.41          1
    507 DUNHAM STREET                  9.625            240.98         90
                                       9.375            240.98       31,500.00
    BURLINGTON       IA   52601          1            07/26/00         11
    0432201622                           05           09/01/00         25
    0003601911                           O            08/01/30
    0


    1995893          E46/G02             F          322,050.00         ZZ
                                         360        322,050.00          1
    16 STELLA DRIVE                    9.875          2,796.52         95
                                       9.625          2,796.52      339,000.00
    BRIDGEWATER      NJ   08807          1            08/04/00         04
    0432201887                           05           10/01/00         30
    101042                               O            09/01/30
    0


    1995899          664/G02             F          164,100.00         ZZ
                                         360        164,017.12          4
    36 YORKSHIRE ROAD                  9.375          1,364.91         80
                                       9.125          1,364.91      205,154.00
    PUEBLO           CO   81001          1            07/18/00         00
    0432261485                           05           09/01/00          0
    0003350337                           N            08/01/30
    0


    1995909          665/G02             F          310,400.00         ZZ
                                         360        310,221.41          1
    373 VICTORIA AVENUE                8.750          2,441.92         79
                                       8.500          2,441.92      395,000.00
    SALINAS          CA   93906          5            07/14/00         00
    0432209955                           05           09/01/00          0
    0001241779                           O            08/01/30
    0


    1995922          F36/G02             F          320,000.00         ZZ
                                         360        319,829.70          1
    414 NW 214TH CIRCLE                9.125          2,603.63         80
                                       8.875          2,603.63      400,000.00
    RIDGEFIELD       WA   98642          2            07/03/00         00
    0432200814                           03           09/01/00          0
    06503124                             O            08/01/30
    0
1




    1995967          664/G02             F          156,000.00         ZZ
                                         360        155,916.98          2
    2228 WEST ARMITAGE                 9.125          1,269.27         51
                                       8.875          1,269.27      309,000.00
    CHICAGO          IL   60647          5            07/13/00         00
    0432203461                           05           09/01/00          0
    0003603982                           O            08/01/30
    0


    1995999          K30/G02             F          341,200.00         ZZ
                                         360        341,200.00          2
    12041 COUNTRY CLUB DRIVE           8.625          2,653.82         74
                                       8.375          2,653.82      466,000.00
    CONIFER          CO   80433          5            08/23/00         00
    0432256295                           05           10/01/00          0
    0073851                              O            09/01/30
    0


    1996022          H22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
    217 MILLER PLACE                   9.125          2,115.45         90
                                       8.875          2,115.45      290,000.00
    SYOSSET          NY   11791          1            08/29/00         10
    0432245538                           05           10/01/00         25
    0007012                              O            09/01/30
    0


    1996032          E58/G02             F          292,000.00         ZZ
                                         360        291,832.00          1
    130 BECKWITH STREET                8.750          2,297.17         80
                                       8.500          2,297.17      365,000.00
    GAITHERSBURG     MD   20878          1            07/28/00         00
    0432202943                           03           09/01/00          0
    18303214                             O            08/01/30
    0


    1996048          B60/G02             F          106,400.00         ZZ
                                         360        106,344.84          1
    3302 RAVENSWOOD ROAD               9.250            875.33         80
                                       9.000            875.33      133,000.00
    PORT HURON       MI   48060          5            07/27/00         00
    0432209831                           05           09/01/00          0
    AGUINAGA                             O            08/01/30
    0


    1996049          E45/G02             F          107,200.00         ZZ
                                         360        107,135.05          1
1


    612 E CHERRY STREET                8.500            824.28         80
                                       8.250            824.28      134,000.00
    JESUP            GA   31545          5            07/10/00         00
    0432209633                           05           09/01/00          0
    89642                                O            08/01/30
    0


    1996053          664/G02             F          194,800.00         ZZ
                                         360        194,693.59          1
    38509 WCR 65                       9.000          1,567.41         78
                                       8.750          1,567.41      251,000.00
    GALETON          CO   80622          5            07/21/00         00
    0432210110                           05           09/01/00          0
    0003590940                           O            08/01/30
    0


    1996058          R86/G02             F           85,792.00         ZZ
                                         360         85,792.00          1
    1993 SOUTH SPARTAN STREET          9.875            744.97         90
                                       9.625            744.97       95,325.00
    GILBERT          AZ   85233          1            08/09/00         04
    0432212702                           05           10/01/00         25
    001103                               O            09/01/30
    0


    1996077          A33/G02             F           26,100.00         ZZ
                                         360         26,088.14          2
    712-712 1-2 N WALNUT               9.875            226.64         88
                                       9.625            226.64       29,900.00
    MUNCIE           IN   47305          1            08/03/00         10
    0432207892                           05           09/01/00         25
    13585999                             N            08/01/30
    0


    1996087          K15/G02             F           87,500.00         ZZ
                                         360         87,500.00          1
    192 SUNSET ROAD                    9.750            751.76         80
                                       9.500            751.76      109,500.00
    PICKENS          SC   29671          5            08/03/00         00
    0432224350                           05           10/01/00          0
    015705300673                         O            09/01/30
    0


    1996105          737/G02             F          157,950.00         ZZ
                                         360        157,950.00          2
    210-212 MARIAN PARKWAY             9.500          1,328.13         90
                                       9.250          1,328.13      175,500.00
    CRYSTAL LAKE     IL   60014          1            08/04/00         10
    0432237394                           05           10/01/00         25
1


    965037                               N            09/01/30
    0


    1996106          455/G02             F          184,500.00         ZZ
                                         360        184,500.00          1
    4518 JOHN AVENUE                  10.125          1,636.19         90
                                       9.875          1,636.19      205,000.00
    DESTIN           FL   32541          1            08/10/00         01
    0432208551                           05           10/01/00         25
    28000207                             N            09/01/30
    0


    1996107          737/G02             F           74,400.00         ZZ
                                         360         74,400.00          1
    4266 CYPRESS STREET                9.625            632.39         80
                                       9.375            632.39       93,000.00
    PINE             AZ   85544          1            08/01/00         00
    0432237352                           05           10/01/00          0
    964803                               O            09/01/30
    0


    1996112          811/G02             F          150,000.00         ZZ
                                         360        149,906.77          1
    201 SE 3RD COURT                   8.375          1,140.11         59
                                       8.125          1,140.11      255,000.00
    POMPANO BEACH    FL   33060          2            07/25/00         00
    0432208528                           05           09/01/00          0
    FM80066793                           O            08/01/30
    0


    1996116          U59/G02             F           76,800.00         ZZ
                                         360         76,765.10          3
    56 BROAD STREET                    9.875            666.90         80
                                       9.625            666.90       96,000.00
    MIDDLETOWN       NY   10940          1            08/04/00         00
    0432208247                           05           09/07/00          0
    800543687                            N            08/07/30
    0


    1996127          144/144             F           80,000.00         ZZ
                                         360         80,000.00          1
    383 DENMAN MOUNTAIN ROAD           8.750            629.36         58
                                       8.500            629.36      140,000.00
    GRAHAMSVILLE     NY   12740          1            08/07/00         00
    160656975                            05           10/01/00          0
    160656975                            O            09/01/30
    0


1


    1996254          665/G02             F          252,650.00         ZZ
                                         360        252,512.00          2
    884 886 MONTEREY STREET 886        9.000          2,032.88         79
                                       8.750          2,032.88      319,900.00
    HOLLISTER        CA   95023          1            07/27/00         00
    0432222123                           05           09/01/00          0
    0001242294                           N            08/01/30
    0


    1996260          624/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
    22198 AVENUE 344                   9.250          1,332.73         90
                                       9.000          1,332.73      180,000.00
    WOODLAKE         CA   93286          5            08/02/00         10
    0432219624                           05           10/01/00         25
    36500301406                          O            09/01/30
    0


    1996270          E45/G02             F          129,500.00         ZZ
                                         360        129,423.54          1
    1828 LAKE LUCERNE WAY              8.625          1,007.24         75
                                       8.375          1,007.24      173,000.00
    LILBURN          GA   30047          5            07/14/00         00
    0432209377                           05           09/01/00          0
    90351                                O            08/01/30
    0


    1996280          883/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
    844 ROYALWOOD LANE                 9.500          1,163.75         80
                                       9.250          1,163.75      173,000.00
    OVIEDO           FL   32765          1            08/07/00         00
    0432211266                           03           10/01/00          0
    05011279                             O            09/01/30
    0


    1996283          K15/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    2581 POPES CROSSING RD             9.875            521.01         80
                                       9.625            521.01       75,100.00
    LUMBERTON        NC   28358          5            08/04/00         00
    0432219004                           27           10/01/00          0
    017105302136                         O            09/01/30
    0


    1996289          A50/A50             F          388,009.00         ZZ
                                         360        387,773.95          1
    1425 PARKINS MILL ROAD             8.500          2,983.45         78
                                       8.250          2,983.45      500,000.00
1


    GREENVILLE       SC   29607          5            07/20/00         00
    201450                               05           09/01/00          0
    201450                               O            08/01/30
    0


    1996301          P63/G02             F          172,500.00         ZZ
                                         360        172,500.00          1
    127 EAST 30TH STREET UNIT #14C     9.875          1,497.90         75
                                       9.625          1,497.90      230,000.00
    NEW YORK         NY   10013          1            08/11/00         00
    0432260065                           05           10/01/00          0
    20007142                             N            09/01/30
    0


    1996316          286/286             F          265,600.00         ZZ
                                         360        265,293.26          1
    1955 CREEKSIDE ROAD                8.750          2,089.48         80
                                       8.500          2,089.48      332,000.00
    SANTA ROSA       CA   95405          1            06/20/00         00
    09738210                             05           08/01/00          0
    09738210                             O            07/01/30
    0


    1996348          286/286             F          272,850.00         ZZ
                                         360        272,693.00          1
    78 SUMMERBROOKE CIRCLE             8.750          2,146.51         80
                                       8.500          2,146.51      341,082.00
    NAPA             CA   94558          1            07/03/00         00
    09743147                             05           09/01/00          0
    09743147                             O            08/01/30
    0


    1996356          286/286             F           54,400.00         ZZ
                                         360         54,370.29          1
    1620 WEST AVENUE UNIT 605          9.000            437.71         80
                                       8.750            437.71       68,000.00
    MIAMI BEACH      FL   33139          1            07/07/00         00
    09742081                             08           09/01/00          0
    09742081                             O            08/01/30
    0


    1996364          286/286             F           52,000.00         ZZ
                                         360         51,968.49          1
    7932 SILVERDALE PLACE #E           8.500            399.84         80
                                       8.250            399.84       65,000.00
    ALEXANDRIA       VA   22309          1            07/14/00         00
    09746346                             01           09/01/00          0
    09746346                             O            08/01/30
    0
1




    1996370          286/286             F          339,000.00         ZZ
                                         360        338,572.19          1
    4036 DEEP CREEK ROAD               8.875          2,697.24         79
                                       8.625          2,697.24      430,000.00
    FREMONT          CA   94555          5            06/29/00         00
    09743757                             05           08/01/00          0
    09743757                             O            07/01/30
    0


    1996371          286/286             F          340,000.00         ZZ
                                         360        339,607.35          1
    2 ALERIA                           8.750          2,674.78         80
                                       8.500          2,674.78      425,000.00
    LAGUNA NIGUEL    CA   92677          1            06/28/00         00
    09744228                             03           08/01/00          0
    09744228                             O            07/01/30
    0


    1996396          286/286             F          268,950.00         ZZ
                                         360        268,631.28          1
    8 SANDERLING COURT                 8.625          2,091.87         80
                                       8.375          2,091.87      336,204.00
    ALAMEDA          CA   94501          1            06/21/00         00
    09740008                             03           08/01/00          0
    09740008                             O            07/01/30
    0


    1996399          286/286             F          496,000.00         ZZ
                                         360        495,699.52          1
    12 BELFAIR COURT                   8.500          3,813.81         80
                                       8.250          3,813.81      620,000.00
    HENDERSON        NV   89052          1            07/10/00         00
    09746075                             03           09/01/00          0
    09746075                             O            08/01/30
    0


    1996402          286/286             F          361,000.00         ZZ
                                         360        360,593.74          1
    2123 WENDOVER LANE                 8.875          2,872.28         79
                                       8.625          2,872.28      460,000.00
    SAN JOSE         CA   95121          5            06/21/00         00
    09742040                             05           08/01/00          0
    09742040                             O            07/01/30
    0


    1996404          286/286             F           97,200.00         ZZ
                                         360         97,145.50          1
1


    188 FRANKLIN STREET #502           8.875            773.37         80
                                       8.625            773.37      121,500.00
    STAMFORD         CT   06902          1            07/06/00         00
    09743315                             08           09/01/00          0
    09743315                             O            08/01/30
    0


    1996411          286/286             F          448,000.00         ZZ
                                         360        447,469.10          1
    741 LAKE MEAD PLACE                8.625          3,484.50         80
                                       8.375          3,484.50      560,000.00
    SAN RAMON        CA   94583          1            06/19/00         00
    09740833                             03           08/01/00          0
    09740833                             O            07/01/30
    0


    1996417          286/286             F          108,000.00         ZZ
                                         360        107,937.86          3
    3209 TERRACE DRIVE                 8.750            849.64         80
                                       8.500            849.64      135,000.00
    JOPLIN           MO   64804          2            07/05/00         00
    09471138                             05           09/01/00          0
    09471138                             O            08/01/30
    0


    1996426          286/286             F          126,000.00         ZZ
                                         360        125,929.36          3
    3716 N.E. 60TH STREET              8.875          1,002.51         70
                                       8.625          1,002.51      180,000.00
    VANCOUVER        WA   98661          5            06/27/00         00
    09728168                             05           09/01/00          0
    09728168                             O            08/01/30
    0


    1996432          286/286             F          440,000.00         ZZ
                                         360        439,491.86          1
    8300 GEARY BOULEVARD               8.750          3,461.48         80
                                       8.500          3,461.48      550,000.00
    SAN FRANCISCO    CA   94121          1            06/21/00         00
    09740727                             07           08/01/00          0
    09740727                             O            07/01/30
    0


    1996438          286/286             F          432,000.00         ZZ
                                         360        431,744.95          1
    10181 STONYBROOK DRIVE             8.625          3,360.05         80
                                       8.375          3,360.05      540,000.00
    HUNTINGTON BEAC  CA   92646          5            07/13/00         00
    09747960                             05           09/01/00          0
1


    09747960                             O            08/01/30
    0


    1996439          286/286             F          119,000.00         ZZ
                                         360        118,927.90          3
    2321 17TH STREET                   8.500            915.01         70
                                       8.250            915.01      170,000.00
    SAN PABLO        CA   94806          5            07/07/00         00
    09744753                             05           09/01/00          0
    09744753                             O            08/01/30
    0


    1996442          286/286             F          434,800.00         ZZ
                                         360        434,536.59          1
    1605 HAMILTON LANE                 8.500          3,343.24         80
                                       8.250          3,343.24      543,500.00
    ESCONDIDO        CA   92029          2            07/10/00         00
    09741504                             05           09/01/00          0
    09741504                             O            08/01/30
    0


    1996445          286/286             F          276,800.00         ZZ
                                         360        276,632.32          1
    13787 DE FOE AVENUE                8.500          2,128.35         80
                                       8.250          2,128.35      346,000.00
    SYLMAR AREA      CA   91342          1            07/03/00         00
    09741678                             05           09/01/00          0
    09741678                             O            08/01/30
    0


    1996467          286/286             F          252,700.00         ZZ
                                         360        252,400.50          1
    1757 TICE VALLEY BOLEVARD          8.625          1,965.47         80
                                       8.375          1,965.47      319,500.00
    WALNUT CREEK     CA   94595          1            06/22/00         00
    09741921                             01           08/01/00          0
    09741921                             O            07/01/30
    0


    1996471          286/286             F          241,000.00         ZZ
                                         360        240,721.67          1
    33743 8TH STREET                   8.750          1,895.95         80
                                       8.500          1,895.95      302,000.00
    UNION CITY       CA   94587          1            06/13/00         00
    09738697                             05           08/01/00          0
    09738697                             O            07/01/30
    0


1


    1996489          N34/G02             F          148,500.00         ZZ
                                         360        148,500.00          1
    17 W 225 BUTTERFILED               9.500          1,248.67         90
                                       9.250          1,248.67      165,000.00
    OAKBROOK TERRAC  IL   60181          1            08/16/00         04
    0432216042                           05           10/01/00         25
    999                                  O            09/01/30
    0


    1996545          664/G02             F          139,200.00         ZZ
                                         360        139,051.28          1
    24880 DEER LANE                    9.125          1,132.58         80
                                       8.875          1,132.58      175,000.00
    BEND             OR   97701          4            06/23/00         00
    0432216232                           05           08/01/00          0
    0003116084                           O            07/01/30
    0


    1996563          B60/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
    1728 SAWMILL ROAD                  8.750          2,753.45         56
                                       8.500          2,753.45      630,000.00
    SOUTH LAKE TAHO  CA   96150          5            07/25/00         00
    0432237485                           05           10/01/00          0
    296175                               O            09/01/30
    0


    1996566          624/G02             F          383,900.00         ZZ
                                         360        383,900.00          1
    1266 CRAVENS LANE #1               8.625          2,985.93         80
                                       8.375          2,985.93      479,900.00
    CARPINTERIA      CA   93013          1            08/10/00         00
    0432215499                           03           10/01/00          0
    72017500046                          N            09/01/30
    0


    1996568          025/G02             F          284,050.00         ZZ
                                         360        283,436.06          1
    14053 SUNSET DRIVE                 9.625          2,414.40         95
                                       9.375          2,414.40      299,000.00
    WHITTIER         CA   90602          1            05/22/00         11
    0432211407                           05           07/01/00         30
    0137989588                           O            06/01/30
    0


    1996571          U05/G02             F          480,000.00         ZZ
                                         360        479,730.90          1
    664 NORTH HENRY AVENUE             8.875          3,819.10         80
                                       8.625          3,819.10      600,000.00
1


    SAN JOSE         CA   95117          5            07/25/00         00
    0432216810                           05           09/01/00          0
    3059074                              O            08/01/30
    0


    1996573          R68/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
    10019 NW 49 PLACE                  8.750          1,400.33         80
                                       8.500          1,400.33      222,500.00
    CORAL SPRINGS    FL   33076          1            08/15/00         00
    0432217271                           05           10/01/00          0
    320010                               O            09/01/30
    0


    1996601          K15/G02             F           89,100.00         ZZ
                                         360         89,100.00          1
    153 HIGH COLONY LANE              10.000            781.92         89
                                       9.750            781.92      101,000.00
    THOMASVILLE      GA   31792          5            08/10/00         10
    0432219152                           05           10/01/00         25
    009805300818                         O            09/01/30
    0


    1996612          G52/G02             F          162,900.00         ZZ
                                         360        162,900.00          4
    11901 ALPHEUS AVENUE               9.625          1,384.63         90
                                       9.375          1,384.63      181,000.00
    AUSTIN           TX   78759          1            08/09/00         10
    0432213437                           05           10/01/00         25
    74501547                             N            09/01/30
    0


    1996614          738/G02             F          315,000.00         T
                                         360        314,823.40          1
    8323 SURF DRIVE                    8.875          2,506.29         70
                                       8.625          2,506.29      450,000.00
    PANAMA CITY      FL   32408          1            07/14/00         00
    0432224285                           05           09/01/00          0
    5284870                              O            08/01/30
    0


    1996616          L99/G02             F           54,900.00         ZZ
                                         360         54,851.12          1
    1566 ALDER LANE                    9.990            481.38         90
                                       9.740            481.38       61,000.00
    ATLANTA          GA   30311          1            06/30/00         04
    0432250496                           05           08/01/00         25
    201927                               N            07/01/30
    0
1




    1996707          196/G02             F           95,400.00         ZZ
                                         360         95,400.00          4
    914 916 922 & 924 SOUTH 15TH S     9.375            793.49         90
                                       9.125            793.49      106,000.00
    COPPERAS COVE    TX   76522          1            08/02/00         10
    0432217958                           05           10/01/00         25
    1379942                              N            09/01/30
    0


    1996740          196/G02             F          213,200.00         T
                                         360        213,070.84          1
    7213 NORTH CHRIS AVENUE            8.500          1,639.33         80
                                       8.250          1,639.33      266,500.00
    FRESNO           CA   93720          1            07/14/00         00
    0432219285                           03           09/01/00          0
    1378489                              O            08/01/30
    0


    1996742          196/G02             F           40,500.00         ZZ
                                         360         40,481.10          1
    107 E IDO AVENUE                   9.750            347.96         90
                                       9.500            347.96       45,000.00
    AKRON            OH   44301          1            07/19/00         10
    0432226892                           05           09/01/00         25
    1375943                              N            08/01/30
    0


    1996745          196/G02             F           75,600.00         ZZ
                                         360         75,559.77          1
    1833 44TH STREET                   9.125            615.11         90
                                       8.875            615.11       84,000.00
    ROCK ISLAND      IL   61201          1            07/14/00         14
    0432218535                           05           09/01/00         25
    1378416                              N            08/01/30
    0


    1996748          196/G02             F          207,900.00         ZZ
                                         360        207,777.25          1
    1003 GRAND RIDGE TRAIL             8.625          1,617.03         80
                                       8.375          1,617.03      259,900.00
    CEDAR PARK       TX   78613          1            07/18/00         00
    0432218345                           05           09/01/00          0
    1377735                              O            08/01/30
    0


    1996753          196/G02             F          223,920.00         ZZ
                                         360        223,806.92          4
1


    208 SOUTH ILLINOIS STREET 1-4      9.375          1,862.46         80
                                       9.125          1,862.46      279,900.00
    ANAHEIM          CA   92805          1            07/21/00         00
    0432222446                           05           09/01/00          0
    1377754                              O            08/01/30
    0


    1996755          196/G02             F          198,000.00         ZZ
                                         360        197,910.04          1
    2240 MONTAIR AVENUE                9.875          1,719.34         90
                                       9.625          1,719.34      220,000.00
    LONG BEACH       CA   90815          1            07/18/00         14
    0432222651                           05           09/01/00         25
    1377260                              O            08/01/30
    0


    1996758          637/G02             F           53,250.00         ZZ
                                         360         53,222.39          1
    RR1 BOX 11                         9.250            438.08         75
                                       9.000            438.08       71,000.00
    BELTRAMI         MN   56517          5            07/19/00         00
    0432218139                           05           09/01/00          0
    0018734012                           O            08/01/30
    0


    1996760          G81/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    2307 WEST IDLEWILD AVENUE          9.500            504.52         80
                                       9.250            504.52       75,000.00
    TAMPA            FL   33603          5            08/16/00         00
    0432218444                           05           10/01/00          0
    200007072                            N            09/01/30
    0


    1996761          637/G02             F          280,000.00         ZZ
                                         360        279,872.79          2
    253-37 148TH DRIVE                 9.875          2,431.38         95
                                       9.625          2,431.38      295,000.00
    ROSEDALE         NY   11422          1            07/20/00         14
    0432218840                           05           09/01/00         30
    0013320312                           O            08/01/30
    0


    1996767          637/G02             F          171,750.00         ZZ
                                         360        171,658.60          1
    916 DAVIS BOULEVAED                9.125          1,397.42         75
                                       8.875          1,397.42      229,000.00
    SEYMOUR          TN   37865          5            07/24/00         00
    0432221364                           05           09/01/00          0
1


    0013120860                           O            08/01/30
    0


    1996769          253/253             F          468,000.00         ZZ
                                         360        468,000.00          1
    10116 ARAPAHOE ROAD                8.750          3,681.76         90
                                       8.500          3,681.76      520,000.00
    BOULDER          CO   80026          1            08/08/00         14
    953762                               05           10/01/00         25
    953762                               O            09/01/30
    0


    1996771          P01/G02             F           63,200.00         ZZ
                                         360         63,200.00          1
    17 HEYDEN ROAD                     9.250            519.94         80
                                       9.000            519.94       79,000.00
    TROY             NY   12180          1            08/11/00         00
    0432219210                           07           10/01/00          0
    00001532                             O            09/01/30
    0


    1996772          637/G02             F          297,500.00         ZZ
                                         360        297,345.77          1
    7374 TUSTIN ROAD                   9.250          2,447.46         85
                                       9.000          2,447.46      350,000.00
    SALINAS          CA   93907          1            07/18/00         11
    0432221307                           05           09/01/00         12
    0021466909                           O            08/01/30
    0


    1996773          P01/G02             F          149,650.00         ZZ
                                         360        149,650.00          1
    5 FURLONG STREET                   9.375          1,244.72         85
                                       9.125          1,244.72      176,070.00
    SARATOGA SPRING  NY   12866          1            08/11/00         10
    0432221208                           03           10/01/00         12
    00001077                             O            09/01/30
    0


    1996779          637/G02             F           47,250.00         T
                                         360         47,228.54          1
    11843 BRAESVIEW  #2110             9.875            410.29         90
                                       9.625            410.29       52,500.00
    PARADISE VALLEY  TX   78217          1            07/21/00         11
    0432221547                           01           09/01/00         25
    0021648662                           O            08/01/30
    0


1


    1996786          637/G02             F           81,000.00         ZZ
                                         360         80,960.16          3
    716 BROADWAY                       9.500            681.09         90
                                       9.250            681.09       90,000.00
    GALVESTON        TX   77550          1            07/17/00         11
    0432218998                           05           09/01/00         25
    0021690656                           N            08/01/30
    0


    1996787          637/G02             F           55,000.00         ZZ
                                         360         54,974.34          1
    22610 SKEEN RANCH ROAD             9.750            472.54         49
                                       9.500            472.54      113,000.00
    SPRAGUE RIVER    OR   97639          5            07/17/00         00
    0432221612                           27           09/01/00          0
    0021410196                           O            08/01/30
    0


    1996792          A52/G02             F          210,850.00         ZZ
                                         360        210,850.00          1
    3710 SHILOH RIDGE RUN              8.875          1,677.62         90
                                       8.625          1,677.62      234,300.00
    SUWANEE          GA   30024          1            08/16/00         11
    0432218121                           05           10/01/00         25
    11860                                O            09/01/30
    0


    1996797          950/G02             F          175,200.00         ZZ
                                         360        175,104.30          1
    7127 PROVOST ROAD NW               9.000          1,409.70         80
                                       8.750          1,409.70      219,000.00
    BREMERTON        WA   98312          1            07/25/00         00
    0432218279                           05           09/01/00          0
    7007034                              O            08/01/30
    0


    1996803          163/G02             F          110,400.00         ZZ
                                         360        110,341.25          2
    4425-4427 SE NIMROD LANE           9.125            898.25         80
                                       8.875            898.25      138,000.00
    STUART           FL   34997          1            07/05/00         00
    0432219343                           05           09/01/00          0
    7717460413                           O            08/01/30
    0


    1996805          163/G02             F          300,200.00         ZZ
                                         360        300,040.24          1
    61530 WARD ROAD                    9.125          2,442.53         65
                                       8.875          2,442.53      465,000.00
1


    BEND             OR   97702          5            07/07/00         00
    0432219665                           05           09/01/00          0
    817475544                            O            08/01/30
    0


    1996807          163/G02             F          126,000.00         ZZ
                                         360        125,929.36          1
    22377 ROBIN HOOD DRIVE             8.875          1,002.51         80
                                       8.625          1,002.51      159,000.00
    TWAIN HARTE      CA   95383          1            07/10/00         00
    0432219020                           05           09/01/00          0
    717468887                            O            08/01/30
    0


    1996827          369/G02             F          122,800.00         ZZ
                                         360        122,665.34          1
    500 LUNALILO HOME ROAD #41C        9.000            988.08         71
                                       8.750            988.08      173,000.00
    HONOLULU         HI   96825          5            06/15/00         00
    0432221893                           01           08/01/00          0
    0072297658                           O            07/01/30
    0


    1996828          163/G02             F          168,000.00         ZZ
                                         360        167,898.23          1
    22265 BUTLER MARKET ROAD           8.500          1,291.77         80
                                       8.250          1,291.77      210,000.00
    BEND             OR   97701          1            07/12/00         00
    0432217313                           05           09/01/00          0
    817485105                            O            08/01/30
    0


    1996830          369/G02             F           86,400.00         ZZ
                                         360         86,305.25          4
    1117 E ROOSEVELT STREET            9.000            695.20         90
                                       8.750            695.20       96,000.00
    PHOENIX          AZ   85006          1            06/20/00         01
    0432222057                           05           08/01/00         25
    0072293319                           N            07/01/30
    0


    1996836          369/G02             F           86,400.00         ZZ
                                         360         86,305.25          4
    1121 E ROOSEVELT STREET            9.000            695.20         90
                                       8.750            695.20       96,000.00
    PHOENIX          AZ   85006          1            06/20/00         01
    0432222206                           05           08/01/00         25
    0072293335                           N            07/01/30
    0
1




    1996839          369/G02             F           86,400.00         ZZ
                                         360         86,305.25          4
    1109 E ROOSEVELT STREET            9.000            695.20         90
                                       8.750            695.20       96,000.00
    PHOENIX          AZ   85006          1            06/19/00         01
    0432222362                           05           08/01/00         25
    0072293046                           N            07/01/30
    0


    1996841          E23/G02             F          548,000.00         ZZ
                                         360        548,000.00          1
    19641 WELLS DRIVE                  8.625          4,262.29         80
                                       8.375          4,262.29      685,000.00
    TARZANA          CA   91356          1            08/14/00         00
    0432245702                           05           10/01/00          0
    50509524                             O            09/01/30
    0


    1996842          369/G02             F           86,400.00         ZZ
                                         360         86,305.25          4
    1113 E ROOSEVELT STREET            9.000            695.20         90
                                       8.750            695.20       96,000.00
    PHOENIX          AZ   85006          1            06/19/00         01
    0432222024                           05           08/01/00         25
    0072293269                           N            07/01/30
    0


    1996843          369/G02             F          101,500.00         ZZ
                                         360        101,500.00          1
    6774 W HARRISON STREET             9.875            881.38         70
                                       9.625            881.38      145,000.00
    CHANDLER         AZ   85226          1            07/26/00         00
    0432222495                           03           10/01/00          0
    0072329360                           O            09/01/30
    0


    1996845          369/G02             F          130,000.00         ZZ
                                         360        129,936.05          1
    2121 131ST AVENUE NE               9.500          1,093.12         88
                                       9.250          1,093.12      148,000.00
    LAKE STEVENS     WA   98258          5            07/12/00         10
    0432222438                           05           09/01/00         25
    0072315377                           N            08/01/30
    0


    1996846          E23/G02             F          114,000.00         ZZ
                                         360        114,000.00          4
1


    833 HELD ROAD                      9.500            958.57         70
                                       9.250            958.57      165,000.00
    LAS VEGAS        NV   89101          5            08/09/00         00
    0432218782                           05           10/01/00          0
    50100026                             N            09/01/30
    0


    1996847          369/G02             F          106,200.00         ZZ
                                         360        106,100.49          2
    8340 WARREN DR                     9.750            912.43         90
                                       9.500            912.43      118,000.00
    DOUGLASVILLE     GA   30134          1            06/21/00         14
    0432221919                           05           08/01/00         25
    0072314297                           N            07/01/30
    0


    1996850          369/G02             F          105,600.00         ZZ
                                         360        105,545.25          1
    6502 W CHERYL DRIVE                9.250            868.75         80
                                       9.000            868.75      132,000.00
    GLENDALE         AZ   85302          1            07/18/00         00
    0432221869                           05           09/01/00          0
    0072345846                           O            08/01/30
    0


    1996851          369/G02             F           52,500.00         ZZ
                                         360         52,469.79          1
    10534 WESTFIELD PLACE              8.750            413.02         57
                                       8.500            413.02       93,325.00
    SAN ANTONIO      TX   78240          1            07/25/00         00
    0432221828                           03           09/01/00          0
    0072366412                           O            08/01/30
    0


    1996853          369/G02             F          300,000.00         ZZ
                                         360        299,687.74          1
    1401 INDIAN POINT                  9.250          2,468.03         41
                                       9.000          2,468.03      735,000.00
    RICHLAND         MI   49083          5            06/21/00         00
    0432221802                           05           08/01/00          0
    0072292626                           O            07/01/30
    0


    1996867          369/G02             F          140,600.00         ZZ
                                         360        140,527.10          4
    465 W IVYGLEN ST #127 127 227      9.250          1,156.69         95
    228                                9.000          1,156.69      148,000.00
    MESA             AZ   85201          1            07/05/00         01
    0432222685                           03           09/01/00         30
1


    0072306624                           O            08/01/30
    0


    1996869          369/G02             F          158,850.00         ZZ
                                         360        158,775.89          4
    2012 N OLIVE                       9.750          1,364.77         90
                                       9.500          1,364.77      176,500.00
    MESA             AZ   85203          1            07/28/00         01
    0432223014                           05           09/01/00         25
    0072337884                           N            08/01/30
    0


    1996870          369/G02             F           53,100.00         ZZ
                                         360         53,075.87          3
    5002 E WASHINGTON STREET           9.875            461.10         90
                                       9.625            461.10       59,000.00
    INDIANAPOLIS     IN   46219          1            07/17/00         14
    0432223105                           05           09/01/00         25
    0072330129                           N            08/01/30
    0


    1996872          369/G02             F           62,100.00         ZZ
                                         360         62,071.78          1
    3304 E CAMBRIDGE AVENUE            9.875            539.25         90
                                       9.625            539.25       69,000.00
    PHOENIX          AZ   85008          1            07/12/00         11
    0432222586                           05           09/01/00         25
    0072338155                           N            08/01/30
    0


    1996873          369/G02             F           44,900.00         ZZ
                                         360         44,879.60          1
    125-A ABNER COURT                  9.875            389.89         90
                                       9.625            389.89       49,900.00
    BRIDGEPORT       CT   06606          1            07/13/00         14
    0432222990                           01           09/01/00         25
    0072288699                           N            08/01/30
    0


    1996874          369/G02             F          108,000.00         ZZ
                                         360        107,950.93          3
    526 S HARRISON STREET              9.875            937.82         80
                                       9.625            937.82      135,000.00
    WILMINGTON       DE   19805          2            07/24/00         00
    0432223063                           05           09/01/00          0
    0072380496                           N            08/01/30
    0


1


    1996885          163/G02             F           57,600.00         ZZ
                                         360         57,571.67          4
    55 & 57 COTTER DRIVE               9.500            484.33         90
                                       9.250            484.33       64,000.00
    AKRON            OH   44305          1            07/21/00         04
    0432217388                           05           09/01/00         25
    3917492838                           O            08/01/30
    0


    1996915          163/G02             F          102,900.00         ZZ
                                         360        102,846.66          1
    18834 SHOSHONE ROAD                9.250            846.53         70
                                       9.000            846.53      147,000.00
    BEND             OR   97702          1            07/07/00         00
    0432218105                           05           09/01/00          0
    817462344                            N            08/01/30
    0


    1996999          967/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    1685 ANGUS PLACE                   9.000            772.44         80
                                       8.750            772.44      120,000.00
    CHINO VALLEY     AZ   86323          1            08/04/00         00
    0432222735                           05           10/01/00          0
    6114086                              O            09/01/30
    0


    1997026          G81/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
    642 NW 136TH AVENUE                8.500            569.00         37
                                       8.250            569.00      204,990.00
    MIAMI            FL   33182          1            08/16/00         00
    0432222529                           05           10/01/00          0
    200007008                            O            09/01/30
    0


    1997049          975/G02             F          199,000.00         ZZ
                                         360        199,000.00          1
    3318 DANAHA STREET                 9.000          1,601.20         54
                                       8.750          1,601.20      370,000.00
    TORRANCE         CA   90505          2            08/04/00         00
    0432233112                           05           10/01/00          0
    2001765                              N            09/01/30
    0


    1997058          737/G02             F          101,700.00         ZZ
                                         360        101,700.00          2
    321 BETSY AVENUE SW                9.500            855.15         90
                                       9.250            855.15      113,000.00
1


    ATLANTA          GA   30310          1            08/10/00         01
    0432237360                           05           10/01/00         25
    2001362                              N            09/01/30
    0


    1997062          883/G02             F           37,200.00         ZZ
                                         360         37,200.00          1
    1427 KING ARTHUR ROAD              9.500            312.80         66
                                       9.250            312.80       56,500.00
    JACKSONVILLE     FL   32239          2            08/11/00         00
    0432250694                           05           10/01/00          0
    160                                  N            09/01/30
    0


    1997079          369/G02             F           69,000.00         ZZ
                                         360         68,966.06          1
    101 E SYCAMORE STREET              9.500            580.19         75
                                       9.250            580.19       92,000.00
    NORTH JUDSON     IN   46366          5            07/12/00         00
    0432223154                           05           09/01/00          0
    0072343973                           O            08/01/30
    0


    1997082          369/G02             F           50,500.00         ZZ
                                         360         50,476.43          1
    200 LAKE AVENUE WEST               9.750            433.88         90
                                       9.500            433.88       56,126.00
    ATLANTA          GA   30314          1            07/07/00         10
    0432223139                           05           09/01/00         25
    0072334618                           N            08/01/30
    0


    1997145          T44/G02             F           78,400.00         ZZ
                                         360         78,400.00          1
    1101 HICKORY AVENUE                9.125            637.89         80
                                       8.875            637.89       98,000.00
    TEHACHAPI        CA   93561          1            08/10/00         00
    0432223378                           05           10/01/00          0
    9012249                              O            09/01/30
    0


    1997147          G81/G02             F           76,500.00         ZZ
                                         360         76,500.00          2
    225 COLUMBUS PARKWAY               9.875            664.29         90
                                       9.625            664.29       85,000.00
    HOLLYWOOD        FL   33021          1            08/16/00         12
    0432225050                           05           10/01/00         25
    200008013                            N            09/01/30
    0
1




    1997153          664/G02             F           95,000.00         ZZ
                                         360         94,953.26          1
    13232 HUNTINGTON CHASE             9.500            798.82         74
                                       9.250            798.82      128,950.00
    ROCKTON          IL   61072          1            07/28/00         00
    0432225019                           05           09/01/00          0
    SASSERNRATH                          O            08/01/30
    0


    1997197          700/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
    396 ANZIO WAY                      9.125          3,173.17         83
                                       8.875          3,173.17      470,000.00
    OAK PARK         CA   91377          2            08/10/00         10
    0432224715                           03           10/01/00         17
    00252211                             O            09/01/30
    0


    1997237          L99/G02             F           72,900.00         ZZ
                                         360         72,866.88          4
    1141 ORANGE BLOSSOM LANE           9.875            633.03         90
                                       9.625            633.03       81,000.00
    HARVEY           LA   70058          1            07/31/00         04
    0432255388                           05           09/01/00         25
    202049                               N            08/01/30
    0


    1997246          L99/G02             F           72,900.00         ZZ
                                         360         72,866.88          4
    1137 ORANGE BLOSSOM LANE           9.875            633.03         90
                                       9.625            633.03       81,000.00
    HARVEY           LA   70058          1            07/31/00         04
    0432222131                           05           09/01/00         25
    202048                               N            08/01/30
    0


    1997254          K15/G02             F           94,300.00         ZZ
                                         360         94,300.00          1
    415 PROSPECT STREET                8.875            750.29         80
                                       8.625            750.29      118,000.00
    WELLINGTON       OH   44090          5            08/10/00         00
    0432223055                           05           10/01/00          0
    028705301709                         O            09/01/30
    0


    1997255          K15/G02             F           71,900.00         ZZ
                                         360         71,900.00          1
1


    811 CHURCH STREET                  9.000            578.52         80
                                       8.750            578.52       90,000.00
    BENNINGTON       NY   14037          5            08/10/00         00
    0432222875                           05           10/01/00          0
    023605301653                         O            09/01/30
    0


    1997256          K15/G02             F           79,600.00         ZZ
                                         360         79,600.00          1
    631 LUCILLE AVENUE                 9.875            691.21         94
                                       9.625            691.21       85,000.00
    AKRON            OH   44310          5            08/10/00         10
    0432222511                           05           10/01/00         30
    028005301165                         O            09/01/30
    0


    1997257          K15/G02             F           60,200.00         ZZ
                                         360         60,200.00          1
    731 S 12TH STREET                  9.875            522.75         88
                                       9.625            522.75       69,000.00
    EUNICE           LA   70535          5            08/10/00         10
    0432222339                           05           10/01/00         25
    000205301366                         O            09/01/30
    0


    1997259          U05/G02             F          103,500.00         ZZ
                                         360        103,500.00          3
    1602 NORTH 19TH STREET             9.625            879.74         90
                                       9.375            879.74      115,000.00
    BOISE            ID   83702          1            08/01/00         14
    0432221810                           05           10/01/00         25
    3059713                              N            09/01/30
    0


    1997260          U05/G02             F          364,000.00         ZZ
                                         360        364,000.00          2
    3417 MAUNALOA AVENUE               8.375          2,766.66         70
                                       8.125          2,766.66      520,000.00
    HONOLULU         HI   96816          5            08/02/00         00
    0432237253                           05           10/01/00          0
    3060702                              O            09/01/30
    0


    1997261          U05/G02             F           92,150.00         ZZ
                                         360         92,098.34          1
    1241 CREEK BARK COURT              8.875            733.19         95
                                       8.625            733.19       97,000.00
    RIVERDALE        GA   30296          5            07/26/00         01
    0432223238                           05           09/01/00         30
1


    3057141                              O            08/01/30
    0


    1997263          765/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
    4337 MARINA CITY DRIVE             9.125          2,562.94         75
    #PH42                              8.875          2,562.94      420,000.00
    MARINA DEL REY   CA   90292          1            08/10/00         00
    0432221851                           06           10/01/00          0
    354185                               O            09/01/30
    0


    1997265          U05/G02             F          300,000.00         ZZ
                                         360        299,840.35          1
    1200 RIVERVIEW AVENUE              9.125          2,440.90         89
                                       8.875          2,440.90      340,000.00
    WILMINGTON       DE   19805          1            07/27/00         10
    0432224707                           05           09/01/00         25
    3060949                              O            08/01/30
    0


    1997314          U05/G02             F          358,000.00         ZZ
                                         360        357,794.03          1
    15264 CLEARWATER LOOP              8.750          2,816.39         80
                                       8.500          2,816.39      447,500.00
    NORTHPORT        AL   35475          5            07/26/00         00
    0432237212                           05           09/01/00          0
    3057910                              O            08/01/30
    0


    1997315          624/G02             F          288,000.00         ZZ
                                         360        287,850.69          1
    2541 WHARTON COURT                 9.250          2,369.31         80
                                       9.000          2,369.31      360,000.00
    ERIE             CO   80516          5            07/24/00         00
    0432240604                           03           09/01/00          0
    73014000066F                         O            08/01/30
    0


    1997440          588/G02             F          279,000.00         ZZ
                                         360        278,705.02          1
    11 STACEY DRIVE                    9.375          2,320.58         74
                                       9.125          2,320.58      377,900.00
    CLINTON TOWNSHI  NJ   08801          1            06/15/00         00
    0432230803                           05           08/01/00          0
    0010839652                           O            07/01/30
    0


1


    1997457          964/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
    8212 ZUNI SE                       8.500            384.46         63
                                       8.250            384.46       80,000.00
    ALBUQUERQUE      NM   87108          5            08/11/00         00
    0432233641                           05           10/01/00          0
    82653                                O            09/01/30
    0


    1997467          U59/G02             F           69,600.00         ZZ
                                         360         69,568.37          4
    5557 CHIPEWA ST                    9.875            604.38         80
                                       9.625            604.38       87,000.00
    SAINT LOUIS      MO   63109          1            08/18/00         00
    0432235752                           05           09/18/00          0
    800568824                            N            08/18/30
    0


    1997478          664/G02             F          216,000.00         ZZ
                                         360        216,000.00          2
    6228 NORTH ARTESIAN AVENUE         9.500          1,816.25         78
                                       9.250          1,816.25      280,000.00
    CHICAGO          IL   60659          1            08/07/00         00
    0432223741                           05           10/01/00          0
    0003600707                           O            09/01/30
    0


    1997481          Q99/G02             F          136,000.00         ZZ
                                         240        136,000.00          1
    6 AMSTERDAM CIRCLE                 8.750          1,201.85         80
                                       8.500          1,201.85      170,000.00
    LITCHFIELD       NH   03052          5            08/15/00         00
    0432219574                           05           10/01/00          0
    JOHNSON                              O            09/01/20
    0


    1997496          664/G02             F          107,550.00         ZZ
                                         360        107,550.00          1
    249 NW 25TH STREET                 8.375            817.46         90
                                       8.125            817.46      119,514.00
    REDMOND          OR   97756          1            07/28/00         11
    0432224699                           05           10/01/00         25
    0003591286                           O            09/01/30
    0


    1997499          664/G02             F          148,500.00         ZZ
                                         360        148,432.53          3
    2942 WEST POLK STREET              9.875          1,289.50         90
                                       9.625          1,289.50      165,000.00
1


    CHICAGO          IL   60624          1            08/01/00         11
    0432255453                           05           09/01/00         25
    516190                               N            08/01/30
    0


    1997508          637/G02             F           92,700.00         ZZ
                                         360         92,651.93          1
    801 WINDSOR ROAD                   9.250            762.63         90
                                       9.000            762.63      103,000.00
    ROUND ROCK       TX   78664          1            07/28/00         11
    0432230308                           05           09/01/00         25
    0021700299                           O            08/01/30
    0


    1997584          356/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
    2386 DUMBARTON AVENUE              8.875          1,973.20         80
                                       8.625          1,973.20      310,000.00
    PALO ALTO        CA   94303          1            08/08/00         00
    0432239218                           05           10/01/00          0
    2242                                 N            09/01/30
    0


    1997587          A33/G02             F           77,300.00         ZZ
                                         360         77,300.00          1
    6110 E 10TH STREET                 9.125            628.94         90
                                       8.875            628.94       85,900.00
    INDIANAPOLIS     IN   46214          1            08/11/00         11
    0432239143                           05           10/01/00         25
    029091940                            O            09/01/30
    0


    1997589          M66/G02             F           87,500.00         T
                                         360         87,445.61          1
    121 SYRACUSE AVE UNIT B W          8.375            665.07         70
                                       8.125            665.07      125,000.00
    WILDWOOD CREST   NJ   08260          1            07/21/00         00
    0432235828                           01           09/01/00          0
    90200228                             O            08/01/30
    0


    1997591          K31/G02             F           51,400.00         ZZ
                                         360         51,400.00          1
    1359 BELLS FERRY ROAD              9.625            436.89         90
                                       9.375            436.89       57,165.00
    ROME             GA   30161          1            08/16/00         14
    0432236008                           05           10/01/00         25
    2071310799                           N            09/01/30
    0
1




    1997602          U05/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    19040 NW 84 COURT                  8.750            755.23         80
                                       8.500            755.23      120,000.00
    MIAMI            FL   33015          5            08/11/00         00
    0432236149                           03           10/01/00          0
    3062259                              O            09/01/30
    0


    1997609          U05/G02             F          212,000.00         ZZ
                                         360        211,898.44          1
    9436 EAST JACOB AVENUE             9.625          1,801.98         80
                                       9.375          1,801.98      265,000.00
    MESA             AZ   85208          1            07/28/00         00
    0432237246                           03           09/01/00          0
    3061212                              N            08/01/30
    0


    1997610          K15/G02             F          105,500.00         ZZ
                                         360        105,500.00          1
    129 SOUTH WOODY HILL ROAD          9.500            887.10         80
                                       9.250            887.10      132,000.00
    WESTERLY         RI   02891          2            08/21/00         00
    0432233534                           05           10/01/00          0
    029705301824                         N            09/01/30
    0


    1997622          637/G02             F           83,700.00         ZZ
                                         360         83,660.94          1
    1743 S RAINBOW AVENUE              9.750            719.12         90
                                       9.500            719.12       93,000.00
    LAKE HAVASU CIT  AZ   86403          1            07/28/00         11
    0432231637                           05           09/01/00         25
    0012938460                           O            08/01/30
    0


    1997649          225/225             F           80,250.00         T
                                         360         80,207.28          1
    555 PARK LANE                      9.125            652.95         75
                                       8.875            652.95      107,000.00
    BILLINGS         MT   59102          1            07/10/00         00
    7200016                              05           09/01/00          0
    7200016                              O            08/01/30
    0


    1997650          940/G02             F           77,200.00         ZZ
                                         360         77,157.83          2
1


    1127 WEST 7TH STREET               9.000            621.17         80
                                       8.750            621.17       96,555.00
    POMONA           CA   91766          1            07/21/00         00
    0432236289                           05           09/01/00          0
    WH2643                               N            08/01/30
    0


    1997651          225/225             F          249,000.00         ZZ
                                         360        248,733.97          1
    870 PAT COURT                      9.125          2,025.95         80
                                       8.875          2,025.95      311,470.00
    AURORA           IL   60504          1            05/30/00         00
    7194266                              05           07/01/00          0
    7194266                              O            06/01/30
    0


    1997655          225/225             F          124,000.00         ZZ
                                         360        123,877.53          4
    2703 NORTH A STREET                9.500          1,042.66         80
                                       9.250          1,042.66      155,000.00
    TAMPA            FL   33618          1            06/23/00         00
    7197440                              05           08/01/00          0
    7197440                              O            07/01/30
    0


    1997664          225/225             F          240,000.00         ZZ
                                         360        239,462.50          1
    541 FOX STREET                     9.375          1,996.20         80
                                       9.125          1,996.20      300,000.00
    DENVER           CO   80204          1            05/16/00         00
    7193045                              05           07/01/00          0
    7193045                              O            06/01/30
    0


    1997667          225/225             F           66,000.00         ZZ
                                         360         65,923.76          1
    5222 BLAIR UNIT D                  8.750            519.23         80
                                       8.500            519.23       82,500.00
    BATON ROUGE      LA   70809          5            06/23/00         00
    7191161                              01           08/01/00          0
    7191161                              N            07/01/30
    0


    1997674          225/225             F           45,000.00         ZZ
                                         360         44,960.01          4
    3122 A,B,C,D, AVENUE M            10.000            394.91         90
                                       9.750            394.91       50,000.00
    FORT WORTH       TX   76105          1            06/12/00         11
    719323500                            05           08/01/00         25
1


    719323500                            N            07/01/30
    0


    1997676          225/225             F           38,800.00         ZZ
                                         360         38,764.60          1
    2114 HEBRON                        9.875            336.92         90
                                       9.625            336.92       43,250.00
    ZION             IL   60099          1            06/30/00         11
    7193765                              05           08/01/00         25
    7193765                              N            07/01/30
    0


    1997678          225/225             F          277,350.00         ZZ
                                         360        277,206.21          1
    949 SOUTH PENNSYLVANIA STREET      9.250          2,281.70         68
                                       9.000          2,281.70      410,000.00
    DENVER           CO   80209          1            07/12/00         00
    7200971                              05           09/01/00          0
    7200971                              O            08/01/30
    0


    1997679          225/225             F           96,000.00         ZZ
                                         360         95,948.91          1
    2106 TAMA CIRCLE                   9.125            781.09         80
                                       8.875            781.09      120,000.00
    NAPLES           FL   34112          1            07/10/00         00
    7199743                              01           09/01/00          0
    7199743                              O            08/01/30
    0


    1997681          225/225             F          131,250.00         ZZ
                                         360        131,170.49          1
    4013 GREENBRIAR COURT              8.500          1,009.20         75
                                       8.250          1,009.20      175,000.00
    SANTA MARIA      CA   93455          2            07/25/00         00
    7200426                              05           09/01/00          0
    7200426                              O            08/01/30
    0


    1997682          225/225             F          143,600.00         ZZ
                                         360        143,343.82          1
    5446 EAST WANGARATTA WAY           8.625          1,116.91         80
                                       8.375          1,116.91      179,500.00
    HIGHLANDS RANCH  CO   80126          1            05/17/00         00
    7183676                              03           07/01/00          0
    7183676                              O            06/01/30
    0


1


    1997683          225/225             F           36,000.00         ZZ
                                         360         35,980.34          1
    26479 ANGELICA ROAD                9.000            289.66         79
                                       8.750            289.66       46,000.00
    PUNTA GORDA      FL   33955          5            06/30/00         00
    6503538                              05           09/01/00          0
    6503538                              O            08/01/30
    0


    1997685          225/225             F          123,700.00         ZZ
                                         360        123,525.43          2
    84 SOUTH STREET                    9.750          1,062.78         78
                                       9.500          1,062.78      159,000.00
    MANORVILLE       NY   11949          1            06/01/00         00
    7184329                              05           07/01/00          0
    7184329                              O            06/01/30
    0


    1997686          225/225             F          373,000.00         ZZ
                                         360        372,796.25          1
    4522 AND UNITS A,B & C HUNTLEY     9.000          3,001.25         90
    AVE                                8.750          3,001.25      415,000.00
    CULVER CITY      CA   90230          1            07/20/00         11
    7198216                              05           09/01/00         25
    7198216                              O            08/01/30
    0


    1997687          225/225             F          357,500.00         ZZ
                                         360        357,107.98          1
    815 59TH STREET NORTH WEST         9.000          2,876.53         65
                                       8.750          2,876.53      550,000.00
    BRADENTON        FL   34209          5            06/19/00         00
    7196607                              05           08/01/00          0
    7196607                              O            07/01/30
    0


    1997689          225/225             F          300,000.00         ZZ
                                         360        299,478.38          1
    286 B CAJA DEL RIO                 8.750          2,360.11         48
                                       8.500          2,360.11      625,000.00
    SANTA FE         NM   87505          2            05/26/00         00
    7188006                              05           07/01/00          0
    7188006                              O            06/01/30
    0


    1997690          225/225             F           53,300.00         ZZ
                                         360         53,248.72          1
    2113 NORTH BELEVEDERE AVE          9.625            453.05         62
                                       9.375            453.05       87,000.00
1


    TUCSON           AZ   85712          1            06/07/00         00
    7195417                              05           08/01/00          0
    7195417                              N            07/01/30
    0


    1997692          225/225             F          128,000.00         ZZ
                                         360        127,794.06          1
    7006 SOUTH 32ND PLACE              9.125          1,041.46         80
                                       8.875          1,041.46      160,015.00
    PHOENIX          AZ   85040          1            05/30/00         00
    7194733                              03           07/01/00          0
    7194733                              O            06/01/30
    0


    1997693          225/225             F          289,600.00         ZZ
                                         360        289,274.08          1
    4895 ROSEWOOD LAKE DRIVE           8.875          2,304.19         80
                                       8.625          2,304.19      362,000.00
    CUMMING          GA   30040          1            06/15/00         00
    8797972                              03           08/01/00          0
    8797972                              O            07/01/30
    0


    1997694          225/225             F           88,000.00         ZZ
                                         360         87,659.73          3
    128 STRATFORD ROAD                 9.250            723.96         95
                                       9.000            723.96       92,700.00
    NEW BRITAIN      CT   06052          1            06/05/00         14
    7187459                              05           07/01/00         30
    7187459                              O            06/01/30
    0


    1997695          225/225             F          161,250.00         ZZ
                                         360        161,166.40          1
    110 & 113 SOUTH ALEXANDRIA AVE     9.250          1,326.57         75
                                       9.000          1,326.57      215,000.00
    LOS ANGELES      CA   90004          1            07/03/00         00
    7198915                              05           09/01/00          0
    7198915                              O            08/01/30
    0


    1997696          225/225             F          616,500.00         ZZ
                                         360        616,180.39          1
    531 COLORADO AVENUE                9.250          5,071.80         75
                                       9.000          5,071.80      822,000.00
    PALO ALTO        CA   94306          1            07/19/00         00
    7201836                              05           09/01/00          0
    7201836                              O            08/01/30
    0
1




    1997697          225/225             F           27,450.00         ZZ
                                         360         27,422.15          2
    834-836 OAK STREET                 9.375            228.32         90
                                       9.125            228.32       30,500.00
    TOLEDO           OH   43605          1            06/01/00         10
    7192886                              05           08/01/00         25
    7192886                              N            07/01/30
    0


    1997698          U05/G02             F           82,800.00         ZZ
                                         360         82,718.22          1
    4530 SOUTH 600 EAST                9.500            696.23         80
                                       9.250            696.23      103,500.00
    MURRAY           UT   84107          2            06/19/00         00
    0432255735                           05           08/01/00          0
    3049571                              N            07/01/30
    0


    1997700          225/225             F          242,400.00         ZZ
                                         360        242,057.93          1
    520 W HURON ST # 619               9.750          2,082.60         80
                                       9.500          2,082.60      303,000.00
    CHICAGO          IL   60610          1            05/25/00         00
    7192663                              08           07/01/00          0
    7192663                              O            06/01/30
    0


    1997702          225/225             F           44,000.00         ZZ
                                         360         43,960.89          1
    3041 S MICHIGAN AVENUE 404        10.000            386.14         80
                                       9.750            386.14       55,000.00
    CHICAGO          IL   60616          1            06/30/00         00
    7197883                              08           08/01/00          0
    7197883                              O            07/01/30
    0


    1997706          225/225             F           50,000.00         ZZ
                                         360         49,931.26          1
    312 EAST AUSTIN STREET SOUTH       9.875            434.18         70
                                       9.625            434.18       72,000.00
    BROKEN ARROW     OK   74011          5            06/05/00         00
    7191044                              05           07/01/00          0
    7191044                              N            06/01/30
    0


    1997708          225/225             F           61,600.00         ZZ
                                         360         61,498.29          1
1


    16236 SW 27TH TERRACE ROAD         9.000            495.65         74
                                       8.750            495.65       83,500.00
    OCALA            FL   34473          1            05/18/00         00
    7189054                              05           07/01/00          0
    7189054                              O            06/01/30
    0


    1997711          225/225             F           53,100.00         ZZ
                                         360         53,007.67          1
    1970 LOMBARD STREET                8.750            417.74         90
                                       8.500            417.74       59,000.00
    BATON ROUGE      LA   70810          1            05/24/00         11
    7189546                              05           07/01/00         25
    7189546                              N            06/01/30
    0


    1997712          225/225             F          120,000.00         ZZ
                                         360        119,805.82          1
    33485 MELDRUM                      9.125            976.36         75
                                       8.875            976.36      162,000.00
    CHESTERFIELD     MI   48047          1            05/25/00         00
    7192492                              05           07/01/00          0
    7192492                              O            06/01/30
    0


    1997713          225/225             F          103,000.00         ZZ
                                         360        102,846.81          1
    4790 NW 5TH COURT                  9.500            866.08         79
                                       9.250            866.08      131,000.00
    COCONUT CREEK    FL   33063          2            05/24/00         00
    7191839                              03           07/01/00          0
    7191839                              O            06/01/30
    0


    1997714          225/225             F          171,000.00         ZZ
                                         360        170,738.88          1
    1923 KIPLING                       9.375          1,422.30         90
                                       9.125          1,422.30      190,000.00
    HOUSTON          TX   77098          1            05/12/00         14
    7189260                              05           07/01/00         25
    7189260                              N            06/01/30
    0


    1997716          225/225             F          136,700.00         ZZ
                                         360        136,152.03          1
    237 ROCK ROAD                      8.750          1,075.42         78
                                       8.500          1,075.42      177,000.00
    FOSTER           KY   41043          2            05/16/00         00
    7189172                              05           07/01/00          0
1


    7189172                              O            06/01/30
    0


    1997717          225/225             F          348,750.00         ZZ
                                         360        348,325.95          1
    2528-B KINGSTON DRIVE              8.500          2,681.59         75
                                       8.250          2,681.59      465,000.00
    HOUSTON          TX   77019          1            06/29/00         00
    7199043                              05           08/01/00          0
    7199043                              O            07/01/30
    0


    1997718          225/225             F           49,000.00         ZZ
                                         360         48,948.98          1
    2010 BARROWS STREET                9.250            403.12         90
                                       9.000            403.12       55,000.00
    TOLEDO           OH   43612          2            06/13/00         10
    7186780                              05           08/01/00         25
    7186780                              N            07/01/30
    0


    1997722          225/225             F           64,800.00         ZZ
                                         360         64,501.22          1
    124 STRATFORD ROAD                 9.500            544.88         90
                                       9.250            544.88       72,100.00
    NEW BRITAIN      CT   06052          1            06/05/00         14
    7187456                              05           07/01/00         25
    7187456                              N            06/01/30
    0


    1997724          225/225             F          477,750.00         T
                                         360        477,252.75          1
    144 DUCK LANDING ROAD              9.250          3,930.33         65
                                       9.000          3,930.33      735,000.00
    DUCK             NC   27949          5            06/19/00         00
    8798575                              03           08/01/00          0
    8798575                              O            07/01/30
    0


    1997726          225/225             F           45,000.00         ZZ
                                         360         44,949.36          1
    12338 WHITERIDGE DRIVE             8.875            358.04         60
                                       8.625            358.04       75,900.00
    TAMPA            FL   33624          1            06/02/00         00
    8798668                              05           08/01/00          0
    8798668                              O            07/01/30
    0


1


    1997727          U05/G02             F          358,400.00         ZZ
                                         360        358,400.00          1
    8223 EAST THOMAS ROAD              9.250          2,948.47         80
                                       9.000          2,948.47      448,000.00
    MESA             AZ   85207          2            08/07/00         00
    0432257376                           05           10/01/00          0
    3052824                              O            09/01/30
    0


    1997728          225/225             F           95,200.00         ZZ
                                         360         95,061.44          1
    9579 BROKEN OAK BOULEVARD          9.250            783.19         80
                                       9.000            783.19      119,000.00
    JACKSONVILLE     FL   32257          1            06/08/00         00
    6500313                              03           08/01/00          0
    6500313                              O            07/01/30
    0


    1997730          225/225             F          101,200.00         ZZ
                                         360        101,092.60          1
    5835 WILD FIG LANE                 9.375            841.73         80
                                       9.125            841.73      126,500.00
    FORT MYERS       FL   33919          1            06/29/00         00
    6502032                              01           08/01/00          0
    6502032                              O            07/01/30
    0


    1997731          U05/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
    6579 SUNNY BRAE DRIVE              8.750          3,304.14         80
                                       8.500          3,304.14      525,000.00
    SAN DIEGO        CA   92119          5            08/10/00         00
    0432245447                           05           10/01/00          0
    3063910                              O            09/01/30
    0


    1997732          225/225             F          225,000.00         ZZ
                                         360        224,789.20          1
    330 173RD AVENUE EAST              9.750          1,933.10         54
                                       9.500          1,933.10      420,000.00
    N REDINGTON BEA  FL   33708          1            06/26/00         00
    8791834                              05           08/01/00          0
    8791834                              O            07/01/30
    0


    1997734          225/225             F          135,920.00         ZZ
                                         360        135,674.03          1
    2300 LAPORT DRIVE                  9.125          1,105.89         80
                                       8.875          1,105.89      169,900.00
1


    MOUNDSVIEW       MN   55112          1            06/23/00         00
    7196445                              05           08/01/00          0
    7196445                              O            07/01/30
    0


    1997736          225/225             F          250,000.00         ZZ
                                         360        249,618.27          3
    27 HALL AVENUE                     9.375          2,079.38         64
                                       9.125          2,079.38      395,000.00
    SOMERVILLE       MA   02144          5            05/25/00         00
    7189036                              05           07/01/00          0
    7189036                              O            06/01/30
    0


    1997742          225/225             F          417,366.00         ZZ
                                         360        417,155.23          1
    27 SERENITY CT                     9.375          3,471.44         90
                                       9.125          3,471.44      463,740.00
    SOUTH HAMPTON    NJ   08088          1            07/31/00         10
    7201844                              05           09/01/00         25
    7201844                              O            08/01/30
    0


    1997747          225/225             F          126,000.00         ZZ
                                         360        125,927.50          1
    2912 WEST MCFADDEN AVENUE          8.750            991.25         62
                                       8.500            991.25      205,000.00
    SANTA ANA        CA   92704          5            07/07/00         00
    7196913                              05           09/01/00          0
    7196913                              O            08/01/30
    0


    1997751          225/225             F           55,000.00         ZZ
                                         360         54,539.68          1
    20 LAKEVIEW DRIVE                  9.250            452.47         37
                                       9.000            452.47      151,900.00
    HELMETTA         NJ   08828          1            06/13/00         00
    8784193                              03           08/01/00          0
    8784193                              O            07/01/30
    0


    1997753          225/225             F           38,400.00         ZZ
                                         360         38,379.02          1
    721 SUNNY PINE WAY A1              9.000            308.98         80
                                       8.750            308.98       48,000.00
    WEST PALM BEACH  FL   33415          1            07/25/00         00
    7202757                              01           09/01/00          0
    7202757                              O            08/01/30
    0
1




    1997756          225/225             F          148,000.00         ZZ
                                         360        147,845.95          1
    3244 EDNA TERRACE                  9.250          1,217.56         80
                                       9.000          1,217.56      185,000.00
    BETHLEHEM        PA   18020          1            06/20/00         00
    6500988                              05           08/01/00          0
    6500988                              O            07/01/30
    0


    1997757          225/225             F          315,600.00         ZZ
                                         360        315,427.61          1
    1192 ANGELIQUE COURT               9.000          2,539.39         80
                                       8.750          2,539.39      394,500.00
    CARMEL           IN   46032          1            07/24/00         00
    7202313                              05           09/01/00          0
    7202313                              O            08/01/30
    0


    1997759          225/225             F           52,800.00         ZZ
                                         360         52,742.10          1
    1866 NORTHEAST 177 STREET          9.000            424.84         80
                                       8.750            424.84       66,000.00
    NORTH MIAMI BEA  FL   33162          1            06/14/00         00
    6501442                              05           08/01/00          0
    6501442                              O            07/01/30
    0


    1997761          225/225             F          300,000.00         ZZ
                                         360        299,822.88          1
    1024 ARUNDEL DRIVE                 8.625          2,333.37         75
                                       8.375          2,333.37      400,000.00
    ARNOLD           MD   21012          5            07/28/00         00
    7204077                              05           09/01/00          0
    7204077                              O            08/01/30
    0


    1997762          225/225             F           41,500.00         ZZ
                                         360         41,456.81          1
    12 PINOAK STREET                   9.250            341.41         65
                                       9.000            341.41       64,500.00
    BLUFFTON         SC   29910          1            06/26/00         00
    6500394                              05           08/01/00          0
    6500394                              O            07/01/30
    0


    1997763          225/225             F          650,000.00         ZZ
                                         360        649,268.49          1
1


    2347 FOREST DRIVE                  8.875          5,171.70         69
                                       8.625          5,171.70      950,000.00
    JONESBORO        GA   30236          1            06/29/00         00
    7198878                              03           08/01/00          0
    7198878                              O            07/01/30
    0


    1997767          225/225             F          150,000.00         ZZ
                                         360        149,918.07          1
    515 LUDLOW STATION ROAD            9.000          1,206.93         32
                                       8.750          1,206.93      475,000.00
    BETHLEHEM        NJ   08801          1            07/21/00         00
    6503643                              05           09/01/00          0
    6503643                              O            08/01/30
    0


    1997768          225/225             F           40,000.00         ZZ
                                         360         39,943.54          1
    3210 8TH STREET                    9.750            343.67         80
                                       9.500            343.67       50,000.00
    BRADENTON        FL   34208          5            05/31/00         00
    7192732                              05           07/01/00          0
    7192732                              N            06/01/30
    0


    1997771          225/225             F          100,000.00         ZZ
                                         360         99,890.33          1
    16640 SOUTHWEST 91ST TERRACE       9.000            804.63         52
                                       8.750            804.63      195,000.00
    MIAMI            FL   33196          1            06/16/00         00
    7193179                              03           08/01/00          0
    7193179                              O            07/01/30
    0


    1997774          225/225             F          100,000.00         ZZ
                                         360         99,890.33          1
    1200 EDINGTON PLACE #B401          9.000            804.63         59
                                       8.750            804.63      170,000.00
    MARCO            FL   34145          1            06/29/00         00
    7198306                              01           08/01/00          0
    7198306                              O            07/01/30
    0


    1997776          225/225             F           70,200.00         ZZ
                                         360         70,130.67          2
    1468 ELEANOR AVENUE                9.500            590.28         90
                                       9.250            590.28       78,000.00
    TOLEDO           OH   43612          2            06/27/00         10
    7186785                              05           08/01/00         25
1


    7186785                              N            07/01/30
    0


    1997777          225/225             F           78,000.00         ZZ
                                         360         77,895.60          1
    9107-9109 EAST 55TH STREET        10.000            684.51         90
                                       9.750            684.51       86,750.00
    RAYTOWN          MO   64133          1            05/26/00         10
    71991830                             05           07/01/00         25
    71991830                             N            06/01/30
    0


    1997779          225/225             F           81,250.00         ZZ
                                         360         81,207.87          1
    605 OLIVER LANE                    9.250            668.43         75
                                       9.000            668.43      108,350.00
    DILLON           MT   59725          2            07/20/00         00
    7180487                              05           09/01/00          0
    7180487                              O            08/01/30
    0


    1997780          225/225             F           71,100.00         ZZ
                                         360         71,063.13          1
    36 NORTH ARLINGTON STREET          9.250            584.93         90
                                       9.000            584.93       79,000.00
    AKRON            OH   44305          1            07/21/00         11
    7199009                              05           09/01/00         25
    7199009                              N            08/01/30
    0


    1997782          225/225             F          500,000.00         ZZ
                                         360        499,174.48          1
    3943 HAMMOND FERRY ROAD            9.000          4,023.12         61
                                       8.750          4,023.12      821,500.00
    EVANS            GA   30809          2            05/22/00         00
    7184727                              03           07/01/00          0
    7184727                              O            06/01/30
    0


    1997784          225/225             F          144,000.00         ZZ
                                         360        143,932.81          1
    235 EAST WILSON STREET             9.750          1,237.19         90
                                       9.500          1,237.19      160,000.00
    BATAVIA          IL   60510          1            07/14/00         10
    7201869                              05           09/01/00         25
    7201869                              N            08/01/30
    0


1


    1997785          225/225             F           78,000.00         ZZ
                                         360         77,895.60          2
    9103-05 E 55TH STREET             10.000            684.51         90
                                       9.750            684.51       86,750.00
    RAYTOWN          MO   64133          1            05/26/00         10
    7191821                              05           07/01/00         25
    7191821                              N            06/01/30
    0


    1997786          225/225             F          232,000.00         ZZ
                                         360        231,852.06          1
    114 CARTIER AISLE                  8.250          1,742.94         80
                                       8.000          1,742.94      290,000.00
    IRVINE           CA   92620          1            07/12/00         00
    7202003                              01           09/01/00          0
    7202003                              O            08/01/30
    0


    1997788          225/225             F          399,900.00         ZZ
                                         360        399,900.00          1
    4945 MOONGLOW                      8.875          3,181.79         77
                                       8.625          3,181.79      521,000.00
    TROY             MI   48098          2            08/04/00         00
    7202077                              05           10/01/00          0
    7202077                              O            09/01/30
    0


    1997790          225/225             F           67,000.00         ZZ
                                         360         66,962.44          1
    9294 DANNER ROAD                   8.875            533.08         58
                                       8.625            533.08      117,000.00
    NEW TRIPOLI      PA   18066          1            08/01/00         00
    6504242                              05           09/01/00          0
    6504242                              O            08/01/30
    0


    1997791          225/225             F           63,200.00         ZZ
                                         360         63,095.92          1
    3881 FAIRDALE ROAD                 9.000            508.52         80
                                       8.750            508.52       79,000.00
    PHILADELPHIA     PA   19154          1            06/16/00         00
    8798425                              05           08/01/00          0
    8798425                              O            07/01/30
    0


    1997792          163/G02             F           97,500.00         ZZ
                                         360         97,343.16          1
    59 USHERS ROAD                     9.125            793.29         65
                                       8.875            793.29      150,000.00
1


    MECHANICVILLE    NY   12118          5            06/23/00         00
    0432236982                           05           08/01/00          0
    1000209920                           O            07/01/30
    0


    1997793          225/225             F           84,000.00         ZZ
                                         360         83,912.56          1
    73289 PALM GREENS PARKWAY          9.250            691.05         80
                                       9.000            691.05      105,000.00
    PALM DESERT      CA   92260          5            06/26/00         00
    7198959                              03           08/01/00          0
    7198959                              O            07/01/30
    0


    1997794          225/225             F          350,000.00         ZZ
                                         360        349,798.62          1
    40648 ROBIN STREET                 8.750          2,753.46         85
                                       8.500          2,753.46      412,000.00
    FREMONT          CA   94538          5            07/12/00         11
    7200452                              05           09/01/00         12
    7200452                              O            08/01/30
    0


    1997795          225/225             F          180,000.00         ZZ
                                         360        179,797.40          1
    6684 SWEETMAPLE LANE               8.875          1,432.17         80
                                       8.625          1,432.17      225,000.00
    BOCA RATON       FL   33433          1            06/13/00         00
    7196119                              03           08/01/00          0
    7196119                              O            07/01/30
    0


    1997796          225/225             F           40,000.00         ZZ
                                         360         39,943.54          1
    3208 8TH STREET EAST               9.750            343.67         80
                                       9.500            343.67       50,000.00
    BRADENTON        FL   34208          5            05/30/00         00
    7192706                              05           07/01/00          0
    7192706                              N            06/01/30
    0


    1997801          225/225             F          180,000.00         ZZ
                                         360        179,710.44          1
    806 SEACREST LANE                  9.125          1,464.54         80
                                       8.875          1,464.54      225,000.00
    BARTLETT         IL   60103          5            05/31/00         00
    7192265                              05           07/01/00          0
    7192265                              O            06/01/30
    0
1




    1997802          225/225             F          147,700.00         ZZ
                                         360        147,568.78          3
    129 SALMON STREET                 10.000          1,296.17         95
                                       9.750          1,296.17      155,500.00
    MANCHESTER       NH   03102          1            06/23/00         11
    7193560                              05           08/01/00         30
    7193560                              O            07/01/30
    0


    1997803          225/225             F           29,050.00         ZZ
                                         360         29,037.48          1
    1827 SOUTH 47TH COURT             10.125            257.63         90
                                       9.875            257.63       32,300.00
    CICERO           IL   60804          1            07/24/00         10
    7194940                              05           09/01/00         25
    7194940                              N            08/01/30
    0


    1997804          225/225             F          122,800.00         ZZ
                                         360        122,667.88          1
    6052 LOOKOUT HEIGHTS DRIVE         9.125            999.15         80
                                       8.875            999.15      153,500.00
    CLAREMONT        NC   28610          1            06/16/00         00
    7194190                              05           08/01/00          0
    7194190                              O            07/01/30
    0


    1997808          225/225             F          274,500.00         ZZ
                                         360        274,228.89          1
    106-14 76TH STREET                 9.500          2,308.15         90
                                       9.250          2,308.15      305,000.00
    OZONE PARK       NY   11417          1            06/12/00         11
    7192424                              05           08/01/00         25
    7192424                              O            07/01/30
    0


    1997809          225/225             F          196,000.00         ZZ
                                         360        195,898.38          1
    9508-9510 WEST 56TH PLACE          9.250          1,612.45         80
                                       9.000          1,612.45      245,000.00
    ARVADA           CO   80003          2            07/21/00         00
    7200946                              05           09/01/00          0
    7200946                              O            08/01/30
    0


    1997810          225/225             F          199,900.00         ZZ
                                         360        199,787.93          1
1


    5290 LANDON CIRCLE                 8.875          1,590.50         79
                                       8.625          1,590.50      254,148.00
    BOYNTON BEACH    FL   33437          1            07/06/00         00
    7190560                              03           09/01/00          0
    7190560                              O            08/01/30
    0


    1997811          225/225             F          480,100.00         ZZ
                                         360        479,545.55          1
    6 LAKESIDE DRIVE                   8.750          3,776.95         70
                                       8.500          3,776.95      685,900.00
    BUENA PARK       CA   90621          1            06/28/00         00
    7197034                              03           08/01/00          0
    7197034                              O            07/01/30
    0


    1997812          225/225             F          314,800.00         ZZ
                                         360        314,445.71          1
    1011 SOUTH VALENTIA STREET         8.875          2,504.70         80
                                       8.625          2,504.70      393,500.00
    DENVER           CO   80231          1            06/27/00         00
    7197807                              03           08/01/00          0
    7197807                              O            07/01/30
    0


    1997813          225/225             F           41,000.00         ZZ
                                         360         40,930.52          1
    8630 NORTHWEST 48TH STREET         8.875            326.22         39
                                       8.625            326.22      106,000.00
    LAUDERHILL       FL   33351          1            05/19/00         00
    7189297                              05           07/01/00          0
    7189297                              O            06/01/30
    0


    1997823          624/G02             F           55,000.00         ZZ
                                         360         55,000.00          4
    600, 604, 606 & 608 WEST BUENA     9.000            442.54         69
    VISTA                              8.750            442.54       80,000.00
    BARSTOW          CA   92311          5            08/14/00         00
    0432248722                           05           10/01/00          0
    34083400133                          O            09/01/30
    0


    1997829          163/G02             F           45,900.00         ZZ
                                         360         45,877.43          4
    51 COTTER AVENUE                   9.500            385.95         90
                                       9.250            385.95       51,000.00
    AKRON            OH   44305          1            07/21/00         04
    0432235711                           05           09/01/00         25
1


    3917492911                           N            08/01/30
    0


    1997832          U05/G02             F          274,500.00         T
                                         360        274,500.00          1
    24400 PERDIDO BEACH BLVD 705       9.375          2,283.15         90
                                       9.125          2,283.15      305,000.00
    ORANGE BEACH     AL   36561          1            08/17/00         01
    0432235026                           06           10/01/00         25
    3062103                              O            09/01/30
    0


    1997837          742/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    66 STATE STREET                    9.500          1,009.03         80
                                       9.250          1,009.03      150,000.00
    PITTSFORD        NY   14534          5            08/11/00         00
    0432236099                           05           10/01/00          0
    6104152                              O            09/01/30
    0


    1997844          U05/G02             F          178,500.00         ZZ
                                         360        178,500.00          1
    53 EASTFIELD DRIVE                 8.875          1,420.23         85
                                       8.625          1,420.23      210,000.00
    BROCKTON         MA   02402          1            08/17/00         10
    0432238194                           05           10/01/00         12
    3064284                              O            09/01/30
    0


    1997850          163/G02             F          460,000.00         ZZ
                                         360        459,748.74          1
    17607 W 53RD DRIVE                 9.000          3,701.26         80
                                       8.750          3,701.26      575,000.00
    GOLDEN           CO   80403          1            07/25/00         00
    0432239945                           05           09/01/00          0
    1817491368                           O            08/01/30
    0


    1997855          163/G02             F           70,000.00         ZZ
                                         360         69,959.73          1
    6 SHELLY PLACE                     8.750            550.69         80
                                       8.500            550.69       87,500.00
    UTICA            NY   13502          2            07/20/00         00
    0432240257                           27           09/01/00          0
    1000228017                           O            08/01/30
    0


1


    1997858          B90/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    9861 FANTAIL PLACE                 9.000            772.44         80
                                       8.750            772.44      120,000.00
    ROSCOE           IL   61073          1            08/24/00         00
    0432236941                           05           10/01/00          0
    901190743                            O            09/01/30
    0


    1997862          163/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
    20 POLLIWOG POND ROAD              8.875          1,288.95         39
                                       8.625          1,288.95      420,000.00
    NANTUCKET        MA   02554          5            08/04/00         00
    0432240471                           05           10/01/00          0
    1000224796                           O            09/01/30
    0


    1997874          M65/G02             F          318,000.00         ZZ
                                         360        318,000.00          2
    303 CLEVELAND AVENUE               9.250          2,616.11         80
                                       9.000          2,616.11      398,000.00
    STATEN ISLAND    NY   10308          1            08/24/00         00
    0432243640                           05           10/01/00          0
    TOKARCZYK                            O            09/01/30
    0


    1997881          926/926             F          350,000.00         ZZ
                                         360        350,000.00          1
    16 BLACK TERN ROAD                 8.750          2,753.46         44
                                       8.500          2,753.46      800,000.00
    HILTON HEAD ISL  SC   29928          1            08/15/00         00
    163020047                            03           10/01/00          0
    163020047                            O            09/01/30
    0


    1997893          A52/G02             F           79,000.00         ZZ
                                         360         79,000.00          2
    1051/1061 MT TABOR ROAD            9.750            678.73         90
                                       9.500            678.73       88,000.00
    DALLAS           GA   30132          1            08/22/00         11
    0432236461                           05           10/01/00         25
    11737                                N            09/01/30
    0


    1997898          225/225             F          390,000.00         ZZ
                                         360        389,792.46          1
    6720 N KENTON                      9.125          3,173.17         75
                                       8.875          3,173.17      520,000.00
1


    LINCOLNWOOD      IL   60712          2            07/10/00         00
    7200081                              05           09/01/00          0
    7200081                              O            08/01/30
    0


    1997899          637/G02             F           78,000.00         ZZ
                                         360         77,961.63          2
    2406 - 2408 W MCANDREWS RD         9.500            655.87         80
                                       9.250            655.87       97,500.00
    MEDFORD          OR   97501          5            07/26/00         00
    0432238129                           05           09/01/00          0
    0021418769                           N            08/01/30
    0


    1997901          163/G02             F          440,000.00         ZZ
                                         360        439,753.33          1
    652 NORTH SHADY LANE               8.875          3,500.84         80
                                       8.625          3,500.84      550,000.00
    TOQUERVILLE      UT   84774          2            07/21/00         00
    0432238137                           05           09/01/00          0
    1817491863                           O            08/01/30
    0


    1997918          163/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
    58 GROUNDNUT HILL                  8.875          1,034.34         69
                                       8.625          1,034.34      190,000.00
    CAPE NEDDICK     ME   03902          1            08/03/00         00
    0432238558                           05           10/01/00          0
    1000208093                           O            09/01/30
    0


    1997927          225/225             F          120,650.00         ZZ
                                         360        120,539.91          3
    157-159 LIBERTY STREET             9.875          1,047.67         95
                                       9.625          1,047.67      127,000.00
    MIDDLETOWN       CT   06457          1            06/12/00         10
    7194429                              05           08/01/00         30
    7194429                              O            07/01/30
    0


    1997934          964/G02             F          294,500.00         ZZ
                                         360        294,500.00          1
    2912 CALLE DE PALOMA NW            8.625          2,290.59         80
                                       8.375          2,290.59      369,000.00
    ALBUQUERQUE      NM   87104          5            08/15/00         00
    0432238210                           03           10/01/00          0
    572816                               O            09/01/30
    0
1




    1997935          964/G02             F          312,800.00         ZZ
                                         360        312,800.00          1
    25696 PO AVENUE                    8.500          2,405.16         85
                                       8.250          2,405.16      368,000.00
    MISSION VIEJO    CA   92691          1            08/14/00         04
    0432238293                           05           10/01/00         17
    83770                                O            09/01/30
    0


    1997938          637/G02             F           38,000.00         ZZ
                                         360         37,981.30          2
    5456-8 8TH AVE                     9.500            319.53         80
                                       9.250            319.53       47,500.00
    FT MEYERS        FL   33907          1            07/27/00         00
    0432241974                           05           09/01/00          0
    0019096957                           N            08/01/30
    0


    1997940          623/623             F          103,000.00         ZZ
                                         360        102,942.26          1
    2926 LAKE COURT                    8.875            819.51         68
                                       8.625            819.51      153,000.00
    LAKELAND         FL   33813          1            08/04/00         00
    5278886                              05           09/01/00          0
    5278886                              O            08/01/30
    0


    1997942          637/G02             F           51,200.00         ZZ
                                         360         51,176.11          1
    27 CONNECTICUT ROAD                9.750            439.89         78
                                       9.500            439.89       66,000.00
    LEHIGH ACRES     FL   33936          5            08/03/00         00
    0432238392                           05           09/01/00          0
    0019102649                           N            08/01/30
    0


    1997944          637/G02             F           86,400.00         ZZ
                                         360         86,400.00          1
    1802 WILLOW CIRCLE                 9.125            702.98         80
                                       8.875            702.98      108,000.00
    COLORADO SPRING  CO   80906          1            08/07/00         00
    0432250777                           05           10/01/00          0
    0015428394                           O            09/01/30
    0


    1997945          637/G02             F           48,000.00         ZZ
                                         360         47,977.60          1
1


    407 BOUGAINVELLEA RD E             9.750            412.40         80
                                       9.500            412.40       60,000.00
    LEHIGH ACRES     FL   33936          5            08/03/00         00
    0432238632                           05           09/01/00          0
    0019102615                           N            08/01/30
    0


    1997951          637/G02             F          108,000.00         ZZ
                                         360        107,950.93          4
    6758 A&B TRAIL LAKE DRIVE          9.875            937.82         90
                                       9.625            937.82      120,000.00
    FORT WORTH       TX   76133          1            08/01/00         11
    0432239986                           05           09/01/00         25
    0021658554                           N            08/01/30
    0


    1997952          637/G02             F          198,500.00         ZZ
                                         360        198,500.00          1
    3010 HURON PEAK PLACE              8.750          1,561.60         78
                                       8.500          1,561.60      255,000.00
    SUPERIOR         CO   80027          5            08/01/00         00
    0432242303                           03           10/01/00          0
    0015416050                           O            09/01/30
    0


    1997955          637/G02             F          380,200.00         ZZ
                                         360        380,002.89          1
    1480 CYPRESS COURT                 9.250          3,127.82         80
                                       9.000          3,127.82      478,000.00
    GILROY           CA   95020          1            07/31/00         00
    0432250769                           05           09/01/00          0
    0021467832                           O            08/01/30
    0


    1997959          637/G02             F           64,000.00         ZZ
                                         360         63,968.52          1
    1708 BEAU COURT                    9.500            538.15         80
                                       9.250            538.15       80,000.00
    BALCH SPRINGS    TX   75180          1            07/26/00         00
    0432242022                           03           09/01/00          0
    2889                                 N            08/01/30
    0


    1997967          637/G02             F           86,850.00         ZZ
                                         360         86,807.27          1
    2804 DODSON DRIVE                  9.500            730.29         90
                                       9.250            730.29       96,500.00
    EAST POINT       GA   30344          1            08/04/00         01
    0432241875                           05           09/01/00         25
1


    0012083887                           N            08/01/30
    0


    1997968          664/G02             F           86,400.00         ZZ
                                         360         86,360.74          4
    87 CLIFFORD STREET                 9.875            750.26         90
                                       9.625            750.26       96,000.00
    NEW BEDFORD      MA   02745          1            08/07/00         11
    0432240398                           05           09/01/00         25
    0003389426                           N            08/01/30
    0


    1997970          964/G02             F          148,000.00         ZZ
                                         360        148,000.00          3
    630 CHARNELTON STREET              9.000          1,190.84         80
                                       8.750          1,190.84      185,000.00
    EUGENE           OR   97401          2            08/11/00         00
    0432240232                           05           10/01/00          0
    83915                                O            09/01/30
    0


    1997978          623/623             F          100,000.00         ZZ
                                         360        100,000.00          1
    918 SPRING DRIVE                   9.125            813.63         73
                                       8.875            813.63      138,500.00
    GAYLORD          MI   49735          1            08/15/00         00
    5279707                              03           10/01/00          0
    5279707                              O            09/01/30
    0


    1998000          M65/G02             F          204,750.00         ZZ
                                         360        204,750.00          2
    54 MACON STREET                    9.500          1,721.65         65
                                       9.250          1,721.65      315,000.00
    BROOKLYN         NY   11216          5            08/25/00         00
    0432240661                           07           10/01/00          0
    2532                                 N            09/01/30
    0


    1998008          163/G02             F          284,000.00         ZZ
                                         360        284,000.00          1
    38 COLONIAL WAY                    8.875          2,259.63         80
                                       8.625          2,259.63      355,000.00
    DARTMOUTH        MA   02748          2            08/09/00         00
    0432241206                           05           10/01/00          0
    3217483027                           O            09/01/30
    0


1


    1998014          940/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
    1011 BASELINE ROAD                 9.125          2,156.13         86
                                       8.875          2,156.13      310,000.00
    LA VERNE         CA   91750          2            08/21/00         10
    0432250678                           05           10/01/00         25
    WH2815                               O            09/01/30
    0


    1998021          Q41/G02             F           56,700.00         ZZ
                                         360         56,700.00          1
    329 IVY WAY                        9.875            492.35         90
                                       9.625            492.35       63,000.00
    GARLAND          TX   75043          1            08/16/00         04
    0432242725                           05           10/01/00         25
    30726                                N            09/01/30
    0


    1998022          455/G02             F          221,250.00         ZZ
                                         360        221,058.59          1
    5930 HIGHWAY 85 UNIT 303          10.125          1,962.10         75
                                       9.875          1,962.10      295,000.00
    RIVERDALE        GA   30274          1            06/14/00         00
    0432238822                           09           08/01/00          0
    09000541                             N            07/01/30
    0


    1998027          637/G02             F          100,700.00         ZZ
                                         360        100,656.63          1
    15515 CORNELL TRAIL               10.125            893.03         90
                                       9.875            893.03      111,900.00
    ROSEMOUNT        MN   55068          1            07/21/00         01
    0432240059                           05           09/01/00         25
    0018725325                           O            08/01/30
    0


    1998030          U05/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
    1131 NORTH BONHAM ST               9.875            778.04         80
                                       9.625            778.04      112,000.00
    SAN BENITO       TX   78586          5            08/16/00         00
    0432238095                           05           10/01/00          0
    3036360                              O            09/01/30
    0


    1998035          163/G02             F          116,550.00         ZZ
                                         360        116,491.15          3
    2 BOYDEN STREET                    9.375            969.40         90
                                       9.125            969.40      129,500.00
1


    WORCESTER        MA   01610          1            07/06/00         11
    0432240505                           05           09/01/00         25
    3217484892                           N            08/01/30
    0


    1998047          637/G02             F           27,750.00         ZZ
                                         360         27,734.43          1
    231 LEMON DRIVE                    8.875            220.80         32
                                       8.625            220.80       89,000.00
    ARLINGTON        TX   76018          1            07/20/00         00
    0432232221                           05           09/01/00          0
    0021693973                           O            08/01/30
    0


    1998052          T11/G02             F           35,640.00         ZZ
                                         360         35,640.00          1
    243 BARFIELD AVENUE                9.625            302.94         90
                                       9.375            302.94       39,600.00
    ATLANTA          GA   30310          1            08/14/00         04
    0432243822                           05           10/01/00         25
    566420                               N            09/01/30
    0


    1998054          664/G02             F           95,200.00         ZZ
                                         360         95,200.00          2
    1832-1834 H STREET                 9.125            774.58         80
                                       8.875            774.58      119,000.00
    WASHOUGAL        WA   98671          1            08/02/00         00
    0432243772                           05           10/01/00          0
    0003590759                           N            09/01/30
    0


    1998056          637/G02             F          400,000.00         ZZ
                                         360        399,775.75          1
    265 SADDLE LANE                    8.875          3,182.58         44
                                       8.625          3,182.58      910,000.00
    MUTTONTOWN       NY   11791          1            07/20/00         00
    0432232114                           05           09/01/00          0
    0013324546                           O            08/01/30
    0


    1998060          664/G02             F           95,600.00         ZZ
                                         360         95,600.00          2
    1802-1804 H STREET                 9.125            777.84         80
                                       8.875            777.84      119,500.00
    WASHOUGAL        WA   98671          1            08/02/00         00
    0432240463                           05           10/01/00          0
    0003590742                           N            09/01/30
    0
1




    1998064          637/G02             F           92,900.00         ZZ
                                         360         92,853.08          1
    3115 META COURT                    9.375            772.70         75
                                       9.125            772.70      123,900.00
    LARGO            FL   33771          1            07/21/00         00
    0432231900                           05           09/01/00          0
    8777096                              O            08/01/30
    0


    1998067          R43/G02             F           82,650.00         ZZ
                                         360         82,650.00          1
    106 REVERE RD                      8.875            657.60         95
                                       8.625            657.60       87,000.00
    GREENWICH TOWNS  NJ   08886          1            08/31/00         04
    0432253698                           01           10/01/00         30
    000004074                            O            09/01/30
    0


    1998069          637/G02             F          182,050.00         ZZ
                                         360        181,850.37          1
    5629 BEARGRASS LANE                9.000          1,464.82         80
                                       8.750          1,464.82      227,594.00
    RALEIGH          NC   27616          1            06/27/00         00
    0432231702                           05           08/01/00          0
    0013120423                           O            07/01/30
    0


    1998090          225/225             F          285,450.00         ZZ
                                         360        285,120.34          1
    109 DEER CHASE POINTE              8.750          2,245.64         80
                                       8.500          2,245.64      356,850.00
    BOSSIER CITY     LA   71111          4            06/07/00         00
    719561400                            03           08/01/00          0
    719561400                            O            07/01/30
    0


    1998091          M66/G02             F          100,000.00         ZZ
                                         360         99,952.09          1
    372 MINSTREL COURT                 9.625            849.99         72
                                       9.375            849.99      139,000.00
    OLD BRIDGE       NJ   08857          1            07/31/00         00
    0432244853                           01           09/01/00          0
    138711                               O            08/01/30
    0


    1998096          624/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
1


    15719 WOLF MOUNTAIN ROAD           8.375          2,850.27         75
                                       8.125          2,850.27      500,000.00
    GRASS VALLEY     CA   95959          5            08/15/00         00
    0432242519                           05           10/01/00          0
    36800500216F                         O            09/01/30
    0


    1998127          U05/G02             F          121,500.00         ZZ
                                         360        121,500.00          4
    441 WEST 20TH AVENUE               9.250            999.55         90
                                       9.000            999.55      135,000.00
    APACHE JUNCTION  AZ   85219          1            08/14/00         01
    0432250926                           05           10/01/00         25
    3059362                              N            09/01/30
    0


    1998143          A06/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
    1711 E 10 MILE RD                  9.500            491.90         90
                                       9.250            491.90       65,000.00
    ROYAL OAK        MI   48067          1            08/25/00         12
    0432242428                           05           10/01/00         25
    01002360                             N            09/01/30
    0


    1998151          964/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
    3950 MONTEREY ROAD                 8.750          1,793.68         80
                                       8.500          1,793.68      285,000.00
    ATASCADERO       CA   93422          5            08/17/00         00
    0432241925                           05           10/01/00          0
    82266                                O            09/01/30
    0


    1998166          H93/G02             F           40,500.00         ZZ
                                         360         40,481.60          1
    2232 JULES STREET                  9.875            351.68         90
                                       9.625            351.68       45,000.00
    SAINT JOSEPH     MO   64507          1            07/31/00         04
    0432241891                           05           09/01/00         25
    1000004917                           N            08/01/30
    0


    1998172          E47/G02             F          134,100.00         ZZ
                                         360        134,100.00          1
    9623 LIMESTONE POND                8.750          1,054.97         90
                                       8.500          1,054.97      149,015.00
    SAN ANTONIO      TX   78250          1            08/22/00         11
    0432242329                           05           10/01/00         25
1


    7329010303                           O            09/01/30
    0


    1998180          624/G02             F          121,850.00         ZZ
                                         360        121,850.00          1
    1419 CONNOLLY DRIVE                9.125            991.41         77
                                       8.875            991.41      160,000.00
    ELKO             NV   89801          2            08/17/00         00
    0432242154                           05           10/01/00          0
    64500300043F                         O            09/01/30
    0


    1998223          U05/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    22470 BOYLE LANE                   9.000            603.47         42
                                       8.750            603.47      182,500.00
    PALO CEDRO       CA   96073          1            08/15/00         00
    0432255529                           05           10/01/00          0
    3061221                              N            09/01/30
    0


    1998299          U05/G02             F           75,400.00         ZZ
                                         360         75,400.00          1
    8420 WEST BLOOMFIELD ROAD          9.750            647.80         80
                                       9.500            647.80       94,250.00
    PEORIA           AZ   85381          1            08/18/00         00
    0432246155                           05           10/01/00          0
    3065979                              N            09/01/30
    0


    1998305          U05/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
    65-1304 LINDSEY ROAD               8.625          1,493.36         80
                                       8.375          1,493.36      240,000.00
    KAMUELA          HI   96743          1            08/03/00         00
    0432246270                           05           10/01/00          0
    3056742                              O            09/01/30
    0


    1998310          575/G02             F          217,600.00         ZZ
                                         360        217,600.00          1
    2729 TRAVELERS COURT               8.750          1,711.87         80
                                       8.500          1,711.87      272,000.00
    CHARLOTTE        NC   28226          1            08/16/00         00
    0432250587                           05           10/01/00          0
    0004443784                           O            09/01/30
    0


1


    1998313          U05/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
    2311 NORTHWEST 204TH STREET        8.875          2,450.59         80
                                       8.625          2,450.59      385,000.00
    SEATTLE          WA   98177          5            08/16/00         00
    0432242378                           05           10/01/00          0
    3063795                              O            09/01/30
    0


    1998317          811/G02             F          292,000.00         ZZ
                                         360        292,000.00          1
    1705 DERBY STREET                  8.500          2,245.23         80
                                       8.250          2,245.23      365,000.00
    BERKELEY         CA   94703          1            08/16/00         00
    0432245991                           05           10/01/00          0
    FM02702247                           O            09/01/30
    0


    1998318          U05/G02             F          270,000.00         ZZ
                                         360        270,000.00          3
    1860 SOUTH CURSON AVENUE 1-2-3     9.750          2,319.72         90
                                       9.500          2,319.72      300,000.00
    LOS ANGELES      CA   90019          1            08/09/00         10
    0432255610                           05           10/01/00         25
    3059428                              O            09/01/30
    0


    1998372          U59/G02             F          137,600.00         ZZ
                                         360        137,530.51          1
    8111 PARAGON RD                    9.375          1,144.49         80
                                       9.125          1,144.49      172,000.00
    DAYTON           OH   45458          5            08/21/00         00
    0432245199                           05           09/25/00          0
    800581562                            O            08/25/30
    0


    1998377          E23/G02             F          202,500.00         ZZ
                                         360        202,500.00          4
    839 NORTH VINEYARD AVENUE          9.250          1,665.92         90
                                       9.000          1,665.92      225,000.00
    ONTARIO          CA   91764          1            08/24/00         14
    0432255396                           05           10/01/00         30
    10512551                             N            09/01/30
    0


    1998387          A33/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    9689 SYLVESTER                     9.875            937.82         80
                                       9.625            937.82      135,000.00
1


    TAYLOR           MI   48180          1            08/18/00         00
    0432246510                           05           10/01/00          0
    9010909504                           O            09/01/30
    0


    1998389          664/G02             F          170,000.00         T
                                         360        170,000.00          1
    720 E "D" STREET                   8.875          1,352.60         52
                                       8.625          1,352.60      330,000.00
    JACKSONVILLE     OR   97530          1            08/07/00         00
    0432246635                           05           10/01/00          0
    0003352994                           O            09/01/30
    0


    1998399          H76/G02             F          232,800.00         ZZ
                                         360        232,800.00          1
    798 TRAPELO ROAD                   8.750          1,831.44         80
                                       8.500          1,831.44      291,000.00
    WALTHAM          MA   02154          1            08/21/00         00
    0432245827                           05           10/01/00          0
    2000351747                           O            09/01/30
    0


    1998400          964/G02             F          140,250.00         ZZ
                                         360        140,250.00          1
    206 NORTHWEST TUMALO AVENUE        8.750          1,103.35         85
                                       8.500          1,103.35      165,000.00
    BEND             OR   97701          1            08/17/00         04
    0432244523                           05           10/01/00         12
    85655                                O            09/01/30
    0


    1998409          E45/G02             F          138,750.00         ZZ
                                         360        138,750.00          1
    14605 HARRIS PLACE                 9.375          1,154.05         75
                                       9.125          1,154.05      185,000.00
    MIAMI LAKES      FL   33014          1            08/09/00         00
    0432242600                           05           10/01/00          0
    89816                                O            09/01/30
    0


    1998413          A52/G02             F          194,400.00         ZZ
                                         360        194,400.00          4
    6330 HOLCOMB WAY                   9.750          1,670.20         90
                                       9.500          1,670.20      216,500.00
    NORCROSS         GA   30092          1            08/25/00         11
    0432244911                           05           10/01/00         25
    12011                                N            09/01/30
    0
1




    1998490          M65/G02             F          166,500.00         ZZ
                                         360        166,500.00          2
    869 EAST 222ND STREET              9.000          1,339.70         90
                                       8.750          1,339.70      185,000.00
    BRONX            NY   10467          1            08/29/00         04
    0432245777                           05           10/01/00         25
    2503                                 N            09/01/30
    0


    1998494          U59/G02             F          262,400.00         ZZ
                                         360        262,267.48          1
    47 FLORENCE DR                     9.375          2,182.52         80
                                       9.125          2,182.52      328,000.00
    SYOSSET          NY   11791          1            08/25/00         00
    0432245553                           05           09/25/00          0
    80049627                             O            08/25/30
    0


    1998511          664/G02             F          242,000.00         ZZ
                                         360        242,000.00          1
    11070 SOUTHWEST WINYA COURT        8.625          1,882.26         80
                                       8.375          1,882.26      305,000.00
    TUALATIN         OR   97062          5            08/10/00         00
    0432245348                           05           10/01/00          0
    0003592375                           O            09/01/30
    0


    1998514          U05/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
    33 LONGVIEW DRIVE                  9.000          1,050.03         90
                                       8.750          1,050.03      145,000.00
    SPRINGFIELD      PA   19064          1            08/14/00         04
    0432246015                           05           10/01/00         25
    3062488                              O            09/01/30
    0


    1998518          U05/G02             F          109,650.00         ZZ
                                         360        109,650.00          1
    1000 INTERNATIONAL BOULEVARD       8.875            872.42         90
                                       8.625            872.42      122,500.00
    WESLACO          TX   78596          2            08/10/00         11
    0432246734                           05           10/01/00         25
    3039476                              O            09/01/30
    0


    1998523          E45/G02             F           78,300.00         ZZ
                                         360         78,300.00          1
1


    12407 KELLY PLACE                  9.000            630.02         90
                                       8.750            630.02       87,000.00
    THONOTOSASSA     FL   33592          1            08/17/00         11
    0432245306                           05           10/01/00         25
    89986                                O            09/01/30
    0


    1998528          E45/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
    10 PALMETTO DRIVE                  9.500          1,513.54         72
                                       9.250          1,513.54      250,000.00
    STUART           FL   34996          1            08/15/00         00
    0432245892                           05           10/01/00          0
    91782                                O            09/01/30
    0


    1998529          313/G02             F          126,000.00         ZZ
                                         360        126,000.00          3
    4820 EAST CABALLERO                9.875          1,094.12         90
                                       9.625          1,094.12      140,000.00
    MESA             AZ   85205          1            08/11/00         04
    0432244820                           05           10/01/00         25
    0007013154                           N            09/01/30
    0


    1998531          E45/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    5105 COUNTRYSIDE COURT             9.875            521.01         80
                                       9.625            521.01       75,000.00
    SAINT CLOUD      FL   34771          5            08/03/00         00
    0432245942                           05           10/01/00          0
    91620                                O            09/01/30
    0


    1998533          313/G02             F          102,400.00         ZZ
                                         360        102,400.00          4
    450 EAST MESQUITE AVENUE           9.875            889.19         80
                                       9.625            889.19      128,000.00
    APACHE JUNCTION  AZ   85219          1            08/14/00         00
    0432245421                           05           10/01/00          0
    0007013147                           N            09/01/30
    0


    1998536          U05/G02             F          294,400.00         ZZ
                                         360        294,400.00          1
    3369 CROPLEY COURT                 8.750          2,316.05         80
                                       8.500          2,316.05      368,000.00
    SAN JOSE         CA   95132          1            08/16/00         00
    0432261493                           05           10/01/00          0
1


    3047273                              O            09/01/30
    0


    1998544          U05/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
    1107 S 10TH AVENUE                 9.250            641.69         75
                                       9.000            641.69      104,000.00
    YAKIMA           WA   98902          5            08/02/00         00
    0432255727                           05           10/01/00          0
    3061820                              N            09/01/30
    0


    1998571          664/G02             F          157,250.00         ZZ
                                         360        157,159.52          1
    7505 MILLWRIGHT STREET             8.750          1,237.09         85
                                       8.500          1,237.09      185,000.00
    CAPITOL HEIGHTS  MD   20743          5            07/07/00         11
    0432246825                           05           09/01/00         12
    0003330305                           O            08/01/30
    0


    1998573          624/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
    3009 CAMINITO ARENOSO              8.500          2,060.69         80
                                       8.250          2,060.69      335,000.00
    SAN DIEGO        CA   92117          1            08/23/00         00
    0432254688                           01           10/01/00          0
    37006200116                          O            09/01/30
    0


    1998575          P45/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
    2028 SOUTH PARRY DRIVE             9.750            790.42         80
                                       9.500            790.42      115,000.00
    WARSAW           IN   46580          5            08/08/00         00
    0432255438                           05           10/01/00          0
    102964816                            O            09/01/30
    0


    1998595          964/G02             F          137,750.00         ZZ
                                         360        137,750.00          4
    1560 E 25TH AVE                    9.250          1,133.24         95
                                       9.000          1,133.24      145,000.00
    APACHE JUNCTION  AZ   85219          1            08/16/00         01
    0432247260                           05           10/01/00         30
    84200                                O            09/01/30
    0


1


    1998607          882/G02             F          103,500.00         ZZ
                                         360        103,500.00          4
    4585 SW 37TH LANE                  9.125            842.11         90
                                       8.875            842.11      115,000.00
    OCALA            FL   34474          1            08/25/00         04
    0432247419                           05           10/01/00         25
    200159                               N            09/01/30
    0


    1998613          A33/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    2691 CARPENTER RD                  9.500            714.73         60
                                       9.250            714.73      142,000.00
    LAPEER           MI   48446          5            08/21/00         00
    0432261048                           05           10/01/00          0
    000746                               O            09/01/30
    0


    1998624          M29/G02             F          396,100.00         ZZ
                                         360        396,100.00          1
    441 ADAMS STREET                   9.000          3,187.11         78
                                       8.750          3,187.11      509,600.00
    DENVER           CO   80206          1            08/31/00         00
    0432258689                           05           10/01/00          0
    000599DM                             O            09/01/30
    0


    1998628          163/G02             F          260,000.00         ZZ
                                         360        259,875.44          3
    666 WEST BROADWAY                  9.625          2,209.98         84
                                       9.375          2,209.98      310,000.00
    LONG BEACH       NY   11561          1            07/28/00         11
    0432254738                           07           09/01/00         12
    1000221632                           N            08/01/30
    0


    1998635          163/G02             F          100,000.00         ZZ
                                         360         99,948.15          1
    2003 DELANY ROAD                   9.250            822.68         69
                                       9.000            822.68      145,000.00
    NEW LENOX        IL   60451          1            07/28/00         00
    0432248961                           05           09/01/00          0
    3917480395                           O            08/01/30
    0


    1998636          163/G02             F           66,000.00         ZZ
                                         360         65,969.21          1
    8749 N DELAWARE AVENUE             9.750            567.04         53
                                       9.500            567.04      125,000.00
1


    PORTLAND         OR   97217          5            07/21/00         00
    0432248896                           05           09/01/00          0
    817496730                            N            08/01/30
    0


    1998641          163/G02             F          400,000.00         ZZ
                                         360        399,803.25          3
    25 BELKNAP STREET                  9.500          3,363.42         80
                                       9.250          3,363.42      500,000.00
    SOMERVILLE       MA   02144          1            07/27/00         00
    0432248490                           05           09/01/00          0
    1000234866                           N            08/01/30
    0


    1998643          624/G02             F          156,600.00         ZZ
                                         360        156,600.00          4
    1612 VAN ZANTEN DRIVE              9.500          1,316.78         90
                                       9.250          1,316.78      174,000.00
    KILLEEN          TX   76541          1            08/16/00         11
    0432247666                           02           10/01/00         25
    82300200353F                         N            09/01/30
    0


    1998654          163/G02             F          140,000.00         ZZ
                                         360        139,934.68          2
    216 SUYDAM STREET                  9.750          1,202.82         79
                                       9.500          1,202.82      178,500.00
    BRUNSWICK        NJ   08901          2            07/24/00         00
    0432248292                           05           09/01/00          0
    3217489495                           N            08/01/30
    0


    1998656          163/G02             F          151,200.00         ZZ
                                         360        151,121.61          1
    725 MILLER AVE 214                 9.250          1,243.89         90
                                       9.000          1,243.89      168,000.00
    FREEPORT         NY   11520          1            07/28/00         04
    0432248185                           01           09/01/00         25
    1000231682                           O            08/01/30
    0


    1998829          U05/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
    1205 CAREFREE DRIVE                8.750            692.30         80
                                       8.500            692.30      110,000.00
    LEAGUE CITY      TX   77573          5            08/23/00         00
    0432250116                           03           10/01/00          0
    3063935                              O            09/01/30
    0
1




    1998834          K81/G02             F          472,000.00         ZZ
                                         360        472,000.00          3
    7145 WEST VASSAR AVENUE            9.500          3,968.83         80
                                       9.250          3,968.83      590,000.00
    LAKEWOOD         CO   80227          2            08/16/00         00
    0432249753                           05           10/01/00          0
    7001703                              O            09/01/30
    0


    1998838          950/G02             F          109,500.00         ZZ
                                         360        109,500.00          1
    6536 NW WENMARIE DRIVE             8.750            861.44         70
                                       8.500            861.44      156,450.00
    PORTLAND         OR   97229          1            08/07/00         00
    0432249654                           03           10/01/00          0
    YA007124                             N            09/01/30
    0


    1998844          M66/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    5596 MINISINK DRIVE                9.125            366.14         85
                                       8.875            366.14       53,000.00
    TOBYHANNA        PA   18466          1            08/30/00         11
    0432248953                           03           10/01/00         12
    139190                               O            09/01/30
    0


    1998846          P67/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
    13 FOREST STREET                   9.250          1,612.44         76
                                       9.000          1,612.44      260,000.00
    DANVERS          MA   01923          1            09/01/00         00
    0432249829                           05           10/01/00          0
    416059                               O            09/01/30
    0


    1998851          967/G02             F          149,090.00         ZZ
                                         360        149,090.00          1
    2125 EAST INGLEWOOD STREET         9.375          1,240.06         85
                                       9.125          1,240.06      175,400.00
    MESA             AZ   85213          1            08/21/00         14
    0432249522                           05           10/01/00         12
    6126171                              O            09/01/30
    0


    1998856          P67/G02             F          289,000.00         ZZ
                                         360        289,000.00          1
1


    30 KROCHMAL ROAD                   8.625          2,247.81         80
                                       8.375          2,247.81      361,260.00
    PEABODY          MA   01960          1            09/01/00         00
    0432254555                           05           10/01/00          0
    418571                               O            09/01/30
    0


    1998859          E23/G02             F           71,100.00         ZZ
                                         360         71,100.00          1
    18605 CASABA ROAD                  9.875            617.40         90
                                       9.625            617.40       79,000.00
    ADELANTO         CA   92301          1            08/25/00         04
    0432255420                           05           10/01/00         25
    50509568                             N            09/01/30
    0


    1998972          575/G02             F           90,900.00         ZZ
                                         360         90,900.00          1
    1861 WOODBRIDGE COURT              8.875            723.25         90
                                       8.625            723.25      101,000.00
    MIDDLEBURG       FL   32068          1            08/25/00         10
    0432252427                           05           10/01/00         25
    0004695938                           N            09/01/30
    0


    1999005          P04/G02             F          143,910.00         ZZ
                                         360        143,910.00          4
    2324 QUINCY STREET NE              9.250          1,183.91         90
                                       9.000          1,183.91      159,900.00
    MINNEAPOLIS      MN   55411          1            08/30/00         04
    0432258341                           05           10/01/00         25
    TQS28                                N            09/01/30
    0


    1999016          H93/G02             F           71,760.00         ZZ
                                         360         71,760.00          2
    6337 WELLINGTON STREET             9.875            623.13         80
                                       9.625            623.13       89,700.00
    NORFOLK          VA   23513          1            08/09/00         00
    0432257731                           05           10/01/00          0
    00005345                             O            09/01/30
    0


    1999068          950/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
    19440 SOUTHEAST 168TH STREET       8.750          1,384.59         90
                                       8.500          1,384.59      197,000.00
    RENTON           WA   98058          5            08/02/00         11
    0432257038                           05           10/01/00         25
1


    EW006338                             O            09/01/30
    0


    1999074          144/144             F          188,000.00         ZZ
                                         360        188,000.00          1
    215 GLENFORD WITTENBERG ROAD       8.500          1,445.56         80
                                       8.250          1,445.56      235,000.00
    BEARSVILLE T/WO  NY   12409          1            08/29/00         00
    WEINER                               05           10/01/00          0
    WEINER                               O            09/01/30
    0


    1999110          964/G02             F          133,500.00         ZZ
                                         360        133,500.00          4
    1918 7TH STREET                    9.125          1,086.20         89
                                       8.875          1,086.20      150,000.00
    SACRAMENTO       CA   95814          1            08/29/00         04
    0432259414                           05           10/01/00         25
    85067                                N            09/01/30
    0


    1999112          964/G02             F          133,500.00         ZZ
                                         360        133,500.00          4
    1916 7TH STREET                    9.125          1,086.20         89
                                       8.875          1,086.20      150,000.00
    SACRAMENTO       CA   95814          1            08/29/00         04
    0432259448                           05           10/01/00         25
    85075                                N            09/01/30
    0


    1999171          163/G02             F          145,250.00         ZZ
                                         360        145,164.51          4
    8176 LEMON GROVE WAY               9.125          1,181.80         70
                                       8.875          1,181.80      207,500.00
    LEMON GROVE      CA   91945          1            07/26/00         00
    0432260933                           05           09/01/00          0
    1417495294                           N            08/01/30
    0


    1999176          163/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
    11255 WINTER COTTAGE PLACE         9.500          3,363.42         78
                                       9.250          3,363.42      517,331.00
    LAS VEGAS        NV   89135          1            08/02/00         00
    0432260297                           03           10/01/00          0
    1817196223                           O            09/01/30
    0


1


    1999179          Q48/G02             F          284,000.00         ZZ
                                         360        284,000.00          1
    611 KNOLLWOOD COURT                8.500          2,183.71         80
                                       8.250          2,183.71      355,000.00
    VALLEY COTTAGE   NY   10989          1            08/31/00         00
    0432258317                           05           10/01/00          0
    50095601                             O            09/01/30
    0


    1999202          B85/G02             F          610,000.00         ZZ
                                         360        610,000.00          1
    32 MONUMENT SQUARE                 9.500          5,129.21         47
                                       9.250          5,129.21    1,300,000.00
    CHARLESTOWN      MA   02129          5            08/28/00         00
    0432258564                           05           10/01/00          0
    FRAZER                               O            09/01/30
    0


    1999235          637/G02             F           54,400.00         ZZ
                                         360         54,400.00          1
    1716 EAST 22ND STREET              8.750            427.97         80
                                       8.500            427.97       68,500.00
    FARMINGTON       NM   87401          5            08/14/00         00
    0432258416                           07           10/01/00          0
    0021664487                           N            09/01/30
    0


    1999259          K81/G02             F           88,000.00         ZZ
                                         360         88,000.00          2
    3106-3110 WEST ALASKA PLACE        9.500            739.95         80
                                       9.250            739.95      110,000.00
    DENVER           CO   80219          1            08/23/00         00
    0432259471                           05           10/01/00          0
    7001738                              O            09/01/30
    0


    1999283          575/G02             F          252,700.00         ZZ
                                         360        252,700.00          1
    917 FREDERICK STREET               9.375          2,101.84         75
                                       9.125          2,101.84      339,500.00
    VIENNA           VA   22180          1            08/30/00         00
    0432258473                           05           10/01/00          0
    4712311                              O            09/01/30
    0


    1999303          637/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
    1135 NW 74TH AVENUE                8.625            497.79         80
                                       8.375            497.79       80,000.00
1


    MARGATE          FL   33063          1            08/18/00         00
    0432259497                           05           10/01/00          0
    0019183391                           O            09/01/30
    0


    1999306          E11/G02             F           99,000.00         ZZ
                                         360         99,000.00          2
    3024 S 15TH AVENUE                 8.875            787.69         90
                                       8.625            787.69      110,000.00
    MINNEAPOLIS      MN   55407          1            08/31/00         14
    0432259539                           05           10/01/00         25
    0002001024154                        N            09/01/30
    0


    1999309          637/G02             F          456,000.00         ZZ
                                         360        456,000.00          1
    5012 SEVILLE LANE                  8.875          3,628.15         80
                                       8.625          3,628.15      570,000.00
    FLOWER MOUND     TX   75028          2            08/15/00         00
    0432259323                           03           10/01/00          0
    0021664057                           O            09/01/30
    0


    1999331          536/536             F          210,000.00         ZZ
                                         360        209,043.07          1
    78-6715 ALII DRIVE #304            8.250          1,577.66         77
                                       8.000          1,577.66      275,000.00
    KAILUA-KONA      HI   96740          1            01/24/00         00
    1251032                              01           03/01/00          0
    1251032                              O            02/01/30
    0


    2665829          286/286             F           41,400.00         ZZ
                                         360         40,625.63          1
    1723 E  GRAUWYLER #125             8.500            318.34         90
                                       8.250            318.34       46,000.00
    IRVING           TX   75061          1            04/30/98         10
    0008751522                           01           06/01/98         25
    0008751522                           N            05/01/28
    0


    3083362          196/G02             F          259,200.00         ZZ
                                         360        257,852.85          2
    6349-6351 GOLIAD AVENUE            8.875          2,062.31         90
                                       8.625          2,062.31      288,000.00
    DALLAS           TX   75214          1            11/15/99         14
    0431726314                           05           01/01/00         25
    1355185                              N            12/01/29
    0
1




    3106085          074/G02             F          182,000.00         ZZ
                                         360        180,926.28          4
    17354 SOUTH WEST MERLO             8.250          1,367.31         65
                                       8.000          1,367.31      280,000.00
    ALOHA            OR   97006          5            11/29/99         00
    0431757921                           05           01/01/00          0
    1415000660                           N            12/01/29
    0


    3376869          S11/G02             F          387,000.00         ZZ
                                         360        386,106.30          1
    14655 MORRISON STREET              9.875          3,360.51         90
                                       9.625          3,360.51      430,000.00
    SHERMAN OAKS     CA   91403          5            03/23/00         10
    0431996925                           05           05/01/00         25
    10200409                             O            04/01/30
    0


    3384131          U05/G02             F          143,100.00         ZZ
                                         360        142,769.53          3
    1908 N CALIFORNIA AVENUE           9.875          1,242.61         90
                                       9.625          1,242.61      159,000.00
    CHICAGO          IL   60647          1            03/31/00         11
    0431993559                           05           05/01/00         25
    3023630                              N            04/01/30
    0


    3418252          A50/G02             F          205,000.00         ZZ
                                         360        204,336.62          1
    2755 OAK GROVE ROAD                8.750          1,612.74         75
                                       8.500          1,612.74      276,000.00
    CARROLLTON       GA   30177          5            03/27/00         00
    0432202398                           05           05/01/00          0
    211001                               O            04/01/30
    0


    3428197          560/560             F          163,800.00         ZZ
                                         360        162,850.50          1
    UNIT 1 STEMWINDER VILLAGE          8.875          1,303.27         70
                                       8.625          1,303.27      234,000.00
    SNOWSHOE         WV   26209          1            10/29/99         00
    126474709                            20           12/01/99          0
    126474709                            N            11/01/29
    0


    3435201          664/G02             F          132,000.00         ZZ
                                         360        131,723.06          1
1


    464 NORTH REEDER AVENUE            9.250          1,085.94         54
                                       9.000          1,085.94      249,000.00
    COVINA           CA   91724          1            04/20/00         00
    0432028181                           05           06/01/00          0
    0003227030                           O            05/01/30
    0


    3471300          U05/G02             F           86,850.00         ZZ
                                         360         86,752.26          1
    2213 DISCOVERY CIRCLE WEST #10     8.875            691.02         90
                                       8.625            691.02       96,500.00
    DEERFIELD BEACH  FL   33442          1            06/30/00         11
    0432133197                           09           08/01/00         25
    3044909                              O            07/01/30
    0


    3490718          E22/G02             F          129,600.00         ZZ
                                         360        129,407.24          1
    709 ILLINOIS STREET                9.500          1,089.75         80
                                       9.250          1,089.75      162,000.00
    GOLDEN           CO   80401          1            06/02/00         00
    0411983984                           05           07/01/00          0
    0411983984                           N            06/01/30
    0


    3500506          F28/G02             F           96,300.00         ZZ
                                         360         95,786.59          3
    12 SUFFIELD ST                     8.750            757.59         90
                                       8.500            757.59      107,000.00
    WORCESTER        MA   01604          1            11/10/99         10
    0432078244                           05           01/01/00         25
    5179860                              O            12/01/29
    0


    3507311          E86/G02             F           92,471.00         ZZ
                                         360         92,347.25          4
    25 OAK  STREET                    10.000            811.50         89
                                       9.750            811.50      103,900.00
    VERNON ROCKVILL  CT   06066          1            05/31/00         14
    0432235885                           05           07/01/00         25
    66150                                N            06/01/30
    0


    3514912          623/G02             F           94,000.00         ZZ
                                         360         93,821.71          1
    2330 GARRISON ST                   9.625            798.99         43
                                       9.375            798.99      219,000.00
    LAKEWOOD         CO   80215          1            05/12/00         00
    0432108686                           05           07/01/00          0
1


    1526249                              O            06/01/30
    0


    3514915          623/G02             F           74,400.00         ZZ
                                         360         74,247.95          1
    210 DIVISION AVENUE                9.375            618.82         80
                                       9.125            618.82       93,000.00
    LA GRANDE        OR   97850          5            04/07/00         00
    0432109205                           05           06/01/00          0
    1680379                              N            05/01/30
    0


    3514946          623/G02             F           85,400.00         ZZ
                                         360         85,276.28          1
    1105 EAST 9TH STREET               9.625            725.89         90
                                       9.375            725.89       94,900.00
    SMITHVILLE       TX   78957          1            05/19/00         04
    0432109064                           05           07/01/00         25
    5262711                              O            06/01/30
    0


    3520718          196/G02             F           67,050.00         ZZ
                                         360         66,912.96          1
    97 SOUTH NOME STREET               9.375            557.69         90
                                       9.125            557.69       74,500.00
    AURORA           CO   80012          1            04/13/00         14
    0432097251                           07           06/01/00         25
    1368900                              N            05/01/30
    0


    3521473          196/G02             F          219,437.00         ZZ
                                         360        109,325.17          1
    5790 HWY 85 PEMBROKE TOWNHOMES     9.750          1,885.30         75
    UNIT 302                           9.500          1,885.30      295,000.00
    RIVERDALE        GA   30349          2            02/16/00         00
    0432092492                           09           04/01/00          0
    1356285                              N            03/01/30
    0


    3522711          E22/G02             F           80,000.00         ZZ
                                         360         79,883.83          1
    128 WEST VIA VAQUERO               9.250            658.14         57
                                       9.000            658.14      140,500.00
    SAN DIMAS        CA   91773          1            06/08/00         00
    0411969900                           09           08/01/00          0
    0411969900                           O            07/01/30
    0


1


    3525837          E86/G02             F           69,300.00         ZZ
                                         360         69,204.76          1
    809 PARK TRAIL DRIVE               9.875            601.77         90
                                       9.625            601.77       77,000.00
    CLERMONT         FL   34711          1            05/31/00         11
    0432109866                           05           07/01/00         25
    01000803                             N            06/01/30
    0


    3525847          E86/G02             F           69,300.00         ZZ
                                         360         69,204.76          1
    807 PARK TRAIL DRIVE               9.875            601.77         90
                                       9.625            601.77       77,000.00
    CLERMONT         FL   34711          1            05/31/00         11
    0432109908                           05           07/01/00         25
    42000047                             N            06/01/30
    0


    3531525          196/G02             F          252,000.00         ZZ
                                         360        251,457.41          1
    122 EDGEWOOD COURT                 9.125          2,050.36         80
                                       8.875          2,050.36      315,000.00
    WAYZATA          MN   55391          1            04/26/00         00
    0432097152                           09           06/01/00          0
    1369257                              O            05/01/30
    0


    3533086          E86/G02             F          126,000.00         T
                                         360        125,797.31          1
    1906 LAKE STREET                   9.125          1,025.18         70
                                       8.875          1,025.18      180,000.00
    ALGOMA           WI   54201          1            05/26/00         00
    0432094571                           05           07/01/00          0
    05000261                             O            06/01/30
    0


    3543653          P63/G02             F          252,700.00         ZZ
                                         360        252,379.36          3
    232 BLAIR AVENUE                  10.250          2,264.45         90
                                      10.000          2,264.45      282,000.00
    BRONX            NY   10465          1            05/26/00         04
    0432110625                           07           07/01/00         25
    20005155                             N            06/01/30
    0


    3543794          P63/G02             F          252,700.00         ZZ
                                         360        252,379.36          3
    240 BLAIR AVENUE                  10.250          2,264.45         90
                                      10.000          2,264.45      282,000.00
1


    BRONX            NY   10465          1            05/26/00         04
    0432110658                           07           07/01/00         25
    20005155                             N            06/01/30
    0


    3543874          P63/G02             F          252,700.00         ZZ
                                         360        252,379.36          3
    238 BLAIR AVENUE                  10.250          2,264.45         90
                                      10.000          2,264.45      282,000.00
    BRONX            NY   10465          1            05/26/00         11
    0432110666                           07           07/01/00         25
    2005181                              O            06/01/30
    0


    3551125          405/405             F          202,500.00         ZZ
                                         360        202,138.76          1
    623 PROSPECT AVENUE                8.625          1,575.02         90
                                       8.125          1,575.02      225,000.00
    SOUTH PASADENA   CA   91030          1            05/18/00         01
    11700036                             01           07/01/00         25
    11700036                             O            06/01/30
    0


    3551381          M46/G02             F          100,000.00         ZZ
                                         360         99,908.76          1
    828 SOUTH LEVITT UNIT A            9.875            868.35         69
                                       9.625            868.35      146,500.00
    CHICAGO          IL   60670          1            06/09/00         00
    0432112720                           01           08/01/00          0
    6780410                              N            07/01/30
    0


    3552463          074/G02             F           36,900.00         ZZ
                                         360         36,794.95          1
    436 NGORDON STREET                 9.875            320.43         90
                                       9.625            320.43       41,000.00
    ALLENTOWN        PA   18102          1            05/30/00         14
    0432128676                           07           07/01/00         25
    1587312536                           N            06/01/30
    0


    3552468          074/G02             F           45,000.00         ZZ
                                         360         44,938.14          1
    1122 W CHEW STREET                 9.875            390.76         90
                                       9.625            390.76       50,000.00
    ALLENTOWN        PA   18102          1            05/30/00         11
    0432128718                           07           07/01/00         25
    1587306748                           N            06/01/30
    0
1




    3552477          074/G02             F          950,000.00         ZZ
                                         360        948,694.49          1
    428 S LINCOLN ST                   9.875          8,249.32         70
                                       9.625          8,249.32    1,375,000.00
    HINSDALE         IL   60521          2            05/24/00         00
    0432128791                           05           07/01/00          0
    1583290588                           O            06/01/30
    0


    3552509          074/G02             F          360,000.00         ZZ
                                         360        359,594.85          1
    3369 KIMBERLY WAY                  8.875          2,864.33         80
                                       8.625          2,864.33      450,000.00
    SAN MATEO        CA   94403          1            06/08/00         00
    0432129120                           09           08/01/00          0
    1561477870                           O            07/01/30
    0


    3552540          074/G02             F           72,900.00         ZZ
                                         360         72,779.64          1
    250 WASHINGTON STRE                9.000            586.57         90
                                       8.750            586.57       81,000.00
    ROYERSFORD       PA   19468          1            05/10/00         10
    0432129427                           07           07/01/00         25
    1503856644                           N            06/01/30
    0


    3560747          E22/G02             F          157,500.00         ZZ
                                         360        157,344.44          1
    2300/2400 BOWLER ROAD              9.500          1,324.35         80
                                       9.250          1,324.35      198,000.00
    WALLER           TX   77484          1            06/28/00         00
    0412015042                           05           08/01/00          0
    0412015042                           N            07/01/30
    0


    3560755          E22/G02             F          130,000.00         ZZ
                                         360        129,871.61          1
    26 ROLLING RIDGE LANE              9.500          1,093.11         54
                                       9.250          1,093.11      242,000.00
    METHUEN          MA   01844          1            06/28/00         00
    0412019531                           05           08/01/00          0
    0412019531                           O            07/01/30
    0


    3564560          E22/G02             F           55,200.00         ZZ
                                         360         55,149.63          1
1


    15 3RD ST                          9.875            479.33         80
                                       9.625            479.33       69,000.00
    ASHEVILLE        NC   28803          1            06/29/00         00
    0411996705                           05           08/01/00          0
    0411996705                           N            07/01/30
    0


    3564571          E22/G02             F           33,250.00         ZZ
                                         360         33,217.17          1
    1725 COCKLESHELL DRIVE             9.500            279.58         80
                                       9.250            279.58       41,600.00
    HOLIDAY          FL   34690          1            06/29/00         00
    0412003543                           05           08/01/00          0
    0412003543                           N            07/01/30
    0


    3564587          E22/G02             F           99,600.00         ZZ
                                         360         99,499.02          1
    631 ADMIRAL DRIVE, UNIT # 104      9.375            828.42         80
                                       9.125            828.42      124,500.00
    ANNAPOLIS        MD   21401          1            06/28/00         00
    0412017360                           01           08/01/00          0
    0412017360                           O            07/01/30
    0


    3567605          G52/G02             F          151,900.00         ZZ
                                         360        151,741.91          1
    364 CRYSTAL LAKE ROAD              9.250          1,249.64         80
                                       9.000          1,249.64      189,900.00
    BIG BEAR LAKE    CA   92315          1            06/27/00         00
    0432135093                           05           08/01/00          0
    89505272                             N            07/01/30
    0


    3567703          G52/G02             F           42,000.00         ZZ
                                         360         41,956.29          1
    9232 CITRUS AVENUE                 9.250            345.52         70
    UNIT E                             9.000            345.52       60,000.00
    FONTANA          CA   92335          1            06/20/00         00
    0432131654                           09           08/01/00          0
    89505240                             O            07/01/30
    0


    3570085          E22/G02             F           76,000.00         ZZ
                                         240         75,795.74          1
    4704 LEEDS AVENUE                  9.875            727.13         80
                                       9.625            727.13       95,000.00
    BALTIMORE        MD   21227          1            06/30/00         00
    0412003071                           05           08/01/00          0
1


    0412003071                           N            07/01/20
    0


    3570091          E22/G02             F          139,500.00         ZZ
                                         360        139,372.72          4
    1310 FLORIDA AVE                   9.875          1,211.35         90
                                       9.625          1,211.35      155,000.00
    WEST PALM BEACH  FL   33401          1            06/30/00         10
    0412006942                           05           08/01/00         25
    0412006942                           N            07/01/30
    0


    3570117          E22/G02             F          140,000.00         ZZ
                                         360        139,854.28          1
    1797 MONTEREY LANE                 9.250          1,151.75         80
                                       9.000          1,151.75      175,000.00
    EUGENE           OR   97401          1            06/23/00         00
    0412020026                           05           08/01/00          0
    0412020026                           N            07/01/30
    0


    3570133          E22/G02             F           91,750.00         ZZ
                                         360         91,654.51          1
    5210 LETHABY DRIVE                 9.250            754.80         80
                                       9.000            754.80      114,700.00
    CORPUS CHRISTI   TX   78413          1            06/26/00         00
    0412025009                           05           08/01/00          0
    0412025009                           N            07/01/30
    0


    3570138          E22/G02             F           64,000.00         E
                                         360         63,905.58          1
    14300 ALOHA STREET                 9.125            520.73         80
    UKNIT 207                          8.875            520.73       80,000.00
    CORPUS CHRISTI   TX   78418          1            06/30/00         00
    0412026338                           01           08/01/00          0
    0412026338                           N            07/01/30
    0


    3570149          E22/G02             F           44,950.00         ZZ
                                         360         44,911.11          1
    735 NORTH LUMBER STREET           10.125            398.63         90
                                       9.875            398.63       49,950.00
    ALLENTOWN        PA   18102          1            06/30/00         01
    0412032237                           07           08/01/00         25
    0412032237                           N            07/01/30
    0


1


    3576519          168/168             F          212,000.00         ZZ
                                         360        211,773.51          1
    2B ABRAMS PLACE                    9.125          1,724.90         80
                                       8.875          1,724.90      265,000.00
    LYNBROOK         NY   11563          1            06/21/00         00
    0249562677                           05           08/01/00          0
    0249562677                           O            07/01/30
    0


    3577237          R55/G02             F           79,000.00         ZZ
                                         360         78,149.76          2
    5040 SOMERSET ST                   9.500            664.28         90
                                       9.250            664.28       88,000.00
    DETROIT          MI   48224          5            06/28/00         10
    0432124162                           05           09/01/00         25
    5345                                 O            08/01/30
    0


    3578510          E22/G02             F           72,000.00         ZZ
                                         360         71,934.31          1
    350 EAST CLUB CIRCLE UNIT #207     9.875            625.21         90
                                       9.625            625.21       80,000.00
    BOCA RATON       FL   33487          1            07/06/00         10
    0412018533                           01           08/01/00         25
    0412018533                           N            07/01/30
    0


    3578525          E22/G02             F          129,500.00         ZZ
                                         360        129,436.30          1
    770 BLOSSOM HILL ROAD UNIT#1       9.500          1,088.91         70
                                       9.250          1,088.91      185,000.00
    SAN JOSE         CA   95123          1            06/30/00         00
    0412036097                           01           09/01/00          0
    0412036097                           N            08/01/30
    0


    3579109          E82/G02             F           28,000.00         ZZ
                                         360         27,986.94          1
    1701 NORTH KESSLER BLVD.           9.750            240.56         70
                                       9.500            240.56       40,000.00
    INDIANAPOLIS     IN   46222          1            07/07/00         00
    0400292710                           05           09/01/00          0
    0400292710                           N            08/01/30
    0


    3589163          E22/G02             F           67,500.00         ZZ
                                         360         67,460.15          1
    7647 SW 102 PLACE                  8.625            525.01         50
                                       8.375            525.01      135,000.00
1


    MIAMI            FL   33173          1            07/10/00         00
    0412025090                           09           09/01/00          0
    0412025090                           O            08/01/30
    0


    3589599          637/G02             F          162,000.00         ZZ
                                         360        161,848.23          2
    220-223 SANDRA DEL MAR             9.750          1,391.83         90
                                       9.500          1,391.83      180,000.00
    MANDEVILLE       LA   70448          1            06/21/00         11
    0432132199                           05           08/01/00         25
    0017682279                           N            07/01/30
    0


    3593318          E22/G02             F           56,250.00         ZZ
                                         360         56,225.12          1
    3644 HIDALGO DR.                  10.000            493.63         90
                                       9.750            493.63       62,500.00
    DALLAS           TX   75220          1            07/11/00         01
    0412033342                           05           09/01/00         25
    0412033342                           N            08/01/30
    0


    3595950          G52/G02             F           75,600.00         ZZ
                                         360         75,563.78          1
    3574 EAST BELLEVUE STREET          9.625            642.59         80
                                       9.375            642.59       94,500.00
    TUCSON           AZ   85716          1            07/06/00         00
    0432135036                           05           09/01/00          0
    99005345                             N            08/01/30
    0


    3598417          E22/G02             F           56,250.00         ZZ
                                         360         56,225.12          2
    120 A&B CEDAR GROVE DRIVE         10.000            493.63         90
                                       9.750            493.63       62,500.00
    NORTH CHARLESTO  SC   29420          1            07/12/00         01
    0411999295                           05           09/01/00         25
    0411999295                           N            08/01/30
    0


    3598678          076/076             F          110,400.00         ZZ
                                         360        110,231.44          1
    111 ACACIA DRIVE                   9.375            918.25         80
                                       9.125            918.25      138,000.00
    INDIAN HEAD PAR  IL   60525          1            05/31/00         00
    9580133                              01           07/01/00          0
    9580133                              O            06/01/30
    0
1




    3598683          076/076             F          136,500.00         ZZ
                                         360        136,357.93          1
    1121 SE 17TH STREET                9.250          1,122.95         58
                                       9.000          1,122.95      236,500.00
    CAPE CORAL       FL   33990          1            06/15/00         00
    9961019                              05           08/01/00          0
    9961019                              O            07/01/30
    0


    3601556          F36/G02             F          188,000.00         ZZ
                                         360        187,573.73          1
    8250 SW HAWTHORNE LANE             8.875          1,495.81         80
                                       8.625          1,495.81      235,000.00
    VASHON           WA   98070          1            04/14/00         00
    0432233401                           05           06/01/00          0
    09400982                             O            05/01/30
    0


    3604746          E22/G02             F           85,950.00         ZZ
                                         360         85,908.82          1
    108 HALF MOON CIRCLE               9.625            730.57         90
    UNIT # C-3                         9.375            730.57       95,500.00
    HYPOLUXO         FL   33462          1            07/13/00         10
    0412045650                           01           09/01/00         25
    0412045650                           N            08/01/30
    0


    3606784          623/G02             F           94,500.00         ZZ
                                         360         94,418.24          3
    2950 EAST ROESER RD               10.125            838.05         90
                                       9.875            838.05      105,000.00
    PHOENIX          AZ   85040          1            06/08/00         10
    0432151280                           05           08/01/00         25
    1936179                              N            07/01/30
    0


    3606790          623/G02             F           80,000.00         ZZ
                                         360         79,912.27          1
    2737 E ARIZONA BILTMORE C          9.000            643.70         17
                                       8.750            643.70      474,000.00
    PHOENIX          AZ   85016          1            06/15/00         00
    0432158889                           01           08/01/00          0
    1937562                              O            07/01/30
    0


    3608181          526/526             F          146,250.00         ZZ
                                         360        146,032.47          4
1


    2428 SUTRO STREET                  9.500          1,229.75         90
                                       9.250          1,229.75      162,500.00
    RENO             NV   89512          1            05/26/00         12
    0404719                              05           07/01/00         25
    0404719                              N            06/01/30
    0


    3608186          526/526             F           89,600.00         ZZ
                                         360         89,448.19          1
    609 EAST MESQUITE CIRCLE           8.875            712.90         80
    #E-127                             8.625            712.90      112,000.00
    TEMPE            AZ   85281          1            05/25/00         00
    0404967                              01           07/01/00          0
    0404967                              N            06/01/30
    0


    3608196          526/526             F          130,000.00         ZZ
                                         360        129,553.18          1
    25 GULL LANE                       9.375          1,081.27         55
                                       9.125          1,081.27      240,000.00
    EASTHAM          MA   02642          1            06/12/00         00
    0405790                              05           08/01/00          0
    0405790                              O            07/01/30
    0


    3608205          526/526             F          173,250.00         ZZ
                                         360        173,074.33          3
    170 PEARL STREET                   9.375          1,441.01         90
                                       9.125          1,441.01      192,500.00
    CHELSEA          MA   02150          1            06/22/00         01
    0406057                              05           08/01/00         25
    0406057                              N            07/01/30
    0


    3608208          526/526             F          105,675.00         ZZ
                                         360        105,573.34          1
    789 CLARKSON ST PH5                9.625            898.23         75
                                       9.375            898.23      140,900.00
    DENVER           CO   80218          1            06/12/00         00
    0406195                              01           08/01/00          0
    0406195                              N            07/01/30
    0


    3608209          526/526             F          100,900.00         ZZ
                                         360        100,802.93          1
    789 CLARKSON ST #60                9.625            857.64         75
                                       9.375            857.64      135,900.00
    DENVER           CO   80218          1            06/12/00         00
    0406216                              01           08/01/00          0
1


    0406216                              N            07/01/30
    0


    3608214          526/526             F           49,050.00         ZZ
                                         360         49,002.81          1
    789 CLARKSON ST #806               9.625            416.92         75
                                       9.375            416.92       65,400.00
    DENVER           CO   80218          1            06/12/00         00
    0406244                              01           08/01/00          0
    0406244                              N            07/01/30
    0


    3608219          526/526             F           82,500.00         ZZ
                                         360         82,424.73          1
    100 S ELECTRIC AVE #3              9.875            716.39         75
                                       9.625            716.39      110,000.00
    ALHAMBRA         CA   91801          1            06/12/00         00
    0407088                              01           08/01/00          0
    0407088                              O            07/01/30
    0


    3608229          526/526             F          179,900.00         ZZ
                                         360        179,665.58          1
    533 W TIFFANY TOWN DR             10.125          1,595.39         90
                                       9.875          1,595.39      199,900.00
    MIDVALE          UT   84047          1            05/25/00         12
    0407804                              05           07/01/00         25
    0407804                              N            06/01/30
    0


    3608233          526/526             F          150,000.00         ZZ
                                         360        149,883.44          1
    90 A GRANDVIEW AVENUE             10.625          1,386.15         75
                                      10.375          1,386.15      200,000.00
    REVERE           MA   02151          1            06/15/00         00
    0407875                              01           08/01/00          0
    0407875                              O            07/01/30
    0


    3608237          526/526             F           79,900.00         ZZ
                                         360         79,787.27          1
    2661 MOSS LANE                     9.750            686.46         62
                                       9.500            686.46      129,900.00
    MARIETTA         GA   30067          1            06/01/00         00
    0408391                              01           07/01/00          0
    0408391                              O            06/01/30
    0


1


    3608239          526/526             F          160,200.00         ZZ
                                         360        159,961.73          1
    2022 CARROLL STREET                9.500          1,347.05         90
                                       9.250          1,347.05      178,000.00
    NORTH LAS VAGAS  NV   89030          1            05/31/00         12
    0408455                              05           07/01/00         25
    0408455                              O            06/01/30
    0


    3608281          526/526             F          124,000.00         ZZ
                                         360        123,877.53          1
    6709 W 66TH AVENUE                 9.500          1,042.66         80
                                       9.250          1,042.66      155,000.00
    ARVADA           CO   80003          1            06/19/00         00
    0410698                              05           08/01/00          0
    0410698                              N            07/01/30
    0


    3608303          526/526             F          133,450.00         ZZ
                                         360        133,307.44          1
    9230  WEST LONE CACTU              9.125          1,085.79         90
                                       8.875          1,085.79      148,282.00
    PEORIA           AZ   85382          1            06/09/00         12
    0405939                              07           08/01/00         25
    0405939                              N            07/01/30
    0


    3608304          526/526             F           99,900.00         ZZ
                                         360         99,743.43          1
    2055 NORTH 56TH ST #26             9.250            821.85         80
                                       9.000            821.85      124,900.00
    MESA             AZ   85215          1            05/15/00         00
    0406333                              01           07/01/00          0
    0406333                              O            06/01/30
    0


    3608305          526/526             F          130,000.00         ZZ
                                         360        129,864.68          1
    2821-2827 NORTH MOUNTAIN AVE       9.250          1,069.48         64
                                       9.000          1,069.48      205,000.00
    TUCSON           AZ   85719          1            06/06/00         00
    0406339                              05           08/01/00          0
    0406339                              N            07/01/30
    0


    3608306          526/526             F           82,500.00         ZZ
                                         360         82,414.13          1
    1032  EAST GLENN ST                9.250            678.71         75
                                       9.000            678.71      110,000.00
1


    TUCSON           AZ   85719          1            06/06/00         00
    0406341                              05           08/01/00          0
    0406341                              N            07/01/30
    0


    3608334          526/526             F          176,100.00         ZZ
                                         360        175,906.90          4
    2727 EL PARQUE CIRCLE              9.000          1,416.94         90
                                       8.750          1,416.94      195,700.00
    RANCHO CORDOVA   CA   95670          1            06/22/00         11
    0410790                              05           08/01/00         25
    0410790                              N            07/01/30
    0


    3608342          526/526             F          138,750.00         ZZ
                                         360        138,616.53          1
    12291 CARMEL VISTA ROAD            9.625          1,179.36         75
    #115                               9.375          1,179.36      185,000.00
    SAN DIEGO        CA   92130          1            06/21/00         00
    0411270                              01           08/01/00          0
    0411270                              O            07/01/30
    0


    3608524          196/G02             F           64,000.00         ZZ
                                         360         63,941.60          1
    633 EAST 87TH PLACE                9.875            555.75         80
                                       9.625            555.75       80,000.00
    LOS ANGELES      CA   90002          1            06/28/00         00
    0432146678                           05           08/01/00          0
    1374750                              N            07/01/30
    0


    3608762          765/G02             F          295,900.00         T
                                         360        295,720.75          1
    7816 CALLE LOMAS                   8.500          2,275.21         80
                                       8.250          2,275.21      369,900.00
    CARLSBAD         CA   92009          1            06/30/00         00
    0432143238                           03           09/01/00          0
    354124                               O            08/01/30
    0


    3610893          E22/G02             F           39,100.00         ZZ
                                         360         38,980.26          1
    5422 SYCAMORE STREET               9.375            325.21         90
                                       9.125            325.21       43,500.00
    PHILADELPHIA     PA   19120          1            07/17/00         10
    0412012692                           07           09/01/00         25
    0412012692                           N            08/01/30
    0
1




    3612460          196/G02             F          137,250.00         ZZ
                                         360        137,099.49          1
    2408 DON PEDRO NW                  9.000          1,104.35         80
                                       8.750          1,104.35      171,600.00
    ALBUQUERQUE      NM   87104          1            06/06/00         00
    0432159259                           09           08/01/00          0
    1375138                              N            07/01/30
    0


    3615441          196/G02             F          159,900.00         ZZ
                                         360        159,655.85          1
    126 BELAIR ROAD                    9.375          1,329.97         80
                                       9.125          1,329.97      199,900.00
    STATEN ISLAND    NY   10305          1            06/08/00         00
    0432146595                           09           07/01/00          0
    1367483                              O            06/01/30
    0


    3615901          196/G02             F          134,250.00         ZZ
                                         360        134,133.86          1
    980 WAYLINN LANE                  10.125          1,190.56         75
                                       9.875          1,190.56      179,000.00
    TRACY            CA   95376          1            06/19/00         00
    0432150324                           05           08/01/00          0
    1374844                              N            07/01/30
    0


    3616877          E22/G02             F           90,000.00         ZZ
                                         360         89,950.84          4
    203 WEBSTER AVENUE                 9.000            724.16         90
                                       8.750            724.16      100,000.00
    JERSEY CITY      NJ   07307          1            07/18/00         04
    0411957467                           05           09/01/00         25
    0411957467                           N            08/01/30
    0


    3617107          S27/G02             F           56,700.00         ZZ
                                         360         56,648.25          3
    5113 LA SALLE STREET               9.875            492.36         90
                                       9.625            492.36       63,000.00
    FORT PIERCE      FL   34951          1            06/26/00         11
    0432235158                           05           08/01/00         25
    1090000008                           N            07/01/30
    0


    3619946          H87/G02             F           57,240.00         ZZ
                                         360         57,190.47          1
1


    1507 METROPOLITAN AVE             10.125            507.62         90
    UNIT 3H                            9.875            507.62       63,600.00
    BRONX            NY   10462          1            06/30/00         04
    0432219434                           06           08/01/00         25
    NY00040401MH                         N            07/01/30
    0


    3621024          E22/G02             F           17,550.00         ZZ
                                         360         17,542.24          1
    312 S.W. 42ND STREET              10.000            154.01         90
                                       9.750            154.01       19,500.00
    OKLAHOMA CITY    OK   73109          1            07/14/00         04
    0412039893                           05           09/01/00         25
    0412039893                           N            08/01/30
    0


    3622513          562/G02             F          144,000.00         ZZ
                                         360        143,932.81          1
    186 EDGEWOOD AVENUE                9.750          1,237.19         80
                                       9.500          1,237.19      180,000.00
    YONKERS          NY   10704          1            07/07/00         00
    0432168342                           05           09/01/00          0
    637068                               N            08/01/30
    0


    3626249          637/G02             F          540,000.00         ZZ
                                         360        539,452.47          1
    1671 MUSKET RIDGE                  9.375          4,491.45         75
                                       8.875          4,491.45      720,000.00
    ATLANTA          GA   30327          1            06/29/00         00
    0432224319                           05           08/01/00          0
    0012080404                           O            07/01/30
    0


    3628315          E22/G02             F          115,200.00         ZZ
                                         360        115,137.07          1
    1241 EVERGREEN DRIVE               9.000            926.93         80
                                       8.750            926.93      144,000.00
    ENCINITAS        CA   92007          1            07/13/00         00
    0412027062                           09           09/01/00          0
    0412027062                           N            08/01/30
    0


    3628328          E22/G02             F           54,400.00         ZZ
                                         360         54,374.62          1
    13410 CASTLETON DRIVE              9.750            467.38         80
                                       9.500            467.38       68,000.00
    FARMERS BRANCH   TX   75234          1            07/21/00         00
    0412048142                           05           09/01/00          0
1


    0412048142                           N            08/01/30
    0


    3628970          168/168             F           89,000.00         ZZ
                                         360         88,855.05          1
    50 WEST LINDSLEY UNIT #4           9.375            740.26         49
                                       9.125            740.26      185,000.00
    CEDAR GROVE      NJ   07009          1            07/11/00         00
    0169590216                           01           09/01/00          0
    0169590216                           O            08/01/30
    0


    3629253          168/168             F           53,200.00         ZZ
                                         360         53,173.14          1
    56 HUDSON HEIGHTS DRIVE            9.375            442.49         70
                                       9.125            442.49       76,000.00
    POUGHKEEPSIE     NY   12601          1            07/13/00         00
    0249587114                           01           09/01/00          0
    0249587114                           O            08/01/30
    0


    3629297          405/405             F          286,400.00         ZZ
                                         360        286,069.24          1
    700 SOUTH GREENWOOD AVEN           8.750          2,253.11         90
                                       8.500          2,253.11      320,000.00
    PARK RIDGE       IL   60068          1            06/28/00         01
    16676405                             05           08/01/00         25
    16676405                             O            07/01/30
    0


    3630407          E84/G02             F           86,900.00         ZZ
                                         360         86,847.35          1
    45 CROCKER STREET                  8.500            668.19         56
                                       8.250            668.19      156,900.00
    ASHLAND          OR   97520          1            07/11/00         00
    0432174563                           09           09/01/00          0
    60802180                             O            08/01/30
    0


    3630442          E84/G02             F           40,000.00         ZZ
                                         360         39,981.34          3
    14244 LINCOLN AVENUE               9.750            343.66         77
                                       9.500            343.66       52,000.00
    DOLTON           IL   60419          1            07/13/00         00
    0432213452                           05           09/01/00          0
    11004504                             N            08/01/30
    0


1


    3630490          E84/G02             F          238,800.00         ZZ
                                         360        238,524.22          1
    14564 NORTHWEST WEIBLE WAY         8.750          1,878.64         80
                                       8.500          1,878.64      298,500.00
    BEAVERTON        OR   97006          1            06/30/00         00
    0432217370                           05           08/01/00          0
    60104151                             O            07/01/30
    0


    3630508          E82/G02             F           89,100.00         ZZ
                                         360         89,053.81          1
    2801 NORTH LITCHFIELD ROAD         9.250            733.00         90
                                       9.000            733.00       99,000.00
    GOODYEAR         AZ   85338          1            07/21/00         04
    0400300091                           01           09/01/00         25
    0400300091                           N            08/01/30
    0


    3630972          E84/G02             F          175,000.00         ZZ
                                         360        174,916.17          1
    28793 ASHLAND AVENUE               9.625          1,487.48         74
                                       9.375          1,487.48      238,000.00
    HARRISON TOWNSH  MI   48045          1            07/07/00         00
    0432217347                           05           09/01/00          0
    11801681                             O            08/01/30
    0


    3630974          637/G02             F           51,750.00         ZZ
                                         360         51,611.36          2
    3104-3106 EAST DIAMOND ST          9.625            439.87         90
                                       9.375            439.87       57,500.00
    PHOENIX          AZ   85008          1            06/29/00         01
    0432161917                           05           08/01/00         25
    0015418452                           N            07/01/30
    0


    3631086          E84/G02             F           45,000.00         ZZ
                                         360         44,958.93          2
    524-526 NORTH STREET               9.875            390.76         75
                                       9.625            390.76       60,000.00
    GLADEWATER       TX   75647          1            06/08/00         00
    0432174621                           05           08/01/00          0
    32601335                             N            07/01/30
    0


    3631595          637/G02             F          135,000.00         ZZ
                                         360        134,855.76          1
    1018 QUEENSBURY RUN                9.125          1,098.41         90
                                       8.625          1,098.41      150,000.00
1


    ACWORTH          GA   30041          1            06/30/00         10
    0432158509                           05           08/01/00         25
    0012078895                           O            07/01/30
    0


    3633188          168/168             F          100,000.00         ZZ
                                         360         99,954.57          1
    805 SAIL DRIVE                     9.875            868.35         30
                                       9.625            868.35      340,000.00
    LACEY            NJ   08731          5            07/11/00         00
    0169595579                           03           09/01/00          0
    0169595579                           O            08/01/30
    0


    3636951          E22/G02             F           37,600.00         ZZ
                                         360         37,581.51          1
    2500 CORAL SPRINGS DRIVE           9.500            316.16         80
    UNIT # 111                         9.250            316.16       47,000.00
    CORAL SPRINGS    FL   33065          1            07/20/00         00
    0412032005                           01           09/01/00          0
    0412032005                           O            08/01/30
    0


    3636953          E22/G02             F          110,400.00         ZZ
                                         360        110,334.82          1
    920 JEFFERSON STREET NE            8.625            858.68         80
                                       8.375            858.68      138,000.00
    ALBUQUERQUE      NM   87110          1            07/20/00         00
    0412033748                           05           09/01/00          0
    0412033748                           O            08/01/30
    0


    3640125          E22/G02             F           56,250.00         ZZ
                                         360         56,223.05          1
    135 N. 5TH AVENUE                  9.625            478.12         80
                                       9.375            478.12       70,350.00
    LONG BRANCH      NJ   07740          1            07/26/00         00
    0412014037                           05           09/01/00          0
    0412014037                           N            08/01/30
    0


    3640130          E22/G02             F          111,150.00         ZZ
                                         360        111,092.38          1
    2801 MEADOW AVENUE                 9.250            914.40         90
                                       9.000            914.40      123,500.00
    NORMAN           OK   73072          1            07/26/00         04
    0412024135                           05           09/01/00         25
    0412024135                           O            08/01/30
    0
1




    3640158          E22/G02             F          154,800.00         ZZ
                                         360        154,727.78          1
    1600 MEADOW AVENUE                 9.750          1,329.97         90
                                       9.500          1,329.97      172,000.00
    KANNAPOLIS       NC   28083          1            07/26/00         04
    0412061798                           05           09/01/00         25
    0412061798                           O            08/01/30
    0


    3643939          E22/G02             F           83,000.00         E
                                         360         82,953.46          1
    1002 N RIVERSHIRE DR               8.875            660.39         68
                                       8.625            660.39      123,000.00
    CONROE           TX   77304          1            07/19/00         00
    0412023194                           03           09/01/00          0
    0412023194                           N            08/01/30
    0


    3643946          E22/G02             F          149,600.00         ZZ
                                         360        149,532.03          1
    5963 NORTHWEST HIGHWAY             9.875          1,299.05         80
                                       9.625          1,299.05      187,000.00
    CHICAGO          IL   60631          1            07/27/00         00
    0412038366                           05           09/01/00          0
    0412038366                           N            08/01/30
    0


    3643952          E22/G02             F          135,000.00         ZZ
                                         360        134,940.28          1
    28 MIMOSA LANE                    10.000          1,184.72         75
                                       9.750          1,184.72      180,000.00
    FREEHOLD         NJ   07728          1            07/26/00         00
    0412045130                           01           09/01/00          0
    0412045130                           N            08/01/30
    0


    3643953          E22/G02             F           87,500.00         ZZ
                                         360         87,459.18          1
    20038 COOLEY                       9.750            751.76         70
                                       9.500            751.76      125,000.00
    DETROIT          MI   48219          5            07/27/00         00
    0412050486                           05           09/01/00          0
    0412050486                           N            08/01/30
    0


    3643962          E22/G02             F          123,300.00         ZZ
                                         360        123,192.82          1
1


    1379 BAT MASTERSON DRIVE          10.000          1,082.05         90
                                       9.750          1,082.05      137,000.00
    EL PASO          TX   79936          1            07/27/00         10
    0412058877                           05           09/01/00         25
    0412058877                           O            08/01/30
    0


    3643963          E22/G02             F          118,150.00         ZZ
                                         360        118,091.88          1
    1036 KENTON STREET                 9.500            993.47         80
                                       9.250            993.47      147,716.00
    AURORA           CO   80010          1            07/27/00         00
    0412059024                           05           09/01/00          0
    0412059024                           N            08/01/30
    0


    3643969          E22/G02             F          153,750.00         ZZ
                                         360        153,681.98          1
    9655 HILLSIDE DR                  10.000          1,349.27         75
                                       9.750          1,349.27      205,000.00
    ROSWELL          GA   30076          5            07/27/00         00
    0412064487                           03           09/01/00          0
    0412064487                           N            08/01/30
    0


    3645188          G52/G02             F           75,000.00         ZZ
                                         360         74,959.03          1
    3322 EAST 2ND STREET               9.000            603.47         60
                                       8.750            603.47      125,000.00
    TUCSON           AZ   85716          1            07/18/00         00
    0432165389                           01           09/01/00          0
    99005620                             N            08/01/30
    0


    3645953          163/163             F          345,000.00         ZZ
                                         360        344,640.92          1
    220 TRIBULATION TRAIL              9.250          2,838.23         75
                                       9.000          2,838.23      460,000.00
    NEVADA CITY      CA   95959          5            06/19/00         00
    401352960                            05           08/01/00          0
    401352960                            O            07/01/30
    0


    3646183          286/286             F           50,200.00         ZZ
                                         360         50,154.18          1
    2869 LITITZ PK                     9.875            435.92         60
                                       9.625            435.92       83,700.00
    LANCASTER        PA   17543          1            06/12/00         00
    0000009103                           05           08/01/00          0
1


    0000009103                           N            07/01/30
    0


    3646199          286/286             F           56,550.00         ZZ
                                         360         56,492.67          1
    5825 WEST 8TH AVENUE               9.375            470.35         80
                                       9.125            470.35       70,700.00
    LAKEWOOD         CO   80214          1            06/09/00         00
    0000041846                           05           08/01/00          0
    0000041846                           N            07/01/30
    0


    3646220          286/286             F           57,600.00         ZZ
                                         360         57,389.18          1
    331 VINCENT AVE                    9.250            473.87         90
                                       9.000            473.87       64,000.00
    TROY             OH   45373          1            05/25/00         10
    0000047797                           05           07/01/00         25
    0000047797                           N            06/01/30
    0


    3646224          286/286             F          123,250.00         ZZ
                                         360        123,024.40          1
    2137 KENWOOD DR                    8.500            947.69         85
                                       8.250            947.69      145,000.00
    VIRGINIA BEACH   VA   23454          5            05/16/00         11
    0000053391                           05           07/01/00         12
    0000053391                           O            06/01/30
    0


    3646244          286/286             F          125,000.00         ZZ
                                         360        124,869.88          1
    5157 REMINGTON RD SW               9.250          1,028.35         51
                                       9.000          1,028.35      249,950.00
    ROANOKE          VA   24014          1            06/29/00         00
    0000062794                           05           08/01/00          0
    0000062794                           O            07/01/30
    0


    3646264          286/286             F           20,000.00         ZZ
                                         360         19,981.75          2
    431 SOUTH K ST                     9.875            173.67         45
                                       9.625            173.67       45,000.00
    LAKE WORTH       FL   33460          1            06/13/00         00
    0000068971                           05           08/01/00          0
    0000068971                           N            07/01/30
    0


1


    3646267          286/286             F          625,000.00         ZZ
                                         360        624,259.35          1
    1245 122ND STREET OCEAN            8.625          4,861.19         57
                                       8.375          4,861.19    1,100,000.00
    MARATHON         FL   33050          2            06/16/00         00
    0000069252                           05           08/01/00          0
    0000069252                           O            07/01/30
    0


    3646277          286/286             F           59,200.00         ZZ
                                         360         59,141.53          1
    42414 LAKE AVE                     9.500            497.79         80
                                       9.250            497.79       74,000.00
    ANTIOCH          IL   60002          1            06/27/00         00
    0000075705                           05           08/01/00          0
    0000075705                           N            07/01/30
    0


    3646286          286/286             F          143,000.00         ZZ
                                         360        142,852.37          1
    52 HIGH VALLEY DRIVE               9.625          1,215.48         80
                                       9.375          1,215.48      179,000.00
    CHESTERFIELD     MO   63017          1            06/30/00         00
    0000080380                           03           08/01/00          0
    0000080380                           N            07/01/30
    0


    3646288          286/286             F           39,500.00         ZZ
                                         360         39,456.68          1
    9 HOYT ST                          9.000            317.83         80
                                       8.750            317.83       49,500.00
    KINGSTON         PA   18704          1            06/27/00         00
    0000081792                           05           08/01/00          0
    0000081792                           O            07/01/30
    0


    3646295          286/286             F           60,000.00         ZZ
                                         360         59,939.16          1
    24066 MIDDLEBELT #37               9.375            499.05         60
                                       9.125            499.05      101,400.00
    FARMINGTON HILL  MI   48336          1            06/30/00         00
    0000085165                           01           08/01/00          0
    0000085165                           N            07/01/30
    0


    3647593          637/G02             F          135,600.00         ZZ
                                         360        135,600.00          1
    20717 NICOLETTE DRIVE              8.750          1,066.77         80
                                       8.500          1,066.77      169,500.00
1


    BEND             OR   97701          1            08/03/00         00
    0432254399                           05           10/01/00          0
    0021421797                           O            09/01/30
    0


    3647743          E22/G02             F          202,300.00         ZZ
                                         360        202,192.34          1
    3309 WOODLAND ROAD                 9.125          1,645.98         85
                                       8.875          1,645.98      238,000.00
    SOUTH LAKE TAHO  CA   96150          5            07/20/00         01
    0411953839                           05           09/01/00         12
    0411953839                           O            08/01/30
    0


    3647747          E22/G02             F          106,000.00         ZZ
                                         360        105,946.48          1
    1510 ELLINGSWORTH DRIVE            9.375            881.65         90
                                       9.125            881.65      117,785.00
    SLIDELL          LA   70461          1            07/28/00         01
    0411993660                           05           09/01/00         25
    0411993660                           O            08/01/30
    0


    3647757          E22/G02             F           41,800.00         ZZ
                                         360         41,776.57          1
    6900 SKILLMAN STREET #207          8.875            332.58         95
                                       8.625            332.58       44,000.00
    DALLAS           TX   75231          1            07/20/00         01
    0412021081                           01           09/01/00         30
    0412021081                           O            08/01/30
    0


    3647762          E22/G02             F          188,000.00         T
                                         360        187,897.31          1
    9 MORGAN STREET                    9.000          1,512.69         80
                                       8.750          1,512.69      235,000.00
    GROTON           CT   06355          1            07/28/00         00
    0412030546                           05           09/01/00          0
    0412030546                           O            08/01/30
    0


    3647764          E22/G02             F           96,000.00         ZZ
                                         360         95,951.52          1
    501 14TH STREET NW                 9.375            798.48         80
                                       9.125            798.48      120,000.00
    ALBUQUERQUE      NM   87102          2            07/27/00         00
    0412031452                           05           09/01/00          0
    0412031452                           N            08/01/30
    0
1




    3647767          E22/G02             F           61,750.00         ZZ
                                         360         61,718.81          2
    239 NORTHERN AVE                   9.375            513.61         95
                                       9.125            513.61       65,000.00
    CINCINNATI       OH   45206          1            07/28/00         10
    0412036683                           05           09/01/00         30
    0412036683                           O            08/01/30
    0


    3647774          E22/G02             F          166,400.00         ZZ
                                         360        166,313.74          1
    11006 TIM TAM WAY                  9.250          1,368.93         90
                                       9.000          1,368.93      184,900.00
    PARKER           CO   80134          1            07/28/00         01
    0412043887                           05           09/01/00         25
    0412043887                           O            08/01/30
    0


    3647778          E22/G02             F           97,500.00         ZZ
                                         360         97,455.70          1
    515 APPLE RIDGE WAY                9.875            846.64         75
                                       9.625            846.64      130,000.00
    SEVIERVILLE      TN   37862          5            07/28/00         00
    0412045668                           05           09/01/00          0
    0412045668                           N            08/01/30
    0


    3647785          E22/G02             F          111,600.00         ZZ
                                         360        111,542.14          1
    32 WOODYCREST DRIVE                9.250            918.11         90
                                       9.000            918.11      124,000.00
    EAST HARTFORD    CT   06118          1            07/28/00         04
    0412049041                           05           09/01/00         25
    0412049041                           O            08/01/30
    0


    3647790          E22/G02             F           35,100.00         ZZ
                                         360         35,084.47          2
    607-609 ROYAL AVE.                10.000            308.03         90
                                       9.750            308.03       39,000.00
    ROCKFORD         IL   61101          1            07/28/00         04
    0412050361                           05           09/01/00         25
    0412050361                           N            08/01/30
    0


    3647804          E22/G02             F           95,900.00         ZZ
                                         360         95,851.57          1
1


    297 N HOMEWOOD LANE                9.375            797.65         80
                                       9.125            797.65      119,900.00
    NORTH BARRINGTO  IL   60010          1            07/21/00         00
    0412059156                           05           09/01/00          0
    0412059156                           O            08/01/30
    0


    3647807          E22/G02             F          197,100.00         ZZ
                                         360        196,997.82          1
    65 BRANDYWINE AVENUE               9.250          1,621.49         90
                                       9.000          1,621.49      219,000.00
    SEVERNA PARK     MD   21146          1            07/28/00         04
    0412060535                           07           09/01/00         30
    0412060535                           O            08/01/30
    0


    3647812          E22/G02             F          132,800.00         ZZ
                                         360        132,732.94          1
    505 14TH STREET NW                 9.375          1,104.56         80
                                       9.125          1,104.56      166,000.00
    ALBUQUERQUE      NM   87102          2            07/27/00         00
    0412066748                           05           09/01/00          0
    0412066748                           N            08/01/30
    0


    3647814          E22/G02             F          100,000.00         ZZ
                                         360         99,946.79          1
    55511 DANUBE AVE                   9.125            813.63         36
                                       8.875            813.63      280,000.00
    MACOMB           MI   48044          1            07/28/00         00
    0412067563                           05           09/01/00          0
    0412067563                           O            08/01/30
    0


    3651463          623/G02             F          125,600.00         ZZ
                                         360        125,458.66          1
    1606 LAKE WAY                      8.875            999.33         80
                                       8.625            999.33      157,000.00
    CLEARWATER       FL   33756          1            06/07/00         00
    0432184232                           05           08/01/00          0
    1427356                              O            07/01/30
    0


    3651465          623/G02             F          123,000.00         ZZ
                                         360        122,861.59          1
    8313 TINA DRIVE NORTHEAST          8.875            978.64         80
                                       8.625            978.64      154,000.00
    ALBUQUERQUE      NM   87109          1            06/26/00         00
    0432184091                           05           08/01/00          0
1


    1531252                              O            07/01/30
    0


    3651473          623/G02             F          101,600.00         ZZ
                                         360        101,479.61          1
    457 SOUTH 400 EAST                 8.625            790.23         80
                                       8.375            790.23      127,000.00
    SAINT GEORGE     UT   84770          1            06/27/00         00
    0432184323                           05           08/01/00          0
    1539141                              O            07/01/30
    0


    3651474          623/G02             F           38,250.00         ZZ
                                         360         38,215.11          1
    1655 HAVANA STREET                 9.875            332.14         75
                                       9.625            332.14       51,000.00
    AURORA           CO   80010          1            06/29/00         00
    0432185387                           01           08/01/00          0
    1539195                              N            07/01/30
    0


    3651475          623/G02             F          140,400.00         ZZ
                                         360        140,237.85          1
    753 EAST 200 SOUTH                 8.750          1,104.53         90
                                       8.500          1,104.53      156,000.00
    SALT LAKE CITY   UT   84102          1            06/28/00         10
    0432184331                           05           08/01/00         25
    1539258                              O            07/01/30
    0


    3651479          623/G02             F           97,400.00         ZZ
                                         360         97,269.65          1
    18807N 37TH PLACE                 10.000            854.76         75
                                       9.750            854.76      129,900.00
    PHOENIX          AZ   85050          1            05/16/00         00
    0432184448                           05           07/01/00          0
    1932011                              O            06/01/30
    0


    3651493          623/G02             F           80,000.00         ZZ
                                         360         79,925.04          1
    700 AMES WAY                       9.750            687.33         41
                                       9.500            687.33      197,000.00
    CRESCENT CITY    CA   95531          5            06/15/00         00
    0432184141                           05           08/01/00          0
    1938353                              N            07/01/30
    0


1


    3651494          623/G02             F          136,000.00         ZZ
                                         360        135,875.91          4
    3220N 68TH ST                      9.875          1,180.96         80
                                       9.625          1,180.96      170,000.00
    SCOTTSDALE       AZ   85251          1            06/15/00         00
    0432184133                           07           08/01/00          0
    1938559                              N            07/01/30
    0


    3651495          623/G02             F          106,400.00         ZZ
                                         360        106,286.31          1
    919 TANAGER WAY                    9.125            865.71         80
                                       8.875            865.71      133,000.00
    GRANTS PASS      OR   97527          1            06/22/00         00
    0432184125                           05           08/01/00          0
    1938593                              O            07/01/30
    0


    3651502          623/G02             F          211,950.00         ZZ
                                         360        211,711.48          1
    6500SWBARNES ROAD                  8.875          1,686.37         90
                                       8.625          1,686.37      235,500.00
    PORTLAND         OR   97225          1            06/26/00         10
    0432184828                           01           08/01/00         25
    1939249                              O            07/01/30
    0


    3651503          623/G02             F          131,900.00         ZZ
                                         360        131,769.72          1
    537 PARAISO AVENUE                 9.500          1,109.09         76
                                       9.250          1,109.09      175,000.00
    SPRING VALLEY    CA   91977          1            06/28/00         00
    0432184810                           05           08/01/00          0
    1939601                              O            07/01/30
    0


    3651512          623/G02             F          165,000.00         ZZ
                                         360        164,696.41          1
    213 CHURCH ST                      9.875          1,432.78         75
                                       9.625          1,432.78      220,000.00
    BROOKLYN         CT   06234          1            05/01/00         00
    0432184604                           05           06/01/00          0
    5257740                              O            05/01/30
    0


    3651514          623/G02             F          197,750.00         ZZ
                                         360        197,503.32          1
    9 OLD COUNTY ROAD                  8.375          1,503.04         80
                                       8.125          1,503.04      247,200.00
1


    SAUGUS           MA   01906          1            06/29/00         00
    0432184687                           05           08/01/00          0
    5259741                              O            07/01/30
    0


    3651521          623/G02             F          111,900.00         ZZ
                                         360        111,789.48          1
    7 ROCK LANE                        9.500            940.92         80
                                       9.250            940.92      139,900.00
    NORTON           MA   02766          1            06/30/00         00
    0432184729                           05           08/01/00          0
    5267813                              O            07/01/30
    0


    3651524          623/G02             F          150,000.00         ZZ
                                         360        149,826.77          1
    631 WHIPPOORWILL ROAD              8.750          1,180.05         80
                                       8.500          1,180.05      187,500.00
    SAVANNAH         GA   31410          1            06/09/00         00
    0432184703                           05           08/01/00          0
    5269379                              O            07/01/30
    0


    3651528          623/G02             F           89,950.00         ZZ
                                         360         89,863.46          1
    116 PINERIDGE DRIVE                9.625            764.57         52
                                       9.375            764.57      175,000.00
    HUNTERSVILLE     NC   28078          1            06/30/00         00
    0432184984                           05           08/01/00          0
    5270250                              O            07/01/30
    0


    3651530          623/G02             F           37,100.00         ZZ
                                         360         37,057.15          2
    5722 JACKSON                       8.750            291.87         70
                                       8.500            291.87       53,000.00
    KANSAS CITY      MO   64130          1            06/30/00         00
    0432184968                           05           08/01/00          0
    5271391                              N            07/01/30
    0


    3651535          623/G02             F          107,900.00         ZZ
                                         360        107,848.31          1
    4175 HIGHWAY 95 NE                 9.625            917.14         90
                                       9.375            917.14      119,900.00
    CAMBRIDGE        MN   55008          1            07/10/00         10
    0432184851                           05           09/01/00         25
    5272946                              O            08/01/30
    0
1




    3651537          623/G02             F          103,200.00         ZZ
                                         360        103,142.14          1
    7 S WESTWOOD ROAD                  8.875            821.11         80
                                       8.625            821.11      129,000.00
    ANSONIA          CT   06401          1            07/10/00         00
    0432185080                           05           09/01/00          0
    5273229                              O            08/01/30
    0


    3651540          623/G02             F          157,500.00         ZZ
                                         360        157,420.46          1
    2980 PONDVIEW COURT                9.375          1,310.01         90
                                       9.125          1,310.01      175,000.00
    MARIETTA         GA   30062          1            07/06/00         04
    0432185023                           05           09/01/00         25
    5274444                              O            08/01/30
    0


    3652648          E82/G02             F          129,600.00         ZZ
                                         360        129,532.81          1
    7421 BEAR HOLLOW CIRCLE            9.250          1,066.19         80
                                       9.000          1,066.19      162,000.00
    FORT MYERS       FL   33912          1            07/31/00         00
    0400302030                           05           09/01/00          0
    0400302030                           O            08/01/30
    0


    3654740          168/168             F          100,000.00         ZZ
                                         360         99,843.93          1
    377 CHESTER STREET                 8.875            795.65         80
                                       8.625            795.65      125,000.00
    UNIONDALE        NY   11553          1            07/19/00         00
    0989989089                           05           09/01/00          0
    0989989089                           O            08/01/30
    0


    3656039          E22/G02             F          202,500.00         ZZ
                                         360        202,392.23          1
    2113 CORNELIA                      9.125          1,647.61         90
                                       8.875          1,647.61      225,000.00
    BELLEVUE         NE   68147          1            08/01/00         01
    0411963440                           05           09/01/00         30
    0411963440                           O            08/01/30
    0


    3656051          E22/G02             F           57,600.00         ZZ
                                         360         57,574.52          1
1


    12779 CHICAGO AVE                 10.000            505.48         90
                                       9.750            505.48       64,000.00
    WELLSTON         MI   49689          5            07/27/00         04
    0412041667                           05           09/01/00         25
    0412041667                           O            08/01/30
    0


    3656053          E22/G02             F           54,000.00         ZZ
                                         360         53,974.81          1
    3631 MANANA DRIVE                  9.750            463.94         80
                                       9.500            463.94       67,500.00
    DALLAS           TX   75220          1            07/27/00         00
    0412048159                           05           09/01/00          0
    0412048159                           N            08/01/30
    0


    3656055          E22/G02             F           80,000.00         ZZ
                                         360         79,955.15          1
    202 SUGAR CREEK ROAD               8.875            636.52         80
                                       8.625            636.52      100,000.00
    BARNARDSVILLE    NC   28709          2            07/27/00         00
    0412051229                           27           09/01/00          0
    0412051229                           O            08/01/30
    0


    3656057          E22/G02             F          180,000.00         ZZ
                                         360        179,916.02          1
    535 N MICHIGAN   #2511             9.750          1,546.48         90
                                       9.500          1,546.48      200,000.00
    CHICAGO          IL   60611          1            08/01/00         04
    0412057143                           06           09/01/00         25
    0412057143                           N            08/01/30
    0


    3656686          E22/G02             F           74,100.00         ZZ
                                         360         74,066.33          1
    7805 TAM O'SHANTER BLVD.           9.875            643.45         95
                                       9.625            643.45       78,000.00
    NORTH LAUDERDAL  FL   33068          2            07/26/00         10
    0412026205                           09           09/01/00         30
    0412026205                           O            08/01/30
    0


    3656687          E22/G02             F           67,850.00         ZZ
                                         360         67,818.34          1
    7202 WILLIAMS ROAD                 9.750            582.94         75
                                       9.500            582.94       90,500.00
    PEARLAND         TX   77584          5            07/31/00         00
    0412031692                           05           09/01/00          0
1


    0412031692                           N            08/01/30
    0


    3656692          E22/G02             F           86,400.00         ZZ
                                         360         86,357.50          1
    46704 ATWOOD SQUARE, UNIT #114     9.500            726.50         80
                                       9.250            726.50      108,000.00
    STERLING         VA   20164          2            07/25/00         00
    0412037228                           01           09/01/00          0
    0412037228                           O            08/01/30
    0


    3656701          E22/G02             F          103,000.00         ZZ
                                         360        102,943.74          1
    321 SUWANEE STREET                 9.000            828.76         79
                                       8.750            828.76      131,000.00
    JUPITER          FL   33458          5            07/26/00         00
    0412042301                           05           09/01/00          0
    0412042301                           O            08/01/30
    0


    3656705          E22/G02             F           74,800.00         ZZ
                                         360         74,759.14          1
    55 ROXBURY ROAD                    9.000            601.86         80
                                       8.750            601.86       93,500.00
    EAST LYME        CT   06357          1            07/31/00         00
    0412045882                           05           09/01/00          0
    0412045882                           O            08/01/30
    0


    3656707          E22/G02             F           53,000.00         ZZ
                                         360         52,975.28          1
    1428 WEST MANSFIELD AVENUE         9.750            455.35         80
                                       9.500            455.35       66,500.00
    SPOKANE          WA   99205          2            07/27/00         00
    0412046633                           05           09/01/00          0
    0412046633                           N            08/01/30
    0


    3656722          E22/G02             F           61,000.00         ZZ
                                         360         60,971.55          1
    18565 GALLAGHER                    9.750            524.08         86
                                       9.500            524.08       71,000.00
    DETROIT          MI   48234          5            07/26/00         01
    0412056376                           05           09/01/00         25
    0412056376                           O            08/01/30
    0


1


    3656743          E22/G02             F          344,000.00         ZZ
                                         360        343,812.10          1
    62 BUTTONBALL ROAD                 9.000          2,767.90         84
                                       8.750          2,767.90      410,000.00
    OLD LYME         CT   06371          2            07/26/00         01
    0412066771                           05           09/01/00         12
    0412066771                           O            08/01/30
    0


    3656762          E22/G02             F          345,000.00         ZZ
                                         360        344,825.77          1
    468 WYOMING CIRCLE                 9.375          2,869.54         75
                                       9.125          2,869.54      460,000.00
    GOLDEN           CO   80403          1            07/31/00         00
    0412080939                           03           09/01/00          0
    0412080939                           O            08/01/30
    0


    3656862          811/G02             F          450,000.00         ZZ
                                         360        449,747.72          1
    60 KIMBLE AVENUE                   8.875          3,580.40         75
                                       8.625          3,580.40      600,000.00
    LOS GATOS        CA   95032          1            07/21/00         00
    0432170744                           05           09/01/00          0
    FM02701885                           O            08/01/30
    0


    3657609          253/253             F           69,900.00         ZZ
                                         360         69,868.24          1
    4614 LYNDI LANE                    9.875            606.98         69
                                       9.625            606.98      102,000.00
    GRANBURY         TX   76049          2            07/26/00         00
    954931                               03           09/01/00          0
    954931                               N            08/01/30
    0


    3657654          637/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    696 MORNING MIST AVENUE            9.375            582.23         61
                                       9.125            582.23      115,000.00
    LEHIGH ACRES     FL   33936          2            08/09/00         00
    0432254274                           05           10/01/00          0
    0019101989                           N            09/01/30
    0


    3657685          E23/G02             F          310,000.00         ZZ
                                         360        309,812.20          1
    3530 AVONDALE CIRCLE               8.500          2,383.63         74
                                       8.250          2,383.63      420,000.00
1


    CARLSBAD         CA   92008          2            07/25/00         00
    0432171361                           05           09/01/00          0
    10512094                             O            08/01/30
    0


    3658750          286/286             F          107,000.00         ZZ
                                         360        105,801.28          1
    1104 S 16TH AVE                    9.000            860.95         90
                                       8.750            860.95      118,900.00
    GREENWOOD        MO   64084          1            05/15/00         11
    0000056670                           05           07/01/00         25
    0000056670                           O            06/01/30
    0


    3658751          286/286             F          192,000.00         ZZ
                                         360        191,800.15          1
    5465 EAGLE RD N                    9.250          1,579.54         80
                                       9.000          1,579.54      240,000.00
    ST CLOUD         FL   34771          1            06/09/00         00
    0000068953                           05           08/01/00          0
    0000068953                           O            07/01/30
    0


    3658753          286/286             F          108,040.00         ZZ
                                         360        107,924.57          1
    12857 RAYSBROOK DR                 9.125            879.05         79
                                       8.875            879.05      138,040.00
    RIVERVIEW        FL   33569          1            06/30/00         00
    0000069446                           05           08/01/00          0
    0000069446                           O            07/01/30
    0


    3658756          286/286             F          135,000.00         ZZ
                                         360        134,876.83          1
    140 VALLEY ROAD                    9.875          1,172.27         42
                                       9.625          1,172.27      322,500.00
    WEBSTER GROVES   MO   63119          1            06/27/00         00
    0000080478                           05           08/01/00          0
    0000080478                           O            07/01/30
    0


    3658757          286/286             F          114,000.00         ZZ
                                         360        113,946.81          1
    4049 W 57TH PL                     9.750            979.44         80
                                       9.500            979.44      142,500.00
    CHICAGO          IL   60629          1            07/06/00         00
    0000081904                           05           09/01/00          0
    0000081904                           O            08/01/30
    0
1




    3658758          286/286             F          117,000.00         ZZ
                                         360        116,864.88          1
    4306 FAUQUIER AVE                  8.750            920.44         75
                                       8.500            920.44      156,000.00
    RICHMOND         VA   23227          1            06/28/00         00
    0000083606                           05           08/01/00          0
    0000083606                           O            07/01/30
    0


    3658762          286/286             F          185,000.00         ZZ
                                         360        184,835.63          1
    4757 OREGON TRAIL                 10.000          1,623.51         89
                                       9.750          1,623.51      210,000.00
    MC HENRY         IL   60050          1            06/23/00         11
    0009652824                           05           08/01/00         25
    0009652824                           O            07/01/30
    0


    3658763          286/286             F          137,500.00         ZZ
                                         360        137,200.46          1
    507 DREW VIEW LN                   9.500          1,156.18         63
                                       9.250          1,156.18      218,500.00
    SAN DIEGO        CA   92113          1            05/22/00         00
    0009992544                           05           07/01/00          0
    0009992544                           O            06/01/30
    0


    3658767          U05/G02             F          337,500.00         ZZ
                                         360        337,320.40          2
    506-508 LE MESA AVE                9.125          2,746.01         75
                                       8.875          2,746.01      450,000.00
    ENCNITAS         CA   92024          1            07/20/00         00
    0432235497                           05           09/01/00          0
    3054623                              N            08/01/30
    0


    3658851          253/253             F           69,900.00         ZZ
                                         360         69,868.24          1
    4606 LYNDI LANE                    9.875            606.98         69
                                       9.625            606.98      102,000.00
    GRANBURY         TX   76049          2            07/26/00         00
    954608                               03           09/01/00          0
    954608                               N            08/01/30
    0


    3660162          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          4
1


    721 39TH STREET                    9.750          1,821.41         80
                                       9.500          1,821.41      265,000.00
    BROOKLYN         NY   11232          1            08/02/00         00
    0411953698                           05           10/01/00          0
    0411953698                           N            09/01/30
    0


    3660170          E22/G02             F          252,700.00         ZZ
                                         360        252,569.00          1
    6400 COUNTY ROAD #102              9.250          2,078.90         89
                                       9.000          2,078.90      285,000.00
    KAUFMAN          TX   75142          1            07/27/00         01
    0412039067                           05           09/01/00         25
    0412039067                           O            08/01/30
    0


    3660175          E22/G02             F           74,000.00         ZZ
                                         240         73,894.38          1
    2612 WEGWORTH  LANE                9.375            683.75         95
                                       9.125            683.75       77,900.00
    BALTIMORE        MD   21230          5            07/28/00         04
    0412050437                           02           09/01/00         30
    0412050437                           O            08/01/20
    0


    3660182          E22/G02             F          165,000.00         ZZ
                                         360        164,920.96          1
    5704 AETNA STREET SOUTHEA          9.625          1,402.48         75
                                       9.375          1,402.48      220,000.00
    SALEM            OR   97301          5            07/27/00         00
    0412061103                           05           09/01/00          0
    0412061103                           N            08/01/30
    0


    3660184          E22/G02             F          304,100.00         ZZ
                                         360        303,938.17          1
    1339 PONCE DE LEON DRIVE           9.125          2,474.26         71
                                       8.875          2,474.26      430,000.00
    FT. LAUDERDALE   FL   33316          2            07/28/00         00
    0412062580                           05           09/01/00          0
    0412062580                           O            08/01/30
    0


    3660191          E22/G02             F          148,800.00         ZZ
                                         360        148,716.58          1
    1006 TIMBERLINE COURT              8.875          1,183.92         80
                                       8.625          1,183.92      186,000.00
    WINDSOR          CO   80550          5            07/28/00         00
    0412072852                           05           09/01/00          0
1


    0412072852                           O            08/01/30
    0


    3660192          E22/G02             F           32,600.00         ZZ
                                         360         32,583.96          1
    2321 FELDER LANE                   9.500            274.12         90
                                       9.250            274.12       36,250.00
    FT WORTH         TX   76112          1            08/02/00         10
    0412079337                           05           09/01/00         25
    0412079337                           N            08/01/30
    0


    3660664          696/G02             F          229,500.00         ZZ
                                         360        229,377.87          1
    1558 BRUTON COURT                  9.125          1,867.29         90
                                       8.875          1,867.29      255,000.00
    MCLEAN           VA   22101          1            07/31/00         12
    0432170348                           09           09/01/00         25
    21300091                             O            08/01/30
    0


    3661416          931/G02             F           99,000.00         ZZ
                                         360         98,950.01          2
    212-214 FUNSTON AVENUE             9.375            823.43         90
                                       9.125            823.43      110,000.00
    TORRINGTON       CT   06790          1            07/31/00         10
    0432171445                           05           09/01/00         25
    050306                               N            08/01/30
    0


    3661544          K15/G02             F          470,000.00         ZZ
                                         360        469,319.10          1
    4 WISHMORE RETREAT                 9.625          3,994.95         77
                                       9.375          3,994.95      615,000.00
    SAVANNAH         GA   31411          5            05/25/00         00
    0432171353                           03           07/01/00          0
    015205301170                         O            06/01/30
    0


    3661718          637/G02             F          345,600.00         ZZ
                                         360        345,600.00          1
    2585 MARS HILL CHURCH RD.          9.250          2,843.17         80
                                       9.000          2,843.17      432,000.00
    ACWORTH          GA   30101          5            08/08/00         00
    0432254787                           05           10/01/00          0
    0012083929                           O            09/01/30
    0


1


    3663050          U05/G02             F          116,100.00         ZZ
                                         360        116,041.37          1
    3548 N RAMADA STREET               9.375            965.66         90
                                       9.125            965.66      129,000.00
    MESA             AZ   85215          1            07/21/00         01
    0432210904                           05           09/01/00         25
    3059414                              O            08/01/30
    0


    3663472          405/405             F          262,000.00         ZZ
                                         360        261,828.54          1
    18782 LA CASITA AVENUE             8.375          1,991.39         79
                                       8.125          1,991.39      335,000.00
    YORBA LINDA      CA   92886          2            07/14/00         00
    11776689                             05           09/01/00          0
    11776689                             O            08/01/30
    0


    3663478          405/405             F          390,000.00         ZZ
                                         360        389,781.35          1
    14 DRIFTWOOD STREET                8.875          3,103.02         90
                                       8.625          3,103.02      434,000.00
    LOS ANGELES      CA   90292          1            08/04/00         10
    16731895                             01           09/01/00         25
    16731895                             O            08/01/30
    0


    3663486          405/405             F          400,000.00         ZZ
                                         360        399,775.75          1
    89 HAMPSHIRE AVENUE                8.875          3,182.58         87
                                       8.625          3,182.58      460,000.00
    DALY CITY        CA   94015          1            08/04/00         04
    16750879                             05           09/01/00         25
    16750879                             O            08/01/30
    0


    3663493          405/405             F          318,400.00         ZZ
                                         360        318,212.01          1
    18216 EMELITA STREET               8.625          2,476.49         80
                                       8.375          2,476.49      398,000.00
    TARZANA          CA   91356          1            08/04/00         00
    16760183                             05           09/01/00          0
    16760183                             O            08/01/30
    0


    3663500          405/405             F          400,000.00         ZZ
                                         360        399,757.67          1
    1532 TOUCHTON RD                   8.500          3,075.66         85
                                       8.250          3,075.66      475,500.00
1


    LUTZ             FL   33549          1            08/04/00         10
    16770349                             05           09/01/00         25
    16770349                             O            08/01/30
    0


    3663534          637/G02             F          148,400.00         ZZ
                                         360        148,400.00          1
    9889 SPARROW RIDGE AVENUE          8.500          1,141.07         90
                                       8.250          1,141.07      164,900.00
    LAS VEGAS        NV   89117          1            08/08/00         11
    0432254670                           05           10/01/00         25
    0015428402                           O            09/01/30
    0


    3664539          E22/G02             F           75,000.00         ZZ
                                         360         74,933.35          1
    5841 NILES UNIT#1                 10.000            658.18         59
                                       9.750            658.18      129,000.00
    TROY             MI   48098          1            06/29/00         00
    0412027963                           01           08/01/00          0
    0412027963                           O            07/01/30
    0


    3664545          E22/G02             F          107,000.00         ZZ
                                         360        106,952.67          1
    472 CRETIN AVE. NORTH             10.000            939.00         80
                                       9.750            939.00      133,800.00
    ST. PAUL         MN   55104          5            08/03/00         00
    0412053092                           05           09/01/00          0
    0412053092                           N            08/01/30
    0


    3664547          E22/G02             F           38,900.00         ZZ
                                         360         38,900.00          1
    1126-A BARRINGTON                 10.000            341.38         85
                                       9.750            341.38       45,800.00
    BAKER            LA   70714          1            08/03/00         01
    0412056822                           07           10/01/00         12
    0412056822                           N            09/01/30
    0


    3664552          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
    8302 TWINING OAKS LANE             9.625          2,039.97         80
                                       9.375          2,039.97      300,000.00
    SPRING           TX   77379          1            08/03/00         00
    0412068306                           03           10/01/00          0
    0412068306                           O            09/01/30
    0
1




    3664556          E22/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
    619 FORTUNE STREET                 9.500            484.33         80
                                       9.250            484.33       72,000.00
    CHARLOTTE        NC   28205          1            08/02/00         00
    0412076713                           05           10/01/00          0
    0412076713                           N            09/01/30
    0


    3665148          G52/G02             F          153,000.00         ZZ
                                         360        152,930.49          4
    2002 WEST LOOP                     9.875          1,328.57         90
                                       9.625          1,328.57      170,000.00
    AUSTIN           TX   78758          1            07/25/00         10
    0432200954                           05           09/01/00         25
    74501381                             N            08/01/30
    0


    3665520          637/G02             F           88,400.00         ZZ
                                         360         88,359.84          1
    138 STRATFORD DRIVE                9.875            767.62         80
                                       9.625            767.62      110,500.00
    SLIDELL          LA   70458          1            07/06/00         00
    0432182525                           05           09/01/00          0
    0017684093                           N            08/01/30
    0


    3665546          637/G02             F          264,000.00         ZZ
                                         360        263,746.03          1
    44204 ROBERT ROAD                  9.625          2,243.98         90
                                       9.375          2,243.98      293,600.00
    ST AMANT         LA   70774          2            07/03/00         11
    0432200889                           05           08/01/00         25
    0017683061                           O            07/01/30
    0


    3665584          637/G02             F           23,500.00         ZZ
                                         360         23,474.22          1
    9048 EL CAJON WAY #2               9.000            189.09         47
                                       8.750            189.09       50,000.00
    SACRAMENTO       CA   95826          2            06/28/00         00
    0432248458                           01           08/01/00          0
    0021323787                           N            07/01/30
    0


    3666836          405/405             F          324,000.00         ZZ
                                         360        323,483.22          1
1


    5768 CARELL AVENUE                 8.500          2,491.28         80
                                       8.000          2,491.28      405,000.00
    AGOURA HILLS     CA   91301          1            08/07/00         00
    16781510                             05           09/01/00          0
    16781510                             O            08/01/30
    0


    3666893          665/G02             F          400,000.00         ZZ
                                         360        399,792.63          2
    2206 AND 2208 CAMDEN AVENUE        9.250          3,290.70         75
                                       9.000          3,290.70      539,900.00
    SAN JOSE         CA   95124          1            07/20/00         00
    0432222776                           05           09/01/00          0
    0001241945                           N            08/01/30
    0


    3666976          S37/G02             F          238,500.00         ZZ
                                         360        238,391.65          4
    588 GREENE AVENUE                  9.875          2,071.01         90
                                       9.625          2,071.01      265,000.00
    BROOKLYN         NY   11216          1            07/31/00         04
    0432250819                           05           09/01/00         25
    TILGC00N03642S                       N            08/01/30
    0


    3668375          E22/G02             F          118,400.00         ZZ
                                         360        118,338.62          1
    1481 WEST 100TH AVENUE             9.250            974.05         80
                                       9.000            974.05      148,000.00
    NORTHGLENN       CO   80260          1            08/04/00         00
    0411985831                           05           09/01/00          0
    0411985831                           N            08/01/30
    0


    3668380          E22/G02             F          150,300.00         ZZ
                                         360        150,222.08          1
    713 HILLCREST DRIVE                9.250          1,236.48         90
                                       9.000          1,236.48      168,000.00
    DAVENPORT        FL   33837          2            08/01/00         01
    0412033649                           03           09/01/00         25
    0412033649                           N            08/01/30
    0


    3668381          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          2
    5216-5218 EAST WALNUT              9.375          1,010.58         90
                                       9.125          1,010.58      135,000.00
    INDIANAPOLIS     IN   46219          1            08/04/00         01
    0412035065                           05           10/01/00         25
1


    0412035065                           N            09/01/30
    0


    3668384          E22/G02             F          229,500.00         ZZ
                                         360        229,500.00          1
    857 MONMOUTH ROAD                  9.750          1,971.76         90
                                       9.500          1,971.76      255,000.00
    PLUMSTEAD TWP    NJ   08514          1            08/04/00         04
    0412039224                           05           10/01/00         25
    0412039224                           O            09/01/30
    0


    3668385          E22/G02             F           60,500.00         ZZ
                                         360         60,468.63          1
    13 SHERWOOD AVENUE                 9.250            497.72         94
                                       9.000            497.72       65,000.00
    BONANZA          AR   72916          5            07/31/00         04
    0412043424                           05           09/01/00         30
    0412043424                           O            08/01/30
    0


    3668386          E22/G02             F          105,550.00         ZZ
                                         360        105,490.83          1
    1325 FORBES DRIVE                  8.875            839.80         73
                                       8.625            839.80      145,000.00
    GARLAND          TX   75040          2            07/31/00         00
    0412048167                           03           09/01/00          0
    0412048167                           O            08/01/30
    0


    3668388          E22/G02             F           51,200.00         ZZ
                                         360         51,200.00          1
    724 PRINCETON                      9.875            444.59         80
                                       9.625            444.59       64,000.00
    LANSING          MI   48915          5            08/04/00         00
    0412051013                           05           10/01/00          0
    0412051013                           N            09/01/30
    0


    3668391          E22/G02             F          104,000.00         ZZ
                                         360        103,946.09          1
    3301 SW 114 COURT                  9.250            855.58         80
                                       9.000            855.58      130,000.00
    MIAMI            FL   33165          1            07/26/00         00
    0412057564                           03           09/01/00          0
    0412057564                           O            08/01/30
    0


1


    3668392          E22/G02             F           59,450.00         ZZ
                                         360         59,450.00          2
    231 THOMSON AVENUE                10.000            521.72         90
                                       9.750            521.72       66,103.00
    PAULSBORO        NJ   08066          1            08/04/00         01
    0412059826                           05           10/01/00         25
    0412059826                           N            09/01/30
    0


    3668393          E22/G02             F           62,700.00         ZZ
                                         360         62,672.26          1
    217 GLEN GARRY                    10.000            550.24         95
                                       9.750            550.24       66,000.00
    ST LOUIS         MO   63137          5            07/31/00         01
    0412060030                           05           09/01/00         30
    0412060030                           O            08/01/30
    0


    3668394          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
    18836 POINCIANA                    9.125            732.27         90
                                       8.875            732.27      100,000.00
    REDFORD          MI   48240          5            07/31/00         01
    0412061624                           05           10/01/00         25
    0412061624                           O            09/01/30
    0


    3668396          E22/G02             F           68,800.00         ZZ
                                         360         68,764.33          1
    1235 EDNA DRIVE                    9.250            566.00         80
                                       9.000            566.00       86,000.00
    PORT ORANGE      FL   32119          1            08/04/00         00
    0412062119                           05           09/01/00          0
    0412062119                           N            08/01/30
    0


    3668403          E22/G02             F          233,900.00         ZZ
                                         360        233,900.00          4
    212 EAST WALDBURG STREET           8.875          1,861.01         90
                                       8.625          1,861.01      259,900.00
    SAVANNAH         GA   31401          1            08/04/00         01
    0412073363                           05           10/01/00         25
    0412073363                           N            09/01/30
    0


    3668407          E22/G02             F           58,400.00         ZZ
                                         360         58,374.17          1
    3440 NW 193 STREET                10.000            512.50         80
                                       9.750            512.50       73,000.00
1


    OPA LOCKA        FL   33056          5            08/04/00         00
    0412078560                           07           09/01/00          0
    0412078560                           N            08/01/30
    0


    3668409          E22/G02             F           80,600.00         ZZ
                                         360         80,600.00          1
    1612 SANDALWOOD DRIVE              8.500            619.74         68
                                       8.250            619.74      118,950.00
    GRAND PRAIRIE    TX   75052          1            08/04/00         00
    0412083164                           05           10/01/00          0
    0412083164                           N            09/01/30
    0


    3668410          E22/G02             F           64,600.00         ZZ
                                         360         64,569.06          1
    6523 CLAVELL LN, UNIT C            9.625            549.09         80
                                       9.375            549.09       80,850.00
    CHARLOTTE        NC   28210          1            08/04/00         00
    0412083685                           01           09/01/00          0
    0412083685                           N            08/01/30
    0


    3668633          696/G02             F          288,950.00         ZZ
                                         360        288,796.23          1
    548 LONGHORN CRESCENT              9.125          2,350.99         80
                                       8.875          2,350.99      361,593.00
    ROCKVILLE        MD   20850          1            07/28/00         00
    0432174704                           09           09/01/00          0
    32700088                             O            08/01/30
    0


    3669787          461/461             F          412,000.00         ZZ
                                         360        411,756.75          1
    13235 DENARA ROAD                  8.625          3,204.50         80
                                       8.375          3,204.50      515,000.00
    SAN DIEGO        CA   92130          2            07/05/00         00
    9023376015                           03           09/01/00          0
    9023376015                           O            08/01/30
    0


    3669793          461/461             F          274,640.00         ZZ
                                         360        274,473.62          1
    555 NORTH LIVE OAK AVENUE          8.500          2,111.75         80
                                       8.250          2,111.75      343,500.00
    GLENDORA         CA   91741          2            07/20/00         00
    9023434707                           05           09/01/00          0
    9023434707                           O            08/01/30
    0
1




    3669810          461/461             F          405,600.00         ZZ
                                         360        405,372.61          1
    1514 TROLLMAN AVENUE               8.875          3,227.14         80
                                       8.625          3,227.14      507,000.00
    SAN MATEO        CA   94401          1            07/11/00         00
    9023447980                           05           09/01/00          0
    9023447980                           O            08/01/30
    0


    3669815          461/461             F          264,000.00         ZZ
                                         360        263,848.11          1
    1795 ORLANDO DRIVE                 8.750          2,076.89         80
                                       8.500          2,076.89      330,000.00
    SAN JOSE         CA   95122          2            07/12/00         00
    9023451073                           05           09/01/00          0
    9023451073                           O            08/01/30
    0


    3669816          461/461             F          173,000.00         ZZ
                                         360        172,903.01          1
    1751 PARKER POLICH COURT           8.875          1,376.47         65
                                       8.625          1,376.47      270,000.00
    TRACY            CA   95376          2            07/06/00         00
    9023451362                           05           09/01/00          0
    9023451362                           O            08/01/30
    0


    3669839          461/461             F          424,000.00         ZZ
                                         360        423,756.06          1
    1721 ROBBIN WHIPPLE WAY            8.750          3,335.61         80
                                       8.500          3,335.61      530,000.00
    BELMONT          CA   94002          2            07/13/00         00
    9023462468                           05           09/01/00          0
    9023462468                           O            08/01/30
    0


    3669857          461/461             F          123,500.00         ZZ
                                         360        123,425.18          1
    1309 TRITON AVENUE                 8.500            949.61         71
                                       8.250            949.61      175,000.00
    SAN DIEGO        CA   92154          2            07/17/00         00
    9023469463                           05           09/01/00          0
    9023469463                           O            08/01/30
    0


    3669862          461/461             F          278,400.00         ZZ
                                         360        278,243.92          1
1


    15830 VERDE ROAD                   8.875          2,215.08         80
                                       8.625          2,215.08      348,000.00
    SALINAS          CA   93907          2            07/20/00         00
    9023473234                           05           09/01/00          0
    9023473234                           O            08/01/30
    0


    3669867          461/461             F          272,000.00         ZZ
                                         360        271,826.55          1
    4241 SANTA RITA ROAD               8.250          2,043.45         80
                                       8.000          2,043.45      340,000.00
    EL SOBRANTE      CA   94803          2            07/20/00         00
    9023476625                           05           09/01/00          0
    9023476625                           O            08/01/30
    0


    3670577          637/G02             F           94,400.00         ZZ
                                         360         94,400.00          1
    2133 HARBOR WAY                    9.500            793.77         80
                                       9.250            793.77      118,000.00
    ARLINGTON        TX   76006          5            08/10/00         00
    0432253946                           07           10/01/00          0
    0021667647                           N            09/01/30
    0


    3673493          E22/G02             F          138,600.00         ZZ
                                         360        138,600.00          1
    1829 W. HOOD  AVE #E               9.875          1,203.53         90
                                       9.625          1,203.53      154,000.00
    CHICAGO          IL   60660          1            08/07/00         04
    0411947336                           09           10/01/00         25
    0411947336                           O            09/01/30
    0


    3673496          E22/G02             F          118,750.00         ZZ
                                         360        118,693.11          1
    1585 N EUCLID AVE                  9.625          1,009.36         95
                                       9.375          1,009.36      125,000.00
    DAYTON           OH   45406          5            08/02/00         01
    0412023541                           05           09/01/00         30
    0412023541                           O            08/01/30
    0


    3673503          E22/G02             F          249,600.00         ZZ
                                         360        249,600.00          1
    17407 PALM STREET                  8.750          1,963.60         80
                                       8.500          1,963.60      312,000.00
    FOUNTAIN VALLEY  CA   92708          5            08/01/00         00
    0412044349                           05           10/01/00          0
1


    0412044349                           O            09/01/30
    0


    3673507          E22/G02             F          123,300.00         ZZ
                                         360        123,300.00          1
    4537 FREMONT LANE                  9.625          1,048.04         90
                                       9.375          1,048.04      137,000.00
    PLANO            TX   75093          1            08/07/00         10
    0412055410                           05           10/01/00         25
    0412055410                           N            09/01/30
    0


    3673508          E22/G02             F          332,000.00         ZZ
                                         360        332,000.00          1
    1509 SUTTER CREEK DRIVE            8.875          2,641.54         80
                                       8.625          2,641.54      415,000.00
    EL DORADO HILLS  CA   95762          2            07/31/00         00
    0412056491                           05           10/01/00          0
    0412056491                           O            09/01/30
    0


    3673509          E22/G02             F          211,400.00         ZZ
                                         360        211,400.00          4
    1448 WEST 1650 NORTH               9.875          1,835.69         90
                                       9.625          1,835.69      234,900.00
    LAYTON           UT   84041          1            08/07/00         01
    0412058471                           05           10/01/00         25
    0412058471                           N            09/01/30
    0


    3673511          E22/G02             F          307,500.00         ZZ
                                         360        307,348.75          1
    340 NORMANDY AVE                   9.500          2,585.63         80
                                       9.250          2,585.63      385,000.00
    ALAMO HEIGHTS    TX   78209          5            08/01/00         00
    0412060329                           05           09/01/00          0
    0412060329                           O            08/01/30
    0


    3673512          E22/G02             F          256,000.00         ZZ
                                         360        255,874.08          1
    1042 BRENTHAVEN DR.                9.500          2,152.59         80
                                       9.250          2,152.59      320,000.00
    BLOOMFIELD HILL  MI   48304          5            08/02/00         00
    0412061392                           05           09/01/00          0
    0412061392                           O            08/01/30
    0


1


    3673517          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
    12221 BEVERLY DRIVE                8.875          1,790.20         82
                                       8.625          1,790.20      275,000.00
    WHITTIER         CA   90601          5            08/02/00         11
    0412067373                           05           10/01/00         12
    0412067373                           O            09/01/30
    0


    3673518          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
    104 INWOOD FOREST DRIVE            9.500            706.32         80
                                       9.250            706.32      105,000.00
    WIMBERLEY        TX   78676          5            08/01/00         00
    0412068777                           03           10/01/00          0
    0412068777                           O            09/01/30
    0


    3673520          E22/G02             F          148,500.00         ZZ
                                         360        148,425.01          1
    2060 FOX RIDGE ROAD                9.375          1,235.15         90
                                       9.125          1,235.15      165,000.00
    SPARTA           NC   28625          1            08/07/00         01
    0412069395                           05           09/01/00         25
    0412069395                           O            08/01/30
    0


    3673521          E22/G02             F           33,300.00         ZZ
                                         360         33,300.00          1
    1019 GANDY STREET                  9.500            280.00         90
                                       9.250            280.00       37,000.00
    DENISON          TX   75020          1            08/07/00         01
    0412072811                           05           10/01/00         25
    0412072811                           O            09/01/30
    0


    3673524          E22/G02             F          893,000.00         ZZ
                                         360        893,000.00          1
    20 CULVER COURT                    9.000          7,185.28         65
                                       8.750          7,185.28    1,375,000.00
    ORINDA           CA   94563          1            08/03/00         00
    0412078511                           05           10/01/00          0
    0412078511                           O            09/01/30
    0


    3673526          E22/G02             F          108,800.00         ZZ
                                         360        108,800.00          2
    6141 & 6143 BELMONT AVENUE         8.750            855.93         80
                                       8.500            855.93      136,000.00
1


    DALLAS           TX   75214          2            08/07/00         00
    0412079568                           05           10/01/00          0
    0412079568                           N            09/01/30
    0


    3673528          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
    315 PINON CREEK TRAIL SE           9.500          1,143.56         80
                                       9.250          1,143.56      170,000.00
    ALBUQUERQUE      NM   87123          2            08/07/00         00
    0412081911                           05           10/01/00          0
    0412081911                           N            09/01/30
    0


    3674663          J86/G02             F          156,800.00         ZZ
                                         360        156,709.78          1
    6722 EAST EUGIE TERRACE            8.750          1,233.55         80
                                       8.500          1,233.55      196,000.00
    SCOTTSDALE       AZ   85254          1            08/02/00         00
    0432208627                           05           09/01/00          0
    0151298                              O            08/01/30
    0


    3676922          E82/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
    851 PINEHURST LANE                 9.250          1,563.08         80
                                       9.000          1,563.08      240,000.00
    SCHAUMBURG       IL   60193          5            08/03/00         00
    0400301446                           05           10/01/00          0
    0400301446                           O            09/01/30
    0


    3676972          P44/G02             F           57,200.00         ZZ
                                         360         57,171.86          2
    104 CHARLES STREET                 9.500            480.97         59
                                       9.250            480.97       98,000.00
    FITCHBURG        MA   01420          5            07/27/00         00
    0432233047                           05           09/01/00          0
    000584                               O            08/01/30
    0


    3677308          E84/G02             F          180,000.00         ZZ
                                         360        179,906.68          1
    1159 NORTHWEST ROCKWOOD LANE       9.250          1,480.82         80
                                       9.000          1,480.82      225,000.00
    BEND             OR   97701          1            07/21/00         00
    0432213528                           05           09/01/00          0
    61700607                             O            08/01/30
    0
1




    3677626          462/G02             F           55,000.00         ZZ
                                         360         54,967.52          1
    18 ROBINDALE CIRCLE                8.625            427.79         31
                                       8.375            427.79      183,215.00
    THE WOODLANDS    TX   77384          1            07/27/00         00
    0432217669                           03           09/01/00          0
    0007980709                           O            08/01/30
    0


    3678084          E84/G02             F        1,000,000.00         ZZ
                                         360        999,394.20          1
    76 BRIDGEGATE DRIVE                8.500          7,689.13         46
                                       8.250          7,689.13    2,200,000.00
    SAN RAFAEL       CA   94903          1            07/28/00         00
    0432233252                           05           09/01/00          0
    23001477                             O            08/01/30
    0


    3678121          F28/G02             F          304,000.00         ZZ
                                         360        303,503.96          1
    8609 PARK AV                       9.250          2,500.93         89
                                       9.000          2,500.93      343,000.00
    BOWIE            MD   20720          2            05/31/00         14
    0432197135                           05           07/01/00         25
    5118777                              O            06/01/30
    0


    3678122          F28/G02             F           88,000.00         ZZ
                                         360         87,476.74          1
    512 MAYFAIR STREET                 8.750            692.30         90
                                       8.500            692.30       98,450.00
    CARY             NC   27513          1            10/22/99         04
    0432198331                           05           12/01/99         25
    5146834                              N            11/01/29
    0


    3678124          F28/G02             F          187,000.00         ZZ
                                         360        186,028.04          4
    4028 EAST FAIRMONT 12              8.875          1,487.86         70
                                       8.625          1,487.86      270,000.00
    TUSCON           AZ   85716          5            11/09/99         00
    0432197408                           05           01/01/00          0
    5202272                              N            12/01/29
    0


    3678126          F28/G02             F           58,500.00         ZZ
                                         360         58,237.59          2
1


    118-120 MARKET STREET              9.000            470.70         90
                                       8.750            470.70       65,000.00
    PALMYRA          NY   14522          1            12/08/99         04
    0432201614                           05           02/01/00         25
    5239151                              N            01/01/30
    0


    3678128          F28/G02             F          260,800.00         ZZ
                                         360        260,419.91          1
    30424 NORTH 148TH STREET           9.125          2,121.95         80
                                       8.875          2,121.95      326,000.00
    SCOTTSDALE       AZ   85262          2            06/20/00         00
    0432195295                           05           08/01/00          0
    5268762                              O            07/01/30
    0


    3678130          F28/G02             F           70,200.00         ZZ
                                         360         69,939.27          4
    45 W MCELDOWNEY ST                 9.250            577.52         90
                                       9.000            577.52       78,000.00
    CHICAGO HEIGHTS  IL   60411          1            01/21/00         01
    0432198422                           05           03/01/00         25
    5298496                              N            02/01/30
    0


    3678131          F28/G02             F           24,750.00         ZZ
                                         360         24,633.11          1
    220 NEIL STREET                    8.750            194.71         90
                                       8.500            194.71       27,500.00
    SANDUSKY         OH   44870          1            12/18/99         10
    0432199107                           05           02/01/00         25
    5298991                              N            01/01/30
    0


    3678132          F28/G02             F          144,000.00         ZZ
                                         360        143,360.24          2
    2324 & 2326 PHEASANT LANE          8.375          1,094.50         90
                                       8.125          1,094.50      160,000.00
    COLLEGE STATION  TX   77845          1            01/05/00         14
    0432201556                           05           03/01/00         25
    5308758                              N            02/01/30
    0


    3678133          F28/G02             F          264,000.00         ZZ
                                         360        263,162.85          1
    786 ANDERSON RD                    9.250          2,171.86         80
                                       9.000          2,171.86      330,000.00
    JACKSON          NJ   08527          5            02/09/00         00
    0432197093                           05           04/01/00          0
1


    5386745                              O            03/01/30
    0


    3678134          F28/G02             F           67,500.00         ZZ
                                         360         67,307.16          1
    106 S DURHAM RD                    9.750            579.93         90
                                       9.500            579.93       75,000.00
    CREEDMOR         NC   27522          1            02/15/00         10
    0432197101                           05           04/01/00         25
    5400587                              N            03/01/30
    0


    3678137          F28/G02             F          260,000.00         ZZ
                                         360        258,877.66          1
    2 CLOVER CIRCLE                    9.000          2,092.02         80
                                       8.750          2,092.02      325,000.00
    MELROSE          MA   02176          1            03/22/00         00
    0432193142                           05           05/01/00          0
    5471818                              O            04/01/30
    0


    3678138          F28/G02             F          103,200.00         ZZ
                                         360        102,679.07          4
    84 N WESTGATE                      8.500            793.52         80
                                       8.250            793.52      129,000.00
    COLUMBUS         OH   43204          1            03/31/00         00
    0432192524                           05           05/01/00          0
    5495852                              N            04/01/30
    0


    3678139          F28/G02             F          124,200.00         ZZ
                                         360        123,952.72          4
    6810 SOUTH FIRST ST                9.500          1,044.35         90
                                       9.250          1,044.35      138,000.00
    AUSTIN           TX   78745          1            04/06/00         10
    0432199826                           05           06/01/00         25
    5499902                              N            05/01/30
    0


    3678140          F28/G02             F          220,000.00         ZZ
                                         360        219,538.47          4
    323 CIRCLE DRIVE                   9.250          1,809.89         80
                                       9.000          1,809.89      275,000.00
    FT MORGAN        CO   80701          1            04/12/00         00
    0432195006                           05           06/01/00          0
    5501418                              N            05/01/30
    0


1


    3678141          F28/G02             F          220,000.00         ZZ
                                         360        219,538.47          4
    325 CIRCLE DRIVE                   9.250          1,809.89         80
                                       9.000          1,809.89      275,000.00
    FORT MORGAN      CO   80701          1            04/12/00         00
    0432198935                           05           06/01/00          0
    5501541                              N            05/01/30
    0


    3678143          F28/G02             F          306,400.00         ZZ
                                         360        306,072.66          1
    5 HEMLOCK DRIVE                    9.125          2,492.97         80
                                       8.875          2,492.97      383,000.00
    WILBRAHAM        MA   01095          1            06/15/00         00
    0432193050                           05           08/01/00          0
    5527449                              O            07/01/30
    0


    3678144          F28/G02             F          310,000.00         ZZ
                                         360        309,474.76          1
    85 FLORIDA HILL ROAD               8.875          2,466.50         80
                                       8.625          2,466.50      387,500.00
    RIDGEFIELD       CT   06877          1            05/30/00         00
    0432193357                           05           07/01/00          0
    5538752                              O            06/01/30
    0


    3678145          F28/G02             F           76,500.00         ZZ
                                         360         76,383.19          3
    1604,1608 & 1612 N DEQUINCY        9.375            636.29         90
    STREET                             9.125            636.29       85,000.00
    INDIANAPOLIS     IN   46218          1            05/12/00         14
    0432194009                           05           07/01/00         25
    5548751                              N            06/01/30
    0


    3678146          F28/G02             F          350,000.00         ZZ
                                         360        349,359.38          1
    469 SOUTH BUNDY DRIVE              8.500          2,691.20         54
                                       8.250          2,691.20      657,000.00
    LOS ANGELES      CA   90049          1            05/11/00         00
    0432194157                           05           07/01/00          0
    5562022                              N            06/01/30
    0


    3678147          F28/G02             F          107,200.00         ZZ
                                         360        106,997.50          4
    305 LAMPE ST                       9.750            921.01         80
                                       9.500            921.01      134,000.00
1


    ARLINGTON        TX   76010          1            04/14/00         00
    0432197085                           05           06/01/00          0
    5564269                              N            05/01/30
    0


    3678148          F28/G02             F          320,000.00         ZZ
                                         360        317,315.22          2
    24 MURDOCK ST                      9.375          2,661.60         76
                                       9.125          2,661.60      425,000.00
    BRIGHTON         MA   02135          5            04/18/00         00
    0432198323                           05           06/01/00          0
    5575069                              O            05/01/30
    0


    3678149          F28/G02             F           60,000.00         ZZ
                                         360         59,867.44          3
    4 ATLANTIC STREET                  9.000            482.77         19
                                       8.750            482.77      320,000.00
    WINTHROP         MA   02152          5            04/28/00         00
    0432193068                           05           06/01/00          0
    5580321                              N            05/01/30
    0


    3678151          F28/G02             F           36,000.00         ZZ
                                         360         35,949.19          2
    3600 VINE ST                       9.750            309.30         90
                                       9.500            309.30       40,000.00
    CINCINNATI       OH   45202          1            05/22/00         04
    0432197077                           05           07/01/00         25
    5591296                              N            06/01/30
    0


    3678153          F28/G02             F          449,900.00         ZZ
                                         360        449,157.21          1
    3436 E EQUESTERIAN TR              9.000          3,620.00         90
                                       8.750          3,620.00      499,900.00
    PHOENIX          AZ   85044          1            05/11/00         10
    0432193498                           05           07/01/00         25
    5593043                              O            06/01/30
    0


    3678154          F28/G02             F          303,000.00         T
                                         360        302,499.74          1
    644 OCEAN FRONT ARCH               9.000          2,438.01         72
                                       8.750          2,438.01      425,000.00
    COROLLA          NC   27927          5            05/30/00         00
    0432192573                           05           07/01/00          0
    5599556                              O            06/01/30
    0
1




    3678155          F28/G02             F          580,000.00         ZZ
                                         360        578,965.31          4
    3044 OLIPHANT STREET               8.625          4,511.18         80
                                       8.375          4,511.18      725,000.00
    SAN DIEGO        CA   92106          5            05/19/00         00
    0432194074                           05           07/01/00          0
    5609213                              O            06/01/30
    0


    3678156          F28/G02             F          240,000.00         ZZ
                                         360        239,633.55          4
    2402 WHEELER DR                    9.375          1,996.20         75
                                       9.125          1,996.20      320,000.00
    BOZEMAN          MT   59718          2            05/18/00         00
    0432197069                           05           07/01/00          0
    5609264                              N            06/01/30
    0


    3678157          F28/G02             F          476,000.00         ZZ
                                         360        474,834.24          1
    50 MAIN STREET N                   8.500          3,660.03         80
                                       8.250          3,660.03      595,000.00
    WOODBURY         CT   06798          1            04/27/00         00
    0432198489                           05           06/01/00          0
    5609411                              O            05/01/30
    0


    3678158          F28/G02             F          104,400.00         ZZ
                                         360        104,218.47          2
    146 PLANTATION ST                  8.750            821.32         90
                                       8.500            821.32      116,000.00
    WORCESTER        MA   01604          1            05/31/00         10
    0432197630                           05           07/01/00         25
    5611789                              N            06/01/30
    0


    3678159          F28/G02             F          288,000.00         ZZ
                                         360        287,486.24          1
    185 LAS BRISAS                     8.625          2,240.03         80
                                       8.375          2,240.03      360,000.00
    SAN MARCOS       CA   92069          1            05/11/00         00
    0432197051                           05           07/01/00          0
    5616242                              O            06/01/30
    0


    3678160          F28/G02             F          132,000.00         ZZ
                                         360        131,737.19          3
1


    24 TRINITY AV                      9.500          1,109.93         80
                                       9.250          1,109.93      165,000.00
    LYNN             MA   01902          1            05/02/00         00
    0432197036                           05           06/01/00          0
    5616713                              N            05/01/30
    0


    3678161          F28/G02             F           74,700.00         ZZ
                                         360         74,600.02          4
    2923 VICTOR                       10.000            655.55         90
                                       9.750            655.55       83,000.00
    ST LOUIS         MO   63116          1            05/15/00         04
    0432198463                           05           07/01/00         25
    5618760                              N            06/01/30
    0


    3678164          F28/G02             F          346,500.00         ZZ
                                         360        345,881.87          1
    559 HIGHLAND AVE NE                8.625          2,695.04         75
                                       8.375          2,695.04      462,000.00
    ATLANTA          GA   30308          2            05/05/00         00
    0432197580                           05           07/01/00          0
    5620285                              O            06/01/30
    0


    3678165          F28/G02             F          325,000.00         ZZ
                                         360        324,541.42          1
    1033 HAMPTON PARK                  9.750          2,792.25         50
                                       9.500          2,792.25      650,000.00
    ST. LOUIS        MO   63117          5            05/05/00         00
    0432197564                           05           07/01/00          0
    5622032                              O            06/01/30
    0


    3678167          F28/G02             F          305,280.00         ZZ
                                         360        304,801.55          4
    8625-8631 GLENHAVEN STREET         9.250          2,511.46         80
                                       9.000          2,511.46      381,600.00
    SAN DIEGO        CA   92123          1            05/19/00         00
    0432194488                           05           07/01/00          0
    5627597                              N            06/01/30
    0


    3678170          F28/G02             F          155,000.00         ZZ
                                         360        154,763.35          3
    14 SOUTH LAKE STREET               9.375          1,289.21         80
                                       9.125          1,289.21      195,000.00
    LITCHFIELD       CT   06759          1            05/25/00         00
    0432198711                           05           07/01/00          0
1


    5628213                              N            06/01/30
    0


    3678171          F28/G02             F          334,300.00         ZZ
                                         360        333,672.26          1
    36 PALM BOULEVARD                  8.375          2,540.93         80
                                       8.125          2,540.93      417,900.00
    MISSOURI CITY    TX   77459          1            05/22/00         00
    0432192649                           05           07/01/00          0
    5629882                              O            06/01/30
    0


    3678172          F28/G02             F          580,000.00         ZZ
                                         360        578,938.41          1
    3719 PALOS VERDES DRIVE NORTH      8.500          4,459.70         80
                                       8.250          4,459.70      725,000.00
    ROLLING HILLS E  CA   90274          1            05/17/00         00
    0432229946                           05           07/01/00          0
    5631231                              O            06/01/30
    0


    3678174          F28/G02             F           32,850.00         ZZ
                                         360         32,801.14          1
    1006 SNYDER ST                     9.500            276.22         90
                                       9.250            276.22       36,500.00
    AKRON            OH   44307          1            05/17/00         04
    0432197549                           05           07/01/00         25
    5632876                              N            06/01/30
    0


    3678175          F28/G02             F           91,000.00         ZZ
                                         360         90,857.39          3
    7 FORBES STREET                    9.250            748.63         70
                                       9.000            748.63      130,000.00
    WORCESTER        MA   01605          5            06/01/00         00
    0432200244                           05           07/01/00          0
    5635028                              N            06/01/30
    0


    3678176          F28/G02             F           91,000.00         ZZ
                                         360         90,857.39          3
    55 EAST CENTRAL STREET             9.250            748.63         70
                                       9.000            748.63      130,000.00
    WORCESTER        MA   01605          5            06/01/00         00
    0432193878                           05           07/01/00          0
    5635152                              N            06/01/30
    0


1


    3678177          F28/G02             F          180,000.00         ZZ
                                         360        179,746.01          4
    123 SOUTH ST                       9.750          1,546.48         90
                                       9.500          1,546.48      200,000.00
    MILFORD          NH   03055          1            05/31/00         04
    0432197754                           05           07/01/00         25
    5635764                              O            06/01/30
    0


    3678178          F28/G02             F           74,700.00         ZZ
                                         360         74,551.27          4
    5505 LOUISIANA                     9.500            628.12         90
                                       9.250            628.12       83,000.00
    SAINT LOUIS      MO   63111          1            05/05/00         04
    0432197523                           05           06/01/00         25
    5635772                              N            05/01/30
    0


    3678181          F28/G02             F          200,000.00         ZZ
                                         360        199,678.25          4
    820 COLQUITT AVENUE                9.125          1,627.27         80
                                       8.875          1,627.27      250,000.00
    HOUSTON          TX   77006          1            05/25/00         00
    0432195113                           05           07/01/00          0
    5644475                              N            06/01/30
    0


    3678182          F28/G02             F          120,000.00         ZZ
                                         360        119,826.14          4
    1960 JUNO ROAD                     9.625          1,019.99         80
                                       9.375          1,019.99      150,000.00
    NORTH PALM BEAC  FL   33408          1            06/05/00         00
    0432197283                           05           07/01/00          0
    5647940                              N            06/01/30
    0


    3678183          F28/G02             F          336,775.00         ZZ
                                         360        336,234.26          1
    2887 SANDHURST DR                  9.250          2,770.57         95
                                       9.000          2,770.57      354,500.00
    LEWIS CENTER     OH   43035          1            05/12/00         10
    0432198083                           05           07/01/00         30
    5650843                              O            06/01/30
    0


    3678184          F28/G02             F           56,000.00         ZZ
                                         360         55,938.59          4
    3903 PULASKI                       9.000            450.59         70
                                       8.750            450.59       80,000.00
1


    EAST CHICAGO     IN   46312          5            06/07/00         00
    0432196996                           05           08/01/00          0
    5652080                              N            07/01/30
    0


    3678185          F28/G02             F          412,000.00         ZZ
                                         360        411,370.93          2
    3520 NORTH BOSWORTH AVENUE         9.375          3,426.81         80
                                       9.125          3,426.81      515,000.00
    CHICAGO          IL   60657          1            05/30/00         00
    0432192607                           05           07/01/00          0
    5656933                              N            06/01/30
    0


    3678187          F28/G02             F          584,800.00         ZZ
                                         360        577,455.23          1
    11 BLACKMER RD                     9.375          4,864.07         13
                                       9.125          4,864.07    4,800,000.00
    ENGLEWOOD        CO   80110          2            05/26/00         00
    0432197499                           05           07/01/00          0
    5658162                              O            06/01/30
    0


    3678189          F28/G02             F          512,000.00         ZZ
                                         360        511,277.55          4
    2651 N. WILTON                     9.750          4,398.87         80
                                       9.500          4,398.87      640,000.00
    CHICAGO          IL   60614          1            05/30/00         00
    0432199172                           05           07/01/00          0
    5658774                              O            06/01/30
    0


    3678191          F28/G02             F           63,000.00         ZZ
                                         360         62,942.50          4
    1837 W. LINCOLN AV                10.000            552.88         90
                                       9.750            552.88       70,000.00
    MILWAUKEE        WI   53215          1            06/13/00         10
    0432198448                           05           08/01/00         25
    5660265                              N            07/01/30
    0


    3678192          F28/G02             F           63,000.00         ZZ
                                         360         62,943.99          4
    1420 W. LINCOLN AV                10.000            552.88         90
                                       9.750            552.88       70,000.00
    MILWAUKEE        WI   53215          1            06/13/00         10
    0432198349                           05           08/01/00         25
    5660313                              N            07/01/30
    0
1




    3678193          F28/G02             F           92,250.00         ZZ
                                         360         92,105.41          2
    4700 W OKLAHOMA AV                 9.250            758.92         90
                                       9.000            758.92      102,500.00
    MILWAUKEE        WI   53219          1            05/31/00         14
    0432198547                           05           07/01/00         25
    5661867                              N            06/01/30
    0


    3678194          F28/G02             F           80,000.00         ZZ
                                         360         79,864.44          4
    501 NORTH "E" STREET               8.875            636.52         67
                                       8.625            636.52      120,000.00
    TACOMA           WA   98403          5            05/25/00         00
    0432194967                           05           07/01/00          0
    5665068                              N            06/01/30
    0


    3678195          F28/G02             F          307,500.00         T
                                         360        307,179.93          1
    18 NORTH WESTRIDGE                 9.250          2,529.73         75
                                       9.000          2,529.73      410,000.00
    SNOWSHOE         WV   26209          5            06/02/00         00
    0432198513                           05           08/01/00          0
    5665926                              O            07/01/30
    0


    3678196          F28/G02             F           70,200.00         ZZ
                                         360         70,098.30          4
    414-16 BENTON STREET               9.625            596.69         90
                                       9.375            596.69       78,000.00
    VALLEY PARK      MO   63088          1            05/26/00         10
    0432193118                           05           07/01/00         25
    5667098                              N            06/01/30
    0


    3678197          F28/G02             F           75,150.00         ZZ
                                         360         75,071.78          4
    3815-17 POTOMAC STREET             9.250            618.24         90
                                       9.000            618.24       83,500.00
    ST LOUIS         MO   63118          1            06/08/00         10
    0432199024                           05           08/01/00         25
    5669367                              N            07/01/30
    0


    3678198          F28/G02             F          264,000.00         ZZ
                                         360        263,702.91          1
1


    506 ELLA DRIVE                     8.875          2,100.50         80
                                       8.625          2,100.50      330,000.00
    SAN JOSE         CA   95111          1            06/13/00         00
    0432198257                           05           08/01/00          0
    5672409                              O            07/01/30
    0


    3678200          F28/G02             F          345,600.00         ZZ
                                         360        344,478.84          1
    2647 CHARLESTOWN LANE              9.500          2,905.99         80
                                       9.250          2,905.99      432,000.00
    NAPERVILLE       IL   60564          1            05/30/00         00
    0432195733                           05           07/01/00          0
    5676651                              O            06/01/30
    0


    3678201          F28/G02             F          103,500.00         ZZ
                                         360        103,397.79          1
    5211 TALLEY PLACE                  9.500            870.28         90
                                       9.250            870.28      115,000.00
    WILMINGTON       DE   19810          1            06/15/00         10
    0432192540                           05           08/01/00         25
    5681758                              N            07/01/30
    0


    3678202          F28/G02             F          153,000.00         ZZ
                                         360        152,707.99          4
    170 W MAIN STREET                  9.750          1,314.51         90
                                       9.500          1,314.51      170,000.00
    SULLIVAN         WI   53178          1            05/30/00         10
    0432193589                           05           07/01/00         25
    5682970                              N            06/01/30
    0


    3678203          F28/G02             F          112,500.00         ZZ
                                         360        112,410.20          4
    3922 LOUISIANA                    10.500          1,029.08         90
                                      10.250          1,029.08      125,000.00
    ST.LOUIS         MO   63118          1            06/02/00         04
    0432192714                           05           08/01/00         25
    5685734                              N            07/01/30
    0


    3678204          F28/G02             F           85,500.00         ZZ
                                         360         85,397.19          4
    2300 ALLEN AVE                    10.500            782.10         90
                                      10.250            782.10       95,000.00
    ST. LOUIS        MO   63104          1            05/26/00         04
    0432192557                           05           07/01/00         25
1


    5685825                              N            06/01/30
    0


    3678205          F28/G02             F          106,200.00         ZZ
                                         360        106,050.16          1
    213 NOBLE                          9.750            912.42         90
                                       9.500            912.42      118,000.00
    MILFORD          MI   48381          1            06/02/00         04
    0432198356                           05           07/01/00         25
    5685975                              N            06/01/30
    0


    3678206          F28/G02             F           99,000.00         ZZ
                                         360         98,841.48          1
    2536 RAVENNA AVENUE NE             9.750            850.56         90
                                       9.500            850.56      110,000.00
    EAST CANTON      OH   44730          1            06/15/00         10
    0432195212                           05           08/01/00         25
    5690120                              N            07/01/30
    0


    3678207          F28/G02             F          464,000.00         ZZ
                                         360        463,253.57          1
    838 W. ANCONA ST                   9.125          3,775.26         80
                                       8.875          3,775.26      580,000.00
    CHICAGO          IL   60622          1            05/28/00         00
    0432197432                           05           07/01/00          0
    5692514                              O            06/01/30
    0


    3678208          F28/G02             F          199,750.00         ZZ
                                         360        199,562.84          4
    W286 N3103-09 LAKESIDE ROAD        9.750          1,716.17         85
                                       9.500          1,716.17      235,000.00
    PEWAUKEE         WI   53072          5            06/09/00         10
    0432199529                           05           08/01/00         12
    5693894                              O            07/01/30
    0


    3678209          F28/G02             F          637,100.00         ZZ
                                         360        636,152.43          1
    7878 E GAINEY RANCH ROAD #23       9.500          5,357.08         75
                                       9.250          5,357.08      849,500.00
    SCOTTSDALE       AZ   85258          1            05/24/00         00
    0432199628                           05           07/01/00          0
    5694320                              O            06/01/30
    0


1


    3678211          F28/G02             F          595,000.00         ZZ
                                         360        594,396.71          1
    7155 EAST OAKMONT DRIVE            9.375          4,948.91         70
                                       9.125          4,948.91      850,000.00
    PARADISE VALLEY  AZ   85253          1            06/15/00         00
    0432199347                           05           08/01/00          0
    5695891                              O            07/01/30
    0


    3678212          F28/G02             F          551,500.00         ZZ
                                         360        549,711.30          1
    464 S. RIDGE RD                    9.750          4,738.24         69
                                       9.500          4,738.24      805,000.00
    LAKE FOREST      IL   60045          2            06/09/00         00
    0432197424                           05           08/01/00          0
    5699834                              O            07/01/30
    0


    3678213          F28/G02             F          440,000.00         ZZ
                                         360        439,565.43          1
    66 PLEASANT VALLEY RD              9.500          3,699.76         74
                                       9.250          3,699.76      600,000.00
    AMESBURY         MA   01913          5            06/09/00         00
    0432197960                           05           08/01/00          0
    5701184                              O            07/01/30
    0


    3678214          F28/G02             F          336,000.00         ZZ
                                         360        335,445.27          1
    2055 COYOTE LOOP                   9.000          2,703.53         80
                                       8.750          2,703.53      420,000.00
    WILSON           WY   83014          1            06/01/00         00
    0432192474                           05           07/01/00          0
    5702950                              O            06/01/30
    0


    3678215          F28/G02             F          400,000.00         ZZ
                                         360        399,549.84          1
    12372 HOWARD LODGE DRIVE           8.875          3,182.58         80
                                       8.625          3,182.58      500,000.00
    SYKESVILLE       MD   21784          5            06/05/00         00
    0432199131                           05           08/01/00          0
    5704418                              O            07/01/30
    0


    3678216          F28/G02             F           60,000.00         ZZ
                                         360         59,948.10          1
    306 HARGRAVE                      10.125            532.10         84
                                       9.875            532.10       72,000.00
1


    TOLEDO           OH   43606          2            06/19/00         10
    0432193308                           05           08/01/00         12
    5706359                              N            07/01/30
    0


    3678217          F28/G02             F          580,000.00         ZZ
                                         360        579,330.16          1
    945 OAK RIDGE AVENUE               8.750          4,562.87         70
                                       8.500          4,562.87      830,000.00
    SHOREVIEW        MN   55126          2            06/09/00         00
    0432193704                           05           08/01/00          0
    5711843                              O            07/01/30
    0


    3678218          F28/G02             F          625,000.00         ZZ
                                         360        624,296.64          1
    11229 FIELD CIRCLE                 8.875          4,972.78         77
                                       8.625          4,972.78      815,000.00
    SPOTSYLVANIA     VA   22553          2            06/23/00         00
    0432198034                           05           08/01/00          0
    5713229                              O            07/01/30
    0


    3678220          F28/G02             F          298,000.00         ZZ
                                         360        297,868.17          1
    3335 CANYON OAKS TRAIL            10.000          2,615.16         52
                                       9.750          2,615.16      580,000.00
    MILFORD          MI   48380          5            07/05/00         00
    0432199727                           05           09/01/00          0
    5732005                              O            08/01/30
    0


    3678221          F28/G02             F          318,000.00         ZZ
                                         360        317,632.75          1
    1914 WEST 233RD STREET             8.750          2,501.71         80
                                       8.500          2,501.71      398,000.00
    TORRANCE         CA   90501          1            06/14/00         00
    0432194876                           05           08/01/00          0
    5734035                              O            07/01/30
    0


    3678222          F28/G02             F          340,000.00         ZZ
                                         360        339,664.21          1
    3 WALLASY WAY                      9.500          2,858.90         80
                                       9.250          2,858.90      425,000.00
    GREENWICH        CT   06878          1            06/22/00         00
    0432199412                           05           08/01/00          0
    5736016                              O            07/01/30
    0
1




    3678223          F28/G02             F          400,000.00         ZZ
                                         360        399,549.84          1
    104 GARDNER RD                     8.875          3,182.58         49
                                       8.625          3,182.58      820,000.00
    BROOKLINE        MA   02445          5            06/19/00         00
    0432192813                           05           08/01/00          0
    5737709                              O            07/01/30
    0


    3678224          F28/G02             F          645,000.00         ZZ
                                         360        643,749.08          1
    1560 NORTH HOLLYWOOD BOULEVARD     9.625          5,482.43         75
                                       9.375          5,482.43      860,000.00
    LAS VEGAS        NV   89110          2            04/18/00         00
    0432193449                           05           06/01/00          0
    5742550                              O            05/01/30
    0


    3678225          F28/G02             F          340,000.00         ZZ
                                         360        339,607.35          1
    1818 PESCADORES AV                 8.750          2,674.78         80
                                       8.500          2,674.78      425,000.00
    SAN PEDRO        CA   90732          5            06/19/00         00
    0432198281                           05           08/01/00          0
    5744323                              O            07/01/30
    0


    3678227          F28/G02             F          300,000.00         ZZ
                                         360        299,653.54          1
    1573 MURPHY PARKWAY                8.750          2,360.10         79
                                       8.500          2,360.10      380,000.00
    EAGAN            MN   55122          1            06/28/00         00
    0432192987                           05           08/01/00          0
    5758903                              O            07/01/30
    0


    3678228          F28/G02             F          360,000.00         ZZ
                                         360        359,671.53          2
    5538-5544 EAST OCEAN BOULEVARD     9.875          3,126.06         67
                                       9.625          3,126.06      540,000.00
    LONG BEACH       CA   90803          1            06/20/00         00
    0432229797                           05           08/01/00          0
    5765825                              O            07/01/30
    0


    3678229          F28/G02             F          252,900.00         ZZ
                                         360        252,600.31          1
1


    21 WINDJAMMER CT                   8.625          1,967.03         53
                                       8.375          1,967.03      485,000.00
    HILTON HEAD      SC   29928          1            06/30/00         00
    0432232064                           05           08/01/00          0
    5774536                              N            07/01/30
    0


    3678496          E84/G02             F          168,900.00         ZZ
                                         360        168,812.44          1
    370 MAGNOLIA DRIVE                 9.250          1,389.50         80
                                       9.000          1,389.50      211,194.00
    JUPITER          FL   33458          1            07/26/00         00
    0432233302                           03           09/01/00          0
    15400978                             O            08/01/30
    0


    3679241          E86/G02             F           72,000.00         ZZ
                                         360         72,000.00          3
    130-132 PARK TERRACE               9.750            618.59         90
                                       9.500            618.59       80,000.00
    WATERBURY        CT   06708          1            08/03/00         14
    0432199941                           05           10/01/00         25
    0000071411                           N            09/01/30
    0


    3679254          144/144             F           27,395.00         ZZ
                                         360         27,378.82          1
    UNIT 6D CORTLAND DRIVE             8.625            213.08         95
                                       8.375            213.08       28,840.00
    NEWBURGH         NY   12550          1            07/26/00         01
    099529060                            01           09/01/00         30
    099529060                            O            08/01/30
    0


    3680304          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          4
    3522 GLENWAY AVE                  10.000            987.27         90
                                       9.750            987.27      125,000.00
    CINCINNATI       OH   45205          1            08/08/00         04
    0411911092                           05           10/01/00         25
    0411911092                           N            09/01/30
    0


    3680306          E22/G02             F          120,000.00         ZZ
                                         360        119,939.40          1
    1016 ST. MARGARETS DRIVE           9.375            998.10         80
                                       9.125            998.10      150,000.00
    ANNAPOLIS        MD   21401          5            08/03/00         00
    0411995699                           05           09/01/00          0
1


    0411995699                           O            08/01/30
    0


    3680308          E22/G02             F          110,000.00         ZZ
                                         360        109,938.33          1
    1871 HWY 15 NORTH                  8.875            875.21         89
                                       8.625            875.21      124,000.00
    LONOKE           AR   72086          2            08/02/00         04
    0412027658                           05           09/01/00         25
    0412027658                           O            08/01/30
    0


    3680317          E22/G02             F           51,900.00         ZZ
                                         360         51,873.09          1
    2201 PEPPERTREE WAY                9.250            426.97         80
    UNIT #4                            9.000            426.97       64,950.00
    ANTIOCH          CA   94509          1            07/28/00         00
    0412058299                           01           09/01/00          0
    0412058299                           N            08/01/30
    0


    3680322          E22/G02             F          165,600.00         ZZ
                                         360        165,600.00          1
    6984 SAN BERNARDO CIRCLE           9.625          1,407.58         90
                                       9.375          1,407.58      184,000.00
    BUENA PARK       CA   90620          1            08/02/00         11
    0412064347                           05           10/01/00         25
    0412064347                           O            09/01/30
    0


    3680328          E22/G02             F           94,500.00         ZZ
                                         360         94,500.00          4
    4664 O'HEAR AVE                   10.000            829.31         70
    UNITS A,B,C, & D                   9.750            829.31      135,000.00
    NORTH CHARLESTO  SC   29405          1            08/08/00         00
    0412073652                           05           10/01/00          0
    0412073652                           N            09/01/30
    0


    3680329          E22/G02             F           22,400.00         ZZ
                                         360         22,400.00          1
    2931 ALABAMA DR                   10.000            196.58         80
                                       9.750            196.58       28,000.00
    NORTH CHARLESTO  SC   29405          1            08/08/00         00
    0412073660                           05           10/01/00          0
    0412073660                           N            09/01/30
    0


1


    3680331          E22/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    100 EAST BURKE                     9.375            582.22         90
                                       9.125            582.22       78,000.00
    GREELEY          NE   68842          5            08/03/00         01
    0412075046                           05           10/01/00         25
    0412075046                           O            09/01/30
    0


    3680334          E22/G02             F          120,750.00         ZZ
                                         360        120,750.00          1
    260 TALL FOREST DRIVE              9.000            971.58         70
                                       8.750            971.58      172,500.00
    BASTROP          TX   78602          1            08/08/00         00
    0412077315                           03           10/01/00          0
    0412077315                           O            09/01/30
    0


    3680338          E22/G02             F           78,300.00         ZZ
                                         360         78,300.00          4
    1836 AUBURN AVE                   10.000            687.14         90
                                       9.750            687.14       87,000.00
    DAYTON           OH   45406          1            08/08/00         04
    0412079261                           05           10/01/00         25
    0412079261                           N            09/01/30
    0


    3680340          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
    1206 GANDY STREET                  9.000            740.25         80
                                       8.750            740.25      115,000.00
    DENISON          TX   75020          1            08/07/00         00
    0412083255                           05           10/01/00          0
    0412083255                           O            09/01/30
    0


    3680341          E22/G02             F          103,500.00         ZZ
                                         360        103,500.00          1
    3085 POINT CLEAR DRIVE            10.000            908.29         90
                                       9.750            908.29      115,000.00
    TEGA CAY         SC   29708          1            08/07/00         01
    0412084162                           05           10/01/00         25
    0412084162                           N            09/01/30
    0


    3680342          E22/G02             F          143,550.00         ZZ
                                         360        143,550.00          1
    2146 VICKSBURG AVENUE              9.250          1,180.95         90
                                       9.000          1,180.95      159,500.00
1


    OAKLAND          CA   94601          1            08/04/00         01
    0412088601                           05           10/01/00         25
    0412088601                           O            09/01/30
    0


    3681086          E84/G02             F           85,000.00         ZZ
                                         360         84,959.28          1
    4001 LINKWOOD DRIVE                9.625            722.49         90
                                       9.375            722.49       95,000.00
    ALEDO            TX   76008          1            07/31/00         10
    0432233286                           05           09/01/00         25
    32601455                             O            08/01/30
    0


    3682797          253/253             F          220,620.00         ZZ
                                         360        220,517.07          1
    1608 DAILY DRIVE                   9.750          1,895.47         90
                                       9.500          1,895.47      245,133.00
    ERIE             CO   80516          1            07/28/00         01
    955292                               03           09/01/00         30
    955292                               O            08/01/30
    0


    3682903          T44/G02             F           55,800.00         ZZ
                                         360         55,774.65          2
    31550 - 31552 ALPENA               9.875            484.54         90
                                       9.625            484.54       62,000.00
    WESTLAND         MI   48185          1            08/04/00         14
    0432242451                           05           09/01/00         25
    567549                               N            08/01/30
    0


    3684438          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
    17 NW 107TH STREET                 9.375            711.15         90
                                       9.125            711.15       95,000.00
    MIAMI SHORES     FL   33168          1            08/09/00         10
    0411876139                           05           10/01/00         25
    0411876139                           N            09/01/30
    0


    3684439          E22/G02             F          153,750.00         ZZ
                                         360        153,678.27          1
    1426 SOUTH MAGNOLIA AVENUE         9.750          1,320.95         75
                                       9.500          1,320.95      205,000.00
    MONROVIA         CA   91016          5            07/27/00         00
    0411929086                           05           09/01/00          0
    0411929086                           N            08/01/30
    0
1




    3684442          E22/G02             F           42,300.00         ZZ
                                         360         42,263.40          1
    2308 NW WOODBRIDGE                10.125            375.13         90
                                       9.875            375.13       47,000.00
    YORKTOWN         IN   47396          1            06/07/00         11
    0411967714                           05           08/01/00         25
    0411967714                           N            07/01/30
    0


    3684444          E22/G02             F          313,600.00         ZZ
                                         360        313,600.00          1
    194 MARINE AVENUE                  9.000          2,523.30         80
                                       8.750          2,523.30      392,000.00
    BROOKLYN         NY   11209          1            08/09/00         00
    0412015380                           05           10/01/00          0
    0412015380                           O            09/01/30
    0


    3684448          E22/G02             F           24,300.00         ZZ
                                         360         24,300.00          1
    265 ASHMORE AVENUE                 9.875            211.01         90
                                       9.625            211.01       27,000.00
    TRENTON          NJ   08638          1            08/09/00         01
    0412037764                           07           10/01/00         25
    0412037764                           N            09/01/30
    0


    3684452          E22/G02             F          342,000.00         ZZ
                                         360        341,808.26          1
    6392 ATHENA DRIVE                  8.875          2,721.11         80
                                       8.625          2,721.11      430,000.00
    HUNTINGTON BEAC  CA   92647          5            07/18/00         00
    0412053977                           05           09/01/00          0
    0412053977                           O            08/01/30
    0


    3684454          E22/G02             F          145,000.00         ZZ
                                         360        144,928.68          3
    127 BOONTON AVENUE                 9.500          1,219.24         64
                                       9.250          1,219.24      228,000.00
    BOONTON          NJ   07005          5            08/04/00         00
    0412058539                           05           09/01/00          0
    0412058539                           O            08/01/30
    0


    3684456          E22/G02             F          303,000.00         ZZ
                                         360        302,830.14          1
1


    2216 FISHER COURT                  8.875          2,410.80         80
                                       8.625          2,410.80      380,000.00
    REDONDO BEACH    CA   90278          5            07/31/00         00
    0412062432                           05           09/01/00          0
    0412062432                           O            08/01/30
    0


    3684461          E22/G02             F           98,300.00         ZZ
                                         360         98,300.00          1
    409 BELMAR CIRCLE                  9.875            853.59         95
                                       9.625            853.59      103,500.00
    GLENCOE          AL   35905          5            08/04/00         10
    0412070930                           05           10/01/00         30
    0412070930                           O            09/01/30
    0


    3684464          E22/G02             F           97,500.00         ZZ
                                         360         97,500.00          1
    65 MASARIK AVE                     9.875            846.64         75
                                       9.625            846.64      130,000.00
    STRATFORD        CT   06615          2            08/04/00         00
    0412073447                           05           10/01/00          0
    0412073447                           O            09/01/30
    0


    3684465          E22/G02             F          101,700.00         ZZ
                                         360        101,700.00          4
    112-114 WARREN STREET              9.625            864.44         90
                                       9.375            864.44      113,000.00
    PATERSON         NJ   07524          1            08/09/00         10
    0412075780                           05           10/01/00         25
    0412075780                           N            09/01/30
    0


    3684466          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
    9645 ALLEGHENY DRIVE               9.625          1,147.49         90
                                       9.375          1,147.49      150,000.00
    SACRAMENTO       CA   95827          2            08/01/00         01
    0412076952                           05           10/01/00         25
    0412076952                           O            09/01/30
    0


    3684470          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
    3704 HIDDEN HOLLOW                 9.125            475.98         17
                                       8.875            475.98      350,000.00
    AUSTIN           TX   78731          5            08/04/00         00
    0412080442                           05           10/01/00          0
1


    0412080442                           O            09/01/30
    0


    3685003          E84/G02             F           85,050.00         ZZ
                                         360         85,011.36          4
    4014 POTOMAC STREET    NO 16       9.875            738.53         90
                                       9.625            738.53       94,500.00
    SAINT LOUIS      MO   63116          1            07/31/00         10
    0432233369                           05           09/01/00         25
    11902405                             N            08/01/30
    0


    3686662          T93/G02             F           66,000.00         ZZ
                                         360         65,967.54          1
    1070 OREGON TRAIL                  9.500            554.96         55
                                       9.250            554.96      120,000.00
    MARIETTA         GA   30008          1            07/28/00         00
    0432207561                           05           09/01/00          0
    004186                               N            08/01/30
    0


    3688467          E22/G02             F          160,650.00         ZZ
                                         360        160,514.68          4
    8413 COTTONWOOD                   10.250          1,439.59         90
                                      10.000          1,439.59      178,500.00
    FINNEYTOWN       OH   45231          1            06/09/00         01
    0411971658                           05           08/01/00         25
    0411971658                           N            07/01/30
    0


    3688473          E22/G02             F          218,000.00         ZZ
                                         360        218,000.00          1
    6433 NORTH ALGONQUIN               8.750          1,715.01         80
                                       8.500          1,715.01      272,500.00
    CHICAGO          IL   60646          1            08/10/00         00
    0412045163                           05           10/01/00          0
    0412045163                           O            09/01/30
    0


    3688475          E22/G02             F           72,250.00         ZZ
                                         360         72,250.00          1
    6656 SPOERRIWOOD COURT             9.375            600.94         90
                                       9.125            600.94       80,300.00
    SACRAMENTO       CA   95828          1            07/28/00         01
    0412053266                           05           10/01/00         25
    0412053266                           O            09/01/30
    0


1


    3688479          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    3315 DUCHESS TRAIL                 9.625            722.49         50
                                       9.375            722.49      170,000.00
    DALLAS           TX   75229          5            08/02/00         00
    0412060790                           05           10/01/00          0
    0412060790                           O            09/01/30
    0


    3688483          E22/G02             F           37,050.00         ZZ
                                         360         36,721.83          1
    1705 MARVIN LOVING DRIVE, #101    10.000            325.14         95
                                       9.750            325.14       39,000.00
    GARLAND          TX   75043          1            07/28/00         01
    0412072936                           01           09/01/00         30
    0412072936                           O            08/01/30
    0


    3688488          E22/G02             F          337,500.00         ZZ
                                         360        337,500.00          4
    3025 PRYTANIA STREET               9.250          2,776.53         90
                                       9.000          2,776.53      375,000.00
    NEW ORLEANS      LA   70115          1            08/10/00         10
    0412079626                           05           10/01/00         25
    0412079626                           N            09/01/30
    0


    3688741          877/G02             F          312,000.00         ZZ
                                         360        311,850.53          1
    9714 ETIWANDA AVENUE               9.625          2,651.97         80
                                       9.375          2,651.97      390,000.00
    NORTHRIDGE AREA  CA   91325          5            07/17/00         00
    0432207439                           05           09/01/00          0
    2001204541                           O            08/01/30
    0


    3688782          K30/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
    4030 LAKESIDE BOULEVARD            8.875            922.95         80
                                       8.625            922.95      145,000.00
    MONROE           GA   30655          5            08/02/00         00
    0432192623                           03           10/01/00          0
    0073850                              O            09/01/30
    0


    3688926          Q59/G02             F          170,100.00         ZZ
                                         360        170,007.09          4
    116-118-118 1/2-118 1/4 W AVE      9.000          1,368.66         90
    43                                 8.750          1,368.66      189,000.00
1


    LOS ANGELES      CA   90065          1            07/24/00         11
    0432192920                           05           09/01/00         25
    201518                               O            08/01/30
    0


    3689299          E84/G02             F           61,100.00         ZZ
                                         360         61,072.24          1
    6411 SOUTH PAULINA STREET          9.875            530.56         90
                                       9.625            530.56       67,900.00
    CHICAGO          IL   60636          1            07/21/00         10
    0432233161                           05           09/01/00         25
    11005205                             N            08/01/30
    0


    3689546          E84/G02             F          258,400.00         ZZ
                                         360        258,272.90          1
    6805 MCLEAN PROVINCE CIRCLE        9.500          2,172.77         80
                                       9.250          2,172.77      324,000.00
    FALLS CHURCH     VA   22043          1            08/02/00         00
    0432233187                           09           09/01/00          0
    70302399                             O            08/01/30
    0


    3689867          E84/G02             F          150,000.00         ZZ
                                         360        149,928.14          1
    5021 CHURCH STREET                 9.625          1,274.98         46
                                       9.375          1,274.98      330,000.00
    SKOKIE           IL   60077          5            08/03/00         00
    0432233492                           05           09/01/00          0
    11204154                             N            08/01/30
    0


    3690054          E84/G02             F          215,000.00         ZZ
                                         360        215,000.00          1
    10106 DIANELLA LANE               10.125          1,906.67         60
                                       9.875          1,906.67      359,500.00
    AUSTIN           TX   78750          1            08/04/00         00
    0432233237                           03           10/01/00          0
    32601431                             O            09/01/30
    0


    3690479          E84/G02             F          130,850.00         ZZ
                                         360        130,787.32          1
    626 SOUTH WHITCOMB STREET          9.625          1,112.21         75
                                       9.375          1,112.21      174,500.00
    FORT COLLINS     CO   80521          1            07/31/00         00
    0432233518                           05           09/01/00          0
    80010161                             O            08/01/30
    0
1




    3691287          737/G02             F          220,000.00         ZZ
                                         360        219,876.66          1
    30845 CEDAR CREEK                  8.875          1,750.42         80
                                       8.625          1,750.42      275,000.00
    FARMINGTON HILL  MI   48336          1            07/31/00         00
    0432224327                           05           09/01/00          0
    964944                               O            08/01/30
    0


    3691587          637/G02             F           67,410.00         ZZ
                                         360         67,379.37          3
    1518 1520 1522 LA ANNIE            9.875            585.36         90
                                       9.625            585.36       74,900.00
    BATON ROUGE      LA   70815          1            07/14/00         01
    0432260289                           05           09/01/00         25
    0017684184                           N            08/01/30
    0


    3691668          637/G02             F           67,050.00         ZZ
                                         360         67,019.54          4
    11 BOOTHBY STREET                  9.875            582.23         90
                                       9.625            582.23       74,500.00
    AUGUSTA          ME   04330          1            07/17/00         11
    0432222750                           05           09/01/00         25
    0021226436                           N            08/01/30
    0


    3692627          E22/G02             F          259,850.00         ZZ
                                         360        259,850.00          4
    3341 OLD YORKTOWN ROAD             9.125          2,114.23         90
                                       8.875          2,114.23      288,750.00
    YORKTOWN HEIGHT  NY   10598          1            08/11/00         01
    0411974256                           05           10/01/00         25
    0411974256                           N            09/01/30
    0


    3692628          E22/G02             F          130,400.00         ZZ
                                         360        130,400.00          1
    34 WALL STREET                     8.750          1,025.86         80
                                       8.500          1,025.86      163,000.00
    WALLINGFORD      CT   06492          1            08/11/00         00
    0412001638                           05           10/01/00          0
    0412001638                           O            09/01/30
    0


    3692633          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
1


    1113 NORTH STUMP CREEK ROAD        9.000            687.95         90
                                       8.750            687.95       95,000.00
    AUBURN           WY   83111          1            08/10/00         01
    0412039356                           05           10/01/00         30
    0412039356                           N            09/01/30
    0


    3692634          E22/G02             F           56,700.00         ZZ
                                         360         56,700.00          1
    1920 ERNEST STREET                10.000            497.58         90
                                       9.750            497.58       63,000.00
    KISSIMMEE        FL   34741          1            08/11/00         10
    0412039752                           05           10/01/00         25
    0412039752                           N            09/01/30
    0


    3692637          E22/G02             F           66,600.00         ZZ
                                         360         66,600.00          1
    1461 LINCOLN AVENUE               10.000            584.46         90
                                       9.750            584.46       74,000.00
    HAVRE            MT   59501          5            08/03/00         01
    0412055378                           27           10/01/00         25
    0412055378                           O            09/01/30
    0


    3692638          E22/G02             F          117,900.00         ZZ
                                         360        117,900.00          2
    956-958 MULBERRY AVENUE            9.750          1,012.94         90
                                       9.500          1,012.94      131,000.00
    HAGERSTOWN       MD   21740          1            08/11/00         10
    0412056335                           05           10/01/00         25
    0412056335                           N            09/01/30
    0


    3692642          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
    5211 BEDFORD                      10.000            456.34         65
                                       9.750            456.34       80,000.00
    DETROIT          MI   48224          5            08/11/00         00
    0412059230                           05           10/01/00          0
    0412059230                           N            09/01/30
    0


    3692645          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    3690 PENNYROYAL LANE               8.875            795.64         67
                                       8.625            795.64      150,000.00
    COLORADO SPRING  CO   80906          1            08/11/00         00
    0412060253                           05           10/01/00          0
1


    0412060253                           O            09/01/30
    0


    3692647          E22/G02             F          219,450.00         ZZ
                                         360        219,450.00          1
    10321 NOTTINGHAM AVENUE            9.875          1,905.59         95
                                       9.625          1,905.59      231,000.00
    WESTMINSTER      CA   92683          1            08/04/00         04
    0412062184                           05           10/01/00         30
    0412062184                           O            09/01/30
    0


    3692654          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    34880 EBERLEIN DRIVE               9.250          1,645.35         80
                                       9.000          1,645.35      250,000.00
    FRASER           MI   48026          1            08/11/00         00
    0412073835                           05           10/01/00          0
    0412073835                           O            09/01/30
    0


    3692658          E22/G02             F          132,200.00         ZZ
                                         360        132,134.97          1
    11601 NW 48 LANE                   9.500          1,111.61         90
                                       9.250          1,111.61      146,900.00
    MIAMI            FL   33178          1            07/31/00         10
    0412075434                           09           09/01/00         25
    0412075434                           O            08/01/30
    0


    3692659          E22/G02             F           86,300.00         T
                                         360         86,300.00          1
    274 SUNSET LANE                    9.250            709.97         72
                                       9.000            709.97      120,000.00
    TIGER            GA   30576          2            08/11/00         00
    0412076291                           05           10/01/00          0
    0412076291                           O            09/01/30
    0


    3692661          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          1
    26278 AUDREY                      10.000          1,200.52         95
                                       9.750          1,200.52      144,000.00
    WARREN           MI   48091          1            08/11/00         01
    0412080012                           05           10/01/00         30
    0412080012                           O            09/01/30
    0


1


    3692758          G52/G02             F           96,500.00         ZZ
                                         360         96,456.15          4
    10214 BROWNIE DRIVE                9.875            837.96         80
                                       9.625            837.96      122,000.00
    AUSTIN           TX   78753          2            07/24/00         00
    0432208007                           05           09/01/00          0
    74501328                             N            08/01/30
    0


    3693359          E82/G02             F           29,600.00         ZZ
                                         360         29,600.00          1
    309 WEST 10TH STREET               9.750            254.31         80
                                       9.500            254.31       37,000.00
    THE DALLES       OR   97058          1            08/10/00         00
    0400308045                           05           10/01/00          0
    0400308045                           O            09/01/30
    0


    3693360          E82/G02             F          334,400.00         ZZ
                                         360        334,400.00          1
    5605 BENT TRAIL                    8.500          2,571.25         80
                                       8.250          2,571.25      418,000.00
    DALLAS           TX   75248          1            08/09/00         00
    0400292728                           05           10/01/00          0
    0400292728                           O            09/01/30
    0


    3693361          E82/G02             F          128,200.00         ZZ
                                         360        128,200.00          1
    1215 SOUTH ROUSE AVENUE            8.750          1,008.55         82
                                       8.500          1,008.55      156,500.00
    BOZEMAN          MT   59715          5            08/07/00         04
    0400303814                           05           10/01/00         12
    0400303814                           O            09/01/30
    0


    3693374          E82/G02             F          123,200.00         ZZ
                                         360        123,200.00          1
    1001 BURNING SPRINGS DRIVE         8.750            969.21         80
                                       8.500            969.21      154,000.00
    LOUISVILLE       KY   40223          1            08/09/00         00
    0400308102                           01           10/01/00          0
    0400308102                           O            09/01/30
    0


    3693375          E82/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    1795 EDWARDS AVENUE                9.000            965.55         37
                                       8.750            965.55      329,000.00
1


    BAITING HOLLOW   NY   11933          1            08/09/00         00
    0400205052                           05           10/01/00          0
    0400285052                           O            09/01/30
    0


    3693517          F28/G02             F          350,000.00         ZZ
                                         360        349,654.32          1
    142 CHURCH ST                      9.500          2,942.99         77
                                       9.250          2,942.99      460,000.00
    ASHLAND          OR   97520          1            06/21/00         00
    0432207256                           05           08/01/00          0
    5765272                              N            07/01/30
    0


    3693998          E82/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
    996 HAZEL DRIVE                    9.375          1,122.86         90
                                       9.125          1,122.86      150,000.00
    NORTH HUNTINGDO  PA   15642          5            08/04/00         04
    0400304473                           05           10/01/00         25
    0400304473                           O            09/01/30
    0


    3694970          623/623             F          543,700.00         ZZ
                                         360        542,181.89          1
    4601 DUNMORROW DRIVE               8.625          4,228.84         75
                                       8.375          4,228.84      725,000.00
    OKEMOS           MI   48864          2            05/31/00         00
    1355567                              05           07/01/00          0
    1355567                              O            06/01/30
    0


    3694971          623/623             F          168,000.00         ZZ
                                         360        167,736.71          1
    6616 S DELANEY ROAD                9.250          1,382.09         80
                                       9.000          1,382.09      210,000.00
    OWOSSO           MI   48867          2            05/23/00         00
    1427005                              05           07/01/00          0
    1427005                              O            06/01/30
    0


    3694972          623/623             F          116,050.00         ZZ
                                         360        115,908.90          1
    2501 SULLIVAN ROAD                 8.500            892.32         77
                                       8.250            892.32      151,000.00
    RAVENNA          MI   49451          2            06/07/00         00
    5220145                              05           08/01/00          0
    5220145                              O            07/01/30
    0
1




    3694973          623/623             F          128,000.00         ZZ
                                         360        127,777.45          1
    11274 STRAIT RD                    8.750          1,006.98         80
                                       8.500          1,006.98      160,000.00
    JONESVILLE       MI   49250          4            01/14/00         00
    5222856                              05           07/01/00          0
    5222856                              O            06/01/30
    0


    3694975          623/623             F           72,000.00         ZZ
                                         360         70,478.98          1
    76 WILLARD                         9.875            625.21         90
                                       9.625            625.21       80,000.00
    PONTIAC          MI   48342          1            01/28/00         10
    5233696                              05           03/01/00         25
    5233696                              N            02/01/30
    0


    3694976          623/623             F           49,100.00         ZZ
                                         360         48,983.60          1
    4160 E LEITH STREET                9.750            421.84         90
                                       9.500            421.84       54,600.00
    BURTON           MI   48509          1            03/17/00         11
    5247207                              05           05/01/00         25
    5247207                              N            04/01/30
    0


    3694977          623/623             F           31,400.00         ZZ
                                         360         31,353.29          2
    923 TURNER AVENUE NW               9.500            264.03         90
                                       9.250            264.03       34,900.00
    GRAND RAPIDS     MI   49504          1            05/15/00         10
    5249533                              05           07/01/00         25
    5249533                              N            06/01/30
    0


    3694978          623/623             F          111,500.00         ZZ
                                         360        111,266.10          3
    2300 NORTH AVERS AVENUE            9.250            917.28         56
                                       9.000            917.28      200,000.00
    CHICAGO          IL   60647          5            04/03/00         00
    5251998                              05           06/01/00          0
    5251998                              O            05/01/30
    0


    3694979          623/623             F          105,000.00         ZZ
                                         360        104,779.73          1
1


    824 CHITTENDEN                     9.250            863.81         75
                                       9.000            863.81      140,000.00
    EAST LANSING     MI   48823          1            04/28/00         00
    5254846                              05           06/01/00          0
    5254846                              O            05/01/30
    0


    3694980          623/623             F           85,950.00         ZZ
                                         360         85,822.18          2
    945 BELLE VALLEY                   9.500            722.71         90
                                       9.250            722.71       95,500.00
    BELLEVILLE       IL   62220          1            05/15/00         04
    5254853                              05           07/01/00         25
    5254853                              N            06/01/30
    0


    3694981          623/623             F          136,800.00         ZZ
                                         360        136,434.93          3
    1262 A B C KEEBLER                 9.500          1,150.29         90
                                       9.250          1,150.29      152,000.00
    COLLINSVILLE     IL   62234          1            04/28/00         04
    5254854                              05           06/01/00         25
    5254854                              N            05/01/30
    0


    3694982          623/623             F          147,250.00         ZZ
                                         360        146,964.42          1
    1437 CLARKE PLACE                  9.625          1,251.61         75
                                       9.375          1,251.61      197,250.00
    SOUTH HAVEN      MI   49090          1            04/28/00         00
    5255155                              05           06/01/00          0
    5255155                              O            05/01/30
    0


    3694983          623/623             F          160,000.00         ZZ
                                         360        159,672.99          1
    10276 M32 EAST                     9.375          1,330.80         67
                                       9.125          1,330.80      240,000.00
    JOHANNESBURG     MI   49751          5            05/01/00         00
    5257147                              05           07/01/00          0
    5257147                              O            06/01/30
    0


    3694984          623/623             F          110,000.00         ZZ
                                         360        109,888.48          1
    7454 NICHOLS ROAD                  9.375            914.92         37
                                       9.125            914.92      305,000.00
    FLUSHING         MI   48433          5            06/07/00         00
    5257241                              05           08/01/00          0
1


    5257241                              O            07/01/30
    0


    3694985          623/623             F          294,400.00         ZZ
                                         360        293,962.14          1
    21 LYNWOOD DRIVE                   9.500          2,475.47         80
                                       9.250          2,475.47      368,000.00
    BATTLE CREEK     MI   49015          1            05/25/00         00
    5258165                              05           07/01/00          0
    5258165                              O            06/01/30
    0


    3694986          623/623             F          172,500.00         ZZ
                                         360        172,243.45          1
    574 GREENWOOD SE AVENUE            9.500          1,450.47         75
                                       9.250          1,450.47      230,000.00
    EAST GRAND RAPI  MI   49506          1            06/01/00         00
    5258775                              05           07/01/00          0
    5258775                              O            06/01/30
    0


    3694987          623/623             F           81,750.00         ZZ
                                         360         81,574.01          1
    10920 EAST MEYER ROAD              9.125            665.14         75
                                       8.875            665.14      109,000.00
    STOCKTON         IL   61085          2            04/28/00         00
    5259451                              05           06/01/00          0
    5259451                              O            05/01/30
    0


    3694988          623/623             F          134,400.00         ZZ
                                         360        134,172.27          1
    1932 NEWCASTLE AVENUE              8.875          1,069.35         80
                                       8.625          1,069.35      168,000.00
    WESTCHESTER      IL   60154          2            05/26/00         00
    5259584                              05           07/01/00          0
    5259584                              O            06/01/30
    0


    3694989          623/623             F           40,000.00         ZZ
                                         360         39,958.36          1
    1613 16TH AVENUE                   9.250            329.07         77
                                       9.000            329.07       52,000.00
    BEAVER FALLS     PA   15010          5            06/19/00         00
    5261091                              05           08/01/00          0
    5261091                              O            07/01/30
    0


1


    3694990          623/623             F          200,700.00         ZZ
                                         360        200,238.16          3
    1841 W WALNUT STREET               8.875          1,596.86         90
                                       8.625          1,596.86      223,000.00
    CHICAGO          IL   60612          1            05/30/00         04
    5261601                              05           07/01/00         25
    5261601                              O            06/01/30
    0


    3694991          623/623             F          102,400.00         ZZ
                                         360        102,218.36          1
    1598 PIKE STREET                   9.375            851.71         80
                                       9.125            851.71      128,000.00
    HASLETT          MI   48840          1            05/30/00         00
    5262000                              05           07/01/00          0
    5262000                              O            06/01/30
    0


    3694992          623/623             F           58,100.00         ZZ
                                         360         58,022.25          1
    9583 TENOR DRIVE                  10.000            509.87         70
                                       9.750            509.87       83,000.00
    INTERLOCHEN      MI   49643          1            05/23/00         00
    5262001                              05           07/01/00          0
    5262001                              O            06/01/30
    0


    3694993          623/623             F           68,000.00         ZZ
                                         360         67,932.84          1
    1366 E JOLSON AVE                  9.500            571.78         80
                                       9.250            571.78       85,000.00
    BURTON           MI   48529          5            06/09/00         00
    5262115                              05           08/01/00          0
    5262115                              O            07/01/30
    0


    3694994          623/623             F          245,000.00         T
                                         360        244,645.06          1
    101 HENRY                          9.625          2,082.47         55
                                       9.375          2,082.47      450,000.00
    ROSCOMMON        MI   48653          5            05/25/00         00
    5263003                              05           07/01/00          0
    5263003                              O            06/01/30
    0


    3694995          623/623             F          133,500.00         ZZ
                                         360        133,306.58          1
    1290 HIBBARD ROAD                  9.625          1,134.74         75
                                       9.375          1,134.74      178,000.00
1


    OWOSSO           MI   48867          5            05/25/00         00
    5263004                              05           07/01/00          0
    5263004                              O            06/01/30
    0


    3694996          623/623             F           59,600.00         ZZ
                                         360         59,542.67          1
    400 GILBERT STREET                 9.625            506.59         80
                                       9.375            506.59       74,500.00
    OWOSSO           MI   48867          1            06/08/00         00
    5263526                              05           08/01/00          0
    5263526                              O            07/01/30
    0


    3694997          623/623             F          150,000.00         ZZ
                                         360        149,918.07          1
    6155 MARKEL ROAD                   9.000          1,206.93         67
                                       8.750          1,206.93      225,000.00
    MARINE CITY      MI   48039          5            06/28/00         00
    5263981                              05           09/01/00          0
    5263981                              O            08/01/30
    0


    3694999          623/623             F          122,550.00         ZZ
                                         360        122,328.17          1
    2757 HAYES STREET                  9.500          1,030.47         80
                                       9.250          1,030.47      153,200.00
    MARNE            MI   49435          1            06/23/00         00
    5264435                              05           08/01/00          0
    5264435                              O            07/01/30
    0


    3695000          623/623             F           40,000.00         ZZ
                                         360         39,759.91          1
    3650 EAST CHARTER OAK ROAD         9.625            340.00         50
                                       9.375            340.00       80,000.00
    GUTHRIE          OK   73044          5            06/21/00         00
    5264573                              05           08/01/00          0
    5264573                              O            07/01/30
    0


    3695001          623/623             F           39,900.00         ZZ
                                         360         39,539.49          1
    301 CLEARWATER                     9.625            339.15         80
                                       9.375            339.15       49,900.00
    PRUDENVILLE      MI   48651          1            06/13/00         00
    5266980                              05           08/01/00          0
    5266980                              O            07/01/30
    0
1




    3695002          623/623             F          176,000.00         ZZ
                                         360        175,906.34          1
    14801 BECKY COURT                  9.125          1,431.99         80
                                       8.875          1,431.99      220,000.00
    OAK FOREST       IL   60452          5            07/13/00         00
    5267013                              05           09/01/00          0
    5267013                              O            08/01/30
    0


    3695003          623/623             F          399,950.00         ZZ
                                         360        399,753.27          1
    2233 HEARTHSIDE DRIVE SE           9.500          3,363.00         74
                                       9.250          3,363.00      543,900.00
    GRAND RAPIDS     MI   49301          1            07/05/00         00
    5267153                              05           09/01/00          0
    5267153                              O            08/01/30
    0


    3695006          623/623             F           82,500.00         ZZ
                                         360         82,426.70          1
    538 NE ELEANOR STREET             10.000            724.00         75
                                       9.750            724.00      110,000.00
    GRAND RAPIDS     MI   49505          1            06/29/00         00
    5270258                              05           08/01/00          0
    5270258                              O            07/01/30
    0


    3695007          623/623             F           94,500.00         ZZ
                                         360         94,411.46          4
    403 MICHIGAN AVENUE                9.750            811.90         90
                                       9.500            811.90      105,000.00
    OWOSSO           MI   48867          1            06/28/00         10
    5271283                              05           08/01/00         25
    5271283                              N            07/01/30
    0


    3695008          623/623             F           78,750.00         T
                                         360         78,670.15          1
    2957 PEBBLE CREEK STREET           9.375            655.00         75
                                       9.125            655.00      105,000.00
    MELBOURNE        FL   32935          1            06/23/00         00
    5271395                              03           08/01/00          0
    5271395                              O            07/01/30
    0


    3695009          623/623             F          110,300.00         ZZ
                                         360        110,242.82          1
1


    196 WHITNEY WAY                    9.250            907.41         80
                                       9.000            907.41      137,900.00
    PLAINWELL        MI   49080          1            07/18/00         00
    5272099                              05           09/01/00          0
    5272099                              O            08/01/30
    0


    3695010          623/623             F           40,950.00         ZZ
                                         360         40,847.98          1
    325 GILBERT STREET                 9.500            344.33         59
                                       9.250            344.33       70,000.00
    OWOSSO           MI   48867          5            06/30/00         00
    5273278                              05           08/01/00          0
    5273278                              N            07/01/30
    0


    3695011          623/G02             F          140,000.00         ZZ
                                         360        139,872.26          2
    401 ERIN STREET                    9.875          1,215.69         80
                                       9.625          1,215.69      175,000.00
    PAHRUMP          NV   89048          5            06/08/00         00
    0432225720                           05           08/01/00          0
    1326022                              O            07/01/30
    0


    3695012          623/G02             F           97,100.00         ZZ
                                         360         97,049.66          1
    625 SUNSET CLIFF CIRCLE            9.250            798.82         90
                                       9.000            798.82      107,900.00
    LAS VEGAS        NV   89123          1            07/06/00         01
    0432223568                           03           09/01/00         25
    1326290                              N            08/01/30
    0


    3695013          623/G02             F          160,000.00         ZZ
                                         360        159,640.39          1
    137 MONTEREY WAY                   9.500          1,345.37         70
                                       9.250          1,345.37      231,000.00
    ROYAL PALM BEAC  FL   33411          1            06/26/00         00
    0432223527                           03           08/01/00          0
    1418174                              O            07/01/30
    0


    3695014          623/G02             F          134,400.00         ZZ
                                         360        134,252.63          1
    2954 SOUTH PIERCE STREET           9.000          1,081.41         80
                                       8.750          1,081.41      168,000.00
    DENVER           CO   80227          1            06/21/00         00
    0432225498                           05           08/01/00          0
1


    1519847                              O            07/01/30
    0


    3695015          623/G02             F           51,205.00         ZZ
                                         360         51,180.47          1
    93 S SABLE BOULEVARD #G22          9.625            435.24         95
                                       9.375            435.24       53,900.00
    AURORA           CO   80013          1            07/14/00         10
    0432226553                           01           09/01/00         30
    1526705                              O            08/01/30
    0


    3695017          623/G02             F           62,400.00         ZZ
                                         360         62,371.65          1
    9716 KAREN AVENUE                  9.875            541.85         80
                                       9.625            541.85       78,000.00
    CALIFORNIA CITY  CA   93505          5            07/17/00         00
    0432225209                           05           09/01/00          0
    1535574                              N            08/01/30
    0


    3695018          623/G02             F           64,000.00         ZZ
                                         360         63,970.93          1
    9709 KAREN AVENUE                  9.875            555.74         80
                                       9.625            555.74       80,000.00
    CALIFORNIA CITY  CA   93505          5            07/20/00         00
    0432225381                           05           09/01/00          0
    1535576                              N            08/01/30
    0


    3695019          623/G02             F           65,600.00         ZZ
                                         360         65,570.19          1
    9501 EVELYN AVENUE                 9.875            569.64         80
                                       9.625            569.64       82,000.00
    CALIFORNIA CITY  CA   93505          5            07/17/00         00
    0432225399                           05           09/01/00          0
    1537461                              N            08/01/30
    0


    3695020          623/G02             F           94,100.00         ZZ
                                         360         94,056.10          1
    7469 BRADENTON BLVD                9.750            808.46         65
                                       9.500            808.46      145,000.00
    PARMA            OH   44134          5            06/30/00         00
    0432225407                           05           09/01/00          0
    1539154                              O            08/01/30
    0


1


    3695021          623/G02             F          163,920.00         ZZ
                                         360        163,837.23          1
    11 BIG DIPPER RD                   9.375          1,363.40         80
                                       9.125          1,363.40      204,900.00
    TIJERAS          NM   87059          1            07/20/00         00
    0432225472                           05           09/01/00          0
    1539441                              O            08/01/30
    0


    3695022          623/G02             F          120,000.00         ZZ
                                         240        119,814.55          1
    3107 TEXAS STREET NE               8.750          1,060.45         80
                                       8.500          1,060.45      150,000.00
    ALBUQUERQUE      NM   87110          5            07/07/00         00
    0432225449                           05           09/01/00          0
    1539455                              O            08/01/20
    0


    3695023          623/G02             F          127,000.00         ZZ
                                         360        126,930.63          1
    751 KRAMERIA STREET                9.000          1,021.87         53
                                       8.750          1,021.87      240,000.00
    DENVER           CO   80220          5            07/10/00         00
    0432225613                           05           09/01/00          0
    1539587                              O            08/01/30
    0


    3695024          623/G02             F          107,900.00         ZZ
                                         360        107,844.06          1
    714 N 500 WEST                     9.250            887.67         90
                                       9.000            887.67      119,900.00
    LEHI             UT   84043          1            07/07/00         10
    0432226470                           05           09/01/00         30
    1539653                              N            08/01/30
    0


    3695025          623/G02             F           67,410.00         ZZ
                                         360         67,376.84          4
    220 GENERAL STILLWELL ST           9.500            566.82         90
                                       9.250            566.82       74,900.00
    ALBUQUERQUE      NM   87123          1            07/10/00         01
    0432225639                           05           09/01/00         25
    1539658                              O            08/01/30
    0


    3695026          623/G02             F          221,600.00         ZZ
                                         360        221,475.77          1
    10885 WEST HALF MOON PASS          8.875          1,763.15         80
                                       8.625          1,763.15      277,000.00
1


    LITTLETON        CO   80127          5            07/13/00         00
    0432225605                           03           09/01/00          0
    1539671                              O            08/01/30
    0


    3695027          623/G02             F          180,000.00         ZZ
                                         360        179,890.96          1
    3103 SOUTH 1000 EAST               8.500          1,384.04         80
                                       8.250          1,384.04      225,000.00
    SALT LAKE CITY   UT   84106          5            07/18/00         00
    0432225167                           05           09/01/00          0
    1539810                              O            08/01/30
    0


    3695028          623/G02             F          159,750.00         ZZ
                                         360        159,671.43          4
    68 NORTH YALE STREET               9.500          1,343.26         90
                                       9.250          1,343.26      177,500.00
    NAMPA            ID   83651          1            07/10/00         11
    0432225175                           05           09/01/00         25
    1541115                              N            08/01/30
    0


    3695029          623/G02             F          168,000.00         ZZ
                                         360        167,905.82          1
    3424 N CAN-ADA RD                  8.875          1,336.68         80
                                       8.625          1,336.68      210,000.00
    MANPA            ID   83687          5            07/13/00         00
    0432225506                           05           09/01/00          0
    1541153                              O            08/01/30
    0


    3695030          623/G02             F           66,500.00         ZZ
                                         360         66,432.58          1
    419 W USTICK ROAD                  9.375            553.11         70
                                       9.125            553.11       95,000.00
    CALDWELL         ID   83607          1            06/15/00         00
    0432225522                           05           08/01/00          0
    1721430                              N            07/01/30
    0


    3695031          623/G02             F          410,000.00         ZZ
                                         360        409,605.59          1
    12332 N CLOUD RIDGE DRIVE          9.625          3,484.96         72
                                       9.375          3,484.96      575,000.00
    TUCSON           AZ   85737          5            06/26/00         00
    0432226512                           03           08/01/00          0
    1721957                              O            07/01/30
    0
1




    3695032          623/G02             F          430,000.00         ZZ
                                         360        429,490.43          1
    23450 OLD SANTA CRUZ HIGHWAY       8.625          3,344.50         60
                                       8.375          3,344.50      725,000.00
    LOS GATOS        CA   95033          5            06/20/00         00
    0432225530                           05           08/01/00          0
    1932212                              O            07/01/30
    0


    3695033          623/G02             F           85,500.00         ZZ
                                         360         85,372.84          1
    330 STREAMWOOD                     9.500            718.93         95
                                       9.250            718.93       90,000.00
    IRVINE           CA   92620          1            05/19/00         10
    0432226082                           01           07/01/00         30
    1935177                              O            06/01/30
    0


    3695034          623/G02             F          202,500.00         ZZ
                                         360        202,300.01          4
    820 SOUTH MONTEZUMA STREET         9.500          1,702.73         90
    #1-4                               9.250          1,702.73      225,000.00
    PRESCOTT         AZ   86303          1            06/28/00         01
    0432226041                           05           08/01/00         25
    1937208                              O            07/01/30
    0


    3695035          623/G02             F          543,750.00         ZZ
                                         360        543,122.04          1
    475 INDIAN RIDGE DRIVE             8.750          4,277.68         75
                                       8.500          4,277.68      725,000.00
    PALM SPRINGS     CA   92211          1            06/28/00         00
    0432225142                           03           08/01/00          0
    1937824                              O            07/01/30
    0


    3695036          623/G02             F          113,200.00         ZZ
                                         360        113,136.54          1
    6500 ELGIN STREET                  8.875            900.67         80
                                       8.625            900.67      141,500.00
    LOS ANGELES      CA   90042          1            07/05/00         00
    0432225126                           05           09/01/00          0
    1939104                              O            08/01/30
    0


    3695037          623/G02             F          210,400.00         ZZ
                                         360        210,282.04          1
1


    5202 GLENWOOD CIR                  8.875          1,674.04         80
                                       8.625          1,674.04      263,000.00
    LA PALMA         CA   90623          1            07/10/00         00
    0432225100                           05           09/01/00          0
    1939417                              O            08/01/30
    0


    3695038          623/G02             F          146,000.00         ZZ
                                         360        145,913.80          1
    3438W MAGILL AVENUE                8.625          1,135.58         80
                                       8.375          1,135.58      182,500.00
    FRESNO           CA   93711          1            07/14/00         00
    0432225647                           05           09/01/00          0
    1939534                              O            08/01/30
    0


    3695039          623/G02             F          637,000.00         ZZ
                                         360        636,642.89          1
    928 WEST CLIFF DRIVE               8.875          5,068.26         54
                                       8.625          5,068.26    1,200,000.00
    SANTA CRUZ       CA   95060          5            07/07/00         00
    0432225688                           05           09/01/00          0
    1939916                              O            08/01/30
    0


    3695040          623/G02             F          189,000.00         ZZ
                                         360        188,891.26          1
    5389 BALBOA AVENUE                 8.750          1,486.87         90
                                       8.500          1,486.87      210,000.00
    SAN DIEGO        CA   92117          1            07/11/00         10
    0432226322                           01           09/01/00         25
    1940060                              O            08/01/30
    0


    3695041          623/G02             F          299,000.00         ZZ
                                         360        298,836.68          1
    1465 NEPTUNE AVEUE                 9.000          2,405.82         75
                                       8.750          2,405.82      399,000.00
    ENCINITAS        CA   92024          5            07/14/00         00
    0432225936                           05           09/01/00          0
    1940256                              O            08/01/30
    0


    3695042          623/G02             F          300,000.00         ZZ
                                         360        299,831.81          1
    432 ESCALONA DRIVE                 8.875          2,386.94         60
                                       8.625          2,386.94      500,000.00
    SANTA CRUZ       CA   95060          1            07/13/00         00
    0432225027                           05           09/01/00          0
1


    1940682                              N            08/01/30
    0


    3695044          623/G02             F          103,150.00         ZZ
                                         360        103,106.74          1
    7026 108TH AVENUE EAST            10.250            924.33         75
                                      10.000            924.33      137,560.00
    PARRISH          FL   34219          4            07/21/00         00
    0432225803                           05           09/01/00          0
    5246891                              O            08/01/30
    0


    3695045          623/G02             F          165,000.00         ZZ
                                         360        164,518.36          1
    10035 WINDZAG LANE                 8.750          1,298.06         70
                                       8.500          1,298.06      237,000.00
    CINCINNATI       OH   45242          5            03/27/00         00
    0432225795                           05           05/01/00          0
    5250675                              O            04/01/30
    0


    3695046          623/G02             F           34,200.00         ZZ
                                         360         34,109.99          1
    515 MAIN STREET                    9.250            281.35         90
                                       9.000            281.35       38,000.00
    MISSOURI CITY    MO   64072          1            03/24/00         10
    0432226678                           05           05/01/00         30
    5251077                              N            04/01/30
    0


    3695047          623/G02             F          100,000.00         ZZ
                                         360         99,943.94          1
    100 NORTH MAIN STREET              8.875            795.64         71
                                       8.625            795.64      142,000.00
    BURRILLVILLE     RI   02859          5            07/17/00         00
    0432226504                           05           09/01/00          0
    5255896                              O            08/01/30
    0


    3695048          623/G02             F          194,000.00         ZZ
                                         360        193,907.06          1
    134 GLEN COVE PLACE                9.625          1,648.98         80
                                       9.375          1,648.98      242,500.00
    PONTE VEDRA BEA  FL   32082          5            07/12/00         00
    0432225761                           03           09/01/00          0
    5257012                              O            08/01/30
    0


1


    3695049          623/G02             F           96,000.00         ZZ
                                         360         95,853.42          4
    5316 MIAMI STREET                  9.375            798.48         80
                                       9.125            798.48      120,000.00
    ST LOUIS         MO   63139          1            05/24/00         00
    0432225670                           05           07/01/00          0
    5258213                              N            06/01/30
    0


    3695050          623/G02             F           69,600.00         ZZ
                                         360         69,461.45          3
    9512 KOLAR AVENUE                  9.500            585.23         80
                                       9.250            585.23       87,000.00
    CLEVELAND        OH   44104          1            05/04/00         00
    0432225779                           05           06/01/00          0
    5261010                              N            05/01/30
    0


    3695051          623/G02             F           74,700.00         ZZ
                                         360         74,543.28          1
    2327 KENTON STREET                 9.250            614.54         90
                                       9.000            614.54       83,000.00
    CINCINNATI       OH   45206          1            05/02/00         04
    0432226124                           05           06/01/00         25
    5261407                              N            05/01/30
    0


    3695052          623/G02             F          104,900.00         ZZ
                                         360        104,751.98          2
    26A-26B BARBARA ROAD               9.750            901.25         53
                                       9.500            901.25      198,000.00
    NORTH ATTLEBORO  MA   02760          5            05/30/00         00
    0432226157                           05           07/01/00          0
    5262505                              N            06/01/30
    0


    3695054          623/G02             F          441,000.00         ZZ
                                         360        440,788.74          1
    9560 MARSH COVE COURT              9.625          3,748.45         90
                                       9.375          3,748.45      490,000.00
    ATLANTA          GA   30350          1            07/14/00         10
    0432226488                           03           09/01/00         25
    5266600                              O            08/01/30
    0


    3695055          623/G02             F          280,000.00         ZZ
                                         360        279,561.16          1
    6127 QUAKER HILL DRIVE             9.250          2,303.49         80
                                       9.000          2,303.49      350,000.00
1


    W BLOOMFIELD     MI   48322          1            05/26/00         00
    0432226181                           05           07/01/00          0
    5266694                              O            06/01/30
    0


    3695056          623/G02             F          105,075.00         ZZ
                                         360        104,976.55          1
    2930 SUNBIRD DRIVE                 9.750            902.76         80
                                       9.500            902.76      131,374.00
    HOUSTON          TX   77084          1            06/22/00         00
    0432226371                           03           08/01/00          0
    5269368                              O            07/01/30
    0


    3695057          623/G02             F          186,500.00         ZZ
                                         360        186,290.11          1
    2787 TREMONT ROAD                  8.875          1,483.88         68
                                       8.625          1,483.88      275,000.00
    UPPER ARLINGTON  OH   43221          2            06/27/00         00
    0432226389                           05           08/01/00          0
    5269497                              O            07/01/30
    0


    3695058          623/G02             F          311,900.00         ZZ
                                         360        311,720.55          1
    1337 MISSISSIPPI STREET            8.750          2,453.72         80
                                       8.500          2,453.72      389,900.00
    NEW BRIGHTON     MN   55112          1            07/20/00         00
    0432226405                           05           09/01/00          0
    5270745                              O            08/01/30
    0


    3695059          623/G02             F          239,200.00         ZZ
                                         360        239,082.34          1
    6475 NORTHERN PINES DR             9.500          2,011.33         80
                                       9.250          2,011.33      299,000.00
    ROCKFORD         MI   49341          1            07/14/00         00
    0432226207                           05           09/01/00          0
    5271072                              O            08/01/30
    0


    3695060          623/G02             F          216,000.00         ZZ
                                         360        215,875.73          1
    521 EAST 12TH STREET               8.750          1,699.27         80
                                       8.500          1,699.27      270,000.00
    HOUSTON          TX   77008          1            07/14/00         00
    0432225969                           05           09/01/00          0
    5272118                              O            08/01/30
    0
1




    3695061          623/G02             F          289,250.00         ZZ
                                         360        289,087.84          1
    6941 VALLEY VIEW ROAD              8.875          2,301.40         65
                                       8.625          2,301.40      445,000.00
    EDINA            MN   55439          1            07/12/00         00
    0432226223                           05           09/01/00          0
    5272321                              N            08/01/30
    0


    3695062          623/G02             F          133,450.00         ZZ
                                         360        133,371.21          1
    1736 THOMPSON AVENUE               8.625          1,037.96         85
                                       8.375          1,037.96      157,000.00
    ATLANTA          GA   30344          1            07/20/00         10
    0432226256                           05           09/01/00         12
    5272379                              O            08/01/30
    0


    3695063          623/G02             F          100,000.00         ZZ
                                         360         99,901.25          1
    23861 SOUTH PATTERSON ROAD         9.500            840.85         63
                                       9.250            840.85      160,000.00
    ELWOOD           IL   60421          1            06/29/00         00
    0432226280                           05           08/01/00          0
    5272403                              O            07/01/30
    0


    3695064          623/G02             F           98,625.00         ZZ
                                         360         98,569.71          1
    412 POCANO LANE                    8.875            784.70         75
                                       8.625            784.70      131,500.00
    EL PASO          TX   79912          1            07/06/00         00
    0432226298                           05           09/01/00          0
    5272633                              O            08/01/30
    0


    3695065          623/G02             F           69,500.00         ZZ
                                         360         69,465.82          1
    3400 COSBY PLACE                   9.500            584.39         63
                                       9.250            584.39      112,000.00
    CHARLOTTE        NC   28205          2            07/13/00         00
    0432226546                           05           09/01/00          0
    5272895                              O            08/01/30
    0


    3695066          623/G02             F          198,200.00         ZZ
                                         360        197,999.04          1
1


    6032 RICHWATER DRIVE               9.375          1,648.53         75
                                       9.125          1,648.53      265,000.00
    DALLAS           TX   75252          1            06/30/00         00
    0432226306                           03           08/01/00          0
    5273248                              O            07/01/30
    0


    3695067          623/G02             F           70,000.00         ZZ
                                         360         69,960.76          1
    10425 ZINRAN AVENUE S.             8.875            556.95         41
                                       8.625            556.95      172,500.00
     BLOOMINGTON     MN   55438          1            07/21/00         00
    0432225696                           05           09/01/00          0
    5273346                              O            08/01/30
    0


    3695068          623/G02             F          131,250.00         T
                                         360        130,013.75          1
    340 PHEASANT RUN LANE              9.125          1,067.89         75
                                       8.875          1,067.89      175,000.00
    ELLIJAY          GA   30540          5            07/18/00         00
    0432226017                           03           09/01/00          0
    5274492                              O            08/01/30
    0


    3695069          623/G02             F          102,600.00         ZZ
                                         360        102,550.85          4
    2005 RUSSELL BLVD                  9.625            872.09         90
                                       9.375            872.09      114,000.00
    ST LOUIS         MO   63104          1            07/13/00         04
    0432225662                           05           09/01/00         25
    5274824                              N            08/01/30
    0


    3695070          623/G02             F          145,000.00         ZZ
                                         360        144,918.71          1
    6257 RIDGEBURY BOULEVARD           8.875          1,153.69         77
                                       8.625          1,153.69      190,000.00
    MAYFIELD VILLAG  OH   44124          2            07/13/00         00
    0432225654                           05           09/01/00          0
    5275117                              O            08/01/30
    0


    3695071          623/G02             F           50,000.00         T
                                         360         49,964.71          1
    13811 FAIRWAY CREST                7.750            358.21         53
                                       7.500            358.21       95,000.00
    SAN ANTONIO      TX   78217          1            07/11/00         00
    0432226454                           05           09/01/00          0
1


    5275401                              O            08/01/30
    0


    3695072          623/G02             F          152,900.00         ZZ
                                         360        152,814.28          1
    10154 BERKSHIRE STREET             8.875          1,216.54         60
                                       8.625          1,216.54      255,000.00
    PICKERINGTON     OH   43147          1            07/14/00         00
    0432225092                           05           09/01/00          0
    5275457                              O            08/01/30
    0


    3695073          623/G02             F          148,000.00         ZZ
                                         360        147,910.34          1
    4213 ARBOR GATE STREET             8.500          1,137.99         80
                                       8.250          1,137.99      185,000.00
    FORT WORTH       TX   76133          1            07/12/00         00
    0432225043                           03           09/01/00          0
    5275868                              O            08/01/30
    0


    3695074          623/G02             F           82,400.00         ZZ
                                         360         82,360.53          4
    412 N MERIDIAN ST.                 9.625            700.39         80
                                       9.375            700.39      103,000.00
    LEBANON          IN   46052          5            07/17/00         00
    0432225035                           05           09/01/00          0
    5275969                              N            08/01/30
    0


    3695075          623/G02             F           52,650.00         ZZ
                                         360         52,623.41          1
    1787 LYNN LANE                     9.375            437.92         90
                                       9.125            437.92       58,500.00
    DECATUR          GA   30032          1            07/20/00         10
    0432225886                           05           09/01/00         25
    5276383                              N            08/01/30
    0


    3695076          623/G02             F           98,000.00         ZZ
                                         360         96,783.47          1
    651 NE TAYLOR STREET               9.375            815.11         79
                                       9.125            815.11      125,000.00
    MINNEAPOLIS      MN   55413          5            07/19/00         00
    0432225845                           05           09/01/00          0
    5276527                              O            08/01/30
    0


1


    3695077          623/G02             F          134,000.00         ZZ
                                         360        133,932.34          1
    720 BERICK DRIVE                   9.375          1,114.54         80
                                       9.125          1,114.54      167,500.00
    UNIVERSITY CITY  MO   63132          1            07/21/00         00
    0432226355                           05           09/01/00          0
    5276601                              O            08/01/30
    0


    3695078          623/G02             F           62,000.00         ZZ
                                         360         61,968.70          1
    5105 S NASHVILLE AVENUE            9.375            515.68         44
                                       9.125            515.68      142,000.00
    CHICAGO          IL   60638          5            07/18/00         00
    0432226348                           05           09/01/00          0
    5276641                              N            08/01/30
    0


    3695079          623/G02             F          152,000.00         ZZ
                                         360        151,744.90          1
    318 NORTH BARNEBURG ROAD           9.625          1,291.99         80
                                       9.375          1,291.99      190,000.00
    MEDFORD          OR   97504          4            06/26/00         00
    0432226496                           05           08/01/00          0
    6289387                              O            07/01/30
    0


    3695661          696/G02             F          112,600.00         ZZ
                                         360        112,600.00          1
    563 MACINTOSH CIRCLE               8.500            865.80         79
                                       8.250            865.80      143,595.00
    JOPPA            MD   21085          1            08/10/00         00
    0432195741                           03           10/01/00          0
    30100104                             O            09/01/30
    0


    3695785          286/286             F          141,900.00         ZZ
                                         360        141,740.31          1
    12435 RUTGERS PARK COURT           8.875          1,129.02         80
                                       8.625          1,129.02      177,375.00
    HOUSTON          TX   77058          1            06/29/00         00
    0000039459                           03           08/01/00          0
    0000039459                           O            07/01/30
    0


    3695786          286/286             F          100,400.00         ZZ
                                         360        100,284.04          1
    120 4TH ST                         8.750            789.85         80
                                       8.500            789.85      125,500.00
1


    DALLASTOWN       PA   17313          1            06/30/00         00
    0000048923                           05           08/01/00          0
    0000048923                           O            07/01/30
    0


    3695788          286/286             F          416,000.00         ZZ
                                         360        415,741.42          3
    714,716,718 POST OAK STREET        8.375          3,161.91         80
                                       8.125          3,161.91      520,000.00
    AUSTIN           TX   78704          1            07/07/00         00
    0000084241                           05           09/01/00          0
    0000084241                           O            08/01/30
    0


    3695789          286/286             F          635,000.00         ZZ
                                         360        634,615.31          1
    1816 COUNTY LINE RD NW             8.500          4,882.61         80
                                       8.250          4,882.61      802,000.00
    ACWORTH          GA   30101          2            07/07/00         00
    0000087350                           05           09/01/00          0
    0000087350                           O            08/01/30
    0


    3695790          286/286             F          220,000.00         ZZ
                                         360        219,675.98          1
    W7944 SOUTH SHORE LANE             9.000          1,770.17         80
                                       8.750          1,770.17      275,000.00
    MEDFORD          WI   54451          1            06/30/00         00
    0000088436                           05           08/01/00          0
    0000088436                           O            07/01/30
    0


    3695792          286/286             F          225,600.00         ZZ
                                         360        225,473.52          1
    246 RIVIERA                        8.875          1,794.98         80
                                       8.625          1,794.98      282,000.00
    BROOKLYN         MI   49230          1            07/14/00         00
    0000089192                           05           09/01/00          0
    0000089192                           O            08/01/30
    0


    3695793          286/286             F          184,850.00         ZZ
                                         360        184,744.03          1
    5101 E LONESOME TR                 8.750          1,454.22         80
                                       8.500          1,454.22      231,110.00
    CAVE CREEK       AZ   85331          1            07/13/00         00
    0000089823                           03           09/01/00          0
    0000089823                           O            08/01/30
    0
1




    3695794          286/286             F          216,000.00         ZZ
                                         360        215,869.14          1
    11430 CLEARFIELD LN                8.500          1,660.86         80
                                       8.250          1,660.86      270,000.00
    MUNSON           OH   44024          1            07/18/00         00
    0000089881                           05           09/01/00          0
    0000089881                           O            08/01/30
    0


    3695795          286/286             F          128,000.00         ZZ
                                         360        127,922.46          1
    4708 EAST BRIARWOOD TERRACE        8.500            984.21         80
                                       8.250            984.21      160,000.00
    PHOENIX          AZ   85048          1            07/21/00         00
    0000090629                           03           09/01/00          0
    0000090629                           O            08/01/30
    0


    3695797          286/286             F          154,000.00         ZZ
                                         360        153,911.40          1
    13 CRESCENT CT S                   8.750          1,211.52         80
                                       8.500          1,211.52      192,500.00
    PALM COAST       FL   32137          1            07/21/00         00
    0009637033                           03           09/01/00          0
    0009637033                           O            08/01/30
    0


    3695798          286/286             F          180,000.00         ZZ
                                         360        179,896.43          1
    84-37 266TH ST                     8.750          1,416.07         80
                                       8.500          1,416.07      226,000.00
    FLORAL PARK      NY   11004          1            07/20/00         00
    0009983039                           05           09/01/00          0
    0009983039                           O            08/01/30
    0


    3696171          S48/S48             F          400,000.00         ZZ
                                         360        398,969.15          1
    432  HARDING DRIVE                 8.250          3,005.07         80
                                       8.000          3,005.07      500,000.00
    SOUTH ORANG      NJ   07079          1            04/27/00         00
    23674286                             05           06/01/00          0
    23674286                             O            05/01/30
    0


    3696172          S48/S48             F          487,700.00         ZZ
                                         360        483,601.18          1
1


    11160  NW 71 STREET                8.625          3,793.29         80
                                       8.375          3,793.29      609,650.00
    MIAMI            FL   33178          1            12/30/99         00
    23972573                             03           02/01/00          0
    23972573                             O            01/01/30
    0


    3696173          S48/S48             F          307,500.00         ZZ
                                         360        307,126.11          1
    624  TRAILHEAD DRIVE               8.500          2,364.41         69
                                       8.250          2,364.41      449,109.00
    SOUTHLAKE        TX   76092          1            06/15/00         00
    28543114                             03           08/01/00          0
    28543114                             O            07/01/30
    0


    3696174          S48/S48             F          324,000.00         ZZ
                                         360        323,391.63          1
    376  SPRUCEWOOD AVEN               8.375          2,462.63         80
                                       8.125          2,462.63      405,000.00
    OAK PARK         CA   91377          1            05/31/00         00
    28558732                             03           07/01/00          0
    28558732                             O            06/01/30
    0


    3696175          S48/S48             F          496,000.00         ZZ
                                         360        495,012.47          1
    21849  EAST VALLEY WOO             9.500          4,170.64         80
                                       9.250          4,170.64      620,000.00
    BEVERLY HIL      MI   48025          2            04/13/00         00
    28655223                             05           06/01/00          0
    28655223                             O            05/01/30
    0


    3696176          S48/S48             F          268,000.00         ZZ
                                         360        267,690.49          1
    10564  EAST FIREWHEEL              8.750          2,108.36         80
                                       8.500          2,108.36      335,000.00
    SCOTTSDALE       AZ   85259          1            06/14/00         00
    28668838                             05           08/01/00          0
    28668838                             O            07/01/30
    0


    3696178          S48/S48             F          500,000.00         ZZ
                                         360        499,437.32          1
    1220  LANTERMAN LANE               8.875          3,978.22         71
                                       8.625          3,978.22      705,000.00
    LA CANADA F      CA   91011          1            07/07/00         00
    28731818                             05           08/01/00          0
1


    28731818                             O            07/01/30
    0


    3696179          S48/S48             F          103,450.00         ZZ
                                         360        103,211.09          1
    9715  TERRITORY LANE               9.875            898.31         90
                                       9.625            898.31      114,999.00
    HOUSTON          TX   77064          1            03/21/00         01
    28834968                             03           05/01/00         25
    28834968                             O            04/01/30
    0


    3696180          S48/S48             F           78,300.00         ZZ
                                         360         78,220.61          1
    3305  SOUTH 12TH STRE              9.375            651.26         90
                                       9.125            651.26       87,000.00
    LAFAYETTE        IN   47909          1            07/01/00         01
    28840080                             05           08/01/00         30
    28840080                             N            07/01/30
    0


    3696181          S48/S48             F          600,000.00         ZZ
                                         360        599,324.77          1
    360E LIONSHEAD CIRC                8.875          4,773.87         53
                                       8.625          4,773.87    1,150,000.00
    VAIL             CO   81657          2            07/03/00         00
    6054597635                           01           08/01/00          0
    6054597635                           O            07/01/30
    0


    3696182          S48/S48             F          344,000.00         ZZ
                                         360        343,347.95          1
    158  PINE ST                       8.875          2,737.02         80
                                       8.625          2,737.02      430,000.00
    MANCHESTER       MA   01944          1            06/29/00         00
    6147703596                           05           08/01/00          0
    6147703596                           O            07/01/30
    0


    3696184          S48/S48             F          272,000.00         ZZ
                                         360        269,855.29          1
    416  MARLBOROUGH ST                9.375          2,262.36         80
                                       9.125          2,262.36      340,000.00
    BOSTON           MA   02116          1            07/28/00         00
    6249223170                           08           09/01/00          0
    6249223170                           O            08/01/30
    0


1


    3696185          S48/S48             F          262,400.00         ZZ
                                         360        262,400.00          1
    16271  PICK PL                     9.750          2,254.43         80
                                       9.500          2,254.43      328,000.00
    RIVERSIDE A      CA   92504          1            07/31/00         00
    6313483361                           05           10/01/00          0
    6313483361                           O            09/01/30
    0


    3696186          S48/S48             F          384,000.00         ZZ
                                         360        383,567.85          1
    3161  CANYON OAKS TER              8.875          3,055.28         80
                                       8.625          3,055.28      480,000.00
    CHICO            CA   95928          1            06/30/00         00
    6446211200                           03           08/01/00          0
    6446211200                           O            07/01/30
    0


    3696187          S48/S48             F          292,000.00         ZZ
                                         360        291,726.41          1
    6385N GRAND CANYON DR              9.750          2,508.74         80
                                       9.500          2,508.74      365,000.00
    LAS VEGAS        NV   89129          1            06/29/00         00
    6564952726                           05           08/01/00          0
    6564952726                           O            07/01/30
    0


    3696188          S48/S48             F          350,000.00         ZZ
                                         360        349,793.36          1
    21  BARTON PL                      8.625          2,722.27         66
                                       8.375          2,722.27      535,000.00
    PACIFICA         CA   94044          1            07/18/00         00
    6581748065                           05           09/01/00          0
    6581748065                           O            08/01/30
    0


    3696189          S48/S48             F          300,000.00         ZZ
                                         360        299,635.21          1
    4331  LINDAWOOD DR                 8.500          2,306.75         80
                                       8.250          2,306.75      375,000.00
    NASHVILLE        TN   37215          1            06/30/00         00
    6654860268                           05           08/01/00          0
    6654860268                           O            07/01/30
    0


    3696190          S48/S48             F          812,500.00         ZZ
                                         360        812,044.49          1
    1400  MAR VISTA                    8.875          6,464.62         65
                                       8.625          6,464.62    1,250,000.00
1


    LAGUNA BEACH     CA   92651          1            07/19/00         00
    6732890808                           05           09/01/00          0
    6732890808                           O            08/01/30
    0


    3696192          S48/S48             F          333,600.00         ZZ
                                         360        333,397.90          1
    429  BAMBRICK ST                   8.500          2,565.10         80
                                       8.250          2,565.10      417,000.00
    OCEANSIDE        NY   11572          1            07/10/00         00
    6822523434                           05           09/01/00          0
    6822523434                           O            08/01/30
    0


    3696194          S48/S48             F          335,000.00         ZZ
                                         360        334,807.26          1
    3525  HOOVER ST                    8.750          2,635.45         75
                                       8.500          2,635.45      447,000.00
    REDWOOD CIT      CA   94063          1            07/14/00         00
    6896370738                           05           09/01/00          0
    6896370738                           O            08/01/30
    0


    3696195          S48/S48             F          500,000.00         ZZ
                                         360        499,704.80          1
    1200  GULF BLVD                    8.625          3,888.95         65
                                       8.375          3,888.95      770,000.00
    CLEARWATER       FL   33767          1            07/13/00         00
    6902451837                           06           09/01/00          0
    6902451837                           O            08/01/30
    0


    3697616          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
    18 SHORE DRIVE                     9.250            707.50         65
                                       9.000            707.50      133,000.00
    BAY POINT        FL   33040          5            08/09/00         00
    0412046294                           27           10/01/00          0
    0412046294                           O            09/01/30
    0


    3697618          E22/G02             F           86,800.00         ZZ
                                         240         86,800.00          2
    16 RIDGE STREET                    9.250            794.97         70
                                       9.000            794.97      124,000.00
    ASHEVILLE        NC   28801          2            08/14/00         00
    0412051757                           05           10/01/00          0
    0412051757                           N            09/01/20
    0
1




    3697622          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
    818 JEREMIAH AVE.                  9.625            713.99         80
                                       9.375            713.99      105,000.00
    CRAIG            CO   81625          5            08/08/00         00
    0412056699                           05           10/01/00          0
    0412056699                           O            09/01/30
    0


    3697627          E22/G02             F          186,200.00         T
                                         360        186,200.00          1
    800 SOUTH KIHEI ROAD               9.250          1,531.82         70
    UNIT # 406                         9.000          1,531.82      266,000.00
    KIHEI            HI   96753          1            08/02/00         00
    0412062200                           21           10/01/00          0
    0412062200                           O            09/01/30
    0


    3697628          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
    10200 NORTH DARLEEN DRIVE          9.250            559.42         80
                                       9.000            559.42       85,000.00
    LEANDER          TX   78641          1            08/10/00         00
    0412062556                           05           10/01/00          0
    0412062556                           N            09/01/30
    0


    3697629          E22/G02             F           93,500.00         ZZ
                                         360         93,500.00          1
    4327 SOUTH PARK AVENUE             8.875            743.93         85
                                       8.625            743.93      110,000.00
    TACOMA           WA   98408          5            08/03/00         04
    0412062846                           05           10/01/00         12
    0412062846                           O            09/01/30
    0


    3697631          E22/G02             F          120,700.00         ZZ
                                         360        120,700.00          1
    5829 BROOKSHIRE COURT              8.750            949.55         85
                                       8.500            949.55      142,000.00
    ORANGEVALE       CA   95662          2            08/07/00         01
    0412065781                           05           10/01/00         12
    0412065781                           O            09/01/30
    0


    3697633          E22/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
1


    2035 MIDVILLE HEIGHTS              8.875            547.40         80
                                       8.625            547.40       86,000.00
    LAVALETTE        WV   25535          5            08/08/00         00
    0412066557                           05           10/01/00          0
    0412066557                           O            09/01/30
    0


    3697634          E22/G02             F           80,100.00         ZZ
                                         240         80,100.00          1
    505 PAULINE DRIVE                 10.000            772.98         90
                                       9.750            772.98       89,000.00
    BONNEAU          SC   29431          5            08/08/00         04
    0412068447                           27           10/01/00         25
    0412068447                           O            09/01/20
    0


    3697636          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
    5430 SUNSET MEADOWS LANE           8.750          1,203.65         85
                                       8.500          1,203.65      180,000.00
    OAKLEY           CA   94561          2            08/03/00         11
    0412069858                           03           10/01/00         12
    0412069858                           O            09/01/30
    0


    3697638          E22/G02             F           18,000.00         ZZ
                                         360         18,000.00          1
    3121 PARK LANE, UNIT # 1148       10.125            159.63         80
                                       9.875            159.63       22,500.00
    DALLAS           TX   75220          1            08/14/00         00
    0412072316                           01           10/01/00          0
    0412072316                           N            09/01/30
    0


    3697642          E22/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
    16001 WALL STREET                  9.000          2,800.09         80
                                       8.750          2,800.09      435,000.00
    HOUSTON          TX   77040          5            08/09/00         00
    0412075111                           05           10/01/00          0
    0412075111                           O            09/01/30
    0


    3697648          E22/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
    2643 PIERCE ST.                    9.500            798.81         89
                                       9.250            798.81      107,000.00
    HOLLYWOOD        FL   33020          5            08/09/00         04
    0412079097                           05           10/01/00         25
1


    0412079097                           O            09/01/30
    0


    3697651          E22/G02             F          174,600.00         ZZ
                                         360        174,600.00          1
    4105 DANCEGLEN DRIVE               9.500          1,468.13         90
                                       9.250          1,468.13      194,000.00
    COLORADO SPRING  CO   80906          1            08/14/00         01
    0412080046                           05           10/01/00         25
    0412080046                           N            09/01/30
    0


    3697656          E22/G02             F           66,500.00         ZZ
                                         360         66,500.00          1
    3951 ANNUNCIATION STREET           9.500            559.17         55
                                       9.250            559.17      123,000.00
    NEW ORLEANS      LA   70115          2            08/14/00         00
    0412086035                           05           10/01/00          0
    0412086035                           N            09/01/30
    0


    3697658          E22/G02             F           47,600.00         ZZ
                                         360         47,600.00          1
    1305 SWINNEY AVENUE                9.250            391.59         85
                                       9.000            391.59       56,500.00
    FORT WAYNE       IN   46802          2            08/14/00         04
    0412089724                           05           10/01/00         20
    0412089724                           N            09/01/30
    0


    3697659          E22/G02             F          159,300.00         ZZ
                                         360        159,300.00          1
    5161 COLLINS AVE. UNIT#1409        9.000          1,281.76         90
                                       8.750          1,281.76      177,000.00
    MIAMI BEACH      FL   33140          1            08/14/00         01
    0412089757                           06           10/01/00         25
    0412089757                           O            09/01/30
    0


    3697661          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          1
    235 TROTTERS LANE                  9.000          1,100.72         80
                                       8.750          1,100.72      171,000.00
    MARS HILL        NC   28754          1            08/14/00         00
    0412090524                           05           10/01/00          0
    0412090524                           O            09/01/30
    0


1


    3697664          E22/G02             F           54,800.00         ZZ
                                         360         54,800.00          1
    2918 HOLLANDALE LANE               9.250            450.83         80
                                       9.000            450.83       68,500.00
    FARMERS BRANCH   TX   75234          1            08/14/00         00
    0412093676                           05           10/01/00          0
    0412093676                           N            09/01/30
    0


    3697665          E22/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
    4440 EAST 121ST COURT              9.000            989.69         73
                                       8.750            989.69      170,000.00
    THORNTON         CO   80241          2            08/14/00         00
    0412094005                           05           10/01/00          0
    0412094005                           N            09/01/30
    0


    3699743          721/G02             F          130,000.00         ZZ
                                         360        129,934.35          1
    515 ROTHBURY LANE                  9.375          1,081.28         57
                                       9.125          1,081.28      230,000.00
    LOUISVILLE       KY   40243          5            07/17/00         00
    0432220002                           05           09/01/00          0
    7850033356                           O            08/01/30
    0


    3700222          E45/G02             F           79,200.00         ZZ
                                         360         79,162.06          1
    3313 ANDERSON ROAD                 9.625            673.19         90
                                       9.375            673.19       88,000.00
    ORLANDO          FL   32806          1            07/17/00         11
    0432236826                           05           09/01/00         25
    91577                                N            08/01/30
    0


    3700566          E82/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
    124 LAKESHORE DRIVE EAST           8.875            572.86         79
                                       8.625            572.86       92,000.00
    ROCK HILL        NY   12775          1            08/11/00         00
    0400303947                           05           10/01/00          0
    0400303947                           O            09/01/30
    0


    3701847          E22/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
    2620 WINDSOR DRIVE UNIT#2          9.000            506.91         60
                                       8.750            506.91      105,000.00
1


    ARLINGTON HEIGH  IL   60004          1            08/15/00         00
    0412024697                           01           10/01/00          0
    0412024697                           O            09/01/30
    0


    3701851          E22/G02             F          297,500.00         ZZ
                                         360        297,500.00          2
    11-15 COPENGER STREET              9.875          2,583.34         85
                                       9.625          2,583.34      350,000.00
    ROXBURY          MA   02120          1            08/15/00         04
    0412034639                           05           10/01/00         17
    0412034639                           N            09/01/30
    0


    3701854          E22/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
    241 WILLOWCREEK LANE               9.875            885.72         85
                                       9.625            885.72      120,000.00
    MOCKSVILLE       NC   27028          1            08/15/00         10
    0412039943                           27           10/01/00         12
    0412039943                           O            09/01/30
    0


    3701857          E22/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
    8105 MEANTMORE AVENUE              9.250          2,550.29         85
                                       9.000          2,550.29      365,000.00
    LAS VEGAS        NV   89117          5            08/08/00         01
    0412043374                           03           10/01/00         12
    0412043374                           O            09/01/30
    0


    3701859          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    102 HEATHERWOOD COURT              9.375            898.29         90
                                       9.125            898.29      120,000.00
    MADISON          AL   35758          1            08/15/00         04
    0412046849                           05           10/01/00         25
    0412046849                           N            09/01/30
    0


    3701860          E22/G02             F           28,750.00         ZZ
                                         360         28,750.00          1
    5616 PAULINE STREET               10.000            252.30         90
                                       9.750            252.30       32,000.00
    NEW ORLEANS      LA   70126          1            08/15/00         01
    0412052193                           05           10/01/00         25
    0412052193                           N            09/01/30
    0
1




    3701862          E22/G02             F          178,400.00         ZZ
                                         360        178,400.00          1
    2128 NE 63 COURT                   8.625          1,387.58         80
                                       8.375          1,387.58      223,000.00
    FT. LAUDERDALE   FL   33308          1            08/15/00         00
    0412060071                           05           10/01/00          0
    0412060071                           O            09/01/30
    0


    3701863          E22/G02             F          424,000.00         ZZ
                                         360        424,000.00          1
    170 LASSEN DRIVE                   9.000          3,411.60         80
                                       8.750          3,411.60      530,000.00
    SAN BRUNO        CA   94066          5            08/07/00         00
    0412061004                           05           10/01/00          0
    0412061004                           O            09/01/30
    0


    3701866          E22/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
    190 JUSTICE ROAD                   8.625            883.57         75
                                       8.375            883.57      151,500.00
    FRANKLIN         NC   28734          5            08/10/00         00
    0412066763                           05           10/01/00          0
    0412066763                           O            09/01/30
    0


    3701868          E22/G02             F           56,250.00         ZZ
                                         360         56,250.00          1
    3357 BEAVER ROAD                   9.875            488.45         90
                                       9.625            488.45       62,500.00
    BAY CITY         MI   48706          1            08/15/00         01
    0412067753                           05           10/01/00         30
    0412067753                           O            09/01/30
    0


    3701870          E22/G02             F          312,800.00         ZZ
                                         360        312,800.00          4
    1965-1965 1/2-1967-1967 1/2        9.250          2,573.33         80
    NORTH BRONSON AVENUE               9.000          2,573.33      391,000.00
    LOS ANGELES      CA   90068          1            08/03/00         00
    0412071144                           05           10/01/00          0
    0412071144                           N            09/01/30
    0


    3701871          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
1


    4624 NORTH HUNT STREET             9.500            882.90         82
                                       9.250            882.90      129,000.00
    PORTLAND         OR   97203          5            08/08/00         01
    0412073058                           05           10/01/00         12
    0412073058                           O            09/01/30
    0


    3701873          E22/G02             F           78,800.00         ZZ
                                         240         78,800.00          1
    331 E 56TH STREET                  8.375            677.62         80
                                       8.125            677.62       99,000.00
    SAVANNAH         GA   31405          5            08/09/00         00
    0412073892                           05           10/01/00          0
    0412073892                           O            09/01/20
    0


    3701876          E22/G02             F          142,000.00         ZZ
                                         360        142,000.00          4
    58 WEST INGLEWOOD STREET           8.875          1,129.82         85
                                       8.625          1,129.82      168,000.00
    MESA             AZ   85201          5            08/10/00         11
    0412075632                           05           10/01/00         12
    0412075632                           O            09/01/30
    0


    3701880          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
    8151 KAULA DRIVE                   8.750          1,062.05         90
                                       8.500          1,062.05      150,000.00
    FAIR OAKS        CA   95628          5            08/08/00         01
    0412080772                           05           10/01/00         25
    0412080772                           O            09/01/30
    0


    3701884          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          4
    103 MAPLE STREET                   9.875          1,458.83         80
                                       9.625          1,458.83      210,000.00
    BURLINGTON       VT   05401          1            08/15/00         00
    0412083032                           05           10/01/00          0
    0412083032                           N            09/01/30
    0


    3701886          E22/G02             F          148,500.00         ZZ
                                         360        148,500.00          1
    10445 INDEPENDENCE CIRCLE          8.875          1,181.53         90
                                       8.625          1,181.53      165,000.00
    BROOMFIELD       CO   80021          5            08/10/00         01
    0412083214                           05           10/01/00         25
1


    0412083214                           O            09/01/30
    0


    3701889          E22/G02             F          132,900.00         ZZ
                                         360        132,900.00          4
    11511 MEADOW LANE                  9.375          1,105.39         95
                                       9.125          1,105.39      139,900.00
    HOUSTON          TX   77477          1            08/15/00         10
    0412085102                           05           10/01/00         30
    0412085102                           O            09/01/30
    0


    3701890          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    8330 OGDEN STREET                  8.875            859.30         70
                                       8.625            859.30      155,000.00
    DENVER           CO   80229          5            08/09/00         00
    0412087868                           05           10/01/00          0
    0412087868                           O            09/01/30
    0


    3701892          E22/G02             F          217,600.00         ZZ
                                         360        217,600.00          1
    4005 CORVALLIS DRIVE               8.500          1,673.16         80
                                       8.250          1,673.16      272,000.00
    RENO             NV   89511          1            08/09/00         00
    0412089401                           03           10/01/00          0
    0412089401                           O            09/01/30
    0


    3701894          E22/G02             F          112,450.00         ZZ
                                         360        112,450.00          1
    121 CROCKETT ROAD                  8.750            884.64         90
                                       8.500            884.64      125,000.00
    KING OF PRUSSIA  PA   19406          1            08/15/00         01
    0412092306                           05           10/01/00         25
    0412092306                           O            09/01/30
    0


    3701944          168/168             F          280,000.00         ZZ
                                         360        279,862.28          1
    770 LEFFERTS AVENUE UNIT C3R       9.500          2,354.39         80
                                       9.250          2,354.39      350,000.00
    BROOKLYN         NY   11203          1            08/01/00         00
    0189629533                           08           09/01/00          0
    0189629533                           O            08/01/30
    0


1


    3705136          964/G02             F          256,000.00         ZZ
                                         360        255,856.48          1
    2112 BROADMOOR STREET              8.875          2,036.85         80
                                       8.625          2,036.85      320,000.00
    LIVERMORE        CA   94550          1            07/11/00         00
    0432210458                           05           09/01/00          0
    82009                                O            08/01/30
    0


    3705753          738/G02             F          195,750.00         ZZ
                                         360        195,634.42          1
    276 NE 93 STREET                   8.625          1,522.53         80
                                       8.375          1,522.53      244,700.00
    MIAMI SHORES     FL   33138          1            07/12/00         00
    0432210243                           05           09/01/00          0
    5339864                              O            08/01/30
    0


    3706519          E22/G02             F           41,650.00         ZZ
                                         360         41,650.00          1
    1037 CLEVELAND AVE                 9.250            342.64         87
                                       9.000            342.64       48,000.00
    SOUTH BEND       IN   46628          5            08/11/00         04
    0411952187                           05           10/01/00         25
    0411952187                           O            09/01/30
    0


    3706521          E22/G02             F           70,500.00         ZZ
                                         360         70,500.00          1
    7244 REVERIE DRIVE                 9.500            592.80         88
                                       9.250            592.80       80,400.00
    BATON ROUGE      LA   70812          2            08/11/00         01
    0412016701                           05           10/01/00         25
    0412016701                           O            09/01/30
    0


    3706524          E22/G02             F           79,500.00         ZZ
                                         360         79,500.00          1
    3910 BAVARIA ROAD                  8.625            618.34         28
                                       8.375            618.34      284,000.00
    CHASKA           MN   55318          5            08/11/00         00
    0412042947                           05           10/01/00          0
    0412042947                           O            09/01/30
    0


    3706526          E22/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
    11015 COLE ROAD                    8.750          3,776.16         80
                                       8.500          3,776.16      600,000.00
1


    PILOT POINT      TX   76258          1            08/15/00         00
    0412046161                           05           10/01/00          0
    0412046161                           O            09/01/30
    0


    3706528          E22/G02             F          148,050.00         ZZ
                                         360        148,050.00          1
    1705 WEST EUCLID AVE.              9.250          1,217.97         90
                                       9.000          1,217.97      164,500.00
    ARLINGTON HEIGH  IL   60005          1            08/16/00         01
    0412058588                           05           10/01/00         25
    0412058588                           O            09/01/30
    0


    3706530          E22/G02             F          536,000.00         ZZ
                                         360        536,000.00          1
    168 OBSIDIAN WAY                   8.750          4,216.71         73
                                       8.500          4,216.71      736,000.00
    LIVERMORE        CA   94550          1            08/09/00         00
    0412059487                           05           10/01/00          0
    0412059487                           O            09/01/30
    0


    3706531          E22/G02             F          127,200.00         ZZ
                                         360        127,200.00          1
    15945 COUNTY ROAD 221              8.750          1,000.68         80
                                       8.500          1,000.68      159,000.00
    FORNEY           TX   75126          1            08/15/00         00
    0412067308                           05           10/01/00          0
    0412067308                           O            09/01/30
    0


    3706532          E22/G02             F          119,850.00         ZZ
                                         360        119,850.00          1
    3924 GENESSEE ST                   8.875            953.58         85
                                       8.625            953.58      141,000.00
    KANSAS CITY      MO   64111          5            08/11/00         10
    0412067431                           05           10/01/00         12
    0412067431                           O            09/01/30
    0


    3706534          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    15930 MYSTIC WAY                   9.625            917.99         87
                                       9.375            917.99      125,000.00
    TAMPA            FL   33624          5            08/11/00         04
    0412071037                           05           10/01/00         25
    0412071037                           O            09/01/30
    0
1




    3706542          E22/G02             F          184,500.00         ZZ
                                         360        184,500.00          1
    25603 PRESIDENT AVENUE             9.500          1,551.38         90
                                       9.250          1,551.38      205,000.00
    HARBOR CITY      CA   90710          1            08/08/00         01
    0412086852                           05           10/01/00         30
    0412086852                           O            09/01/30
    0


    3706543          E22/G02             F          103,960.00         ZZ
                                         360        103,960.00          1
    1025 PAUL AVENUE                   8.750            817.85         80
                                       8.500            817.85      129,950.00
    CLOVIS           CA   93612          1            08/10/00         00
    0412087991                           05           10/01/00          0
    0412087991                           O            09/01/30
    0


    3706545          E22/G02             F          125,250.00         ZZ
                                         360        125,250.00          1
    4346 CRAVEN HILL DRIVE             9.000          1,007.79         90
                                       8.750          1,007.79      139,200.00
    CHARLOTTE        NC   28216          1            08/16/00         01
    0412088254                           05           10/01/00         25
    0412088254                           O            09/01/30
    0


    3706556          E22/G02             F          204,350.00         ZZ
                                         360        204,350.00          4
    1425 WEST 1650 NORTH               9.875          1,774.47         90
                                       9.625          1,774.47      227,060.00
    LAYTON           UT   84041          1            08/16/00         01
    0412099277                           05           10/01/00         25
    0412099277                           N            09/01/30
    0


    3706557          E22/G02             F          187,350.00         ZZ
                                         360        187,350.00          1
    1007 SANTA FE                      9.500          1,575.34         90
                                       9.250          1,575.34      208,200.00
    DENTON           TX   76205          1            08/16/00         01
    0412099426                           05           10/01/00         25
    0412099426                           O            09/01/30
    0


    3707577          S52/G02             F          103,500.00         ZZ
                                         360        103,500.00          1
1


    2021 SOUTH 1600 EAST               9.500            870.28         62
                                       9.250            870.28      167,000.00
    SALT LAKE CITY   UT   84105          5            08/15/00         00
    0432210656                           05           10/01/00          0
    1127                                 N            09/01/30
    0


    3707579          G32/G02             F          116,250.00         ZZ
                                         360        116,250.00          1
    8210 ELMWOOD #106                  9.000            935.38         75
                                       8.750            935.38      155,000.00
    SKOKIE           IL   60077          1            08/16/00         00
    0432216471                           01           10/01/00          0
    1006415                              O            09/01/30
    0


    3707582          U05/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
    1564 NW 97 TERRACE                 9.625          1,104.99         75
                                       9.375          1,104.99      175,000.00
    CORAL SPRINGS    FL   33071          1            08/07/00         00
    0432237402                           05           10/01/00          0
    3052058                              O            09/01/30
    0


    3707586          168/168             F          150,000.00         ZZ
                                         360        150,000.00          1
    39 BEAVER ROAD                     9.500          1,261.28         47
                                       9.250          1,261.28      325,000.00
    GALLATIN         NY   12571          1            08/07/00         00
    0189617357                           05           10/01/00          0
    0189617357                           O            09/01/30
    0


    3707610          904/G02             F          103,500.00         ZZ
                                         360        103,500.00          2
    2338 SOUTH 1360 WEST               9.875            898.74         90
                                       9.625            898.74      115,000.00
    SALT LAKE CITY   UT   84119          1            08/11/00         01
    0432216265                           05           10/01/00         25
    528762479                            N            09/01/30
    0


    3707620          964/G02             F          150,800.00         ZZ
                                         360        150,708.65          1
    6426 SHADOW HAWK DRIVE             8.500          1,159.52         80
                                       8.250          1,159.52      188,500.00
    CITRUS HEIGHTS   CA   95621          1            07/25/00         00
    0432216067                           05           09/01/00          0
1


    82819                                O            08/01/30
    0


    3707623          882/G02             F          293,600.00         ZZ
                                         360        293,600.00          1
    5031 SW 73RD TERRACE               8.750          2,309.75         80
                                       8.500          2,309.75      367,000.00
    MIAMI            FL   33143          5            08/09/00         00
    0432235265                           05           10/01/00          0
    200151                               O            09/01/30
    0


    3707627          562/G02             F          273,600.00         ZZ
                                         360        273,356.91          1
    200 WINSTON DRIVE UNIT 1112       10.000          2,401.04         95
                                       9.750          2,401.04      288,000.00
    CLIFFSIDE PARK   NJ   07010          1            06/28/00         04
    0432237329                           06           08/01/00         30
    636090                               O            07/01/30
    0


    3707751          E22/G02             F           40,800.00         ZZ
                                         360         40,800.00          1
    2908 N. 42ND ST.                   9.750            350.54         80
                                       9.500            350.54       51,000.00
    KANSAS CITY      KS   66104          2            08/08/00         00
    0412007254                           05           10/01/00          0
    0412007254                           N            09/01/30
    0


    3707754          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          4
    201-203 JOHNSTON AVENUE            9.750          1,082.53         90
                                       9.500          1,082.53      140,000.00
    PLAINFIELD       NJ   07062          1            08/17/00         10
    0412040255                           05           10/01/00         25
    0412040255                           O            09/01/30
    0


    3707756          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
    7331 NW 36 STREET                  8.875          1,109.92         90
                                       8.625          1,109.92      155,000.00
    LAUDERHILL       FL   33319          1            08/17/00         10
    0412046773                           05           10/01/00         25
    0412046773                           O            09/01/30
    0


1


    3707759          E22/G02             F           70,400.00         T
                                         360         70,400.00          1
    2545 STOCKBRIGDE DRIVE UNIT#A     10.000            617.81         80
                                       9.750            617.81       88,000.00
    CHARLOTTE        NC   28210          5            08/16/00         00
    0412059453                           01           10/01/00          0
    0412059453                           O            09/01/30
    0


    3707761          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    2413 DORAL                         9.500            504.51         66
                                       9.250            504.51       92,000.00
    MESQUITE         TX   75150          5            08/17/00         00
    0412076598                           05           10/01/00          0
    0412076598                           N            09/01/30
    0


    3707764          E22/G02             F          202,800.00         ZZ
                                         360        202,800.00          1
    48 PLATEAU LANE                    8.750          1,595.43         80
                                       8.500          1,595.43      253,500.00
    KIMBERLING CITY  MO   65686          5            08/09/00         00
    0412080921                           05           10/01/00          0
    0412080921                           O            09/01/30
    0


    3707766          E22/G02             F           40,500.00         ZZ
                                         360         40,500.00          1
    1616 GRANT ST                      9.875            351.69         90
                                       9.625            351.68       45,000.00
    SOUTH BEND       IN   46613          1            08/17/00         01
    0412084527                           05           10/01/00         25
    0412084527                           N            09/01/30
    0


    3707767          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
    1511 WEST 6TH STREET               9.625          1,070.99         90
                                       9.375          1,070.99      140,000.00
    ONTARIO          CA   91762          2            08/11/00         01
    0412084592                           05           10/01/00         25
    0412084592                           O            09/01/30
    0


    3707770          E22/G02             F          107,950.00         ZZ
                                         360        107,950.00          1
    7143 BONITA WAY                    8.875            858.90         85
                                       8.625            858.90      127,000.00
1


    CITRUS HEIGHTS   CA   95610          1            08/14/00         01
    0412088106                           05           10/01/00         12
    0412088106                           N            09/01/30
    0


    3707772          E22/G02             F           81,600.00         T
                                         360         81,600.00          1
    120 CATALINA CIRCLE, 8-F           8.875            649.25         80
                                       8.625            649.25      102,000.00
    HOT SPRINGS      AR   71913          1            08/17/00         00
    0412090417                           01           10/01/00          0
    0412090417                           O            09/01/30
    0


    3707775          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
    9 VINCA DRIVE                      9.125            805.50         85
                                       8.875            805.50      116,500.00
    NEWARK           DE   19702          1            08/17/00         01
    0412095416                           09           10/01/00         12
    0412095416                           O            09/01/30
    0


    3707777          E22/G02             F          162,400.00         ZZ
                                         360        162,400.00          1
    505 QUICK DRAW                     9.250          1,336.02         80
                                       9.000          1,336.02      203,000.00
    HORSESHOE BAY    TX   78657          1            08/17/00         00
    0412099186                           03           10/01/00          0
    0412099186                           O            09/01/30
    0


    3707778          E22/G02             F          131,900.00         ZZ
                                         360        131,900.00          1
    3717 NEWLAND DRIVE                 9.000          1,061.30         80
                                       8.750          1,061.30      164,900.00
    ROUND ROCK       TX   78681          1            08/16/00         00
    0412100273                           03           10/01/00          0
    0412100273                           O            09/01/30
    0


    3708432          964/G02             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
    340 MONTFORD AVENUE                8.375          7,600.73         53
                                       8.125          7,600.73    1,895,000.00
    MILL VALLEY      CA   94941          1            08/11/00         00
    0432213643                           05           10/01/00          0
    84419                                O            09/01/30
    0
1




    3709901          196/G02             F          152,000.00         ZZ
                                         360        151,930.93          1
    5722 JAYMILLS AVENUE               9.875          1,319.90         95
                                       9.625          1,319.90      160,000.00
    LONG BEACH       CA   90805          1            07/19/00         14
    0432218501                           05           09/01/00         30
    1378876                              O            08/01/30
    0


    3709933          E82/G02             F           96,000.00         T
                                         360         96,000.00          1
    149 WANASINK LAKE ROAD             9.125            781.09         80
                                       8.875            781.09      120,000.00
    ROCK HILL        NY   12775          1            08/16/00         00
    0400300141                           05           10/01/00          0
    0400300141                           O            09/01/30
    0


    3709985          196/G02             F          112,000.00         ZZ
                                         360        111,947.74          1
    12841 FAIRGROVE STREET             9.750            962.26         80
                                       9.500            962.26      140,000.00
    BALDWIN PARK     CA   91706          1            07/13/00         00
    0432220846                           05           09/01/00          0
    1377889                              N            08/01/30
    0


    3710033          196/G02             F           31,200.00         ZZ
                                         360         31,200.00          1
    6300 ACKEL STREET UNIT 180         9.250            256.68         80
                                       9.000            256.68       39,000.00
    METAIRIE         LA   70003          1            08/09/00         00
    0432218436                           01           10/01/00          0
    1380846                              O            09/01/30
    0


    3710149          196/G02             F           91,600.00         ZZ
                                         360         91,553.74          1
    5225 FOX TRACE DRIVE               9.375            761.89         73
                                       9.125            761.89      127,000.00
    WEST PALM BEACH  FL   33417          2            08/01/00         00
    0432220515                           03           09/01/00          0
    1377507                              O            08/01/30
    0


    3710204          196/G02             F          125,000.00         ZZ
                                         360        124,938.51          1
1


    8517 CEDAR HOLLOW LANE             9.500          1,051.07         79
                                       9.250          1,051.07      160,000.00
    HUNTERSVILLE     NC   28078          1            07/13/00         00
    0432220085                           05           09/01/00          0
    1378565                              O            08/01/30
    0


    3710270          E82/G02             F           37,600.00         ZZ
                                         360         37,600.00          1
    1411 FURNACE STREET                9.875            326.50         75
                                       9.625            326.50       50,250.00
    JOPLIN           MO   64803          5            08/08/00         00
    0400308821                           05           10/01/00          0
    0400308821                           N            09/01/30
    0


    3710271          E82/G02             F           30,700.00         ZZ
                                         360         30,700.00          1
    314 NORTH HARLEM                   9.875            266.58         75
                                       9.625            266.58       41,000.00
    JOPLIN           MO   64801          5            08/08/00         00
    0400308813                           05           10/01/00          0
    0400308813                           N            09/01/30
    0


    3710272          E82/G02             F           36,100.00         ZZ
                                         360         36,100.00          1
    730 SOUTH PICHER                   9.875            313.47         75
                                       9.625            313.47       48,250.00
    JOPLIN           MO   64801          5            08/08/00         00
    0400308805                           05           10/01/00          0
    0400308805                           N            09/01/30
    0


    3710273          E82/G02             F           34,100.00         ZZ
                                         360         34,100.00          1
    309 SOUTH PEARL                    9.875            296.11         75
                                       9.625            296.11       45,500.00
    JOPLIN           MO   64801          5            08/08/00         00
    0400308797                           05           10/01/00          0
    0400308797                           N            09/01/30
    0


    3710294          196/G02             F           69,600.00         ZZ
                                         360         69,600.00          1
    3925 FAIRFIELD LANE                8.750            547.55         80
                                       8.500            547.55       87,000.00
    PUEBLO           CO   81005          1            08/07/00         00
    0432219699                           05           10/01/00          0
1


    1379788                              O            09/01/30
    0


    3710357          196/G02             F          112,400.00         ZZ
                                         360        112,400.00          1
    2613 WILSON STREET                 9.375            934.89         80
                                       9.125            934.89      140,553.00
    AUSTIN           TX   78704          1            08/04/00         00
    0432222693                           05           10/01/00          0
    1379824                              N            09/01/30
    0


    3710700          196/G02             F          187,350.00         ZZ
                                         360        187,252.87          1
    56 SUNSET BAY STREET               9.250          1,541.29         80
                                       9.000          1,541.29      234,195.00
    LAS VEGAS        NV   89148          1            07/10/00         00
    0432220242                           03           09/01/00          0
    1374957                              O            08/01/30
    0


    3710737          S11/G02             F          339,000.00         ZZ
                                         360        338,799.85          1
    27155 NEDA                         8.625          2,636.71         78
                                       8.375          2,636.71      439,000.00
    MISSION VIEJO    CA   92692          1            07/20/00         00
    0432218477                           05           09/01/00          0
    10200884                             O            08/01/30
    0


    3710949          196/G02             F           50,450.00         ZZ
                                         360         50,424.52          1
    6414 KENILWORTH DRIVE              9.375            419.62         80
                                       9.125            419.62       63,100.00
    AUSTIN           TX   78723          1            07/21/00         00
    0432219855                           05           09/01/00          0
    1378754                              N            08/01/30
    0


    3710987          196/G02             F          129,650.00         ZZ
                                         360        129,586.23          4
    2100 2102 2104 2106 PINE AVE       9.500          1,090.17         80
                                       9.250          1,090.17      162,101.00
    LONG BEACH       CA   90806          1            07/10/00         00
    0432219467                           05           09/01/00          0
    1375971                              O            08/01/30
    0


1


    3711158          196/G02             F          361,000.00         ZZ
                                         360        360,817.69          1
    1120 SOUTH RIDGELEY DRIVE          9.375          3,002.62         79
                                       9.125          3,002.62      460,000.00
    LOS ANGELES      CA   90019          5            07/25/00         00
    0432220341                           05           09/01/00          0
    1377359                              O            08/01/30
    0


    3711211          196/G02             F           50,000.00         ZZ
                                         360         49,975.40          2
    1908 VALLEY HILL CIRCLE            9.500            420.43         70
                                       9.250            420.43       71,934.00
    AUSTIN           TX   78741          5            07/28/00         00
    0432220036                           05           09/01/00          0
    1373516                              N            08/01/30
    0


    3711429          196/G02             F           35,200.00         ZZ
                                         360         35,183.13          1
    40214 167TH STREET EAST            9.625            299.20         80
                                       9.375            299.20       44,000.00
    PALMDALE         CA   93591          1            07/05/00         00
    0432226967                           05           09/01/00          0
    1377188                              N            08/01/30
    0


    3711448          G52/G02             F          130,500.00         ZZ
                                         360        130,439.11          4
    1912 ANGUS STREET                  9.750          1,121.20         90
                                       9.500          1,121.20      145,000.00
    MISSION          TX   78572          1            08/03/00         10
    0432239325                           05           09/01/00         25
    74501317                             N            08/01/30
    0


    3711484          196/G02             F           36,000.00         ZZ
                                         360         35,983.64          1
    261 W BROADWAY                     9.875            312.61         90
                                       9.625            312.61       40,000.00
    ALLIANCE         OH   44601          1            07/25/00         10
    0432220176                           05           09/01/00         25
    1376587                              N            08/01/30
    0


    3712448          196/G02             F           75,000.00         ZZ
                                         360         74,966.82          1
    2607 SOUTH 18TH STREET            10.000            658.18         75
                                       9.750            658.18      100,000.00
1


    PHILADELPHIA     PA   19145          5            07/13/00         00
    0432220648                           07           09/01/00          0
    1376700                              N            08/01/30
    0


    3713066          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
    8920 SOUTH GRAND CANYON DRIVE      9.500          1,614.44         79
                                       9.250          1,614.44      245,000.00
    LAS VEGAS        NV   89124          1            08/14/00         00
    0412044257                           05           10/01/00          0
    0412044257                           N            09/01/30
    0


    3713068          E22/G02             F           98,400.00         ZZ
                                         360         98,400.00          1
    1026 NE 13 AVENUE                  9.250            809.51         80
                                       9.000            809.51      123,000.00
    FORT LAUDERDALE  FL   33304          1            08/18/00         00
    0412052409                           05           10/01/00          0
    0412052409                           O            09/01/30
    0


    3713069          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
    1809 EAST 11TH STREET              9.500            718.93         95
                                       9.250            718.93       90,000.00
    PUEBLO           CO   81001          2            08/14/00         01
    0412053027                           05           10/01/00         30
    0412053027                           O            09/01/30
    0


    3713070          E22/G02             F          297,000.00         ZZ
                                         360        297,000.00          1
    9 BRUERE DRIVE                     9.375          2,470.30         90
                                       9.125          2,470.30      330,000.00
    MILLSTONE        NJ   08514          1            08/18/00         04
    0412056186                           05           10/01/00         25
    0412056186                           O            09/01/30
    0


    3713072          E22/G02             F           71,000.00         ZZ
                                         360         71,000.00          1
    39 INDIAN TRAIL                    9.625            603.49         59
                                       9.375            603.49      121,000.00
    PEMBROKE         MA   02359          5            08/18/00         00
    0412061525                           05           10/01/00          0
    0412061525                           N            09/01/30
    0
1




    3713075          E22/G02             F          129,000.00         ZZ
                                         360        129,000.00          1
    15411 LARCH AVENUE                 8.375            980.49         74
                                       8.125            980.49      175,000.00
    LAWNDALE         CA   90260          5            08/08/00         00
    0412063604                           05           10/01/00          0
    0412063604                           O            09/01/30
    0


    3713080          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
    1114 ROBERTS STREET                9.375            748.57         76
                                       9.125            748.57      119,000.00
    THE DALLES       OR   97058          5            08/11/00         00
    0412072555                           05           10/01/00          0
    0412072555                           O            09/01/30
    0


    3713086          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          3
    226 NEPTUNE AVENUE                 9.875          1,015.97         90
                                       9.625          1,015.97      130,000.00
    JERSEY CITY      NJ   07305          1            08/18/00         01
    0412080020                           05           10/01/00         25
    0412080020                           N            09/01/30
    0


    3713087          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          3
    1735 MILLS AVE                    10.000            842.47         80
                                       9.750            842.47      120,000.00
    CINCINATI        OH   45212          1            08/18/00         00
    0412080384                           05           10/01/00          0
    0412080384                           N            09/01/30
    0


    3713093          E22/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
    1708 W. COUNTY ROAD 4              8.875          2,800.67         80
                                       8.625          2,800.67      440,000.00
    BERTHOUD         CO   80513          5            08/14/00         00
    0412085078                           03           10/01/00          0
    0412085078                           O            09/01/30
    0


    3713095          E22/G02             F           62,000.00         ZZ
                                         360         62,000.00          2
1


    30 1/2 CRAVEN HILL ROAD            9.750            532.68         65
                                       9.500            532.68       96,500.00
    BLACK MOUNTAIN   NC   28711          5            08/18/00         00
    0412085714                           05           10/01/00          0
    0412085714                           N            09/01/30
    0


    3713096          E22/G02             F           91,700.00         ZZ
                                         360         91,700.00          3
    30 CRAVEN HILL ROAD                9.500            771.06         70
                                       9.250            771.06      131,000.00
    BLACK MOUNTAIN   NC   28711          2            08/18/00         00
    0412085979                           05           10/01/00          0
    0412085979                           N            09/01/30
    0


    3713100          E22/G02             F           66,300.00         ZZ
                                         360         66,300.00          1
    2801 56TH STREET                   9.250            545.43         81
                                       9.000            545.43       82,000.00
    DES MOINES       IA   50310          2            08/14/00         04
    0412090730                           05           10/01/00         12
    0412090730                           O            09/01/30
    0


    3713107          E22/G02             F           52,200.00         ZZ
                                         360         52,200.00          1
    23779 SCHROEDER                    9.375            434.18         90
                                       9.125            434.17       58,000.00
    EASTPOINTE       MI   48021          1            08/18/00         11
    0412093882                           05           10/01/00         30
    0412093882                           N            09/01/30
    0


    3713503          964/G02             F          171,200.00         ZZ
                                         360        171,200.00          1
    149 SOUTH TOMBOY STREET            8.750          1,346.83         80
    UNIT 2B-5                          8.500          1,346.83      214,000.00
    TELLURIDE        CO   81435          1            08/10/00         00
    0432217131                           01           10/01/00          0
    83676                                O            09/01/30
    0


    3713565          369/G02             F           60,800.00         ZZ
                                         360         60,800.00          1
    6617 DAWN CIRCLE C                 8.375            462.13         80
                                       8.125            462.13       76,000.00
    EL PASO          TX   79912          1            08/07/00         00
    0432224053                           05           10/01/00          0
1


    0072365166                           O            09/01/30
    0


    3715349          420/G02             F          400,000.00         T
                                         360        400,000.00          1
    849 ACORN WAY                      8.500          3,075.66         70
                                       8.250          3,075.66      575,000.00
    NAPA             CA   94558          1            08/10/00         00
    0432221729                           01           10/01/00          0
    0000463885                           O            09/01/30
    0


    3715965          G52/G02             F           97,250.00         ZZ
                                         360         97,250.00          1
    13366 DAFFODIL LANE                8.625            756.40         80
                                       8.375            756.40      121,600.00
    YUCAIPA          CA   92399          1            08/15/00         00
    0432221877                           05           10/01/00          0
    82000098                             O            09/01/30
    0


    3716348          526/526             F          126,800.00         ZZ
                                         360        126,664.53          1
    17074  SW 34 STREET                9.125          1,031.69         85
                                       8.875          1,031.69      149,275.00
    MIRAMAR          FL   33027          1            07/03/00         12
    0401710                              07           08/01/00         12
    0401710                              O            07/01/30
    0


    3716349          526/526             F          493,936.00         ZZ
                                         360        493,699.38          1
    11377  EAST TROON MOUN             9.625          4,198.40         75
                                       9.375          4,198.40      658,582.00
    SCOTTSDALE       AZ   85255          1            07/21/00         00
    0405018                              07           09/01/00          0
    0405018                              O            08/01/30
    0


    3716350          526/526             F          133,500.00         ZZ
                                         360        133,364.63          2
    410-41  BOARDMAN ST                9.375          1,110.39         75
                                       9.125          1,110.39      178,000.00
    MEDFORD          OR   97501          5            06/30/00         00
    0408464                              05           08/01/00          0
    0408464                              N            07/01/30
    0


1


    3716351          526/526             F           60,450.00         ZZ
                                         360         60,393.37          1
    425  SOUTH 7TH ST                  9.750            519.36         65
                                       9.500            519.36       93,000.00
    WILLIAMS         AZ   85046          5            06/29/00         00
    0408657                              05           08/01/00          0
    0408657                              N            07/01/30
    0


    3716352          526/526             F          116,800.00         ZZ
                                         360        116,681.58          1
    48  JOHNNYCAKE DR                  9.375            971.48         80
                                       9.125            971.48      146,000.00
    NAPLES           FL   34110          1            06/30/00         00
    0408915                              05           08/01/00          0
    0408915                              O            07/01/30
    0


    3716353          526/526             F          540,000.00         ZZ
                                         360        539,437.94          1
    3901  SE 154TH CT                  9.250          4,442.45         80
                                       9.000          4,442.45      675,000.00
    VANCOUVER        WA   98683          1            06/29/00         00
    0409952                              05           08/01/00          0
    0409952                              O            07/01/30
    0


    3716354          526/526             F           45,000.00         ZZ
                                         360         44,954.36          1
    104  TABBY WALK                    9.375            374.29         75
                                       9.125            374.29       60,000.00
    HILTON HEAD      SC   29928          1            07/05/00         00
    0410230                              01           08/01/00          0
    0410230                              N            07/01/30
    0


    3716355          526/526             F          122,400.00         ZZ
                                         360        122,341.36          1
    5124  INDIAN LAKES CT              9.625          1,040.39         90
                                       9.375          1,040.39      136,000.00
    JACKSONVILL      FL   32210          1            07/24/00         12
    0410231                              05           09/01/00         25
    0410231                              N            08/01/30
    0


    3716356          526/526             F          220,000.00         ZZ
                                         360        219,764.97          1
    1483-85-87-89 HAWTHORNE PLACE      9.125          1,789.99         80
                                       8.875          1,789.99      275,000.00
1


    WELLINGTON       FL   33414          1            06/30/00         00
    0410277                              05           08/01/00          0
    0410277                              N            07/01/30
    0


    3716358          526/526             F          141,300.00         ZZ
                                         360        141,228.65          1
    3319  NORTH 66TH PL                9.375          1,175.26         90
                                       9.125          1,175.26      157,000.00
    SCOTTSDALE       AZ   85251          1            07/26/00         12
    0410723                              05           09/01/00         25
    0410723                              N            08/01/30
    0


    3716362          526/526             F          131,250.00         ZZ
                                         360        131,094.46          1
    47-373  KEOHAPA PLACE              8.625          1,020.85         75
                                       8.375          1,020.85      175,000.00
    KANEOHE          HI   96744          5            06/30/00         00
    0411046                              05           08/01/00          0
    0411046                              O            07/01/30
    0


    3716365          526/526             F          187,100.00         ZZ
                                         360        186,915.21          1
    3302  WEST LOMA LN                 9.500          1,573.24         90
                                       9.250          1,573.24      207,900.00
    PHOENIX          AZ   85051          1            06/28/00         12
    0411248                              05           08/01/00         25
    0411248                              N            07/01/30
    0


    3716367          526/526             F          132,550.00         ZZ
                                         360        132,400.83          1
    9247  WEST SALTER DR               8.875          1,054.63         90
                                       8.625          1,054.63      147,282.00
    PEORIA           AZ   85382          1            06/30/00         12
    0411647                              07           08/01/00         25
    0411647                              N            07/01/30
    0


    3716369          526/526             F           25,200.00         ZZ
                                         360         25,173.78          1
    1049E LORADO                       9.250            207.31         90
                                       9.000            207.31       28,000.00
    FLINT            MI   48505          1            06/29/00         12
    0411691                              05           08/01/00         25
    0411691                              N            07/01/30
    0
1




    3716370          526/526             F           36,000.00         ZZ
                                         360         35,962.54          1
    2401  LAWNDALE                     9.250            296.16         90
                                       9.000            296.16       40,000.00
    FLINT            MI   48504          1            06/29/00         12
    0411695                              05           08/01/00         25
    0411695                              N            07/01/30
    0


    3716372          526/526             F           69,300.00         ZZ
                                         360         69,219.97          3
    216  EAST MORELOS ST               8.750            545.18         90
                                       8.500            545.18       77,000.00
    CHANDLER         AZ   85225          1            06/29/00         12
    0411753                              05           08/01/00         25
    0411753                              N            07/01/30
    0


    3716373          526/526             F          141,300.00         ZZ
                                         360        141,228.65          1
    3325  NORTH 66TH PLAC              9.375          1,175.26         90
                                       9.125          1,175.26      157,000.00
    SCOTTSDALE       AZ   85251          1            07/26/00         12
    0411840                              05           09/01/00         25
    0411840                              N            08/01/30
    0


    3716378          526/526             F           90,000.00         ZZ
                                         360         89,953.34          1
    735  E DEL RIO ST                  9.250            740.41         75
                                       9.000            740.41      120,000.00
    CHANDLER         AZ   85225          1            07/20/00         00
    0412696                              05           09/01/00          0
    0412696                              N            08/01/30
    0


    3716380          526/526             F           36,900.00         ZZ
                                         360         36,861.59          1
    3747  NINTH STREET                 9.250            303.57         90
                                       9.000            303.57       41,000.00
    ECORSE           MI   48229          1            06/30/00         12
    0412737                              05           08/01/00         25
    0412737                              N            07/01/30
    0


    3716382          526/526             F          552,500.00         ZZ
                                         360        551,894.16          1
1


    1084  W CHAPEL VIEW C              9.000          4,445.54         85
                                       8.750          4,445.54      650,000.00
    SOUTH JORDAN     UT   84095          1            06/29/00         12
    0412842                              05           08/01/00         12
    0412842                              O            07/01/30
    0


    3716383          526/526             F           69,520.00         ZZ
                                         360         69,481.03          1
    705  E DRAKE ROAD#S-               8.875            553.13         80
                                       8.625            553.13       86,900.00
    FORT COLLIN      CO   80525          1            07/14/00         00
    0412903                              01           09/01/00          0
    0412903                              N            08/01/30
    0


    3716385          526/526             F          112,410.00         ZZ
                                         360        112,289.91          1
    25725  SOUTH 203RD PLA             9.125            914.60         90
                                       8.875            914.60      124,900.00
    QUEEN CREEK      AZ   85242          1            06/30/00         12
    0412994                              05           08/01/00         25
    0412994                              O            07/01/30
    0


    3716386          526/526             F          126,000.00         ZZ
                                         360        125,929.36          3
    846  E 700 N                       8.875          1,002.51         70
                                       8.625          1,002.51      180,000.00
    PROVO            UT   84604          1            07/05/00         00
    0413053                              05           09/01/00          0
    0413053                              N            08/01/30
    0


    3716387          526/526             F          120,500.00         ZZ
                                         360        120,432.45          2
    1130  SOUTH LAKE ST                8.875            958.75         80
                                       8.625            958.75      152,000.00
    SALT LAKE C      UT   84105          2            07/14/00         00
    0413169                              05           09/01/00          0
    0413169                              N            08/01/30
    0


    3716388          526/526             F          140,000.00         ZZ
                                         360        139,921.52          1
    21137  NORTH 92ND LANE             8.875          1,113.90         90
                                       8.625          1,113.90      155,589.00
    PEORIA           AZ   85310          1            07/24/00         12
    0413360                              07           09/01/00         25
1


    0413360                              N            08/01/30
    0


    3716391          526/526             F           84,600.00         ZZ
                                         360         84,553.79          1
    757  EAST HAVASU AVE               9.000            680.71         79
                                       8.750            680.71      108,000.00
    CHINO VALLE      AZ   86323          1            07/12/00         00
    0413729                              05           09/01/00          0
    0413729                              O            08/01/30
    0


    3716394          526/526             F          387,000.00         ZZ
                                         360        386,799.37          3
    349  N 14TH ST                     9.250          3,183.75         90
                                       9.000          3,183.75      430,000.00
    SAN JOSE         CA   95112          1            07/14/00         12
    0413865                              05           09/01/00         25
    0413865                              O            08/01/30
    0


    3716395          526/526             F           82,000.00         ZZ
                                         360         81,951.59          1
    2452  EAST INDIGO BRU              8.625            637.79         52
                                       8.375            637.79      159,500.00
    PHOENIX          AZ   85048          1            07/07/00         00
    0413968                              07           09/01/00          0
    0413968                              N            08/01/30
    0


    3716399          526/526             F           68,850.00         ZZ
                                         360         68,814.31          1
    4085  STILLWOOD DR                 9.250            566.41         90
                                       9.000            566.41       76,500.00
    JACKSONVILL      FL   32257          1            07/20/00         12
    0414736                              07           09/01/00         25
    0414736                              N            08/01/30
    0


    3716402          526/526             F          117,000.00         ZZ
                                         360        116,932.69          1
    4560  W BEHREND DR                 8.750            920.44         78
                                       8.500            920.44      151,000.00
    GLENDALE         AZ   85308          1            07/21/00         00
    0415060                              07           09/01/00          0
    0415060                              N            08/01/30
    0


1


    3716403          526/526             F          130,000.00         ZZ
                                         360        129,928.99          1
    402  EAST YAVAPAI                  9.000          1,046.01         80
                                       8.750          1,046.01      162,500.00
    TUCSON           AZ   85705          1            07/26/00         00
    0415145                              05           09/01/00          0
    0415145                              N            08/01/30
    0


    3716404          526/526             F          175,500.00         ZZ
                                         360        175,409.01          1
    4622  EAST RED RANGE               9.250          1,443.80         80
                                       9.000          1,443.80      219,892.00
    CAVE CREEK       AZ   85331          1            07/20/00         00
    0415209                              07           09/01/00          0
    0415209                              O            08/01/30
    0


    3716405          526/526             F           99,000.00         ZZ
                                         360         98,944.50          1
    2330  E 3RD DR                     8.875            787.69         90
                                       8.625            787.69      110,000.00
    MESA             AZ   85204          1            07/26/00         12
    0415212                              05           09/01/00         25
    0415212                              N            08/01/30
    0


    3716406          526/526             F          112,000.00         ZZ
                                         360        111,935.57          1
    6229  EAST CLINTON ST              8.750            881.10         80
                                       8.500            881.10      140,000.00
    SCOTTSDALE       AZ   85254          1            07/25/00         00
    0415432                              05           09/01/00          0
    0415432                              O            08/01/30
    0


    3716407          526/526             F          456,000.00         ZZ
                                         360        455,730.78          1
    15  BAYSIDE                        8.625          3,546.72         80
                                       8.375          3,546.72      575,000.00
    IRVINE           CA   92614          1            07/26/00         00
    0415946                              05           09/01/00          0
    0415946                              O            08/01/30
    0


    3716409          526/526             F          205,950.00         ZZ
                                         360        205,843.23          1
    4627  E RED RANGE WAY              9.250          1,694.30         90
                                       9.000          1,694.30      228,838.00
1


    CAVE CREEK       AZ   85331          1            07/27/00         12
    0416460                              07           09/01/00         25
    0416460                              N            08/01/30
    0


    3716411          526/526             F          101,800.00         ZZ
                                         360        101,714.26          1
    158  GRIZZLY BEAR LO              10.250            912.23         74
                                      10.000            912.23      138,000.00
    WEST YELLOW      MT   59758          1            07/01/00         00
    0389178                              05           08/01/00          0
    0389178                              O            07/01/30
    0


    3716412          526/526             F          524,450.00         ZZ
                                         360        523,844.32          1
    13602S 32ND ST                     8.750          4,125.85         85
                                       8.500          4,125.85      617,000.00
    PHOENIX          AZ   85044          1            06/30/00         12
    0401108                              07           08/01/00         12
    0401108                              O            07/01/30
    0


    3716413          526/526             F          120,000.00         ZZ
                                         360        119,884.56          1
    1738  N HARDING AVE                9.625          1,019.99         80
                                       9.375          1,019.99      150,000.00
    CHICAGO          IL   60647          1            06/30/00         00
    0402069                              05           08/01/00          0
    0402069                              N            07/01/30
    0


    3716415          526/526             F          311,000.00         ZZ
                                         360        310,838.77          1
    5015  18TH AVE NE                  9.250          2,558.52         63
                                       9.000          2,558.52      495,000.00
    SEATTLE          WA   98105          2            07/05/00         00
    0403160                              05           09/01/00          0
    0403160                              N            08/01/30
    0


    3716416          526/526             F          179,900.00         ZZ
                                         360        179,806.74          1
    1890  LAKEVIEW AVE                 9.250          1,479.99         90
                                       9.000          1,479.99      199,900.00
    DRACUT           MA   01826          1            07/27/00         11
    0404893                              05           09/01/00         25
    0404893                              N            08/01/30
    0
1




    3716417          526/526             F          120,000.00         ZZ
                                         360        119,945.48          1
    41W  161 WHITNEY RD                9.875          1,042.02         64
                                       9.625          1,042.02      190,000.00
    SAINT CHARL      IL   60175          1            07/17/00         00
    0405243                              05           09/01/00          0
    0405243                              O            08/01/30
    0


    3716419          526/526             F           36,000.00         ZZ
                                         360         35,978.19          1
    2701  BELLEFONTAINE S              8.500            276.81         80
                                       8.250            276.81       45,000.00
    HOUSTON          TX   77025          1            07/28/00         00
    0406682                              01           09/01/00          0
    0406682                              O            08/01/30
    0


    3716420          526/526             F           80,300.00         ZZ
                                         360         80,258.37          1
    2705  SE 176TH PL                  9.250            660.61         70
                                       9.000            660.61      114,777.00
    PORTLAND         OR   97236          1            07/24/00         00
    0407100                              05           09/01/00          0
    0407100                              O            08/01/30
    0


    3716421          526/526             F           84,000.00         ZZ
                                         360         83,910.26          1
    7303  SW 162ND PL                  9.125            683.45         70
                                       8.875            683.45      120,000.00
    MIAMI            FL   33193          1            06/30/00         00
    0407392                              07           08/01/00          0
    0407392                              O            07/01/30
    0


    3716422          526/526             F          137,480.00         ZZ
                                         360        137,333.12          1
    715  E MAIN ST                     9.125          1,118.58         68
                                       8.875          1,118.58      205,000.00
    BARRINGTON       IL   60010          5            06/26/00         00
    0407629                              05           08/01/00          0
    0407629                              O            07/01/30
    0


    3716423          526/526             F           39,160.00         ZZ
                                         360         39,141.74          1
1


    651  SUMNER DRIVE                  9.750            336.44         89
                                       9.500            336.44       44,000.00
    SAN ANTONIO      TX   78209          1            07/07/00         12
    0407645                              05           09/01/00         25
    0407645                              N            08/01/30
    0


    3716426          526/526             F          120,000.00         ZZ
                                         360        119,884.56          1
    9533  NE 239TH ST                  9.625          1,019.99         75
                                       9.375          1,019.99      160,000.00
    BATTLE GROU      WA   98604          5            07/05/00         00
    0408525                              05           08/01/00          0
    0408525                              O            07/01/30
    0


    3716427          526/526             F          172,000.00         ZZ
                                         360        171,830.13          1
    4854  BRIAR RIDGE COU              9.500          1,446.27         80
                                       9.250          1,446.27      215,000.00
    BOULDER          CO   80301          1            06/23/00         00
    0408585                              07           08/01/00          0
    0408585                              O            07/01/30
    0


    3716428          526/526             F          238,500.00         ZZ
                                         360        238,382.69          1
    440  LORRAINE                      9.500          2,005.44         90
                                       9.250          2,005.44      265,000.00
    GLEN ELLYN       IL   60137          1            07/12/00         12
    0408788                              05           09/01/00         25
    0408788                              N            08/01/30
    0


    3716431          526/526             F           70,453.00         ZZ
                                         360         70,373.71          1
    8487  W 1100 N                     8.875            560.56         79
                                       8.625            560.56       90,000.00
    ELWOOD           IN   46036          5            06/26/00         00
    0409381                              05           08/01/00          0
    0409381                              O            07/01/30
    0


    3716432          526/526             F          102,000.00         ZZ
                                         360        101,891.02          1
    193  MENDON RD                     9.125            829.91         66
                                       8.875            829.91      156,000.00
    NORTH ATTLE      MA   02760          5            07/03/00         00
    0409626                              05           08/01/00          0
1


    0409626                              O            07/01/30
    0


    3716433          526/526             F           33,600.00         ZZ
                                         360         33,516.41          1
    1880  BONNIE LN                    9.500            282.53         68
                                       9.250            282.53       49,500.00
    HOFFMAN EST      IL   60194          5            07/05/00         00
    0409705                              01           08/01/00          0
    0409705                              N            07/01/30
    0


    3716435          526/526             F          254,400.00         ZZ
                                         360        254,128.21          1
    7525  ARLENE  AVE                  9.125          2,069.88         80
                                       8.875          2,069.88      318,000.00
    WILLOWBROOK      IL   60514          1            06/30/00         00
    0409934                              05           08/01/00          0
    0409934                              O            07/01/30
    0


    3716436          526/526             F          112,400.00         ZZ
                                         360        112,340.18          1
    4751  WEST ORAIBI DR               9.125            914.52         80
                                       8.875            914.52      140,500.00
    GLENDALE         AZ   85308          1            07/26/00         00
    0409937                              07           09/01/00          0
    0409937                              O            08/01/30
    0


    3716437          526/526             F          180,000.00         ZZ
                                         360        179,817.49          2
    20  CHASE ST                       9.375          1,497.15         48
                                       9.125          1,497.15      380,000.00
    DANVERS          MA   01923          1            06/30/00         00
    0409945                              05           08/01/00          0
    0409945                              N            07/01/30
    0


    3716438          526/526             F           48,600.00         ZZ
                                         360         48,549.41          1
    1445  NORTH ALMA SCHO              9.250            399.82         87
                                       9.000            399.82       56,000.00
    MESA             AZ   85202          1            07/05/00         12
    0410046                              07           08/01/00         25
    0410046                              O            07/01/30
    0


1


    3716439          526/526             F           96,500.00         ZZ
                                         360         96,444.48          1
    10  LOCUST GLEN CT                 8.750            759.17         62
                                       8.500            759.17      158,000.00
    CRANSTON         RI   02921          2            07/17/00         00
    0410072                              05           09/01/00          0
    0410072                              O            08/01/30
    0


    3716440          526/526             F           98,000.00         ZZ
                                         360         97,949.20          1
    3844  AVE F                        9.250            806.22         52
                                       9.000            806.22      190,000.00
    BILLINGS         MT   59102          1            07/10/00         00
    0410160                              05           09/01/00          0
    0410160                              O            08/01/30
    0


    3716441          526/526             F          206,100.00         ZZ
                                         360        205,987.42          1
    8518  WESTVIEW DRIVE               9.000          1,658.33         90
                                       8.750          1,658.33      229,000.00
    HOUSTON          TX   77055          1            07/24/00         12
    0410177                              05           09/01/00         25
    0410177                              O            08/01/30
    0


    3716443          526/526             F           44,550.00         ZZ
                                         360         44,525.67          1
    1  KARENA DR                       9.000            358.46         90
                                       8.750            358.46       49,500.00
    TAUNTON          MA   02780          1            07/26/00         01
    0410218                              01           09/01/00         25
    0410218                              O            08/01/30
    0


    3716444          526/526             F           40,000.00         ZZ
                                         360         39,979.26          1
    13499  BISCAYNE BLVD               9.250            329.07         50
                                       9.000            329.07       80,000.00
    MIAMI            FL   33181          1            07/05/00         00
    0410259                              06           09/01/00          0
    0410259                              O            08/01/30
    0


    3716447          526/526             F          152,910.00         ZZ
                                         360        152,830.73          1
    1027  ERIC CT                      9.250          1,257.95         90
                                       9.000          1,257.95      169,900.00
1


    KISSIMMEE        FL   34744          1            07/14/00         12
    0410430                              07           09/01/00         25
    0410430                              N            08/01/30
    0


    3716448          526/526             F           53,900.00         ZZ
                                         360         53,839.35          1
    5207  FOUNTAIN                     8.875            428.85         70
                                       8.625            428.85       77,000.00
    MCHENRY          IL   60050          2            06/28/00         00
    0410497                              05           08/01/00          0
    0410497                              N            07/01/30
    0


    3716449          526/526             F          131,722.00         ZZ
                                         360        131,648.15          1
    2213  SOMMERHAUSER CI              8.875          1,048.04         75
                                       8.625          1,048.04      175,630.00
    DERBY            KS   67037          1            07/12/00         00
    0410577                              05           09/01/00          0
    0410577                              O            08/01/30
    0


    3716450          526/526             F          300,000.00         ZZ
                                         360        299,844.47          1
    99  SUMMER ST                      9.250          2,468.03         80
                                       9.000          2,468.03      375,000.00
    TISBURY          MA   02568          1            07/13/00         00
    0410614                              05           09/01/00          0
    0410614                              O            08/01/30
    0


    3716451          526/526             F           42,750.00         ZZ
                                         360         42,705.51          2
    335  335 1/2 N FRANK               9.250            351.69         75
                                       9.000            351.69       57,000.00
    HEMET            CA   92543          1            07/02/00         00
    0410872                              05           08/01/00          0
    0410872                              N            07/01/30
    0


    3716452          526/526             F          278,000.00         ZZ
                                         360        277,855.88          1
    136  NOVA LANE                     9.250          2,287.04         80
                                       9.000          2,287.04      347,500.00
    PINE             CO   80470          1            07/07/00         00
    0410887                              05           09/01/00          0
    0410887                              O            08/01/30
    0
1




    3716453          526/526             F          192,750.00         ZZ
                                         360        192,549.37          1
    907  TREATY OAK                    9.250          1,585.71         73
                                       9.000          1,585.71      265,000.00
    SAN ANTONIO      TX   78259          1            06/30/00         00
    0410892                              07           08/01/00          0
    0410892                              O            07/01/30
    0


    3716455          526/526             F           68,500.00         ZZ
                                         360         68,460.59          1
    575  ELIZABETH AVE                 8.750            538.89         44
                                       8.500            538.89      158,500.00
    ASHLAND          OR   97520          1            07/18/00         00
    0410927                              05           09/01/00          0
    0410927                              O            08/01/30
    0


    3716456          526/526             F           60,000.00         ZZ
                                         360         59,935.90          1
    3915  WEST LAYTON STR              9.125            488.18         47
                                       8.875            488.18      128,000.00
    THATCHER         AZ   85552          5            06/29/00         00
    0410941                              04           08/01/00          0
    0410941                              O            07/01/30
    0


    3716458          526/526             F          187,500.00         ZZ
                                         360        187,289.00          1
    222  HOMESTEAD AVE                 8.875          1,491.83         75
                                       8.625          1,491.83      250,000.00
    REHOBOTH         MA   02769          5            07/03/00         00
    0411027                              05           08/01/00          0
    0411027                              O            07/01/30
    0


    3716459          526/526             F          185,250.00         ZZ
                                         360        185,146.15          3
    4  CHARLES ST                      8.875          1,473.93         65
                                       8.625          1,473.93      285,000.00
    DORCHESTER       MA   02122          5            07/17/00         00
    0411093                              05           09/01/00          0
    0411093                              N            08/01/30
    0


    3716460          526/526             F          248,500.00         ZZ
                                         360        248,301.63          1
1


    901-03  905-907 RIPPLE            10.500          2,273.13         70
                                      10.250          2,273.13      355,000.00
    HOUSTON          TX   77057          1            06/30/00         00
    0411174                              05           08/01/00          0
    0411174                              O            07/01/30
    0


    3716461          526/526             F          116,000.00         ZZ
                                         360        115,939.87          1
    1961  DEER RUN DR                  9.250            954.30         80
                                       9.000            954.30      145,000.00
    LAKE HAVASU      AZ   86404          1            07/07/00         00
    0411189                              05           09/01/00          0
    0411189                              O            08/01/30
    0


    3716462          526/526             F          194,400.00         ZZ
                                         360        194,293.81          1
    69  PLOUGHED NECK R                9.000          1,564.19         80
                                       8.750          1,564.19      243,000.00
    SANDWICH         MA   02537          1            07/21/00         00
    0411205                              05           09/01/00          0
    0411205                              O            08/01/30
    0


    3716463          526/526             F          270,750.00         ZZ
                                         360        270,609.64          2
    2655  W WINNEMAC                   9.250          2,227.39         95
                                       9.000          2,227.39      285,000.00
    CHICAGO          IL   60625          1            07/24/00         12
    0411228                              05           09/01/00         30
    0411228                              O            08/01/30
    0


    3716464          526/526             F           57,500.00         ZZ
                                         360         57,469.40          1
    1780  SHERWOOD RD                  9.125            467.84         49
                                       8.875            467.84      119,500.00
    WILLIAMSTON      MI   48895          1            07/10/00         00
    0411479                              05           09/01/00          0
    0411479                              O            08/01/30
    0


    3716465          526/526             F          110,400.00         ZZ
                                         360        110,336.48          3
    72  E 200 S                        8.750            868.52         80
                                       8.500            868.52      138,000.00
    LOGAN            UT   84321          1            07/21/00         00
    0411556                              05           09/01/00          0
1


    0411556                              N            08/01/30
    0


    3716466          526/526             F          314,100.00         ZZ
                                         360        313,914.55          1
    5050  MCKINLEY                     8.625          2,443.04         95
                                       8.375          2,443.04      330,665.00
    ROSEVILLE        CA   95747          1            07/27/00         12
    0411559                              05           09/01/00         30
    0411559                              O            08/01/30
    0


    3716467          526/526             F           89,910.00         ZZ
                                         360         89,864.59          1
    5320  N SHERIDAN RD #              9.375            747.83         90
                                       9.125            747.83       99,900.00
    CHICAGO          IL   60606          1            07/14/00         12
    0411634                              06           09/01/00         25
    0411634                              N            08/01/30
    0


    3716468          526/526             F           75,000.00         ZZ
                                         360         74,955.72          1
    509  NW 29TH ST                    8.625            583.34         69
                                       8.375            583.34      110,000.00
    WILTON MANORS    FL   33311          1            07/14/00         00
    0411656                              05           09/01/00          0
    0411656                              O            08/01/30
    0


    3716469          526/526             F           50,050.00         ZZ
                                         360         49,900.17          3
    1648  N BOWIE ST                   9.500            420.85         80
                                       9.250            420.85       62,600.00
    SEGUIN           TX   78155          1            06/30/00         00
    0411666                              05           08/01/00          0
    0411666                              N            07/01/30
    0


    3716470          526/526             F          139,920.00         ZZ
                                         360        139,837.40          1
    1003  NE 156TH AVE                 8.625          1,088.28         80
                                       8.375          1,088.28      174,900.00
    VANCOUVER        WA   98684          1            07/10/00         00
    0411723                              05           09/01/00          0
    0411723                              O            08/01/30
    0


1


    3716471          526/526             F          535,500.00         ZZ
                                         360        535,222.38          1
    1563  OAK CANYON DR                9.250          4,405.43         70
                                       9.000          4,405.43      765,000.00
    SAN JOSE         CA   95120          1            07/03/00         00
    0411726                              05           09/01/00          0
    0411726                              O            08/01/30
    0


    3716473          526/526             F           80,500.00         ZZ
                                         360         80,411.73          1
    3220  EAST PRESIDIO R              9.000            647.72         74
                                       8.750            647.72      110,000.00
    PHOENIX          AZ   85032          1            06/29/00         00
    0411747                              05           08/01/00          0
    0411747                              N            07/01/30
    0


    3716475          526/526             F          242,150.00         ZZ
                                         360        241,897.96          2
    7337  HONORE ST                    9.250          1,992.11         95
                                       9.000          1,992.11      254,900.00
    CHICAGO          IL   60626          1            06/30/00         11
    0411802                              05           08/01/00         30
    0411802                              O            07/01/30
    0


    3716476          526/526             F          100,000.00         ZZ
                                         360         99,955.76          1
    #7  HUNTING COUNTRY               10.000            877.57         70
                                       9.750            877.57      144,000.00
    TRYON            NC   28782          1            07/05/00         00
    0411834                              07           09/01/00          0
    0411834                              O            08/01/30
    0


    3716478          526/526             F           48,750.00         ZZ
                                         360         48,632.68          2
    628  E LATHAM AVE &                9.250            401.05         75
                                       9.000            401.05       65,000.00
    HEMET            CA   92543          1            07/17/00         00
    0411882                              05           09/01/00          0
    0411882                              N            08/01/30
    0


    3716479          526/526             F           47,700.00         ZZ
                                         360         47,676.54          3
    174-17  GODDARD AVENUE             9.500            401.09         90
                                       9.250            401.09       53,000.00
1


    BRIDGEPORT       CT   06606          1            07/26/00         12
    0411888                              05           09/01/00         25
    0411888                              N            08/01/30
    0


    3716480          526/526             F           84,800.00         ZZ
                                         360         84,743.10          1
    5210  WESLAYAN ST UNI              8.000            622.23         95
                                       7.750            622.23       89,300.00
    HOUSTON          TX   77005          1            07/28/00         11
    0411890                              01           09/01/00         30
    0411890                              O            08/01/30
    0


    3716481          526/526             F           16,714.00         ZZ
                                         360         16,697.49          2
    2461  N 44TH ST                    9.500            140.54         90
                                       9.250            140.54       18,572.00
    MILWAUKEE        WI   53210          1            06/30/00         10
    0411898                              05           08/01/00         25
    0411898                              N            07/01/30
    0


    3716482          526/526             F           52,850.00         ZZ
                                         360         52,795.00          2
    141  &143 N SAN JACI               9.250            434.78         75
                                       9.000            434.78       70,500.00
    SAN JACINTO      CA   92583          1            06/26/00         00
    0411915                              05           08/01/00          0
    0411915                              N            07/01/30
    0


    3716484          526/526             F          391,500.00         ZZ
                                         360        391,036.05          1
    13833  SOUTH 31ST PLAC             8.625          3,045.05         90
                                       8.375          3,045.05      435,000.00
    PHOENIX          AZ   85048          1            06/26/00         10
    0411943                              05           08/01/00         25
    0411943                              O            07/01/30
    0


    3716486          526/526             F           80,000.00         ZZ
                                         360         79,912.27          1
    3006  LEAHY DRIVE                  9.000            643.70         80
                                       8.750            643.70      100,000.00
    DALLAS           TX   75229          1            06/30/00         00
    0412084                              05           08/01/00          0
    0412084                              O            07/01/30
    0
1




    3716487          526/526             F          460,000.00         ZZ
                                         360        459,468.77          1
    21191  21195-21255 BUR             8.750          3,618.82         80
                                       8.500          3,618.82      575,000.00
    SONOMA           CA   95476          1            07/03/00         00
    0412162                              05           08/01/00          0
    0412162                              O            07/01/30
    0


    3716488          526/526             F          157,500.00         ZZ
                                         360        157,404.58          1
    14819  N 28TH ST                   8.500          1,211.04         90
                                       8.250          1,211.04      175,000.00
    PHOENIX          AZ   85032          1            07/13/00         12
    0412166                              05           09/01/00         25
    0412166                              O            08/01/30
    0


    3716489          526/526             F          186,400.00         ZZ
                                         360        186,295.50          1
    4537  SW 45TH AVE                  8.875          1,483.08         80
                                       8.625          1,483.08      233,000.00
    PORTLAND         OR   97221          1            07/25/00         00
    0412195                              05           09/01/00          0
    0412195                              O            08/01/30
    0


    3716490          526/526             F          117,000.00         ZZ
                                         360        116,934.41          1
    13  WALDO ST                       8.875            930.90         77
                                       8.625            930.90      153,000.00
    RANDOLPH         MA   02368          1            07/31/00         00
    0412217                              05           09/01/00          0
    0412217                              O            08/01/30
    0


    3716491          526/526             F          103,920.00         ZZ
                                         360        103,867.53          1
    3465S POPLAR ST                    9.375            864.35         80
                                       9.125            864.35      129,900.00
    DENVER           CO   80224          1            07/17/00         00
    0412222                              01           09/01/00          0
    0412222                              O            08/01/30
    0


    3716492          526/526             F          100,000.00         ZZ
                                         360         99,887.47          1
1


    4434S ROUND HILL DR                8.875            795.64         68
                                       8.625            795.64      147,457.00
    ST GEORGE        UT   84790          1            06/29/00         00
    0412371                              07           08/01/00          0
    0412371                              O            07/01/30
    0


    3716493          526/526             F           76,500.00         ZZ
                                         360         76,457.11          1
    309  FOOTHILL BLVD                 8.875            608.67         73
                                       8.625            608.67      105,000.00
    ROGUE RIVER      OR   97537          1            07/12/00         00
    0412374                              05           09/01/00          0
    0412374                              O            08/01/30
    0


    3716494          526/526             F          152,910.00         ZZ
                                         360        152,830.73          1
    1029  ERIC CT                      9.250          1,257.95         90
                                       9.000          1,257.95      169,900.00
    KISSIMMEE        FL   34744          1            07/14/00         12
    0412424                              07           09/01/00         25
    0412424                              N            08/01/30
    0


    3716497          526/526             F           56,000.00         ZZ
                                         360         55,969.41          1
    2160  EAST PIERCE ST               9.000            450.59         80
                                       8.750            450.59       70,000.00
    PHOENIX          AZ   85006          1            07/13/00         00
    0412531                              05           09/01/00          0
    0412531                              N            08/01/30
    0


    3716498          526/526             F          106,000.00         ZZ
                                         360        105,947.86          1
    22  SNOWBROOK RD                   9.500            891.31         75
                                       9.250            891.31      142,000.00
    WEST YARMOU      MA   02673          1            07/21/00         00
    0412554                              05           09/01/00          0
    0412554                              O            08/01/30
    0


    3716499          526/526             F          184,000.00         ZZ
                                         360        183,894.14          1
    2754  WATERDALE DRIVE              8.750          1,447.53         80
                                       8.500          1,447.53      230,000.00
    LOVELAND         CO   80538          1            07/11/00         00
    0412572                              05           09/01/00          0
1


    0412572                              O            08/01/30
    0


    3716502          526/526             F          124,000.00         ZZ
                                         360        123,934.01          1
    1513  SOUTH DOVE ST                9.125          1,008.90         80
                                       8.875          1,008.90      155,000.00
    GILBERT          AZ   85233          1            07/28/00         00
    0412672                              07           09/01/00          0
    0412672                              O            08/01/30
    0


    3716505          526/526             F           80,000.00         ZZ
                                         360         79,958.53          1
    48  SCHOOL HILL ROA                9.250            658.14         87
                                       9.000            658.14       92,000.00
    GOSHEN           CT   06756          1            07/27/00         11
    0412822                              05           09/01/00         25
    0412822                              N            08/01/30
    0


    3716506          526/526             F          150,000.00         ZZ
                                         360        149,922.24          1
    6055  RANDALL CT                   9.250          1,234.01         68
                                       9.000          1,234.01      222,000.00
    WEST BLOOMF      MI   48322          1            07/17/00         00
    0412844                              05           09/01/00          0
    0412844                              O            08/01/30
    0


    3716507          526/526             F          424,000.00         ZZ
                                         360        423,558.69          3
    33  LEWIS ST                       9.250          3,488.14         80
                                       9.000          3,488.14      530,000.00
    SOMERVILLE       MA   02145          1            06/30/00         00
    0412899                              05           08/01/00          0
    0412899                              N            07/01/30
    0


    3716508          526/526             F          166,400.00         ZZ
                                         360        166,306.72          1
    725  S 6TH ST                      8.875          1,323.95         80
                                       8.625          1,323.95      208,000.00
    ALHAMBRA         CA   91801          1            07/18/00         00
    0412909                              05           09/01/00          0
    0412909                              O            08/01/30
    0


1


    3716509          526/526             F           90,600.00         ZZ
                                         360         90,546.51          1
    6755  HILL RD                      8.625            704.68         58
                                       8.375            704.68      156,600.00
    BOISE            ID   83703          1            07/14/00         00
    0412926                              05           09/01/00          0
    0412926                              O            08/01/30
    0


    3716510          526/526             F           90,900.00         ZZ
                                         360         90,771.04          1
    520  BIESTERFIELD RD               9.250            747.81         90
                                       9.000            747.81      101,000.00
    ELK GROVE V      IL   60007          1            07/14/00         11
    0412955                              01           09/01/00         25
    0412955                              N            08/01/30
    0


    3716513          526/526             F           60,800.00         ZZ
                                         360         60,766.79          1
    7302  S BLACKSTONE                 9.000            489.21         80
                                       8.750            489.21       76,000.00
    JUSTICE          IL   60458          1            07/20/00         00
    0413048                              01           09/01/00          0
    0413048                              O            08/01/30
    0


    3716514          526/526             F           85,000.00         ZZ
                                         360         84,952.35          2
    434  WOODLAND AVE                  8.875            676.30         74
                                       8.625            676.30      115,000.00
    WOOSTER          OH   44691          5            07/19/00         00
    0413094                              05           09/01/00          0
    0413094                              O            08/01/30
    0


    3716515          526/526             F          124,618.00         ZZ
                                         360        124,548.13          1
    822  NATURES COVE CT               8.875            991.52         90
                                       8.625            991.52      140,000.00
    DETROIT          MI   48086          1            07/19/00         12
    0413106                              01           09/01/00         25
    0413106                              N            08/01/30
    0


    3716516          526/526             F           35,400.00         ZZ
                                         360         35,380.66          1
    2025  AUGUSTA #904                 9.000            284.84         80
                                       8.750            284.84       44,300.00
1


    HOUSTON          TX   77057          1            07/14/00         00
    0413117                              01           09/01/00          0
    0413117                              N            08/01/30
    0


    3716517          526/526             F          176,000.00         ZZ
                                         360        175,827.55          1
    6016  COMMUNITY DRIVE              9.125          1,431.99         80
                                       8.875          1,431.99      220,000.00
    HOUSTON          TX   77005          1            07/07/00         00
    0413118                              05           09/01/00          0
    0413118                              O            08/01/30
    0


    3716518          526/526             F          323,100.00         ZZ
                                         360        322,936.84          1
    4729  4735 W 7TH AVE               9.375          2,687.38         90
                                       9.125          2,687.38      359,000.00
    DENVER           CO   80204          1            07/14/00         01
    0413124                              05           09/01/00         25
    0413124                              N            08/01/30
    0


    3716519          526/526             F          127,500.00         ZZ
                                         360        126,384.24          1
    919  N 4TH AVE                     9.250          1,048.91         75
                                       9.000          1,048.91      170,000.00
    MAYWOOD          IL   60153          5            07/13/00         00
    0413154                              05           09/01/00          0
    0413154                              O            08/01/30
    0


    3716520          526/526             F          114,350.00         ZZ
                                         360        114,207.63          1
    776  CAMINO LA PAZ                 9.000            920.09         80
                                       8.750            920.09      142,990.00
    HENDERSON        NV   89012          1            07/18/00         00
    0413165                              07           09/01/00          0
    0413165                              O            08/01/30
    0


    3716522          526/526             F          310,000.00         ZZ
                                         360        309,839.29          1
    7525  E GAINEY RANCH               9.250          2,550.29         76
                                       9.000          2,550.29      410,000.00
    SCOTTSDALE       AZ   85258          1            07/14/00         00
    0413172                              07           09/01/00          0
    0413172                              O            08/01/30
    0
1




    3716523          526/526             F          143,200.00         ZZ
                                         360        143,121.78          1
    1390  WEST GALVESTON               9.000          1,152.22         80
                                       8.750          1,152.22      179,000.00
    CHANDLER         AZ   85224          1            07/26/00         00
    0413242                              05           09/01/00          0
    0413242                              N            08/01/30
    0


    3716525          526/526             F          300,000.00         ZZ
                                         360        299,831.82          1
    10490  E DESERT COVE A             8.875          2,386.93         80
                                       8.625          2,386.93      375,000.00
    SCOTTSDALE       AZ   85259          1            07/24/00         00
    0413312                              05           09/01/00          0
    0413312                              O            08/01/30
    0


    3716526          526/526             F           50,000.00         ZZ
                                         360         49,974.08          1
    W8226  COUNTY TRUNK Y              9.250            411.34         62
                                       9.000            411.34       81,000.00
    OAKFIELD         WI   53065          5            07/11/00         00
    0413347                              05           09/01/00          0
    0413347                              O            08/01/30
    0


    3716527          526/526             F           85,000.00         ZZ
                                         360         84,953.57          1
    330  CADELEIGH COURT               9.000            683.93         53
                                       8.750            683.93      163,000.00
    ALPHARETTA       GA   30005          1            07/14/00         00
    0413375                              07           09/01/00          0
    0413375                              O            08/01/30
    0


    3716528          526/526             F           61,200.00         ZZ
                                         360         61,168.27          1
    2918  PITT STREET                  9.250            503.48         90
                                       9.000            503.48       68,000.00
    ANDERSON         IN   46016          1            07/28/00         12
    0413431                              05           09/01/00         25
    0413431                              N            08/01/30
    0


    3716529          526/526             F          104,804.00         ZZ
                                         360        104,752.45          1
1


    6218  UNITY AVE N                  9.500            881.25         75
                                       9.250            881.25      139,739.00
    BROOKLYN CE      MN   55429          1            07/24/00         00
    0413504                              05           09/01/00          0
    0413504                              O            08/01/30
    0


    3716530          526/526             F           90,000.00         ZZ
                                         360         89,950.84          1
    1269  W 10TH AVE                   9.000            724.16         42
                                       8.750            724.16      216,000.00
    EUGENE           OR   97402          5            07/12/00         00
    0413566                              05           09/01/00          0
    0413566                              O            08/01/30
    0


    3716531          526/526             F          151,500.00         ZZ
                                         360        151,423.49          1
    1300  GALISTEO PARKWA              9.375          1,260.10         75
                                       9.125          1,260.10      202,000.00
    SANTE FE         NM   87501          1            07/11/00         00
    0413656                              05           09/01/00          0
    0413656                              O            08/01/30
    0


    3716532          526/526             F           99,000.00         ZZ
                                         360         98,948.67          1
    1701  E ADELAIDE DR                9.250            814.45         90
                                       9.000            814.45      110,000.00
    TUCSON           AZ   85719          1            07/13/00         12
    0413678                              05           09/01/00         25
    0413678                              N            08/01/30
    0


    3716533          526/526             F           72,750.00         ZZ
                                         360         72,710.27          1
    4506  PAIRIE LN                    9.000            585.36         75
                                       8.750            585.36       97,000.00
    COTTONWOOD       AZ   86326          1            07/20/00         00
    0413700                              05           09/01/00          0
    0413700                              O            08/01/30
    0


    3716535          526/526             F           27,090.00         ZZ
                                         360         27,075.96          2
    4745  -47 N 35TH ST                9.250            222.86         90
                                       9.000            222.86       30,100.00
    MILWAUKEE        WI   53209          1            07/20/00         11
    0413806                              05           09/01/00         25
1


    0413806                              N            08/01/30
    0


    3716536          526/526             F           87,900.00         ZZ
                                         360         87,846.75          1
    1547  EAST EDGEWOOD A              8.500            675.87         80
                                       8.250            675.87      109,900.00
    MESA             AZ   85204          1            07/12/00         00
    0413842                              05           09/01/00          0
    0413842                              N            08/01/30
    0


    3716537          526/526             F          150,300.00         ZZ
                                         360        150,222.08          1
    5621  LESTER RD                    9.250          1,236.48         90
                                       9.000          1,236.48      167,000.00
    CINCINNATI       OH   45213          1            07/13/00         01
    0413882                              05           09/01/00         25
    0413882                              N            08/01/30
    0


    3716539          526/526             F          110,000.00         ZZ
                                         360        109,936.71          1
    1840 CLOUDBURST AVE NW             8.750            865.37         71
                                       8.500            865.37      155,000.00
    SALEM            OR   97304          1            07/21/00         00
    0414027                              05           09/01/00          0
    0414027                              O            08/01/30
    0


    3716540          526/526             F          552,000.00         ZZ
                                         360        551,713.83          1
    6291  E IRONWOOD DR                9.250          4,541.17         80
                                       9.000          4,541.17      690,000.00
    SCOTTSDALE       AZ   85331          1            07/20/00         00
    0414051                              07           09/01/00          0
    0414051                              O            08/01/30
    0


    3716541          526/526             F           77,300.00         ZZ
                                         360         77,257.78          1
    7530 W 111TH ST#2F                 9.000            621.97         90
                                       8.750            621.97       85,900.00
    WORTH            IL   60482          1            07/14/00         11
    0414115                              01           09/01/00         25
    0414115                              N            08/01/30
    0


1


    3716543          526/526             F           27,850.00         ZZ
                                         360         27,834.79          1
    2120 WILCREST DRIVE #119           9.000            224.09         95
                                       8.750            224.09       29,350.00
    HOUSTON          TX   77042          1            07/14/00         11
    0414135                              01           09/01/00         30
    0414135                              O            08/01/30
    0


    3716544          526/526             F          189,000.00         ZZ
                                         360        188,907.04          2
    20729  W JANESVILLE RD             9.500          1,589.21         90
                                       9.250          1,589.21      210,000.00
    MUSKEGO          WI   53150          1            07/21/00         10
    0414171                              05           09/01/00         25
    0414171                              N            08/01/30
    0


    3716545          526/526             F          276,000.00         ZZ
                                         360        275,853.12          1
    3125 FALLING BROOK                 9.125          2,245.63         80
                                       8.875          2,245.63      345,000.00
    SAN ANTONIO      TX   78258          1            07/28/00         00
    0414225                              03           09/01/00          0
    0414225                              O            08/01/30
    0


    3716546          526/526             F           63,000.00         ZZ
                                         360         62,967.33          1
    2801 W LAWRENCE LN                 9.250            518.29         90
                                       9.000            518.29       70,000.00
    PHOENIX          AZ   85051          1            07/27/00         12
    0414234                              05           09/01/00         25
    0414234                              N            08/01/30
    0


    3716549          526/526             F           65,700.00         ZZ
                                         360         65,662.20          1
    126 WEST 8TH PLACE                 8.750            516.86         90
                                       8.500            516.86       73,000.00
    MESA             AZ   85201          1            07/14/00         12
    0414660                              05           09/01/00         25
    0414660                              N            08/01/30
    0


    3716550          526/526             F          111,750.00         ZZ
                                         360        111,696.47          1
    7811  CATALPA                      9.625            949.86         75
                                       9.375            949.86      149,000.00
1


    WOODRIDGE        IL   60517          1            07/28/00         00
    0414729                              05           09/01/00          0
    0414729                              O            08/01/30
    0


    3716551          526/526             F          130,000.00         ZZ
                                         360        129,928.99          1
    21004 S SPRINGWATER RD             9.000          1,046.01         60
                                       8.750          1,046.01      220,000.00
    ESTACADA         OR   97023          5            07/21/00         00
    0414766                              05           09/01/00          0
    0414766                              O            08/01/30
    0


    3716552          526/526             F          144,300.00         ZZ
                                         360        144,214.81          1
    22767 NORTH 104TH LANE             8.625          1,122.35         80
                                       8.375          1,122.35      180,447.00
    PEORIA           AZ   85382          1            07/26/00         00
    0414769                              03           09/01/00          0
    0414769                              O            08/01/30
    0


    3716553          526/526             F          500,000.00         ZZ
                                         360        499,754.06          1
    5714 LOGAN LANE                    9.500          4,204.27         73
                                       9.250          4,204.27      686,800.00
    HOUSTON          TX   77007          1            07/19/00         00
    0414782                              03           09/01/00          0
    0414782                              O            08/01/30
    0


    3716554          526/526             F          210,000.00         ZZ
                                         360        209,882.27          1
    7720 FOOTHILL DR SOUTH             8.875          1,670.85         29
                                       8.625          1,670.85      735,000.00
    PARADISE VALLEY  AZ   85253          2            07/19/00         00
    0414796                              05           09/01/00          0
    0414796                              O            08/01/30
    0


    3716555          526/526             F          153,750.00         ZZ
                                         360        153,676.34          1
    8812  W 103RD ST                   9.625          1,306.86         75
                                       9.375          1,306.86      205,000.00
    PALOS HILLS      IL   60465          5            07/19/00         00
    0414823                              05           09/01/00          0
    0414823                              O            08/01/30
    0
1




    3716557          526/526             F           53,100.00         ZZ
                                         360         53,073.87          1
    20154 DEERFIELD CT                 9.500            446.49         70
                                       9.250            446.49       75,900.00
    FRANKFORT        IL   60423          1            07/28/00         00
    0414941                              01           09/01/00          0
    0414941                              O            08/01/30
    0


    3716558          526/526             F          108,000.00         ZZ
                                         360        107,941.01          1
    1447 N LARABEE AVE #A              9.000            868.99         80
                                       8.750            868.99      135,000.00
    CHICAGO          IL   60610          1            07/28/00         00
    0414944                              01           09/01/00          0
    0414944                              O            08/01/30
    0


    3716560          526/526             F          125,000.00         ZZ
                                         360        124,926.20          1
    28054 NORTH 108TH WAY              8.625            972.24         48
                                       8.375            972.24      260,464.00
    SCOTTSDALE       AZ   85255          5            07/19/00         00
    0415087                              03           09/01/00          0
    0415087                              N            08/01/30
    0


    3716561          526/526             F           62,750.00         ZZ
                                         360         62,717.47          1
    4766 PAYTON AVE                    9.250            516.23         90
                                       9.000            516.23       69,770.00
    INDIANAPOLIS     IN   46226          1            07/28/00         12
    0415167                              05           09/01/00         25
    0415167                              N            08/01/30
    0


    3716562          526/526             F           63,000.00         ZZ
                                         360         62,967.33          1
    4620 ELMHURST DR.                  9.250            518.29         90
                                       9.000            518.29       70,000.00
    INDIANAPOLIS     IN   46226          1            07/28/00         12
    0415172                              05           09/01/00         25
    0415172                              N            08/01/30
    0


    3716563          526/526             F          270,000.00         ZZ
                                         360        269,848.63          1
1


    5370 PINE RIDGE RD                 8.875          2,148.24         90
                                       8.625          2,148.24      300,000.00
    GOLDEN           CO   80401          1            07/24/00         01
    0415347                              05           09/01/00         25
    0415347                              O            08/01/30
    0


    3716564          526/526             F          131,680.00         ZZ
                                         360        131,615.23          2
    3842 HIGH ST                       9.500          1,107.24         80
                                       9.250          1,107.24      164,600.00
    DENVER           CO   80205          1            07/25/00         00
    0415559                              05           09/01/00          0
    0415559                              N            08/01/30
    0


    3716566          526/526             F           88,000.00         ZZ
                                         360         87,949.37          1
    2226  NE 11TH PL                   8.750            692.30         74
                                       8.500            692.30      120,000.00
    BEND             OR   97701          1            07/27/00         00
    0415925                              05           09/01/00          0
    0415925                              O            08/01/30
    0


    3716567          526/526             F          119,993.00         ZZ
                                         360        119,929.15          1
    834 NATURES COVE CT                9.125            976.30         90
                                       8.875            976.30      133,325.00
    WIXOM            MI   48393          1            07/28/00         01
    0415947                              01           09/01/00         25
    0415947                              O            08/01/30
    0


    3716568          526/526             F           84,000.00         ZZ
                                         360         83,957.58          1
    344 MORELAND CIRCLE                9.375            698.67         75
                                       9.125            698.67      112,000.00
    PRESCOTT         AZ   86303          1            07/27/00         00
    0415953                              05           09/01/00          0
    0415953                              O            08/01/30
    0


    3716569          526/526             F           65,250.00         ZZ
                                         360         65,217.05          2
    1531 WEST HADLEY STREET            9.375            542.72         90
                                       9.125            542.72       72,500.00
    PHOENIX          AZ   85007          1            07/27/00         12
    0416013                              05           09/01/00         25
1


    0416013                              N            08/01/30
    0


    3716570          526/526             F          202,500.00         ZZ
                                         360        202,402.99          1
    9214  WESTVIEW BOULEV              9.625          1,721.23         75
                                       9.375          1,721.23      270,000.00
    HOUSTON          TX   77055          1            07/28/00         00
    0416177                              05           09/01/00          0
    0416177                              O            08/01/30
    0


    3716571          526/526             F          173,400.00         ZZ
                                         360        173,297.62          1
    12651  CERROMAR CT                 8.625          1,348.69         80
                                       8.375          1,348.69      216,780.00
    CARMEL           IN   46033          1            07/28/00         00
    0416314                              07           09/01/00          0
    0416314                              O            08/01/30
    0


    3718436          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    2534 BUSH AVENUE                   9.250            888.49         80
                                       9.000            888.49      135,000.00
    RICHMOND         CA   94806          1            08/08/00         00
    0412011108                           05           10/01/00          0
    0412011108                           N            09/01/30
    0


    3718439          E22/G02             F           40,800.00         ZZ
                                         240         40,800.00          1
    191 RAILROAD AVE                   9.000            367.09         79
                                       8.750            367.09       52,000.00
    ANDALUSIA        AL   36420          2            08/16/00         00
    0412053506                           05           10/01/00          0
    0412053506                           O            09/01/20
    0


    3718441          E22/G02             F           79,000.00         ZZ
                                         360         79,000.00          1
    1910 MEANDER ROAD                  8.875            628.56         54
                                       8.625            628.56      147,000.00
    GRANBURY         TX   76049          2            08/16/00         00
    0412061285                           05           10/01/00          0
    0412061285                           O            09/01/30
    0


1


    3718452          E22/G02             F          299,200.00         ZZ
                                         360        299,200.00          1
    6124 BELLAIRE DRIVE                9.750          2,570.59         80
                                       9.500          2,570.59      374,000.00
    NEW ORLEANS      LA   70124          2            08/15/00         00
    0412079576                           05           10/01/00          0
    0412079576                           O            09/01/30
    0


    3718453          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          4
    8918 S BLACKSTONE AVE              9.875          1,484.88         90
                                       9.625          1,484.88      190,000.00
    CHICAGO          IL   60619          1            08/21/00         01
    0412082109                           05           10/01/00         25
    0412082109                           N            09/01/30
    0


    3718454          E22/G02             F           77,200.00         ZZ
                                         360         77,200.00          1
    160 DOBBS ROAD                     9.500            649.14         80
                                       9.250            649.14       96,500.00
    STRATFORD        OK   74872          5            08/15/00         00
    0412083578                           05           10/01/00          0
    0412083578                           O            09/01/30
    0


    3718455          E22/G02             F           83,700.00         ZZ
                                         360         83,700.00          1
    1915 EAST FARRIS ST.               9.000            673.47         90
                                       8.750            673.47       93,000.00
    EAST POINT       GA   30038          1            08/21/00         04
    0412083883                           05           10/01/00         25
    0412083883                           N            09/01/30
    0


    3718456          E22/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
    2084 ARLINGTON CIRCLE              9.000            564.85         90
                                       8.750            564.85       78,000.00
    ATLANTA          GA   30318          1            08/21/00         04
    0412083909                           05           10/01/00         25
    0412083909                           N            09/01/30
    0


    3718460          E22/G02             F           53,600.00         ZZ
                                         360         53,600.00          1
    2558 HEMPHILL ST                   9.500            450.70         80
                                       9.250            450.70       67,000.00
1


    CHARLOTTE        NC   28205          1            08/18/00         00
    0412087892                           05           10/01/00          0
    0412087892                           N            09/01/30
    0


    3718461          E22/G02             F          131,200.00         ZZ
                                         360        131,200.00          1
    8496 BARRINGTON                    9.250          1,079.35         80
                                       9.000          1,079.35      164,000.00
    YPSILANTI        MI   48198          5            08/16/00         00
    0412088221                           05           10/01/00          0
    0412088221                           O            09/01/30
    0


    3718462          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
    115 WEST GEIGER STREET            10.000            974.10         89
                                       9.750            974.10      126,000.00
    MT. VERNON       GA   30445          4            08/21/00         01
    0412088452                           05           10/01/00         25
    0412088452                           O            09/01/30
    0


    3718463          E22/G02             F          230,000.00         ZZ
                                         360        230,000.00          1
    45640 VIA PUEBLA                   8.375          1,748.17         80
                                       8.125          1,748.17      288,000.00
    TEMECULA         CA   92592          5            08/11/00         00
    0412088585                           05           10/01/00          0
    0412088585                           O            09/01/30
    0


    3718464          E22/G02             F           56,900.00         ZZ
                                         360         56,900.00          1
    4510 W CARMEN ST                   8.750            447.63         95
                                       8.500            447.63       59,900.00
    TAMPA            FL   33609          1            08/21/00         01
    0412089989                           05           10/01/00         30
    0412089989                           O            09/01/30
    0


    3718470          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    2213 2ND STREET S.W.               9.875            437.65         80
                                       9.625            437.65       63,000.00
    VERO BCH         FL   32962          1            08/21/00         00
    0412092223                           05           10/01/00          0
    0412092223                           N            09/01/30
    0
1




    3718472          E22/G02             F          198,800.00         ZZ
                                         360        198,800.00          1
    27481 GENIL                        8.875          1,581.74         80
                                       8.625          1,581.74      248,500.00
    MISSION VIEJO    CA   92679          1            08/16/00         00
    0412096596                           05           10/01/00          0
    0412096596                           N            09/01/30
    0


    3720406          E82/G02             F          115,500.00         ZZ
                                         360        115,500.00          1
    11222 98TH PLACE NORTH             8.625            898.35         75
                                       8.375            898.35      154,000.00
    MAPLE GROVE      MN   55369          5            08/15/00         00
    0400305645                           05           10/01/00          0
    0400305645                           O            09/01/30
    0


    3720407          E82/G02             F          177,200.00         ZZ
                                         360        177,200.00          1
    6270 JAGUAR DRIVE                  8.875          1,409.88         90
                                       8.625          1,409.88      196,900.00
    RIVERSIDE        CA   92506          1            08/21/00         04
    0400314001                           05           10/01/00         25
    0400314001                           O            09/01/30
    0


    3720408          E82/G02             F           76,950.00         ZZ
                                         360         76,950.00          1
    1617 LINDA WAY                     9.875            668.19         90
                                       9.625            668.19       85,500.00
    LOUISVILLE       KY   40216          1            08/21/00         04
    0400307658                           05           10/01/00         25
    0400307658                           N            09/01/30
    0


    3720990          G52/G02             F           45,900.00         ZZ
                                         360         45,900.00          1
    742 A STREET #10                   9.375            381.77         90
                                       9.125            381.77       51,000.00
    RAMONA           CA   92065          1            08/14/00         10
    0432221604                           01           10/01/00         25
    80500719                             N            09/01/30
    0


    3721118          F28/G02             F          372,000.00         ZZ
                                         360        371,785.97          1
1


    1327 S PLYMOUTH COURT #F           8.750          2,926.53         80
                                       8.500          2,926.53      465,000.00
    CHICAGO          IL   60605          1            07/07/00         00
    0432232387                           07           09/01/00          0
    5759133                              O            08/01/30
    0


    3721119          F28/G02             F          270,000.00         ZZ
                                         360        269,848.63          1
    1698 ALDER CREEK COURT             8.875          2,148.24         80
                                       8.625          2,148.24      340,000.00
    SAN JOSE         CA   95148          5            07/20/00         00
    0432232395                           09           09/01/00          0
    5835537                              O            08/01/30
    0


    3721120          F28/G02             F          299,200.00         ZZ
                                         360        299,036.57          1
    3834 N GREENVIEW AVE #2N           9.000          2,407.43         80
                                       8.750          2,407.43      374,000.00
    CHICAGO          IL   60613          1            07/21/00         00
    0432219475                           01           09/01/00          0
    5755174                              O            08/01/30
    0


    3721124          F28/G02             F          428,400.00         ZZ
                                         360        428,200.13          1
    2737 E ARIZONA BILTMORE CIRCLE     9.750          3,680.62         70
    #13                                9.500          3,680.62      612,000.00
    PHOENIX          AZ   85016          1            07/27/00         00
    0432232478                           03           09/01/00          0
    5846807                              O            08/01/30
    0


    3721126          F28/G02             F          312,000.00         ZZ
                                         360        311,861.98          1
    32 PARTRIDGE ROAD                 10.000          2,738.02         80
                                       9.750          2,738.02      390,000.00
    WINDHAM          NH   03087          1            07/28/00         00
    0432232502                           05           09/01/00          0
    5115417                              O            08/01/30
    0


    3721433          168/168             F           18,000.00         ZZ
                                         360         18,000.00          2
    204 206 RATHBUN STREET            10.000            157.96         67
                                       9.750            157.96       27,000.00
    ELMIRA           NY   14904          1            08/15/00         00
    0189557982                           05           10/01/00          0
1


    0189557982                           N            09/01/30
    0


    3721483          168/168             F           80,000.00         ZZ
                                         360         80,000.00          2
    301 FIELD ROAD                     9.250            658.14         28
                                       9.000            658.14      295,000.00
    MILAN            NY   12514          5            08/11/00         00
    0249608103                           05           10/01/00          0
    0249608103                           O            09/01/30
    0


    3722770          E22/G02             F          217,200.00         ZZ
                                         360        217,200.00          1
    19 WESTVIEW ROAD                   9.000          1,747.64         80
                                       8.750          1,747.64      271,500.00
    ASHEVILLE        NC   28804          5            08/17/00         00
    0412051658                           05           10/01/00          0
    0412051658                           O            09/01/30
    0


    3722771          E22/G02             F           73,800.00         ZZ
                                         360         73,800.00          2
    5020 COVINGTON HWY.                9.875            640.84         90
                                       9.625            640.84       82,000.00
    DECATUR          GA   30035          1            08/21/00         10
    0412053639                           05           10/01/00         25
    0412053639                           N            09/01/30
    0


    3722774          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
    618 BUTTERFLY RIDGE                8.875          1,225.29         80
                                       8.625          1,225.29      192,500.00
    SAN ANTONIO      TX   78258          5            08/17/00         00
    0412059651                           03           10/01/00          0
    0412059651                           O            09/01/30
    0


    3722775          E22/G02             F          214,400.00         ZZ
                                         360        214,400.00          1
    118 BLUFF VIEW                     9.875          1,861.74         80
                                       9.625          1,861.74      268,000.00
    ALEDO            TX   76008          2            08/15/00         00
    0412066862                           05           10/01/00          0
    0412066862                           O            09/01/30
    0


1


    3722777          E22/G02             F          143,100.00         ZZ
                                         360        143,100.00          4
    618 N. BROADWAY                    9.875          1,242.61         90
                                       9.625          1,242.61      159,000.00
    JOLIET           IL   60432          1            08/22/00         01
    0412070658                           05           10/01/00         25
    0412070658                           N            09/01/30
    0


    3722780          E22/G02             F          127,500.00         ZZ
                                         360        127,500.00          1
    417 SOUTH JEFFERSON UNIT #501B    10.000          1,118.90         80
                                       9.750          1,118.90      159,400.00
    CHICAGO          IL   60607          1            08/22/00         00
    0412080210                           08           10/01/00          0
    0412080210                           N            09/01/30
    0


    3722782          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
    719 NORTH MARIA AVENUE             9.000          1,705.80         57
                                       8.750          1,705.80      375,000.00
    REDONDO BEACH    CA   90277          1            08/16/00         00
    0412083586                           05           10/01/00          0
    0412083586                           N            09/01/30
    0


    3722787          E22/G02             F           34,800.00         ZZ
                                         360         34,800.00          1
    5334 CELCUS DRIVE                  9.750            298.99         80
                                       9.500            298.99       43,500.00
    HOLIDAY          FL   34690          1            08/22/00         00
    0412089518                           05           10/01/00          0
    0412089518                           N            09/01/30
    0


    3722788          E22/G02             F          252,700.00         ZZ
                                         360        252,700.00          1
    1256 EAST 5TH AVENUE               8.625          1,965.47         90
                                       8.375          1,965.47      281,000.00
    KETCHIKAN        AK   99901          5            08/16/00         04
    0412091829                           05           10/01/00         25
    0412091829                           O            09/01/30
    0


    3722790          E22/G02             F           23,250.00         ZZ
                                         360         23,250.00          1
    2304 CAROLYN STREET               10.000            204.04         75
                                       9.750            204.04       31,000.00
1


    BLYTHEVILLE      AR   72315          5            08/22/00         00
    0412094948                           05           10/01/00          0
    0412094948                           N            09/01/30
    0


    3722792          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    1528 BAYO VISTA AVENUE             8.750          1,101.38         80
                                       8.500          1,101.38      175,000.00
    SAN PABLO        CA   94806          1            08/16/00         00
    0412096968                           05           10/01/00          0
    0412096968                           N            09/01/30
    0


    3723112          G52/G02             F          155,700.00         ZZ
                                         360        155,700.00          1
    4347 SERENA AVENUE                 9.250          1,280.91         90
                                       9.000          1,280.91      173,000.00
    OCEANSIDE        CA   92056          1            08/14/00         10
    0432228054                           03           10/01/00         25
    80500727                             N            09/01/30
    0


    3723453          721/G02             F          184,000.00         ZZ
                                         360        183,911.85          1
    RT BOX 222C                        9.625          1,563.98         77
                                       9.375          1,563.98      240,000.00
    COLE CAMP        MO   65325          2            07/27/00         00
    0432224558                           05           09/01/00          0
    7540000458                           O            08/01/30
    0


    3724101          G52/G02             F          208,700.00         ZZ
                                         360        208,700.00          1
    4712 NORTH PASEO SONOYTA           9.000          1,679.25         90
                                       8.750          1,679.25      231,900.00
    TUCSON           AZ   85750          1            08/18/00         10
    0432261360                           05           10/01/00         25
    99005545                             O            09/01/30
    0


    3724140          168/168             F           86,400.00         ZZ
                                         360         86,400.00          1
    173 GREEN ACRES ROAD               8.750            679.71         80
                                       8.500            679.71      108,000.00
    TONAWANDA        NY   14150          1            08/14/00         00
    0299602164                           05           10/01/00          0
    0299602164                           O            09/01/30
    0
1




    3725531          E84/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
    1847 MOCKINGBIRD PLACE             8.500          2,706.58         80
                                       8.250          2,706.58      440,000.00
    DANVILLE         CA   94526          5            08/09/00         00
    0432237626                           09           10/01/00          0
    16001075                             O            09/01/30
    0


    3725541          L94/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
    3913 WEST ROCKWOOD WAY    A        9.000            611.51         80
                                       8.750            611.51       95,000.00
    WEST VALLEY CIT  UT   84120          5            08/18/00         00
    0432237964                           03           10/01/00          0
    1000001737                           O            09/01/30
    0


    3727125          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
    251 CRANDON BOULEVARD              8.875          2,227.81         79
    #305                               8.625          2,227.81      357,000.00
    KEY BISCAYNE     FL   33149          1            08/23/00         00
    0411931546                           06           10/01/00          0
    0411931546                           O            09/01/30
    0


    3727126          E22/G02             F           98,600.00         ZZ
                                         360         98,600.00          2
    101-103 HONEY BEE DRIVE            9.000            793.36         88
                                       8.750            793.36      113,000.00
    JOSHUA           TX   76058          4            08/23/00         01
    0411955412                           05           10/01/00         25
    0411955412                           N            09/01/30
    0


    3727127          E22/G02             F          154,900.00         ZZ
                                         360        154,900.00          1
    51 BARTHOLOMEW STREET              9.125          1,260.32         76
                                       8.875          1,260.32      204,900.00
    PEABODY          MA   01960          1            08/23/00         00
    0411995764                           05           10/01/00          0
    0411995764                           O            09/01/30
    0


    3727129          E22/G02             F          169,600.00         ZZ
                                         360        169,600.00          3
1


    37 WEST 48TH STREET                9.875          1,472.72         90
                                       9.625          1,472.72      188,490.00
    BAYONNE          NJ   07002          1            08/23/00         04
    0412024606                           05           10/01/00         25
    0412024606                           N            09/01/30
    0


    3727133          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
    515 NAPA STREET                    8.875          1,145.73         90
                                       8.625          1,145.73      160,000.00
    VALLEJO          CA   94590          5            08/11/00         01
    0412052052                           05           10/01/00         25
    0412052052                           O            09/01/30
    0


    3727137          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
    1138 SEAKS RUN ROAD                8.875          1,133.79         76
                                       8.625          1,133.79      189,500.00
    GLEN ROCK        PA   17327          1            08/23/00         00
    0412065716                           05           10/01/00          0
    0412065716                           O            09/01/30
    0


    3727139          E22/G02             F           82,400.00         ZZ
                                         360         82,400.00          1
    433 SW 122 TERRACE                 9.500            692.86         80
                                       9.250            692.86      103,000.00
    PEMBROKE PINES   FL   33025          5            08/23/00         00
    0412066896                           09           10/01/00          0
    0412066896                           N            09/01/30
    0


    3727141          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    81 EASTVIEW ROAD                   8.750            755.23         80
                                       8.500            755.23      120,000.00
    ASHEVILLE        NC   28806          2            08/23/00         00
    0412070534                           05           10/01/00          0
    0412070534                           N            09/01/30
    0


    3727142          E22/G02             F           55,800.00         ZZ
                                         360         55,800.00          2
    407 FOURTH AVE                     9.875            484.54         90
                                       9.625            484.54       62,000.00
    JOLIET           IL   60433          1            08/23/00         04
    0412070633                           05           10/01/00         25
1


    0412070633                           N            09/01/30
    0


    3727143          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          3
    130 KUGLAR STREET                  9.500            639.05         80
                                       9.250            639.05       95,000.00
    BOWDON           GA   30108          5            08/18/00         00
    0412071722                           05           10/01/00          0
    0412071722                           O            09/01/30
    0


    3727145          E22/G02             F           67,600.00         ZZ
                                         360         67,600.00          1
    9005 LINDA VISTA DRIVE             9.750            580.79         80
                                       9.500            580.79       84,500.00
    ROWLETT          TX   75088          5            08/22/00         00
    0412072712                           05           10/01/00          0
    0412072712                           N            09/01/30
    0


    3727146          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          4
    125 NW 10TH STREET                 9.750          1,314.51         90
                                       9.500          1,314.51      170,000.00
    GAINESVILLE      FL   32601          1            08/23/00         01
    0412079519                           05           10/01/00         25
    0412079519                           N            09/01/30
    0


    3727151          E22/G02             F           49,050.00         ZZ
                                         360         49,050.00          1
    12788 SARSFIELD                    9.750            421.42         90
                                       9.500            421.42       54,500.00
    WARREN           MI   48089          1            08/23/00         01
    0412089195                           05           10/01/00         25
    0412089195                           N            09/01/30
    0


    3727152          E22/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
    1622 FREMONT AVENUE                9.250            567.65         80
                                       9.000            567.65       87,000.00
    CHEYENNE         WY   82001          5            08/18/00         00
    0412091381                           05           10/01/00          0
    0412091381                           O            09/01/30
    0


1


    3727154          E22/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
    5698 MAKATI CIRCLE                 8.625          1,742.25         80
    UNIT # D                           8.375          1,742.25      280,000.00
    SAN JOSE         CA   95123          1            08/18/00         00
    0412095309                           01           10/01/00          0
    0412095309                           O            09/01/30
    0


    3727156          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
    16236 SW 95TH STREET               8.875            875.21         65
                                       8.625            875.21      169,990.00
    MIAMI            FL   33196          1            08/23/00         00
    0412096547                           03           10/01/00          0
    0412096547                           O            09/01/30
    0


    3727157          E22/G02             F          204,750.00         ZZ
                                         360        204,750.00          1
    1614 OAK KNOLL STREET             10.000          1,796.83         90
                                       9.750          1,796.83      227,500.00
    DALLAS           TX   75208          1            08/22/00         01
    0412097065                           05           10/01/00         30
    0412097065                           O            09/01/30
    0


    3727159          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
    7220 WELD COUNTY RD 1              8.625          2,722.26         75
                                       8.375          2,722.26      470,000.00
    LONGMONT         CO   80504          5            08/18/00         00
    0412097420                           05           10/01/00          0
    0412097420                           O            09/01/30
    0


    3727165          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
    1502 19TH AVENUE                   8.875          1,909.55         67
                                       8.625          1,909.55      360,000.00
    SEATTLE          WA   98122          5            08/17/00         00
    0412099574                           05           10/01/00          0
    0412099574                           O            09/01/30
    0


    3727169          E22/G02             F           67,050.00         ZZ
                                         360         67,050.00          3
    1533-1535 FORREST AVE NE           9.750            576.06         90
                                       9.500            576.06       74,500.00
1


    GRAND RAPIDS     MI   49505          1            08/23/00         01
    0412103087                           05           10/01/00         25
    0412103087                           N            09/01/30
    0


    3727170          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
    26 SAUGA AVENUE                    9.625          1,185.74         90
                                       9.375          1,185.74      155,000.00
    NORTH KINGSTOWN  RI   02852          1            08/23/00         01
    0412104861                           05           10/01/00         25
    0412104861                           O            09/01/30
    0


    3727397          562/G02             F          199,500.00         ZZ
                                         360        199,409.36          3
    46 SOUTH 11TH AVENUE               9.875          1,732.36         95
                                       9.625          1,732.36      210,000.00
    MOUNT VERNON     NY   10550          1            07/28/00         04
    0432250546                           05           09/01/00         30
    629451                               O            08/01/30
    0


    3727987          637/G02             F          261,500.00         ZZ
                                         360        261,349.54          1
    19271 CASTLEBAY LANE               8.750          2,057.23         77
                                       8.500          2,057.23      340,000.00
    LOS ANGELES      CA   91326          2            07/27/00         00
    0432256097                           05           09/01/00          0
    0015428071                           O            08/01/30
    0


    3729410          637/G02             F          148,000.00         ZZ
                                         360        147,919.15          1
    3137 C STREET                      9.000          1,190.85         80
                                       8.750          1,190.85      185,000.00
    SACRAMENTO       CA   95816          5            07/26/00         00
    0432250744                           05           09/01/00          0
    0021466479                           O            08/01/30
    0


    3729702          S11/G02             F          399,900.00         ZZ
                                         360        399,669.93          1
    1125 EAST BURLINGHALL DRIVE        8.750          3,146.01         80
                                       8.500          3,146.01      499,900.00
    LONG BEACH       CA   90807          1            07/27/00         00
    0432235232                           05           09/01/00          0
    10200915                             O            08/01/30
    0
1




    3730433          J95/J95             F           70,200.00         ZZ
                                         360         69,825.76          2
    9000 WACONDA ROAD                  8.750            552.26         90
                                       8.500            552.26       78,000.00
    CHATTANOOGA      TN   37416          1            11/05/99         04
    0015234800                           05           01/01/00         25
    0015234800                           N            12/01/29
    0


    3730434          J95/J95             F          560,000.00         ZZ
                                         360        559,717.20          1
    165-B BUFFELL HEAD ROAD            9.375          4,657.80         70
                                       9.125          4,657.80      800,000.00
    DUCK             NC   27949          2            07/25/00         00
    0018005363                           05           09/01/00          0
    0018005363                           N            08/01/30
    0


    3730435          J95/J95             F           65,000.00         ZZ
                                         360         64,964.49          1
    12382 NW 53RD STREET               9.000            523.01         38
                                       8.750            523.01      172,765.00
    CORAL SPRINGS    FL   33076          1            07/13/00         00
    0010749968                           03           09/01/00          0
    0010749968                           O            08/01/30
    0


    3730436          J95/J95             F          101,500.00         ZZ
                                         360        101,275.69          1
    9900 COLESVILLE ROAD               9.000            816.70         70
                                       8.750            816.70      145,000.00
    SILVER SPRING    MD   20901          2            04/07/00         00
    0018154427                           05           06/01/00          0
    0018154427                           N            05/01/30
    0


    3730437          J95/J95             F           74,573.00         ZZ
                                         360         74,391.50          1
    608 GAUL WAY                       9.625            633.86         80
                                       9.375            633.86       93,345.00
    KISSIMMEE        FL   34759          1            03/17/00         00
    0022455257                           03           05/01/00          0
    0022455257                           N            04/01/30
    0


    3730438          J95/J95             F          263,050.00         ZZ
                                         360        262,890.64          1
1


    2120 EAST VISTA BONITA DRIVE       8.500          2,022.63         90
                                       8.250          2,022.63      292,299.00
    PHOENIX          AZ   85024          1            07/17/00         04
    0014820708                           03           09/01/00         25
    0014820708                           O            08/01/30
    0


    3730439          J95/J95             F           90,000.00         ZZ
                                         360         89,769.20          1
    20621 NORTH 11TH AVENUE            9.375            748.57         90
                                       9.125            748.57      100,000.00
    PHOENIX          AZ   85027          1            03/29/00         04
    0014820161                           05           05/01/00         25
    0014820161                           N            04/01/30
    0


    3730440          J95/J95             F           99,000.00         ZZ
                                         360         98,321.76          4
    6150 CLEVELAND STREET              9.125            805.50         90
                                       8.875            805.50      110,000.00
    HOLLYWOOD        FL   33020          1            03/31/00         10
    0010326056                           05           05/01/00         30
    0010326056                           N            04/01/30
    0


    3730441          J95/J95             F          141,000.00         ZZ
                                         360        140,918.88          1
    8113 LILAC HARBOR COURT            8.750          1,109.25         80
                                       8.500          1,109.25      176,312.00
    LAS VEGAS        NV   89131          1            07/11/00         00
    0022247233                           03           09/01/00          0
    0022247233                           O            08/01/30
    0


    3730442          J95/J95             F           84,000.00         ZZ
                                         360         83,814.37          1
    6002 CRAWFORD DRIVE                9.000            675.89         60
                                       8.750            675.89      141,000.00
    ROCKVILLE        MD   20851          2            04/07/00         00
    0018190884                           05           06/01/00          0
    0018190884                           N            05/01/30
    0


    3730443          J95/J95             F          120,000.00         ZZ
                                         360        119,816.78          4
    80 WEST COLE STREET                9.375            998.10         80
                                       9.125            998.10      150,000.00
    PAWTUCKET        RI   02860          2            05/05/00         00
    0017336611                           05           07/01/00          0
1


    0017336611                           N            06/01/30
    0


    3730444          J95/J95             F          134,550.00         ZZ
                                         360        134,339.13          1
    RT. 82                             9.250          1,106.91         90
                                       9.000          1,106.91      149,500.00
    MORGANTOWN       PA   19543          1            05/31/00         10
    0018210583                           05           07/01/00         25
    0018210583                           O            06/01/30
    0


    3730445          J95/J95             F           79,200.00         ZZ
                                         360         79,154.43          2
    9430 NORTH 18TH DRIVE              8.750            623.07         90
                                       8.500            623.07       88,000.00
    PHOENIX          AZ   85021          2            07/01/00         04
    0022305262                           05           09/01/00         25
    0022305262                           O            08/01/30
    0


    3730446          J95/J95             F           93,600.00         ZZ
                                         360         93,453.29          2
    9-11 WASP ROAD                     9.250            770.03         90
                                       9.000            770.03      104,000.00
    NORTH KINGSTOWN  RI   02852          1            05/26/00         11
    0020053013                           05           07/01/00         25
    0020053013                           N            06/01/30
    0


    3730447          J95/J95             F          119,900.00         ZZ
                                         360        119,628.12          1
    7148 9TH STREET SOUTH              8.875            953.98         80
                                       8.625            953.98      149,900.00
    SAINT PETERSBUR  FL   33705          1            05/01/00         00
    0017358417                           05           06/01/00          0
    0017358417                           O            05/01/30
    0


    3730448          J95/J95             F           64,000.00         ZZ
                                         360         63,882.87          1
    2121 ECHO BAY STREET UNIT 204      8.500            492.10         80
                                       8.250            492.10       80,000.00
    LAS VEGAS        NV   89128          1            05/12/00         00
    0022248934                           01           07/01/00          0
    0022248934                           N            06/01/30
    0


1


    3730449          J95/J95             F           64,000.00         ZZ
                                         360         63,882.87          1
    2124 CALVILLE STREET UNIT 101      8.500            492.10         80
                                       8.250            492.10       80,000.00
    LAS VEGAS        NV   89128          1            05/12/00         00
    0022248942                           01           07/01/00          0
    0022248942                           N            06/01/30
    0


    3730450          J95/J95             F           64,000.00         ZZ
                                         360         63,882.87          1
    2108 CALVILLE STREET UNIT 202      8.500            492.10         80
                                       8.250            492.10       80,000.00
    LAS VEGAS        NV   89128          1            05/12/00         00
    0022248967                           01           07/01/00          0
    0022248967                           N            06/01/30
    0


    3730451          J95/J95             F          116,000.00         ZZ
                                         360        115,813.37          1
    10431 NW 1ST COURT                 9.125            943.82         80
                                       8.875            943.82      145,000.00
    CORAL SPRINGS    FL   33071          1            05/05/00         00
    0010860153                           05           07/01/00          0
    0010860153                           N            06/01/30
    0


    3730452          J95/J95             F          107,550.00         ZZ
                                         360        107,443.78          3
    42 & 44 MONROE STREET              9.500            904.34         90
                                       9.250            904.34      119,500.00
    CONCORD          NH   03301          1            06/28/00         10
    0020061131                           05           08/01/00         25
    0020061131                           N            07/01/30
    0


    3730453          J95/J95             F          200,000.00         ZZ
                                         360        199,640.65          1
    1124 SW 115TH ST                   9.500          1,681.71         71
                                       9.250          1,681.71      285,000.00
    GAINESVILLE      FL   32607          2            06/07/00         00
    0020061206                           05           08/01/00          0
    0020061206                           O            07/01/30
    0


    3730454          J95/J95             F          102,000.00         ZZ
                                         360        101,658.68          1
    13 EASTERN AVE                     9.625            866.99         71
                                       9.375            866.99      144,000.00
1


    AMHERST          NH   03031          5            06/02/00         00
    0020080859                           05           08/01/00          0
    0020080859                           O            07/01/30
    0


    3730455          J95/J95             F          135,250.00         ZZ
                                         360        134,913.29          1
    1292 COPELAND SCHOOL ROAD          9.875          1,174.45         90
                                       9.625          1,174.45      150,400.00
    WEST CHESTER     NY   12345          1            05/31/00         10
    0018235549                           05           07/01/00         25
    0018235549                           O            06/01/30
    0


    3730457          J95/J95             F          150,000.00         ZZ
                                         360        149,855.71          1
    ROUTE 443                          9.625          1,274.98         80
                                       9.375          1,274.98      188,000.00
    SCHOHARIE        NY   12157          2            06/30/00         00
    0020058640                           05           08/01/00          0
    0020058640                           O            07/01/30
    0


    3730459          J95/J95             F          133,600.00         ZZ
                                         360        133,268.05          1
    4008 ROXANNE DR.                   9.625          1,135.59         80
                                       9.375          1,135.59      167,000.00
    LAS VEGAS        NV   89108          1            06/19/00         00
    0020049946                           05           08/01/00          0
    0020049946                           O            07/01/30
    0


    3730460          J95/J95             F          321,000.00         ZZ
                                         360        320,857.99          1
    66 TOLEDO ST                      10.000          2,817.01         60
                                       9.750          2,817.01      535,000.00
    FALMOUTH         MA   02536          5            07/12/00         00
    0020080537                           05           09/01/00          0
    0020080537                           O            08/01/30
    0


    3730461          J95/J95             F           66,450.00         ZZ
                                         360         66,419.81          3
    16 HENDRICK STREET                 9.875            577.02         95
                                       9.625            577.02       69,999.00
    PROVIDENCE       RI   02908          1            07/28/00         10
    0017419318                           05           09/01/00         30
    0017419318                           O            08/01/30
    0
1




    3730462          J95/J95             F          107,100.00         ZZ
                                         360        106,991.40          1
    3311 SE 52ND AVENUE                9.375            890.81         90
                                       9.125            890.81      119,000.00
    PORTLAND         OR   97206          1            06/21/00         12
    0017421652                           05           08/01/00         25
    0017421652                           O            07/01/30
    0


    3730463          J95/J95             F          169,600.00         ZZ
                                         360        169,502.42          1
    3114 RIVERBEND AVENUE              8.750          1,334.25         80
                                       8.500          1,334.25      212,000.00
    EUGENE           OR   97408          2            07/06/00         00
    0017422908                           05           09/01/00          0
    0017422908                           O            08/01/30
    0


    3730464          J95/J95             F           75,900.00         ZZ
                                         360         75,784.11          2
    498- 496 BIRNEY STREET             9.375            631.30         80
                                       9.125            631.30       94,900.00
    MARIETTA         GA   30060          1            05/25/00         00
    0010875714                           05           07/01/00          0
    0010875714                           N            06/01/30
    0


    3730465          J95/J95             F           65,000.00         ZZ
                                         360         64,852.61          1
    2414 WRIGHT AVENUE                 8.875            517.17         65
                                       8.625            517.17      101,000.00
    GREENSBORO       NC   27401          5            04/17/00         00
    0014412472                           05           06/01/00          0
    0014412472                           N            05/01/30
    0


    3730467          J95/J95             F           69,600.00         ZZ
                                         360         69,525.64          1
    6413 LAKESIDE DRIVE                9.125            566.29         80
                                       8.875            566.29       87,000.00
    LAKE WORTH       TX   76135          1            06/13/00         00
    0022534341                           05           08/01/00          0
    0022534341                           O            07/01/30
    0


    3730468          J95/J95             F           45,000.00         ZZ
                                         360         44,931.28          1
1


    1718 LEONA DRIVE                   9.375            374.29         90
                                       9.125            374.29       50,000.00
    COLLEGE STATION  TX   77840          1            05/09/00         04
    0022566715                           05           07/01/00         25
    0022566715                           N            06/01/30
    0


    3730469          J95/J95             F           39,600.00         ZZ
                                         360         39,580.52          2
    245-247 SOUTH  RURAL STREET        9.500            332.98         90
                                       9.250            332.98       44,000.00
    INDIANAPOLIS     IN   46201          1            07/11/00         12
    0022631758                           05           09/01/00         25
    0022631758                           N            08/01/30
    0


    3730470          J95/J95             F           54,950.00         ZZ
                                         360         54,895.73          1
    1217 CATECHIS ROAD                 9.500            462.05         80
                                       9.250            462.05       68,700.00
    HUNTSVILLE       TX   77340          2            06/19/00         00
    0022632087                           05           08/01/00          0
    0022632087                           N            07/01/30
    0


    3730471          J95/J95             F           64,000.00         ZZ
                                         360         63,763.32          1
    3164 WEBSTER                       9.250            526.51         80
                                       9.000            526.51       80,000.00
    SAN DIEGO        CA   92113          1            01/24/00         00
    0020061552                           05           03/01/00          0
    0020061552                           N            02/01/30
    0


    3730472          J95/J95             F           84,000.00         T
                                         360         83,919.19          1
    440 RIDGEWOOD                      9.625            714.00         75
                                       9.375            714.00      112,000.00
    ALTAMONTE SPRIN  FL   32701          1            07/16/00         00
    0020081311                           05           08/01/00          0
    0020081311                           O            07/01/30
    0


    3730473          J95/J95             F          382,800.00         ZZ
                                         360        382,621.40          1
    116 ROBSART ROAD                   9.750          3,288.85         24
                                       9.500          3,288.85    1,600,000.00
    KENILWORTH       IL   60043          2            07/10/00         00
    0017430661                           05           09/01/00          0
1


    0017430661                           O            08/01/30
    0


    3730474          J95/J95             F          309,000.00         ZZ
                                         360        308,732.67          1
    2126 BIRCHWOOD LANE               10.125          2,740.29         72
                                       9.875          2,740.29      435,000.00
    BUFFALO GROVE    IL   60089          2            06/26/00         00
    0017430703                           05           08/01/00          0
    0017430703                           O            07/01/30
    0


    3730475          J95/J95             F          112,500.00         ZZ
                                         360        112,385.93          1
    11 SEVENTH STREET                  9.375            935.72         90
                                       9.125            935.72      125,000.00
    DERBY            CT   06418          1            06/29/00         10
    0022800072                           05           08/01/00         25
    0022800072                           O            07/01/30
    0


    3730476          J95/J95             F           87,400.00         ZZ
                                         360         87,318.10          4
    2802 COLLEGE STREET                9.750            750.91         95
                                       9.500            750.91       92,000.00
    JACKSONVILLE     FL   32205          1            07/09/00         04
    0020081477                           05           08/01/00         30
    0020081477                           O            07/01/30
    0


    3730477          J95/J95             F           42,605.00         ZZ
                                         360         42,581.73          4
    203 WILLS STREET                   9.000            342.81         95
                                       8.750            342.81       44,850.00
    MEMPHIS          TN   38111          1            07/19/00         12
    0022633523                           05           09/01/00         30
    0022633523                           O            08/01/30
    0


    3730478          J95/J95             F          163,800.00         ZZ
                                         360        163,638.22          4
    6525 DEVONSHIRE AVENUE             9.500          1,377.32         90
                                       9.250          1,377.32      182,000.00
    ST. LOUIS        MO   63109          1            06/13/00         12
    0022810543                           05           08/01/00         25
    0022810543                           N            07/01/30
    0


1


    3730479          J95/J95             F          336,500.00         ZZ
                                         360        336,334.48          1
    365 RIDGE ROAD                     9.500          2,829.48         58
                                       9.250          2,829.48      585,000.00
    KENILWORTH       IL   60043          2            07/11/00         00
    0017440041                           05           09/01/00          0
    0017440041                           O            08/01/30
    0


    3730480          J95/J95             F          158,900.00         ZZ
                                         360        158,738.89          1
    79 MAIN STREET                     9.375          1,321.65         80
                                       9.125          1,321.65      198,900.00
    HOOKSETT         NH   03106          1            06/30/00         00
    0020082061                           05           08/01/00          0
    0020082061                           O            07/01/30
    0


    3730481          J95/J95             F           65,250.00         ZZ
                                         360         65,219.56          4
    1338 WELLINGTON PLACE              9.750            560.60         90
                                       9.500            560.60       72,500.00
    WICHITA          KS   67203          1            07/28/00         01
    0017440819                           05           09/01/00         25
    0017440819                           N            08/01/30
    0


    3730482          J95/J95             F           79,200.00         T
                                         360         79,155.59          1
    150 SAILORS COVE DRIVE  #1213      8.875            630.16         90
                                       8.625            630.16       88,000.00
    MONETA           VA   24121          1            07/28/00         10
    0018268839                           01           09/01/00         25
    0018268839                           O            08/01/30
    0


    3730483          J95/J95             F          303,900.00         ZZ
                                         360        303,549.04          1
    4309 STONEVIEW CT                  8.750          2,390.78         80
                                       8.500          2,390.78      379,900.00
    LITTLE ROCK      AR   72212          1            06/28/00         00
    0017442559                           05           08/01/00          0
    0017442559                           O            07/01/30
    0


    3730484          J95/J95             F          119,100.00         ZZ
                                         360        118,976.03          2
    3928-30 OVERLAND DRIVE             9.250            979.81         80
                                       9.000            979.81      148,900.00
1


    LAWRENCE         KS   66049          1            06/30/00         00
    0017444795                           05           08/01/00          0
    0017444795                           N            07/01/30
    0


    3730485          J95/J95             F          126,000.00         ZZ
                                         360        125,881.96          1
    5621 SOUTH MARINE DRIVE            9.750          1,082.53         90
                                       9.500          1,082.53      140,000.00
    TEMPE            AZ   85283          1            06/28/00         01
    0014771745                           05           08/01/00         25
    0014771745                           N            07/01/30
    0


    3730486          J95/J95             F          100,000.00         ZZ
                                         359         99,893.16          1
    2001 PETRUCKA CIRCLE               9.125            813.63         58
                                       8.875            813.63      175,000.00
    LEHIGH ACRES     FL   33936          2            07/24/00         00
    0020082426                           05           09/01/00          0
    0020082426                           O            07/01/30
    0


    3730487          J95/J95             F          207,000.00         ZZ
                                         360        206,800.87          3
    4 GLENWAY STREET                   9.625          1,759.48         90
                                       9.375          1,759.48      230,000.00
    BOSTON           MA   02121          1            06/30/00         04
    0022800874                           05           08/01/00         25
    0022800874                           N            07/01/30
    0


    3730489          J95/J95             F           80,000.00         ZZ
                                         360         79,914.52          1
    716 MALABAR DRIVE                  9.125            650.91         65
                                       8.875            650.91      124,000.00
    CENTRAL POINT    OR   97502          2            06/30/00         00
    0017449414                           05           08/01/00          0
    0017449414                           N            07/01/30
    0


    3730490          J95/J95             F          115,000.00         ZZ
                                         360        114,880.30          2
    2605-07 WINTERBROOK DRIVE          9.250            946.08         72
                                       9.000            946.08      160,000.00
    LAWRENCE         KS   66047          2            06/29/00         00
    0017451618                           05           08/01/00          0
    0017451618                           N            07/01/30
    0
1




    3730491          J95/J95             F          117,600.00         ZZ
                                         360        117,532.34          1
    12821 PANHANDLE ROAD               8.750            925.16         80
                                       8.500            925.16      147,000.00
    HAMPTON          GA   30228          1            07/18/00         00
    0010355055                           05           09/01/00          0
    0010355055                           O            08/01/30
    0


    3730492          J95/J95             F           53,100.00         ZZ
                                         360         53,070.23          1
    32 MADERA ROAD                     8.875            422.49         90
                                       8.625            422.49       59,000.00
    DEBARY           FL   32713          1            07/14/00         12
    0010896884                           05           09/01/00         25
    0010896884                           N            08/01/30
    0


    3730493          J95/J95             F          345,000.00         ZZ
                                         360        344,843.26          1
    2615 WESTERN AVENUE                9.875          2,995.80         70
                                       9.625          2,995.80      495,000.00
    PETALUMA         CA   94952          1            07/01/00         00
    0022578124                           05           09/01/00          0
    0022578124                           O            08/01/30
    0


    3730494          J95/J95             F          125,000.00         ZZ
                                         360        124,931.72          1
    5651 ORCHARD LANE                  9.000          1,005.78         74
                                       8.750          1,005.78      169,000.00
    FLORENCE         MT   59833          5            07/24/00         00
    0022645451                           05           09/01/00          0
    0022645451                           O            08/01/30
    0


    3730496          J95/J95             F          438,000.00         ZZ
                                         360        437,784.56          1
    5220 EAST ROCKAWAY HILLS ROAD      9.500          3,682.94         78
                                       9.250          3,682.94      565,000.00
    CAVE CREEK       AZ   85331          2            07/03/00         00
    0022696165                           03           09/01/00          0
    0022696165                           O            08/01/30
    0


    3730497          J95/J95             F          110,000.00         ZZ
                                         360        109,768.93          1
1


    201 ASHUMET RD                     8.625            855.57         67
                                       8.375            855.57      165,000.00
    MASHPEE          MA   02639          2            06/26/00         00
    0020063244                           05           08/01/00          0
    0020063244                           O            07/01/30
    0


    3730498          J95/J95             F          123,300.00         ZZ
                                         360        123,240.93          4
    526 HEVEY STREET                   9.625          1,048.04         90
                                       9.375          1,048.04      137,000.00
    MANCHESTER       NH   03102          1            07/21/00         12
    0020064523                           05           09/01/00         25
    0020064523                           N            08/01/30
    0


    3730499          J95/J95             F           81,000.00         ZZ
                                         360         80,926.10          1
    1101 KRAMER LANE                   9.875            703.36         90
                                       9.625            703.36       90,000.00
    AUSTIN           TX   78758          1            07/06/00         12
    0022811681                           05           08/01/00         25
    0022811681                           N            07/01/30
    0


    3730500          J95/J95             F          134,900.00         ZZ
                                         360        134,837.06          4
    9900 ROXANNA DRIVE                 9.750          1,159.00         90
                                       9.500          1,159.00      149,900.00
    AUSTIN           TX   78748          1            07/12/00         12
    0022812317                           05           09/01/00         25
    0022812317                           N            08/01/30
    0


    3730501          J95/J95             F           52,500.00         ZZ
                                         360         52,472.78          1
    104 COYOTE AVENUE                  9.250            431.91         70
                                       9.000            431.91       75,000.00
    CLOUDCROFT       NM   88317          5            07/19/00         00
    0022308258                           05           09/01/00          0
    0022308258                           N            08/01/30
    0


    3730502          J95/J95             F          286,000.00         ZZ
                                         360        285,826.73          1
    21 ST. ANDREWS ROAD                8.500          2,199.10         80
                                       8.250          2,199.10      357,600.00
    SEVERNA PARK     MD   21146          2            06/30/00         00
    0018282103                           05           09/01/00          0
1


    0018282103                           O            08/01/30
    0


    3730504          J95/J95             F          357,200.00         ZZ
                                         360        356,983.61          1
    237 HOLLAND THOMPSON DRIVE         8.500          2,746.56         80
                                       8.250          2,746.56      446,617.00
    CARBONDALE       CO   81623          1            07/13/00         00
    0022773907                           03           09/01/00          0
    0022773907                           O            08/01/30
    0


    3730505          J95/J95             F           46,400.00         ZZ
                                         360         46,377.17          1
    2607 RITTENHOUSE AVENUE            9.500            390.16         80
                                       9.250            390.16       58,000.00
    BALTIMORE        MD   21230          1            07/17/00         00
    0017460940                           05           09/01/00          0
    0017460940                           N            08/01/30
    0


    3730506          J95/J95             F          121,950.00         ZZ
                                         360        121,893.10          1
    52 DEAN STREET                     9.750          1,047.74         90
                                       9.500          1,047.74      135,500.00
    CRANSTON         RI   02920          1            07/28/00         04
    0017463423                           05           09/01/00         25
    0017463423                           O            08/01/30
    0


    3730507          J95/J95             F           24,200.00         ZZ
                                         360         24,188.40          1
    896 NORTH CALLAHAN AVENUE          9.625            205.70         21
                                       9.375            205.70      117,000.00
    BOISE            ID   83704          2            07/10/00         00
    0017464116                           09           09/01/00          0
    0017464116                           N            08/01/30
    0


    3730508          J95/J95             F          180,800.00         ZZ
                                         360        180,695.97          1
    2710 RUNNELWOOD LANE               8.750          1,422.36         80
                                       8.500          1,422.36      226,000.00
    SNELLVILLE       GA   30078          1            07/25/00         00
    0010900934                           05           09/01/00          0
    0010900934                           O            08/01/30
    0


1


    3730509          J95/J95             F          170,100.00         ZZ
                                         360        170,016.33          1
    252 SYDNEY STREET                  9.500          1,430.30         90
                                       9.250          1,430.30      189,000.00
    ATLANTA          GA   30312          1            07/24/00         12
    0010901163                           05           09/01/00         25
    0010901163                           N            08/01/30
    0


    3730510          J95/J95             F          470,500.00         ZZ
                                         360        470,286.23          1
    3246 NORTH WOLCOTT                 9.875          4,085.59         69
                                       9.625          4,085.59      687,000.00
    CHICAGO          IL   60657          2            07/21/00         00
    0017468406                           05           09/01/00          0
    0017468406                           O            08/01/30
    0


    3730511          J95/J95             F          128,000.00         ZZ
                                         360        127,933.65          1
    8218 SEPULVEDA PLACE               9.250          1,053.02         80
                                       9.000          1,053.02      160,000.00
    LOS ANGELES      CA   91402          2            07/10/00         00
    0022842363                           05           09/01/00          0
    0022842363                           N            08/01/30
    0


    3730512          J95/J95             F          115,000.00         ZZ
                                         360        114,930.32          1
    5128 CLARK                         8.500            884.26         75
                                       8.250            884.26      155,000.00
    ROELAND PARK     KS   66205          1            07/25/00         00
    0017469933                           05           09/01/00          0
    0017469933                           O            08/01/30
    0


    3730514          J95/J95             F           83,250.00         ZZ
                                         360         83,207.95          1
    1605 W SHERIDAN                    9.375            692.44         90
                                       9.125            692.44       92,500.00
    OLATHE           KS   66061          1            07/14/00         12
    0017473372                           05           09/01/00         25
    0017473372                           N            08/01/30
    0


    3730516          J95/J95             F          108,000.00         ZZ
                                         360        107,950.93          2
    4911 BELL SPRINGS ROAD             9.875            937.82         90
                                       9.625            937.82      120,000.00
1


    DRIPPING SPRING  TX   78620          1            07/24/00         12
    0022910194                           05           09/01/00         25
    0022910194                           N            08/01/30
    0


    3730517          J95/J95             F          117,000.00         ZZ
                                         360        115,755.53          2
    4915 BELL SPRINGS ROAD             9.875          1,015.97         90
                                       9.625          1,015.97      130,000.00
    DRIPPING SPRING  TX   78620          1            07/24/00         12
    0022910228                           05           09/01/00         25
    0022910228                           N            08/01/30
    0


    3730519          J95/J95             F           82,800.00         ZZ
                                         360         82,762.38          3
    347 WOONASQUATUCKET AVENUE         9.875            719.00         90
                                       9.625            719.00       92,000.00
    NORTH PROVIDENC  RI   02911          1            07/31/00         10
    0017476714                           05           09/01/00         25
    0017476714                           N            08/01/30
    0


    3730520          J95/J95             F          279,500.00         ZZ
                                         360        279,369.60          1
    2445 COCHRAN COURT                 9.750          2,401.34         90
                                       9.500          2,401.34      310,611.00
    TRACY            CA   94376          1            07/26/00         04
    0022843650                           05           09/01/00         25
    0022843650                           O            08/01/30
    0


    3730521          J95/J95             F           96,750.00         ZZ
                                         360         96,698.51          4
    2814 CYPRESS BEND CIRCLE           9.125            787.19         90
                                       8.875            787.19      107,500.00
    BRYAN            TX   77801          1            07/25/00         12
    0022910459                           05           09/01/00         25
    0022910459                           O            08/01/30
    0


    3730522          J95/J95             F          400,000.00         ZZ
                                         360        399,818.27          1
    1931 W. WOLFRAM                    9.875          3,473.40         63
                                       9.625          3,473.40      645,000.00
    CHICAGO          IL   60657          2            07/27/00         00
    0017479858                           05           09/01/00          0
    0017479858                           O            08/01/30
    0
1




    3730523          J95/J95             F          251,910.00         ZZ
                                         360        251,779.41          1
    6040 WILD TIMBER ROAD              9.250          2,072.40         90
                                       9.000          2,072.40      279,900.00
    SUGAR HILL       GA   30518          1            07/21/00         10
    0022910533                           03           09/01/00         25
    0022910533                           O            08/01/30
    0


    3730524          J95/J95             F           68,850.00         ZZ
                                         360         68,818.72          1
    1207 NW CONWAY CT                  9.875            597.86         90
                                       9.625            597.86       76,500.00
    BLUE SPRINGS     MO   64015          1            07/20/00         10
    0017480781                           05           09/01/00         25
    0017480781                           N            08/01/30
    0


    3730525          J95/J95             F          139,950.00         ZZ
                                         360        139,873.56          4
    1323 SOUTHPORT DRIVE               9.000          1,126.07         90
                                       8.750          1,126.07      155,500.00
    AUSTIN           TX   78704          1            07/13/00         10
    0020076667                           05           09/01/00         25
    0020076667                           N            08/01/30
    0


    3730526          J95/J95             F          164,000.00         ZZ
                                         360        163,908.06          1
    37 CLIPPER WAY                     8.875          1,304.86         80
                                       8.625          1,304.86      205,000.00
    NEWBURYPORT      MA   01950          1            07/14/00         00
    0020084109                           01           09/01/00          0
    0020084109                           O            08/01/30
    0


    3730527          J95/J95             F           60,000.00         ZZ
                                         360         59,965.48          1
    720 CITY PARK AVENUE #D-424        8.750            472.02         75
                                       8.500            472.02       80,000.00
    FORT COLLINS     CO   80521          1            07/31/00         00
    0022689228                           01           09/01/00          0
    0022689228                           N            08/01/30
    0


    3730528          J95/J95             F          119,800.00         ZZ
                                         360        119,744.11          1
1


    49 REED DRIVE                      9.750          1,029.27         70
                                       9.500          1,029.27      171,249.00
    BEDFORD          NH   03110          1            07/20/00         00
    0020073524                           01           09/01/00          0
    0020073524                           O            08/01/30
    0


    3730529          J95/J95             F          160,000.00         ZZ
                                         360        159,921.30          1
    7326 HAMPTON AVENUE                9.500          1,345.37         90
                                       9.250          1,345.37      178,000.00
    ST. LOUIS        MO   63109          1            07/26/00         12
    0022909683                           03           09/01/00         25
    0022909683                           N            08/01/30
    0


    3730530          J95/J95             F          349,600.00         ZZ
                                         360        349,409.04          1
    801 SEVILLE PLACE                  9.000          2,812.96         80
                                       8.750          2,812.96      437,000.00
    ORLANDO          FL   32804          1            07/28/00         00
    0022798029                           05           09/01/00          0
    0022798029                           O            08/01/30
    0


    3730531          J95/J95             F          317,050.00         ZZ
                                         360        316,905.96          1
    1225 ST. BRENDANS COURT            9.875          2,753.10         85
                                       9.625          2,753.10      373,000.00
    LEMONT           IL   60439          1            07/24/00         14
    0017489097                           05           09/01/00         25
    0017489097                           O            08/01/30
    0


    3730532          J95/J95             F           83,250.00         ZZ
                                         360         83,212.17          4
    429 60TH STREET, N.E.              9.875            722.91         90
                                       9.625            722.91       92,500.00
    WASHINGTON       DC   20019          1            08/04/00         11
    0017496225                           05           09/01/00         25
    0017496225                           N            08/01/30
    0


    3730533          J95/J95             F        1,000,000.00         ZZ
                                         360        999,063.13          1
    4930 BENNETT VALLEY ROAD           9.750          8,591.54         40
                                       9.500          8,591.54    2,550,000.00
    SANTA ROSA       CA   95404          5            07/01/00         00
    0022577878                           05           08/01/00          0
1


    0022577878                           O            07/01/30
    0


    3731428          E22/G02             F          172,800.00         ZZ
                                         360        172,800.00          1
    116 COTTONWOOD COMMON              9.000          1,390.39         90
                                       8.750          1,390.39      192,000.00
    BRENTWOOD        CA   94513          1            08/22/00         01
    0412003774                           03           10/01/00         25
    0412003774                           O            09/01/30
    0


    3731431          E22/G02             F           62,700.00         ZZ
                                         360         62,700.00          1
    1226 SOUTH 27TH STREET             8.375            476.57         95
                                       8.125            476.57       66,000.00
    SOUTH BEND       IN   46615          1            08/24/00         01
    0412056731                           05           10/01/00         30
    0412056731                           O            09/01/30
    0


    3731432          E22/G02             F          247,500.00         ZZ
                                         360        247,500.00          4
    7180-86 STUART ST                 10.000          2,171.99         90
                                       9.750          2,171.99      275,000.00
    WESTMINSTER      CO   80030          1            08/18/00         01
    0412062465                           05           10/01/00         25
    0412062465                           N            09/01/30
    0


    3731433          E22/G02             F           45,900.00         ZZ
                                         360         45,900.00          1
    5672 TULLIS DRIVE                  9.875            398.57         90
                                       9.625            398.57       51,000.00
    NEW ORLEANS      LA   70131          1            08/22/00         01
    0412063927                           07           10/01/00         25
    0412063927                           N            09/01/30
    0


    3731434          E22/G02             F           45,900.00         ZZ
                                         360         45,900.00          1
    5680 TULLIS DRIVE                  9.875            398.57         90
                                       9.625            398.57       51,000.00
    NEW ORLEANS      LA   70131          1            08/24/00         01
    0412063943                           07           10/01/00         25
    0412063943                           N            09/01/30
    0


1


    3731435          E22/G02             F           45,900.00         ZZ
                                         360         45,900.00          1
    5692 TULLIS DRIVE                  9.875            398.57         90
                                       9.625            398.57       51,000.00
    NEW ORLEANS      LA   70131          1            08/24/00         01
    0412063950                           07           10/01/00         25
    0412063950                           N            09/01/30
    0


    3731436          E22/G02             F           45,900.00         ZZ
                                         360         45,900.00          1
    5684 TULLIS DRIVE                  9.875            398.57         90
                                       9.625            398.57       51,000.00
    NEW ORLEANS      LA   70131          1            08/24/00         01
    0412063968                           07           10/01/00         25
    0412063968                           N            09/01/30
    0


    3731441          E22/G02             F           55,600.00         ZZ
                                         360         55,600.00          4
    614 SOUTH STREET                   9.875            482.80         80
                                       9.625            482.80       69,500.00
    SOUTH BEND       IN   46601          1            08/24/00         00
    0412072548                           05           10/01/00          0
    0412072548                           N            09/01/30
    0


    3731443          E22/G02             F           89,000.00         ZZ
                                         360         89,000.00          1
    436 ALEMEDA DRIVE                  9.375            740.26         94
                                       9.125            740.26       95,000.00
    PALM SPRINGS     FL   33461          1            08/24/00         01
    0412072886                           05           10/01/00         30
    0412072886                           O            09/01/30
    0


    3731447          E22/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
    3 LOS GUADALUPES CONDOMINIUMS      9.500            524.69         65
    UNIT # 3                           9.250            524.69       96,000.00
    TAOS             NM   87571          5            08/23/00         00
    0412085359                           01           10/01/00          0
    0412085359                           N            09/01/30
    0


    3731448          E22/G02             F          215,100.00         ZZ
                                         360        215,100.00          2
    1038 S OAK PARK AVE                9.750          1,848.04         90
                                       9.500          1,848.04      239,000.00
1


    OAK PARK         IL   60304          1            08/23/00         01
    0412085789                           05           10/01/00         25
    0412085789                           N            09/01/30
    0


    3731451          E22/G02             F           48,850.00         ZZ
                                         360         48,850.00          1
    8202 KARRIKER ROAD                 9.875            424.19         95
                                       9.625            424.19       51,450.00
    KANNAPOLIS       NC   28081          1            08/24/00         10
    0412086464                           05           10/01/00         30
    0412086464                           O            09/01/30
    0


    3731453          E22/G02             F          105,600.00         ZZ
                                         360        105,600.00          2
    64 HOBSON AVENUE                   9.625            897.59         80
                                       9.375            897.59      132,000.00
    HAMDEN           CT   06514          5            08/24/00         00
    0412090565                           05           10/01/00          0
    0412090565                           N            09/01/30
    0


    3731455          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
    1502 PARKER BEND                   8.500            492.10         80
                                       8.250            492.10       80,000.00
    AUSTIN           TX   78734          1            08/24/00         00
    0412095960                           05           10/01/00          0
    0412095960                           O            09/01/30
    0


    3731456          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
    3500 ALOHA DRIVE                   9.875            507.98         90
                                       9.625            507.98       65,000.00
    SARASOTA         FL   34232          1            08/24/00         04
    0412096067                           05           10/01/00         25
    0412096067                           N            09/01/30
    0


    3731461          E22/G02             F           58,200.00         ZZ
                                         360         58,200.00          1
    4314 NORTH MARINGO DRIVE           8.625            452.67         66
                                       8.375            452.67       88,200.00
    SPOKANE          WA   99212          1            08/17/00         00
    0412105017                           05           10/01/00          0
    0412105017                           O            09/01/30
    0
1




    3731462          E22/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
    1898 MOORE AVENUE                  9.875            312.61         90
                                       9.625            312.61       40,000.00
    JOLIET           IL   60433          1            08/24/00         04
    0412105314                           05           10/01/00         25
    0412105314                           N            09/01/30
    0


    3731464          E22/G02             F           48,600.00         ZZ
                                         360         48,600.00          1
    1247 SANTA ANNA STREET             9.500            408.66         90
                                       9.250            408.66       54,000.00
    SAN ANTONIO      TX   78201          1            08/24/00         01
    0412107674                           05           10/01/00         25
    0412107674                           O            09/01/30
    0


    3731468          E22/G02             F           78,700.00         ZZ
                                         360         78,700.00          1
    106 CARLYLE WAY, UNIT # 106        9.000            633.24         80
                                       8.750            633.24       99,000.00
    ASHEVILLE        NC   28803          2            08/24/00         00
    0412110801                           01           10/01/00          0
    0412110801                           N            09/01/30
    0


    3731558          G52/G02             F          112,500.00         ZZ
                                         360        112,500.00          2
    1013 BIRD CREEK DRIVE              9.250            925.51         90
                                       9.000            925.51      125,000.00
    AUSTIN           TX   78758          1            08/10/00         10
    0432250702                           05           10/01/00         25
    74501617                             N            09/01/30
    0


    3732030          685/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
    3729 SARATOGA STREET               8.625          1,260.02         75
                                       8.375          1,260.02      216,000.00
    PICO RIVERA      CA   90660          5            08/09/00         00
    0432240182                           03           10/01/00          0
    122895                               O            09/01/30
    0


    3732150          405/405             F          328,000.00         ZZ
                                         360        328,000.00          1
1


    7660 CLINTON STREET                8.125          2,435.39         80
                                       7.625          2,435.39      410,000.00
    LOS ANGELES      CA   90036          5            08/28/00         00
    16791808                             05           10/01/00          0
    16791808                             O            09/01/30
    0


    3732216          405/405             F          400,000.00         ZZ
                                         360        399,744.93          1
    5105 SAINT ALBANS WAY              8.250          3,005.07         89
                                       8.000          3,005.07      450,000.00
    BALTIMORE        MD   21212          1            08/28/00         11
    16775785                             05           09/01/00         25
    16775785                             O            08/01/30
    0


    3732221          405/405             F          360,000.00         ZZ
                                         360        359,787.45          1
    1820 LUDWIG AVENUE                 8.625          2,800.05         90
                                       8.375          2,800.05      400,000.00
    SANTA ROSA       CA   95407          1            08/28/00         10
    16793986                             05           09/01/00         25
    16793986                             O            08/01/30
    0


    3732223          405/405             F          434,000.00         ZZ
                                         360        434,000.00          1
    20435 QUEDO DRIVE                  8.500          3,337.09         80
                                       8.250          3,337.09      542,500.00
    LOS ANGELES      CA   91364          1            08/28/00         00
    16795700                             05           10/01/00          0
    16795700                             O            09/01/30
    0


    3732479          163/G02             F          162,000.00         ZZ
                                         360        161,911.51          1
    320 SOUTH BAYVIEW AVENUE           9.000          1,303.49         60
                                       8.750          1,303.49      270,000.00
    FREEPORT         NY   11520          5            07/21/00         00
    0432244077                           05           09/01/00          0
    1000153756                           O            08/01/30
    0


    3732519          E82/G02             F           83,400.00         ZZ
                                         360         83,400.00          1
    5886 HOBART STREET                 9.875            724.20         90
                                       9.625            724.20       92,700.00
    PITTSBURGH       PA   15217          1            08/15/00         04
    0400295929                           05           10/01/00         25
1


    0400295929                           N            09/01/30
    0


    3732557          163/G02             F          168,750.00         ZZ
                                         360        168,667.00          1
    W2135 BELVIDERE ROAD               9.500          1,418.94         75
                                       9.250          1,418.94      225,000.00
    SARONA           WI   54870          4            07/26/00         00
    0432260370                           05           09/01/00          0
    3917506629                           O            08/01/30
    0


    3733170          664/G02             F          840,000.00         ZZ
                                         360        840,000.00          1
    5300 ALTA CANYADA ROAD             9.375          6,986.70         65
                                       9.125          6,986.70    1,300,000.00
    LA CANADA FLINT  CA   91011          2            08/04/00         00
    0432250827                           05           10/01/00          0
    0003611654                           O            09/01/30
    0


    3733276          L94/G02             F          110,400.00         ZZ
                                         360        110,400.00          1
    3813 WEST BRANDY BUCK              8.750            868.52         80
                                       8.500            868.52      138,000.00
    SALT LAKE CITY   UT   84118          5            08/21/00         00
    0432239150                           05           10/01/00          0
    1000001752                           O            09/01/30
    0


    3733616          637/G02             F          207,200.00         ZZ
                                         360        207,083.84          1
    1 LIBBY HILL ROAD                  8.875          1,648.58         80
                                       8.625          1,648.58      259,000.00
    UNITY            ME   04988          1            07/31/00         00
    0432238509                           05           09/01/00          0
    0020417317                           O            08/01/30
    0


    3733874          637/G02             F          108,000.00         ZZ
                                         360        107,946.87          1
    1115 9TH ST                        9.500            908.13         80
                                       9.250            908.13      135,000.00
    GREELEY          CO   80631          1            07/31/00         00
    0432255602                           05           09/01/00          0
    0015007735                           N            08/01/30
    0


1


    3733902          637/G02             F           52,000.00         ZZ
                                         360         51,976.37          1
    4926 EAST 28TH STREET              9.875            451.55         80
                                       9.625            451.55       65,000.00
    TUCSON           AZ   85711          1            07/26/00         00
    0432237188                           05           09/01/00          0
    0017379728                           N            08/01/30
    0


    3734214          637/G02             F          228,600.00         ZZ
                                         360        228,496.14          1
    515 NORTHHAMPTON DRIVE             9.875          1,985.05         90
                                       9.625          1,985.05      254,000.00
    SHREVEPORT       LA   71106          1            07/25/00         01
    0432236685                           05           09/01/00         25
    0017685090                           O            08/01/30
    0


    3734342          637/G02             F          137,700.00         ZZ
                                         360        137,628.61          1
    103 SOUTH MEYERS DRIVE             9.250          1,132.83         90
                                       9.000          1,132.83      153,000.00
    LAFAYETTE        LA   70508          1            07/27/00         01
    0432237774                           05           09/01/00         25
    0017684994                           O            08/01/30
    0


    3734346          637/G02             F          170,500.00         ZZ
                                         360        170,416.13          1
    19351 BLACK FOREST DRIVE           9.500          1,433.66         70
                                       9.250          1,433.66      246,000.00
    BROOKFIELD       WI   53045          5            07/24/00         00
    0432238277                           05           09/01/00          0
    0018726711                           O            08/01/30
    0


    3734387          637/G02             F          143,000.00         ZZ
                                         360        142,921.89          1
    90 ELM STREET                      9.000          1,150.61         54
                                       8.750          1,150.61      266,000.00
    CAMDEN           ME   04843          1            07/31/00         00
    0432238400                           05           09/01/00          0
    0020418406                           O            08/01/30
    0


    3734475          168/168             F          300,000.00         ZZ
                                         360        300,000.00          1
    280 DEVON FARMS ROAD               9.375          2,495.25         75
                                       9.125          2,495.25      400,000.00
1


    STORMVILLE       NY   12582          1            08/17/00         00
    0189598867                           05           10/01/00          0
    0189598867                           O            09/01/30
    0


    3734631          637/G02             F          500,000.00         ZZ
                                         360        499,760.47          1
    2951 BRYANT STREET                 9.625          4,249.95         64
                                       9.375          4,249.95      785,000.00
    PALO ALTO        CA   94306          1            07/25/00         00
    0432238434                           05           09/01/00          0
    0021466776                           N            08/01/30
    0


    3736060          E22/G02             F           97,500.00         ZZ
                                         360         97,500.00          1
    8428 MONTNA DRIVE                  9.375            810.96         80
                                       9.125            810.96      122,000.00
    PARADISE         CA   95969          2            08/17/00         00
    0412055592                           05           10/01/00          0
    0412055592                           N            09/01/30
    0


    3736067          E22/G02             F           31,500.00         ZZ
                                         360         31,500.00          1
    909 S. POPE AVENUE                 9.250            259.14         90
                                       9.000            259.14       35,000.00
    INDEPENDENCE     MO   64050          1            08/25/00         10
    0412073371                           05           10/01/00         25
    0412073371                           N            09/01/30
    0


    3736068          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
    610 NORTH AIRLINE HWY              9.875            347.34         69
                                       9.625            347.34       58,000.00
    GRAMERCY         LA   70052          5            08/25/00         00
    0412073462                           05           10/01/00          0
    0412073462                           N            09/01/30
    0


    3736069          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
    1097 OVERLOOK RIDGE ROAD           8.625          1,306.69         80
                                       8.375          1,306.69      210,000.00
    DIAMOND BAR      CA   91765          1            08/14/00         00
    0412077844                           05           10/01/00          0
    0412077844                           O            09/01/30
    0
1




    3736074          E22/G02             F           55,800.00         ZZ
                                         360         55,800.00          1
    2716 CLEVELAND STREET              9.875            484.54         90
                                       9.625            484.54       62,000.00
    HAMMOND          IN   46323          1            08/25/00         10
    0412084766                           05           10/01/00         25
    0412084766                           N            09/01/30
    0


    3736075          E22/G02             F          227,400.00         ZZ
                                         360        227,400.00          1
    4 AVON COURT                       9.125          1,850.20         90
                                       8.875          1,850.20      252,690.00
    ALISO VIEJO ARE  CA   92656          1            08/10/00         11
    0412085276                           01           10/01/00         25
    0412085276                           N            09/01/30
    0


    3736082          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    19197 STEEL                        9.250            789.77         80
                                       9.000            789.77      120,000.00
    DETROIT          MI   48235          5            08/21/00         00
    0412089013                           05           10/01/00          0
    0412089013                           O            09/01/30
    0


    3736086          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    1216 SOUTH BLACK AVENUE            9.875          1,042.02         80
                                       9.625          1,042.02      150,000.00
    BOZEMAN          MT   59715          1            08/17/00         00
    0412093106                           05           10/01/00          0
    0412093106                           N            09/01/30
    0


    3736089          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    701 CLARENCE STREET                9.125            650.91         80
                                       8.875            650.91      100,000.00
    TOMBALL          TX   77375          1            08/24/00         00
    0412095986                           05           10/01/00          0
    0412095986                           N            09/01/30
    0


    3736093          E22/G02             F           69,600.00         ZZ
                                         360         69,600.00          4
1


    1987 RAILROAD AVENUE               9.875            604.37         80
                                       9.625            604.37       87,000.00
    LUTCHER          LA   70071          1            08/25/00         00
    0412100430                           05           10/01/00          0
    0412100430                           N            09/01/30
    0


    3736099          E22/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
    7903 129TH PLACE SOUTHEAST         8.875          2,164.15         80
                                       8.625          2,164.15      340,000.00
    NEWCASTLE        WA   98056          1            08/22/00         00
    0412104853                           05           10/01/00          0
    0412104853                           N            09/01/30
    0


    3736101          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    9064 MERCER PLACE                  9.125            488.18         80
                                       8.875            488.18       75,000.00
    DALLAS           TX   75228          1            08/25/00         00
    0412106809                           05           10/01/00          0
    0412106809                           N            09/01/30
    0


    3736102          E22/G02             F           85,900.00         ZZ
                                         360         85,900.00          1
    3817 PREAKNESS COURT               8.500            660.50         59
                                       8.250            660.50      147,833.00
    CLEBURNE         TX   76031          1            08/25/00         00
    0412108664                           05           10/01/00          0
    0412108664                           O            09/01/30
    0


    3736106          E22/G02             F           95,400.00         ZZ
                                         360         95,400.00          1
    60 ARBOR STREET                   10.000            837.20         90
                                       9.750            837.20      106,000.00
    BATTLE CREEK     MI   49015          1            08/25/00         01
    0412112872                           05           10/01/00         30
    0412112872                           O            09/01/30
    0


    3736108          E22/G02             F          204,950.00         ZZ
                                         360        204,950.00          1
    797 6TH AVENUE                     9.625          1,742.05         80
                                       9.375          1,742.05      256,501.00
    SAN BRUNO        CA   94066          1            08/24/00         00
    0412113862                           05           10/01/00          0
1


    0412113862                           N            09/01/30
    0


    3736327          J33/G02             F          131,400.00         ZZ
                                         360        131,400.00          4
    9 11 13 15 FOUNTAIN SQUARE         9.125          1,069.12         90
                                       8.875          1,069.12      146,000.00
    ROME             GA   30165          1            08/10/00         10
    0432249910                           05           10/01/00         25
    000152020168                         N            09/01/30
    0


    3737255          637/G02             F           52,650.00         ZZ
                                         360         52,624.78          1
    3 RYAN COURT                       9.625            447.52         90
                                       9.375            447.52       58,500.00
    AUGUSTA          ME   04330          1            07/18/00         11
    0432242402                           05           09/01/00         25
    0021226444                           N            08/01/30
    0


    3737452          U05/G02             F           91,800.00         ZZ
                                         360         91,800.00          1
    740 SOUTH HUNT DRIVE               9.000            738.64         90
                                       8.750            738.64      102,000.00
    MESA             AZ   85204          1            08/14/00         01
    0432241081                           05           10/01/00         25
    3063729                              O            09/01/30
    0


    3737925          286/286             F          103,400.00         ZZ
                                         360        103,347.78          3
    351 WEST MAIN STREET               9.375            860.03         90
                                       9.125            860.03      114,900.00
    ANNVILLE         PA   17003          1            07/18/00         04
    6412305                              05           09/01/00         25
    6412305                              N            08/01/30
    0


    3738077          286/286             F          140,000.00         ZZ
                                         360        139,912.98          1
    807 NORTH BRAND BOULEVARD          8.375          1,064.10         70
                                       8.125          1,064.10      200,000.00
    SAN FERNANDO     CA   91340          1            07/07/00         00
    09741083                             05           09/01/00          0
    09741083                             N            08/01/30
    0


1


    3738174          E82/G02             F          355,500.00         ZZ
                                         360        355,500.00          1
    116 RIDGE ROAD                     9.500          2,989.24         90
                                       9.250          2,989.24      395,000.00
    CHADDS FORD      PA   19317          1            08/25/00         04
    0400309654                           03           10/01/00         25
    0400309654                           O            09/01/30
    0


    3738312          168/168             F          292,000.00         ZZ
                                         360        292,000.00          1
    701 ISBEN STREET                   9.000          2,349.50         80
                                       8.750          2,349.50      365,000.00
    WOODMERE         NY   11598          1            08/22/00         00
    0189565519                           05           10/01/00          0
    0189565519                           O            09/01/30
    0


    3738348          U05/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
    3831 WAIALAE AVENUE                8.750          1,888.08         80
                                       8.500          1,888.08      300,000.00
    HONULULU         HI   96816          5            08/10/00         00
    0432255552                           05           10/01/00          0
    3057296                              N            09/01/30
    0


    3738388          738/G02             F          229,500.00         ZZ
                                         360        229,387.11          4
    620 MAPLE LANE                     9.500          1,929.77         90
                                       9.250          1,929.77      255,000.00
    RALEIGH          NC   27603          1            07/31/00         01
    0432255644                           05           09/01/00         25
    5517178                              N            08/01/30
    0


    3738510          S48/S48             F          345,000.00         ZZ
                                         360        344,821.14          1
    1701  DELP RD                      9.250          2,838.23         75
                                       9.000          2,838.23      460,000.00
    WHITEFORD        MD   21160          2            07/24/00         00
    28682201                             05           09/01/00          0
    28682201                             O            08/01/30
    0


    3738511          S48/S48             F          312,000.00         ZZ
                                         360        311,007.14          1
    4351 PIPER STREET                  9.250          2,566.75         80
                                       9.000          2,566.75      390,000.00
1


    SAN DIEGO        CA   92117          1            05/25/00         00
    28705150                             05           07/01/00          0
    28705150                             O            06/01/30
    0


    3738512          S48/S48             F           91,350.00         ZZ
                                         360         91,172.81          1
    3029 MAX COURT UNIT 3029           9.625            776.47         90
                                       9.375            776.47      101,500.00
    ISLAND LAKE      IL   60042          1            04/27/00         01
    28840015                             03           06/01/00         25
    28840015                             O            05/01/30
    0


    3738514          S48/S48             F          303,900.00         ZZ
                                         360        303,900.00          1
    81 TOWN FARM ROAD                  9.250          2,500.12         80
                                       9.000          2,500.12      379,900.00
    WESTMINSTER      MA   01473          1            08/17/00         00
    6174204468                           05           10/01/00          0
    6174204468                           O            09/01/30
    0


    3738552          286/286             F          108,000.00         ZZ
                                         360        107,946.88          1
    580 & 582 DOWNING STREET           9.500            908.12         80
                                       9.250            908.12      135,000.00
    LAWRENCEVILLE    GA   30045          5            07/31/00         00
    9742882                              07           09/01/00          0
    9742882                              N            08/01/30
    0


    3738636          286/286             F          120,600.00         ZZ
                                         360        120,543.74          4
    16307 BOHNHOF STRASSE              9.750          1,036.14         90
                                       9.500          1,036.14      134,000.00
    HOUSTON          TX   77070          1            07/19/00         10
    09741136                             05           09/01/00         25
    09741136                             N            08/01/30
    0


    3738651          286/286             F           99,000.00         ZZ
                                         360         98,953.82          4
    608 NORTH 10TH STREET              9.750            850.56         90
                                       9.500            850.56      110,000.00
    MIDDLETOWN       IN   47356          1            07/20/00         10
    9743790                              05           09/01/00         25
    9743790                              N            08/01/30
    0
1




    3738676          286/286             F          194,000.00         ZZ
                                         360        193,888.38          3
    2629-2631 WEST MAIN STREET         8.750          1,526.20         80
                                       8.500          1,526.20      243,000.00
    ALHAMBRA         CA   91801          1            07/27/00         00
    09749560                             05           09/01/00          0
    09749560                             O            08/01/30
    0


    3738693          286/286             F          120,600.00         ZZ
                                         360        120,543.74          4
    16327 BOHNHOF STRASSE              9.750          1,036.14         90
                                       9.500          1,036.14      134,000.00
    HOUSTON          TX   77070          1            07/18/00         10
    09740533                             05           09/01/00         25
    09740533                             N            08/01/30
    0


    3738757          286/286             F           43,500.00         ZZ
                                         360         43,433.05          1
    9835 HIGHLAND DRIVE NE             9.250            357.86         80
                                       9.000            357.86       55,000.00
    MOSES LAKE       WA   98837          2            06/28/00         00
    09718960                             05           09/01/00          0
    09718960                             N            08/01/30
    0


    3738795          286/286             F           34,600.00         ZZ
                                         360         34,536.34          1
    227 WEST EWING STREET              9.875            300.45         80
                                       9.625            300.45       43,250.00
    SOUTH BEND       IN   46613          5            04/07/00         00
    08927638                             05           06/01/00          0
    08927638                             N            05/01/30
    0


    3738910          286/286             F          120,600.00         ZZ
                                         360        120,543.74          4
    16406 BOHNHOF STRASSE              9.750          1,036.14         90
                                       9.500          1,036.14      134,000.00
    HOUSTON          TX   77070          1            07/19/00         10
    09741102                             05           09/01/00         25
    09741102                             N            08/01/30
    0


    3738915          286/286             F          120,600.00         ZZ
                                         360        120,543.74          4
1


    16311 BOHNHOF STRASSE              9.750          1,036.14         90
                                       9.500          1,036.14      134,000.00
    HOUSTON          TX   77070          1            07/19/00         10
    09750629                             05           09/01/00         25
    09750629                             N            08/01/30
    0


    3738959          286/286             F          139,500.00         ZZ
                                         360        139,423.80          2
    307-311 BOND STREET                9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
    REDLANDS         CA   92373          1            07/26/00         10
    09748355                             05           09/01/00         25
    09748355                             N            08/01/30
    0


    3738996          286/286             F           78,300.00         ZZ
                                         360         78,261.49          1
    134 OLD FERRY ROAD                 9.500            658.39         90
                                       9.250            658.39       87,000.00
    HAVERHILL        MA   01830          1            07/19/00         12
    09746052                             01           09/01/00         25
    09746052                             N            08/01/30
    0


    3739055          286/286             F          130,000.00         ZZ
                                         360        129,839.35          1
    1223 EAST HYDE PARK BOULEVARD      9.750          1,116.90         90
    UNIT #5                            9.500          1,116.90      144,500.00
    CHICAGO          IL   60615          1            07/28/00         10
    09748765                             01           09/01/00         25
    09748765                             N            08/01/30
    0


    3739200          286/286             F          120,600.00         ZZ
                                         360        120,543.74          4
    16315 BOHNHOF STRASSE              9.750          1,036.14         90
                                       9.500          1,036.14      134,000.00
    HOUSTON          TX   77070          1            07/19/00         10
    09741774                             05           09/01/00         25
    09741774                             N            08/01/30
    0


    3740539          E22/G02             F           72,350.00         ZZ
                                         360         72,350.00          2
    517 NIESEN STREET                 10.125            641.62         95
                                       9.875            641.62       76,175.00
    LAPORTE          IN   46350          1            08/28/00         01
    0412071656                           05           10/01/00         30
1


    0412071656                           O            09/01/30
    0


    3740549          E22/G02             F          151,550.00         ZZ
                                         360        151,550.00          1
    1143 FRANKLIN COURT                9.125          1,233.06         66
                                       8.875          1,233.06      232,000.00
    PLACERVILLE      CA   95667          5            08/17/00         00
    0412086142                           27           10/01/00          0
    0412086142                           O            09/01/30
    0


    3740555          E22/G02             F           78,400.00         ZZ
                                         360         78,400.00          1
    501 OLIVE STREET                   9.500            659.23         80
                                       9.250            659.23       98,000.00
    SMITHVILLE       TX   78957          1            08/28/00         00
    0412092637                           05           10/01/00          0
    0412092637                           N            09/01/30
    0


    3740565          E22/G02             F           46,800.00         ZZ
                                         360         46,800.00          1
    1845 WILLOW AVENUE                 9.875            406.39         80
                                       9.625            406.39       58,500.00
    NIAGRA FALLS     NY   14305          5            08/28/00         00
    0412102964                           05           10/01/00          0
    0412102964                           N            09/01/30
    0


    3740566          E22/G02             F           51,200.00         ZZ
                                         360         51,200.00          1
    1319 LASALLE AVENUE                9.875            444.59         80
                                       9.625            444.59       64,000.00
    NIAGARA FALLS    NY   14301          5            08/28/00         00
    0412103699                           05           10/01/00          0
    0412103699                           N            09/01/30
    0


    3740573          E22/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
    1587 CALLE DE AIDA                 8.875          3,437.19         80
                                       8.625          3,437.19      540,000.00
    SAN JOSE         CA   95118          5            08/17/00         00
    0412105843                           05           10/01/00          0
    0412105843                           O            09/01/30
    0


1


    3740577          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
    12151 EAST 48TH AVENUE             9.375          1,131.18         80
                                       9.125          1,131.18      170,000.00
    DENVER           CO   80239          5            08/22/00         00
    0412106676                           05           10/01/00          0
    0412106676                           O            09/01/30
    0


    3740578          E22/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    5317 CRESTMONT STREET              9.875            390.76         75
                                       9.625            390.76       60,000.00
    BAYTOWN          TX   77521          5            08/25/00         00
    0412107278                           05           10/01/00          0
    0412107278                           N            09/01/30
    0


    3740582          E22/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
    102 CARLYLE WAY                    9.000            627.61         79
                                       8.750            627.61       99,000.00
    ASHEVILLE        NC   28803          2            08/25/00         00
    0412113243                           01           10/01/00          0
    0412113243                           N            09/01/30
    0


    3740731          286/286             F          132,000.00         ZZ
                                         360        131,937.42          1
    3001-3001 1/2 LOGAN STREET         9.750          1,134.08         76
                                       9.500          1,134.08      175,000.00
    OAKLAND          CA   94601          1            07/03/00         00
    09736303                             05           09/01/00          0
    09736303                             N            08/01/30
    0


    3740766          286/286             F          188,800.00         ZZ
                                         360        188,702.12          1
    36 MAC MILLIAN STREET              9.250          1,553.21         80
                                       9.000          1,553.21      236,000.00
    VENTURA          CA   93001          5            07/07/00         00
    9742289                              05           09/01/00          0
    9742289                              O            08/01/30
    0


    3741367          637/G02             F           96,400.00         ZZ
                                         360         96,356.20          1
    4520 ATTAWA AVENUE                 9.875            837.09         80
                                       9.625            837.09      120,500.00
1


    SACRAMENTO       CA   95822          1            07/17/00         00
    0432261550                           05           09/01/00          0
    0021467576                           N            08/01/30
    0


    3742608          R17/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
    2829 SOUTHEAST 8TH PLACE           9.250            625.24         80
                                       9.000            625.24       95,000.00
    CAPE CORAL       FL   33904          5            08/15/00         00
    0432246718                           05           10/01/00          0
    0137100287                           O            09/01/30
    0


    3742698          E76/G02             F          186,300.00         ZZ
                                         360        186,300.00          1
    2549 SOUTH HOLLAND COURT           8.875          1,482.29         90
                                       8.625          1,482.29      207,000.00
    LAKEWOOD         CO   80227          1            08/18/00         10
    0432242741                           05           10/01/00         25
    KERL                                 O            09/01/30
    0


    3742947          U05/G02             F           97,200.00         T
                                         360         97,200.00          1
    10 LOKOUT TRACE                    9.000            782.09         80
                                       8.750            782.09      121,500.00
    GALENA           IL   61036          1            08/17/00         00
    0432255537                           03           10/01/00          0
    3063051                              O            09/01/30
    0


    3744762          E82/G02             F           83,000.00         T
                                         360         83,000.00          1
    127 WELLHOUSE ROAD                 9.250            682.82         67
                                       9.000            682.82      125,000.00
    GREENTOWN        PA   18426          1            08/28/00         00
    0400308078                           05           10/01/00          0
    0400308078                           O            09/01/30
    0


    3744797          E22/G02             F           50,300.00         ZZ
                                         360         50,300.00          2
    917 MARSAC                         8.750            395.71         80
                                       8.500            395.71       62,900.00
    BAY CITY         MI   48708          1            08/29/00         00
    0412069726                           05           10/01/00          0
    0412069726                           N            09/01/30
    0
1




    3744816          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
    4171 SOUTH CLOVERDALE AVE          8.875          2,705.19         80
                                       8.625          2,705.19      425,000.00
    LOS ANGELES      CA   90008          1            08/24/00         00
    0412110678                           05           10/01/00          0
    0412110678                           O            09/01/30
    0


    3744817          E22/G02             F          137,600.00         ZZ
                                         360        137,600.00          1
    19692 EAST PURDUE CIRCLE           9.250          1,132.00         80
                                       9.000          1,132.00      172,000.00
    AURORA           CO   80013          5            08/24/00         00
    0412111353                           05           10/01/00          0
    0412111353                           O            09/01/30
    0


    3744818          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    3415 173RD LANE NW                 9.750            859.15         80
                                       9.500            859.15      125,000.00
    ANDOVER          MN   55304          1            08/29/00         00
    0412112302                           05           10/01/00          0
    0412112302                           N            09/01/30
    0


    3744819          E22/G02             F          107,100.00         ZZ
                                         360        107,100.00          1
    4914 CITA DRIVE                    8.750            842.56         90
                                       8.500            842.56      119,000.00
    COLORADO SPRING  CO   80916          1            08/29/00         01
    0412118796                           05           10/01/00         25
    0412118796                           O            09/01/30
    0


    3745813          E86/G02             F          283,250.00         T
                                         360        283,250.00          1
    111 EAST 88TH STREET  UNIT 3D      9.875          2,459.60         85
                                       9.625          2,459.60      335,000.00
    NEW YORK         NY   10128          1            08/22/00         04
    0432250850                           06           10/01/00         12
    0000069504                           O            09/01/30
    0


    3746234          B60/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
1


    1307 NE 2ND STREET                 8.875          1,352.60         79
                                       8.625          1,352.60      217,000.00
    BENTONVILLE      AR   72712          5            08/25/00         00
    0432244655                           05           10/01/00          0
    296850                               O            09/01/30
    0


    3746773          P29/G02             F          223,000.00         ZZ
                                         360        223,000.00          4
    427 6TH STREET SE                  9.000          1,794.31         70
                                       8.750          1,794.31      320,000.00
    MINNEAPOLIS      MN   55414          5            08/28/00         00
    0432244267                           05           10/01/00          0
    1432                                 N            09/01/30
    0


    3747041          076/076             F           84,000.00         ZZ
                                         360         83,917.04          2
    3300-3302 S CHESTNUT AVE           9.500            706.32         80
                                       9.250            706.32      105,000.00
    BROKEN ARROW     OK   74012          1            06/28/00         00
    0009559                              05           08/01/00          0
    0009559                              N            07/01/30
    0


    3747042          076/076             F          144,000.00         ZZ
                                         360        143,861.48          3
    166-168 PERKINS AVE                9.625          1,223.98         90
                                       9.375          1,223.98      160,000.00
    BROCKTON         MA   02302          1            06/30/00         10
    0013286                              05           08/01/00         25
    0013286                              N            07/01/30
    0


    3747043          076/076             F           76,000.00         ZZ
                                         360         75,960.60          1
    963 COMMONWEALTH AVENUE            9.250            625.23         80
                                       9.000            625.23       95,000.00
    SAN JACINTO      CA   92583          1            07/07/00         00
    0046066                              05           09/01/00          0
    0046066                              O            08/01/30
    0


    3747044          076/076             F          130,000.00         ZZ
                                         360        129,925.21          1
    291 INDUSTRIAL PARK RD             8.750          1,022.71         77
                                       8.500          1,022.71      170,000.00
    PRAIRIE GROVE    AR   72753          1            07/26/00         00
    0049178                              05           09/01/00          0
1


    0049178                              O            08/01/30
    0


    3747045          076/076             F           26,550.00         ZZ
                                         360         26,522.37          1
    12375 ABRAMS ROAD #937             9.250            218.42         90
                                       9.000            218.42       29,500.00
    DALLAS           TX   75243          1            06/29/00         10
    0073798                              01           08/01/00         25
    0073798                              N            07/01/30
    0


    3747046          076/076             F          101,600.00         ZZ
                                         360        101,547.33          1
    1299 LAUREL DRIVE                  9.250            835.84         75
                                       9.000            835.84      135,500.00
    MACEDONIA VILLA  OH   44056          1            07/24/00         00
    0079382                              05           09/01/00          0
    0079382                              O            08/01/30
    0


    3747047          076/076             F           95,920.00         ZZ
                                         360         95,822.75          1
    2963 MONTEZUMA DRIVE               9.375            797.81         80
                                       9.125            797.81      119,900.00
    CINCINNATI       OH   45251          1            06/26/00         00
    0101638                              05           08/01/00          0
    0101638                              O            07/01/30
    0


    3747048          076/076             F          120,000.00         ZZ
                                         360        119,842.47          1
    #41 BARNEY ROAD                    8.125            891.00         80
                                       7.875            891.00      150,000.00
    ENOLA            AR   72047          2            06/30/00         00
    0111441                              05           08/01/00          0
    0111441                              O            07/01/30
    0


    3747049          076/076             F          122,000.00         ZZ
                                         360        121,931.60          1
    207 SALIGUGI CIRCLE                8.875            970.69         80
                                       8.625            970.69      153,000.00
    LOUDON           TN   37774          1            07/10/00         00
    0118078                              03           09/01/00          0
    0118078                              O            08/01/30
    0


1


    3747050          076/076             F          135,000.00         ZZ
                                         360        134,876.83          4
    1001 LILLEY AVE                    9.875          1,172.27         80
                                       9.625          1,172.27      169,000.00
    COLUMBUS         OH   43206          2            06/30/00         00
    0124305                              05           08/01/00          0
    0124305                              N            07/01/30
    0


    3747051          076/076             F           50,000.00         ZZ
                                         360         49,972.49          1
    4332 S CARDINAL COURT              9.000            402.51         35
                                       8.750            402.51      146,000.00
    SPRINGFIELD      MO   65804          2            07/17/00         00
    0135148                              05           09/01/00          0
    0135148                              O            08/01/30
    0


    3747052          076/076             F          250,000.00         ZZ
                                         360        249,870.39          1
    83  WEBBS HILL RD                  9.250          2,056.69         56
                                       9.000          2,056.69      450,000.00
    STAMFORD         CT   06903          1            07/07/00         00
    0135265                              05           09/01/00          0
    0135265                              O            08/01/30
    0


    3747054          076/076             F          187,920.00         ZZ
                                         360        187,724.41          1
    11 DIANE WAY                       9.250          1,545.97         80
                                       9.000          1,545.97      234,900.00
    MARSHFIELD       MA   02050          1            06/29/00         00
    0143600                              05           08/01/00          0
    0143600                              O            07/01/30
    0


    3747055          076/076             F           60,000.00         ZZ
                                         360         59,966.36          1
    1164 ROSEMEAD RD                   8.875            477.39         75
                                       8.625            477.39       80,000.00
    MOUNT PLEASANT   SC   29464          1            07/10/00         00
    0144482                              05           09/01/00          0
    0144482                              O            08/01/30
    0


    3747057          076/076             F          124,000.00         ZZ
                                         360        123,928.66          1
    53 LINDA CIRCLE                    8.750            975.51         80
                                       8.500            975.51      155,000.00
1


    GREENBRIER       AR   72058          2            07/12/00         00
    0209301                              05           09/01/00          0
    0209301                              O            08/01/30
    0


    3747058          076/076             F          260,000.00         ZZ
                                         360        259,850.41          1
    1950 WEST CHALON STREET            8.750          2,045.42         80
                                       8.500          2,045.42      325,000.00
    NEWBURY PARK     CA   91320          2            07/24/00         00
    0408260                              05           09/01/00          0
    0408260                              O            08/01/30
    0


    3747059          076/076             F           87,000.00         T
                                         360         86,957.21          1
    901 OCEAN AVE                      9.500            731.54         69
                                       9.250            731.54      127,000.00
    OCEAN CITY       NJ   08226          1            08/01/00         00
    0477647                              01           09/01/00          0
    0477647                              O            08/01/30
    0


    3747060          076/076             F          199,200.00         ZZ
                                         360        199,096.73          1
    1532 DEBRA PLACE                   9.250          1,638.77         80
                                       9.000          1,638.77      249,000.00
    VALLEY STREAM    NY   11580          1            07/25/00         00
    1817679                              05           09/01/00          0
    1817679                              O            08/01/30
    0


    3747061          076/076             F          112,500.00         ZZ
                                         360        112,370.07          1
    3734 WYANDOTTE STREET              8.750            885.04         75
                                       8.500            885.04      150,000.00
    KANSAS CITY      MO   64111          1            06/21/00         00
    9313541                              05           08/01/00          0
    9313541                              O            07/01/30
    0


    3747062          076/076             F           75,400.00         ZZ
                                         360         75,323.55          1
    562 HARBINS ROAD                   9.375            627.14         70
                                       9.125            627.14      109,000.00
    DACULA           GA   30019          5            06/30/00         00
    9646130                              05           08/01/00          0
    9646130                              N            07/01/30
    0
1




    3747063          076/076             F          193,900.00         ZZ
                                         360        193,703.38          1
    11489 NIAGARA DRIVE                9.375          1,612.77         85
                                       9.125          1,612.77      228,171.00
    FISHERS          IN   46038          1            06/09/00         12
    9658319                              03           08/01/00         12
    9658319                              O            07/01/30
    0


    3747064          076/076             F           90,000.00         ZZ
                                         360         89,898.71          1
    18786 STILL LAKE DR                8.875            716.08         34
                                       8.625            716.08      267,000.00
    JUPITER          FL   33458          1            06/30/00         00
    9860146                              03           08/01/00          0
    9860146                              O            07/01/30
    0


    3747065          076/076             F          100,000.00         ZZ
                                         360         99,945.38          1
    1639 SOUTH EVANSTON AVENUE         9.000            804.62         80
                                       8.750            804.62      125,000.00
    TULSA            OK   74104          1            07/06/00         00
    9946395                              05           09/01/00          0
    9946395                              O            08/01/30
    0


    3747284          P06/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
    1917 OAK STREET                    9.125          1,562.18         80
                                       8.875          1,562.18      240,000.00
    PASO ROBLES      CA   93446          1            08/16/00         00
    0432250504                           05           10/01/00          0
    0001020                              O            09/01/30
    0


    3749004          E22/G02             F          109,600.00         ZZ
                                         360        109,600.00          4
    7821 SAYONARA DRIVE                9.125            891.74         80
                                       8.875            891.74      137,000.00
    CITRUS HEIGHTS   CA   95610          1            08/14/00         00
    0411978497                           05           10/01/00          0
    0411978497                           N            09/01/30
    0


    3749005          E22/G02             F          109,600.00         ZZ
                                         360        109,600.00          4
1


    7837 SAYONARA DRIVE                9.125            891.74         80
                                       8.875            891.74      137,000.00
    CITRUS HEIGHTS   CA   95610          1            08/14/00         00
    0411978737                           05           10/01/00          0
    0411978737                           N            09/01/30
    0


    3749006          E22/G02             F          109,600.00         ZZ
                                         360        109,600.00          4
    7877 SAYONARA DRIVE                9.125            891.74         80
                                       8.875            891.74      137,000.00
    CITRUS HEIGHTS   CA   95610          1            08/14/00         00
    0411978745                           05           10/01/00          0
    0411978745                           N            09/01/30
    0


    3749009          E22/G02             F          114,500.00         ZZ
                                         360        114,500.00          1
    3570 MINERAL WELLS HIGHWAY         9.000            921.29         62
                                       8.750            921.29      187,000.00
    WEATHERFORD      TX   76088          4            08/30/00         00
    0412018426                           05           10/01/00          0
    0412018426                           O            09/01/30
    0


    3749010          E22/G02             F          320,300.00         ZZ
                                         360        320,300.00          1
    803 ELK RUN CIRCLE                 9.125          2,606.07         87
                                       8.875          2,606.07      370,000.00
    HOUSTON          TX   77079          2            08/15/00         01
    0412026882                           03           10/01/00         25
    0412026882                           O            09/01/30
    0


    3749011          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    156 A COOPER RD                    9.500          1,009.03         54
                                       9.250          1,009.03      225,000.00
    MILLERTON        NY   12546          5            08/25/00         00
    0412034746                           05           10/01/00          0
    0412034746                           O            09/01/30
    0


    3749014          E22/G02             F           66,900.00         ZZ
                                         360         66,900.00          1
    1232 COUNTY ROAD 314               8.875            532.29         79
                                       8.625            532.29       85,000.00
    TOWN CREEK       AL   35672          5            08/25/00         00
    0412051344                           05           10/01/00          0
1


    0412051344                           O            09/01/30
    0


    3749015          E22/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
    2413 ORIOLE                        9.500            578.51         80
                                       9.250            578.51       86,000.00
    SLIDELL          LA   70460          2            08/30/00         00
    0412054041                           05           10/01/00          0
    0412054041                           N            09/01/30
    0


    3749018          E22/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
    7317 ORCHID LAKE ROAD              8.750            717.47         80
                                       8.500            717.47      114,000.00
    NEW PORT RICHEY  FL   34653          2            08/25/00         00
    0412062333                           05           10/01/00          0
    0412062333                           O            09/01/30
    0


    3749024          E22/G02             F           70,400.00         ZZ
                                         360         70,400.00          1
    2605 HELENA                        9.375            585.55         80
                                       9.125            585.55       88,000.00
    JACKSON          MI   49203          1            08/30/00         00
    0412081358                           05           10/01/00          0
    0412081358                           O            09/01/30
    0


    3749026          E22/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
    13108 MIDDLE RIDGE ROAD            9.125            504.45         77
                                       8.875            504.45       81,000.00
    OZARK            AR   72949          2            08/25/00         00
    0412083669                           05           10/01/00          0
    0412083669                           O            09/01/30
    0


    3749031          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
    711 BREEZY HILL LANE               9.625          1,733.98         80
                                       9.375          1,733.98      255,000.00
    ROCKWALL         TX   75087          1            08/21/00         00
    0412087496                           05           10/01/00          0
    0412087496                           O            09/01/30
    0


1


    3749034          E22/G02             F           89,300.00         ZZ
                                         360         89,300.00          1
    1227 ORCHID AVE.                   8.875            710.51         80
                                       8.625            710.51      113,000.00
    PHARR            TX   78577          2            08/25/00         00
    0412091704                           05           10/01/00          0
    0412091704                           O            09/01/30
    0


    3749042          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
    5897 SILVERLEAF DRIVE              8.625          1,275.58         80
                                       8.375          1,275.58      205,000.00
    FORESTHILL       CA   95631          5            08/23/00         00
    0412099798                           05           10/01/00          0
    0412099798                           O            09/01/30
    0


    3749048          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
    339 PRAIRIE STREET                10.000            592.36         90
                                       9.750            592.36       75,000.00
    JACKSON          MI   49203          1            08/30/00         01
    0412102568                           05           10/01/00         30
    0412102568                           O            09/01/30
    0


    3749049          E22/G02             F          293,000.00         ZZ
                                         360        293,000.00          1
    142 RIVERSIDE DRIVE                8.875          2,331.24         79
                                       8.625          2,331.24      375,000.00
    EATONTON         GA   31024          2            08/25/00         00
    0412103392                           05           10/01/00          0
    0412103392                           O            09/01/30
    0


    3749062          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          2
    7753 COLLEGE AVENUE                9.625          1,338.73         75
                                       9.375          1,338.73      210,000.00
    WHITTIER         CA   90602          2            08/23/00         00
    0412107773                           05           10/01/00          0
    0412107773                           N            09/01/30
    0


    3749071          E22/G02             F          110,800.00         ZZ
                                         360        110,800.00          1
    9055 ORIOLE LANE                   8.625            861.79         80
                                       8.375            861.79      138,500.00
1


    MONTICELLO       MN   55362          5            08/25/00         00
    0412112658                           05           10/01/00          0
    0412112658                           O            09/01/30
    0


    3749072          E22/G02             F          108,300.00         ZZ
                                         360        108,300.00          1
    5579 ANGLE LANE                    9.375            900.78         95
                                       9.125            900.78      114,000.00
    GREENDALE        WI   53129          5            08/25/00         04
    0412112922                           05           10/01/00         30
    0412112922                           O            09/01/30
    0


    3749076          E22/G02             F          159,300.00         ZZ
                                         360        159,300.00          4
    14525 S RICHMOND ST                8.750          1,253.21         90
                                       8.500          1,253.21      177,000.00
    POSEN            IL   60469          2            08/30/00         04
    0412114860                           05           10/01/00         25
    0412114860                           N            09/01/30
    0


    3749078          E22/G02             F          106,400.00         ZZ
                                         360        106,400.00          1
    10408 BROADWAY AVE SOUTH           9.500            894.67         95
                                       9.250            894.67      112,000.00
    TACOMA           WA   98444          5            08/25/00         04
    0412115842                           05           10/01/00         30
    0412115842                           O            09/01/30
    0


    3749080          E22/G02             F          127,500.00         ZZ
                                         360        127,500.00          1
    347 PINON CREEK TRAIL SE           9.375          1,060.48         75
                                       9.125          1,060.48      170,000.00
    ALBUQUERQUE      NM   87123          2            08/30/00         00
    0412118440                           05           10/01/00          0
    0412118440                           N            09/01/30
    0


    3749081          E22/G02             F           48,600.00         ZZ
                                         360         48,600.00          1
    1601 TIMBER LANE ROAD              9.750            417.55         90
                                       9.500            417.55       54,000.00
    GAUTIER          MS   39553          1            08/30/00         10
    0412119257                           05           10/01/00         25
    0412119257                           N            09/01/30
    0
1




    3749740          E82/G02             F          303,500.00         ZZ
                                         360        303,500.00          1
    101 MYSTIC DRIVE                   9.125          2,469.38         84
                                       8.875          2,469.38      365,000.00
    OSSINING         NY   10562          5            08/25/00         04
    0400299996                           01           10/01/00         12
    0400299996                           O            09/01/30
    0


    3749742          E82/G02             F          174,400.00         ZZ
                                         360        174,400.00          1
    25 ROOSEVELT STREET                8.750          1,372.01         80
                                       8.500          1,372.01      218,000.00
    ISLIP TERRACE    NY   11752          1            08/30/00         00
    0400303764                           05           10/01/00          0
    0400303764                           O            09/01/30
    0


    3749743          E82/G02             F           73,800.00         ZZ
                                         360         73,800.00          2
    529-529 1/2 HILBORN STREET         9.750            634.06         90
                                       9.500            634.06       82,000.00
    LODI             CA   95240          1            08/29/00         04
    0400313110                           05           10/01/00         25
    0400313110                           N            09/01/30
    0


    3749745          E82/G02             F           80,250.00         ZZ
                                         360         80,250.00          1
    1561 EAST STATE ROUTE 50           8.875            638.51         95
                                       8.625            638.51       84,500.00
    MILFORD          OH   45150          1            08/31/00         04
    0400310876                           05           10/01/00         30
    0400310876                           O            09/01/30
    0


    3749835          E84/G02             F          430,000.00         ZZ
                                         360        430,000.00          1
    17 OXFORD COURT NORTH              9.375          3,576.52         48
                                       9.125          3,576.52      901,000.00
    BELMONT          CA   94002          1            07/26/00         00
    0432260750                           05           10/01/00          0
    50400022                             N            09/01/30
    0


    3752358          E22/G02             F          104,800.00         ZZ
                                         360        104,800.00          1
1


    9280 ARLENE AVENUE                 9.500            881.22         80
                                       9.250            881.22      131,000.00
    ORANGEVALE       CA   95662          1            08/16/00         00
    0411967102                           05           10/01/00          0
    0411967102                           N            09/01/30
    0


    3752366          E22/G02             F           98,100.00         ZZ
                                         360         98,100.00          1
    5963 DOWNS ROAD NORTH              9.375            815.95         90
                                       9.125            815.95      109,000.00
    HARRINGTON       WA   99134          1            08/14/00         01
    0412046096                           05           10/01/00         25
    0412046096                           O            09/01/30
    0


    3752371          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
    4924 N CENTRAL PARK                9.500          1,324.35         90
                                       9.250          1,324.35      175,000.00
    CHICAGO          IL   60625          1            08/31/00         01
    0412070526                           05           10/01/00         25
    0412070526                           O            09/01/30
    0


    3752385          E22/G02             F          262,500.00         ZZ
                                         360        262,500.00          3
    1214 EAST FIR STREET               9.000          2,112.13         75
                                       8.750          2,112.13      350,000.00
    SEATTLE          WA   98102          1            08/24/00         00
    0412082315                           05           10/01/00          0
    0412082315                           N            09/01/30
    0


    3752391          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
    2637 EAST ESTRELLA STREET          8.875          1,193.47         88
                                       8.625          1,193.47      171,000.00
    GILBERT          AZ   85296          2            08/22/00         01
    0412088023                           05           10/01/00         25
    0412088023                           O            09/01/30
    0


    3752417          E22/G02             F           95,850.00         ZZ
                                         360         95,850.00          1
    17510 ROY STREET                   9.250            788.53         90
                                       9.000            788.53      106,500.00
    LANSING          IL   60438          1            08/31/00         01
    0412100331                           05           10/01/00         25
1


    0412100331                           O            09/01/30
    0


    3752434          E22/G02             F          252,650.00         ZZ
                                         360        252,650.00          1
    1012 SOUTH PASEO DE MARCI          9.625          2,147.50         79
                                       9.375          2,147.50      320,000.00
    PALM SPRINGS     CA   92264          1            08/25/00         00
    0412111635                           05           10/01/00          0
    0412111635                           O            09/01/30
    0


    3752440          E22/G02             F          130,800.00         ZZ
                                         360        130,800.00          1
    9120 W. 4TH AVENUE                 9.250          1,076.06         80
                                       9.000          1,076.06      163,500.00
    LAKEWOOD         CO   80226          1            08/31/00         00
    0412113177                           05           10/01/00          0
    0412113177                           N            09/01/30
    0


    3752442          E22/G02             F          142,700.00         ZZ
                                         360        142,700.00          1
    95 FARINGDON                       9.000          1,148.20         89
                                       8.750          1,148.20      161,000.00
    CRYSTAL LAKE     IL   60014          1            08/31/00         01
    0412113367                           05           10/01/00         25
    0412113367                           O            09/01/30
    0


    3752450          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
    4212 BAY COURT NE                  9.500          1,244.46         80
                                       9.250          1,244.46      185,000.00
    ALBUQUERQUE      NM   87111          2            08/31/00         00
    0412118457                           07           10/01/00          0
    0412118457                           N            09/01/30
    0


    3752451          E22/G02             F           96,650.00         ZZ
                                         360         96,650.00          1
    1309 S TWENTY FIFTH STREET         9.625            821.51         75
                                       9.375            821.51      128,900.00
    COLORADO SPRING  CO   80904          5            08/31/00         00
    0412119596                           05           10/01/00          0
    0412119596                           N            09/01/30
    0


1


    3752456          E22/G02             F          295,600.00         ZZ
                                         360        295,600.00          1
    5769 S. JAY STREET                 9.875          2,566.84         80
                                       9.625          2,566.84      369,523.00
    LITTLETON        CO   80123          1            08/31/00         00
    0412121873                           03           10/01/00          0
    0412121873                           N            09/01/30
    0


    3752727          G52/G02             F          242,250.00         ZZ
                                         360        242,250.00          3
    3451 3451 1/2 3453 GLENHURST A     8.875          1,927.45         85
    NUE                                8.625          1,927.45      285,000.00
    LOS ANGELES      CA   90039          2            08/10/00         10
    0432255701                           05           10/01/00         12
    89505661                             O            09/01/30
    0


    3753019          E82/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
    1047 BOSTON HARBOR                 9.500            773.59         80
                                       9.250            773.59      115,000.00
    SCHAUMBURG       IL   60193          2            08/28/00         00
    0400310702                           01           10/01/00          0
    0400310702                           O            09/01/30
    0


    3753980          G52/G02             F          135,500.00         ZZ
                                         360        135,500.00          1
    1751 EAST ORANGE GROVE ROAD        9.000          1,090.26         76
                                       8.750          1,090.26      180,000.00
    TUCSON           AZ   85718          2            08/24/00         00
    0432249191                           05           10/01/00          0
    FELBER                               O            09/01/30
    0


    3756927          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    1738 STUART STREET                 9.625          1,223.98         75
                                       9.375          1,223.98      192,000.00
    BERKELEY         CA   94703          1            08/29/00         00
    0412046005                           05           10/01/00          0
    0412046005                           N            09/01/30
    0


    3756935          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
    6200 OLYMPIC OVERLOOK              9.375          2,911.12         78
                                       9.125          2,911.12      450,000.00
1


    AUSTIN           TX   78746          5            08/24/00         00
    0412075715                           05           10/01/00          0
    0412075715                           O            09/01/30
    0


    3756947          E22/G02             F           44,500.00         ZZ
                                         360         44,500.00          1
    1101 S. NORTHERN BOULEVARD         9.625            378.25         72
                                       9.375            378.25       62,000.00
    INDEPENDENCE     MO   64053          1            09/01/00         00
    0412104457                           05           10/01/00          0
    0412104457                           O            09/01/30
    0


    3756958          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
    116 EISENHOWER ROAD                9.250          1,258.69         90
                                       9.000          1,258.69      170,000.00
    FRASER           CO   80442          1            09/01/00         01
    0412116055                           05           10/01/00         25
    0412116055                           O            09/01/30
    0


    3758003          E82/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
    32886 GUYS MILLS ROAD              9.375          1,064.64         80
                                       9.125          1,064.64      160,000.00
    TOWNVILLE        PA   16360          1            09/01/00         00
    0400306288                           05           10/01/00          0
    0400306288                           O            09/01/30
    0


    3758428          U62/G02             F          156,500.00         ZZ
                                         360        156,500.00          1
    5454 MOUNT PLYMOUTH ROAD           9.250          1,287.49         53
                                       9.000          1,287.49      300,000.00
    APOPKA           FL   32712          5            08/26/00         00
    0432250439                           05           10/01/00          0
    2001209756                           O            09/01/30
    0


    3759491          964/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
    6442 ABBINGTON STREET              8.875          1,209.38         80
                                       8.625          1,209.38      190,000.00
    LAS VEGAS        NV   89120          2            08/25/00         00
    0432250561                           05           10/01/00          0
    85647                                O            09/01/30
    0
1




    3759579          286/286             F           57,600.00         ZZ
                                         360         57,570.91          3
    337 1/2 MADISON AVE                9.375            479.09         90
                                       9.125            479.09       64,000.00
    ALBANY           NY   12210          1            07/11/00         01
    0000003612                           05           09/01/00         25
    0000003612                           N            08/01/30
    0


    3759580          286/286             F           48,000.00         ZZ
                                         360         47,975.76          1
    934 CRESCENT DR                    9.375            399.24         80
                                       9.125            399.24       60,000.00
    INDEPENDENCE     KS   67301          1            07/27/00         00
    0000003753                           05           09/01/00          0
    0000003753                           N            08/01/30
    0


    3759583          286/286             F          152,550.00         ZZ
                                         360        152,470.91          3
    86 ELLINGTON ST                    9.250          1,255.00         90
                                       9.000          1,255.00      169,500.00
    EAST ORANGE      NJ   07017          1            07/27/00         12
    0000004207                           05           09/01/00         25
    0000004207                           O            08/01/30
    0


    3759585          286/286             F          288,000.00         ZZ
                                         360        287,858.33          2
    237 GROVE ST                       9.500          2,421.67         90
                                       9.250          2,421.67      320,000.00
    LODI             NJ   07644          1            07/24/00         12
    0000004527                           05           09/01/00         25
    0000004527                           N            08/01/30
    0


    3759586          286/286             F           60,800.00         ZZ
                                         360         60,765.01          1
    1609 ASPEN DR                      8.750            478.32         80
                                       8.500            478.32       76,000.00
    PLAINSBORO       NJ   08536          1            07/28/00         00
    0000004546                           01           09/01/00          0
    0000004546                           O            08/01/30
    0


    3759587          286/286             F          165,000.00         ZZ
                                         360        164,907.49          1
1


    72 PREDMORE AVE                    8.875          1,312.82         77
                                       8.625          1,312.82      215,000.00
    WOODBRIDGE       NJ   07067          5            07/27/00         00
    0000004570                           05           09/01/00          0
    0000004570                           O            08/01/30
    0


    3759588          286/286             F          139,500.00         ZZ
                                         360        139,433.17          1
    339 PATCHEN RD                     9.625          1,185.74         90
                                       9.375          1,185.74      155,000.00
    SOUTH BURLINGTO  VT   05403          1            07/28/00         12
    0000004584                           05           09/01/00         25
    0000004584                           O            08/01/30
    0


    3759589          286/286             F           47,100.00         ZZ
                                         360         47,076.21          1
    12027 ELDRIDGE PARKWAY             9.375            391.76         26
                                       9.125            391.76      186,600.00
    HOUSTON          TX   77065          2            07/25/00         00
    0000025268                           03           09/01/00          0
    0000025268                           O            08/01/30
    0


    3759590          286/286             F          193,500.00         ZZ
                                         360        193,404.83          2
    622-624 BURGUNDY STREET            9.500          1,627.05         90
                                       9.250          1,627.05      215,000.00
    NEW ORLEANS      LA   70119          1            07/06/00         11
    0000025445                           05           09/01/00         25
    0000025445                           O            08/01/30
    0


    3759591          286/286             F           52,250.00         ZZ
                                         360         52,222.91          2
    3913 A & B OLIVE STREET            9.250            429.85         70
                                       9.000            429.85       74,700.00
    BRYAN            TX   77801          1            07/12/00         00
    0000025475                           05           09/01/00          0
    0000025475                           N            08/01/30
    0


    3759595          286/286             F          153,750.00         ZZ
                                         360        153,123.30          4
    4307 SOUTH HONORE STREER           9.625          1,306.86         75
                                       9.375          1,306.86      205,000.00
    CHICAGO          IL   60609          5            04/20/00         00
    0000034454                           05           06/01/00          0
1


    0000034454                           N            05/01/30
    0


    3759597          286/286             F           56,500.00         ZZ
                                         360         56,406.68          1
    3919 LAWN                          9.000            454.62         81
                                       8.750            454.62       70,000.00
    KANSAS CITY      MO   64130          5            05/26/00         11
    0000043817                           05           07/01/00         12
    0000043817                           O            06/01/30
    0


    3759598          286/286             F           62,550.00         ZZ
                                         360         62,425.44          4
    1911 MELROSE                       9.500            525.96         90
                                       9.250            525.96       69,500.00
    VICTORIA         TX   77904          1            04/28/00         11
    0000045594                           05           06/01/00         25
    0000045594                           N            05/01/30
    0


    3759600          286/286             F          182,000.00         ZZ
                                         360        181,912.80          1
    98 ELIJAH CHILDS ROAD              9.625          1,546.99         80
                                       9.375          1,546.99      228,000.00
    CENTERVILLE      MA   02632          1            07/31/00         00
    0000059262                           05           09/01/00          0
    0000059262                           O            08/01/30
    0


    3759601          286/286             F           72,000.00         ZZ
                                         360         71,957.49          3
    270 MORGAN ST                      8.625            560.01         90
                                       8.375            560.01       80,000.00
    FALL RIVER       MA   02720          1            07/10/00         11
    0000063063                           05           09/01/00         25
    0000063063                           N            08/01/30
    0


    3759602          286/286             F           54,900.00         T
                                         360         54,875.71          1
    W6 CAROLINA YACHT LANDING         10.000            481.79         74
                                       9.750            481.79       74,900.00
    LITTLE RIVER     SC   29566          1            07/10/00         00
    0000063179                           01           09/01/00          0
    0000063179                           O            08/01/30
    0


1


    3759604          286/286             F           76,500.00         ZZ
                                         360         76,332.98          1
    325 DIANE ST                      10.125            678.42         90
                                       9.875            678.42       85,000.00
    RITTMAN          OH   44270          1            06/09/00         01
    0000065927                           05           08/01/00         25
    0000065927                           N            07/01/30
    0


    3759605          286/286             F           56,250.00         ZZ
                                         360         56,218.46          1
    10918 COREYS WAY                   8.875            447.56         90
                                       8.625            447.56       62,500.00
    FREDERICKSBURG   VA   22408          1            07/26/00         11
    0000066289                           03           09/01/00         25
    0000066289                           N            08/01/30
    0


    3759606          286/286             F           56,250.00         ZZ
                                         360         56,218.46          1
    10914 COREYS WAY                   8.875            447.56         90
                                       8.625            447.56       62,500.00
    FREDERICKSBURG   VA   22408          1            07/26/00         11
    0000066290                           03           09/01/00         25
    0000066290                           N            08/01/30
    0


    3759607          286/286             F           56,250.00         ZZ
                                         360         56,218.46          1
    10910 COREYS WAY                   8.875            447.56         90
                                       8.625            447.56       62,500.00
    FREDERICKSBURG   VA   22408          1            07/26/00         11
    0000066291                           03           09/01/00         25
    0000066291                           N            08/01/30
    0


    3759610          286/286             F           77,600.00         T
                                         360         77,532.86          1
    7503 WILLOW PARK                  10.125            688.18         80
                                       9.875            688.18       97,000.00
    TAMPA            FL   33637          1            06/09/00         00
    0000068627                           05           08/01/00          0
    0000068627                           O            07/01/30
    0


    3759611          286/286             F           68,000.00         ZZ
                                         360         67,920.38          1
    5063 CARPENTER                     9.750            584.23         80
                                       9.500            584.23       85,000.00
1


    DETROIT          MI   48212          1            06/26/00         00
    0000068994                           05           08/01/00          0
    0000068994                           O            07/01/30
    0


    3759612          286/286             F           65,000.00         T
                                         360         64,968.02          1
    10055 DIAMOND LAKE RD              9.500            546.56         29
                                       9.250            546.56      225,000.00
    BOYNTON BEACH    FL   33437          1            07/31/00         00
    0000069033                           03           09/01/00          0
    0000069033                           O            08/01/30
    0


    3759614          286/286             F          132,000.00         ZZ
                                         360        131,936.76          4
    1230,1232,1240,1242 MANGO DR       9.625          1,121.99         90
                                       9.375          1,121.99      147,000.00
    WEST PALM BEACH  FL   33415          1            07/25/00         21
    0000069360                           05           09/01/00         25
    0000069360                           N            08/01/30
    0


    3759615          286/286             F           56,250.00         ZZ
                                         360         56,223.75          1
    22200 BOCA RANCHO DRIVE            9.750            483.28         75
                                       9.500            483.28       75,000.00
    BOCA RATON       FL   33428          1            07/06/00         00
    0000069417                           03           09/01/00          0
    0000069417                           N            08/01/30
    0


    3759616          286/286             F           75,000.00         ZZ
                                         360         74,931.57          1
    3215 SW 3RD STREET                 9.500            630.65         50
                                       9.250            630.65      150,000.00
    MIAMI            FL   33135          5            07/07/00         00
    0000069472                           05           09/01/00          0
    0000069472                           N            08/01/30
    0


    3759617          286/286             F           52,000.00         ZZ
                                         360         51,975.09          1
    15019 DEAD RIVER ROAD              9.625            441.99         80
                                       9.375            441.99       65,000.00
    THONOTOSASSA     FL   33592          1            07/10/00         00
    0000069581                           27           09/01/00          0
    0000069581                           O            08/01/30
    0
1




    3759618          286/286             F           45,500.00         ZZ
                                         360         45,476.41          1
    317 RAYELENE DR                    9.250            374.32         62
                                       9.000            374.32       73,500.00
    VESTAL           NY   13850          1            07/27/00         00
    0000069623                           05           09/01/00          0
    0000069623                           O            08/01/30
    0


    3759619          286/286             F           53,600.00         ZZ
                                         360         53,573.63          1
    1937 CORTEZ RD                     9.500            450.70         80
                                       9.250            450.70       67,000.00
    JACKSONVILLE     FL   32246          5            07/14/00         00
    0000069682                           05           09/01/00          0
    0000069682                           N            08/01/30
    0


    3759620          286/286             F          155,950.00         ZZ
                                         360        155,867.00          1
    2412 GROVEWAY DR                   9.125          1,268.87         80
                                       8.875          1,268.87      194,944.00
    VALRICO          FL   33594          1            07/28/00         00
    0000069687                           03           09/01/00          0
    0000069687                           O            08/01/30
    0


    3759622          286/286             F          125,600.00         ZZ
                                         360        125,539.83          1
    2635 MASSENA                       9.625          1,067.59         80
                                       9.375          1,067.59      157,000.00
    COMMERCE TOWNSH  MI   48382          1            07/21/00         00
    0000069815                           05           09/01/00          0
    0000069815                           O            08/01/30
    0


    3759623          286/286             F          455,000.00         ZZ
                                         360        454,764.12          1
    1315 UNITED STREET                 9.250          3,743.17         69
                                       9.000          3,743.17      665,000.00
    KEY WEST         FL   33040          2            07/21/00         00
    0000069842                           05           09/01/00          0
    0000069842                           O            08/01/30
    0


    3759624          286/286             F          100,800.00         ZZ
                                         360        100,800.00          4
1


    8944-8950 TEMPLE TER HWY           8.875            802.02         90
                                       8.625            802.02      112,000.00
    TAMPA            FL   33639          1            08/07/00         21
    0000069848                           05           10/01/00         25
    0000069848                           N            09/01/30
    0


    3759625          286/286             F           98,000.00         ZZ
                                         360         97,939.08          1
    2796 COTTONWOOD LN                 8.375            744.88         80
                                       8.125            744.88      122,500.00
    PENSCOLA         FL   32514          1            07/21/00         00
    0000069867                           05           09/01/00          0
    0000069867                           O            08/01/30
    0


    3759626          286/286             F          121,500.00         ZZ
                                         360        121,443.31          4
    5035 WESTCHASE COURT               9.750          1,043.88         90
                                       9.500          1,043.88      135,000.00
    JACKSONVILLE     FL   32210          1            07/27/00         01
    0000070017                           05           09/01/00         25
    0000070017                           N            08/01/30
    0


    3759628          286/286             F           76,500.00         ZZ
                                         360         76,454.24          2
    21-23 NARRAGANSETT ST              9.875            664.29         90
                                       9.625            664.29       85,000.00
    SPRINGFIELD      MA   01107          1            07/18/00         11
    0000075105                           05           09/01/00         25
    0000075105                           N            08/01/30
    0


    3759629          286/286             F          108,250.00         ZZ
                                         360        108,193.88          1
    2130 DRAGONSLAYER AVE              9.250            890.55         90
                                       9.000            890.55      120,296.00
    LAS VEGAS        NV   89123          1            07/26/00         12
    0000076216                           05           09/01/00         25
    0000076216                           O            08/01/30
    0


    3759630          286/286             F          101,450.00         ZZ
                                         360        101,394.59          1
    3590 MILL CREEK LN                 9.000            816.29         80
                                       8.750            816.29      127,000.00
    MARIETTA         GA   30060          2            07/31/00         00
    0000077482                           05           09/01/00          0
1


    0000077482                           O            08/01/30
    0


    3759631          286/286             F           66,015.00         ZZ
                                         360         65,957.88          4
    4508 LOUISIANA                    10.125            585.44         90
                                       9.875            585.44       73,350.00
    ST LOUIS         MO   63111          1            06/15/00         11
    0000079488                           05           08/01/00         25
    0000079488                           N            07/01/30
    0


    3759632          286/286             F          100,300.00         ZZ
                                         360        100,253.20          4
    3017 MIAMI                         9.750            861.74         85
                                       9.500            861.74      118,000.00
    ST. LOUIS        MO   63146          1            07/17/00         04
    0000079585                           05           09/01/00         12
    0000079585                           N            08/01/30
    0


    3759633          286/286             F           85,500.00         ZZ
                                         360         85,462.17          4
    4647-4649 CECIL PL                10.000            750.33         90
                                       9.750            750.33       95,000.00
    ST. LOUIS        MO   63116          1            07/19/00         11
    0000080050                           05           09/01/00         25
    0000080050                           N            08/01/30
    0


    3759635          286/286             F           52,800.00         ZZ
                                         360         52,704.02          1
    RT 2 BOX 65                        9.500            443.98         80
                                       9.250            443.98       66,000.00
    CHICKASHA        OK   73018          5            07/19/00         00
    0000080545                           05           09/01/00          0
    0000080545                           O            08/01/30
    0


    3759637          286/286             F           54,000.00         ZZ
                                         360         53,974.80          4
    4547 FLAD AVE                      9.750            463.95         90
                                       9.500            463.95       60,000.00
    ST LOUIS         MO   63110          1            07/28/00         14
    0000080957                           05           09/01/00         25
    0000080957                           N            08/01/30
    0


1


    3759638          286/286             F           18,000.00         ZZ
                                         360         17,991.60          2
    7314 VERMONT AVE                   9.750            154.65         90
                                       9.500            154.65       20,000.00
    ST LOUIS         MO   63111          1            07/17/00         11
    0000081098                           05           09/01/00         25
    0000081098                           N            08/01/30
    0


    3759639          286/286             F           79,500.00         ZZ
                                         360         79,463.88          1
    5051 COUNTRY VIEW                  9.875            690.34         75
                                       9.625            690.34      106,000.00
    IMPERIAL         MO   63052          5            08/04/00         00
    0000081260                           03           09/01/00          0
    0000081260                           N            08/01/30
    0


    3759640          286/286             F          650,000.00         ZZ
                                         360        649,712.45          1
    175 SADDLE WOOD DR                10.000          5,704.22         75
                                       9.750          5,704.22      875,000.00
    NOVATO           CA   94945          1            07/01/00         00
    0000082397                           05           09/01/00          0
    0000082397                           O            08/01/30
    0


    3759643          286/286             F          170,900.00         ZZ
                                         360        170,804.19          4
    158 UNION ST                       8.875          1,359.76         90
                                       8.625          1,359.76      189,900.00
    JERSEY CITY      NJ   07305          1            07/26/00         11
    0000084792                           05           09/01/00         25
    0000084792                           O            08/01/30
    0


    3759644          286/286             F          320,000.00         ZZ
                                         360        319,850.70          1
    2328 HASTINGS AVE                  9.750          2,749.30         59
                                       9.500          2,749.30      550,000.00
    EVANSTON         IL   60201          2            07/11/00         00
    0000088541                           05           09/01/00          0
    0000088541                           N            08/01/30
    0


    3759645          286/286             F           67,500.00         ZZ
                                         360         67,467.66          4
    4105 POTOMAC                       9.625            573.75         90
                                       9.375            573.75       75,000.00
1


    ST LOUIS         MO   63116          1            07/28/00         11
    0000089217                           05           09/01/00         25
    0000089217                           N            08/01/30
    0


    3759646          286/286             F           67,500.00         ZZ
                                         360         67,467.66          4
    4101 POTOMAC AVE                   9.625            573.75         90
                                       9.375            573.75       75,000.00
    ST LOUIS         MO   63116          1            07/28/00         11
    0000089218                           05           09/01/00         25
    0000089218                           N            08/01/30
    0


    3759647          286/286             F          128,700.00         ZZ
                                         360        128,629.70          1
    73 WHITEWOOD RD                    9.000          1,035.55         90
                                       8.750          1,035.55      143,000.00
    NEWINGTON        CT   06111          1            07/14/00         12
    0000089386                           05           09/01/00         25
    0000089386                           O            08/01/30
    0


    3759648          286/286             F           44,250.00         ZZ
                                         360         44,229.35          1
    3814 SHANNON DR                    9.750            380.18         50
                                       9.500            380.18       88,500.00
    FORT WAYNE       IN   46835          1            07/28/00         00
    0000089415                           05           09/01/00          0
    0000089415                           O            08/01/30
    0


    3759649          286/286             F           68,000.00         ZZ
                                         360         68,000.00          1
    1438 ANDRE STREET                  9.375            565.59         80
                                       9.125            565.59       85,000.00
    BALTIMORE        MD   21230          1            08/04/00         00
    0000089491                           05           10/01/00          0
    0000089491                           N            09/01/30
    0


    3759650          286/286             F          286,650.00         ZZ
                                         360        286,512.67          1
    2768 BROOK GROVE LN                9.625          2,436.50         90
                                       9.375          2,436.50      318,500.00
    ATLANTA          GA   30339          1            07/31/00         11
    0000089916                           03           09/01/00         25
    0000089916                           O            08/01/30
    0
1




    3759651          286/286             F           43,200.00         ZZ
                                         360         43,179.84          1
    404 FRANKLIN ST                    9.750            371.16         90
                                       9.500            371.16       48,000.00
    WARRENSBURG      MO   64093          1            07/28/00         11
    0000090746                           05           09/01/00         25
    0000090746                           N            08/01/30
    0


    3759652          286/286             F          292,500.00         ZZ
                                         360        292,363.53          1
    3925 LYONS ST                      9.750          2,513.03         90
                                       9.500          2,513.03      325,000.00
    EVANSTON         IL   60203          1            07/31/00         11
    0000090779                           05           09/01/00         25
    0000090779                           N            08/01/30
    0


    3759653          286/286             F          160,000.00         ZZ
                                         360        160,000.00          1
    7727 VIRGIL AVENUE                 8.750          1,258.72         80
                                       8.500          1,258.72      200,000.00
    HUNTSVILLE       OH   43324          2            08/01/00         00
    0000090954                           05           10/01/00          0
    0000090954                           O            09/01/30
    0


    3759654          286/286             F           44,460.00         ZZ
                                         360         44,438.70          1
    1204 16TH ST NW                    9.625            377.91         90
                                       9.375            377.91       49,400.00
    CANTON           OH   44703          1            07/27/00         04
    0000091321                           05           09/01/00         25
    0000091321                           N            08/01/30
    0


    3759655          286/286             F          125,100.00         ZZ
                                         360        125,035.14          2
    1229 NE 35 STREET                  9.250          1,029.17         90
                                       9.000          1,029.17      139,000.00
    FORT LAUDERDALE  FL   33334          1            07/28/00         12
    0000091914                           05           09/01/00         25
    0000091914                           N            08/01/30
    0


    3759656          286/286             F          143,600.00         ZZ
                                         360        143,519.49          1
1


    1125  SANSET PL                    8.875          1,142.55         80
                                       8.625          1,142.55      179,500.00
    MT PLEASANT      SC   29464          1            07/31/00         00
    0000092306                           03           09/01/00          0
    0000092306                           N            08/01/30
    0


    3759657          286/286             F           56,400.00         ZZ
                                         360         56,374.38          2
    207 NORTH 9TH STREET               9.875            489.75         80
                                       9.625            489.75       70,500.00
    NEWARK           NJ   07101          1            07/27/00         00
    0000096486                           05           09/01/00          0
    0000096486                           N            08/01/30
    0


    3759658          286/286             F           32,000.00         ZZ
                                         360         31,985.45          2
    67 NORTH 15TH STREET               9.875            277.88         80
                                       9.625            277.88       40,000.00
    EAST ORANGE      NJ   07019          1            07/27/00         00
    0000096487                           05           09/01/00          0
    0000096487                           N            08/01/30
    0


    3759660          286/286             F           45,000.00         ZZ
                                         360         44,977.86          2
    71 TALMADGE AVE                    9.500            378.39         70
                                       9.250            378.39       65,000.00
    BOUND BROOK      NJ   08805          1            07/25/00         00
    0000097597                           05           09/01/00          0
    0000097597                           N            08/01/30
    0


    3759662          286/286             F           97,550.00         ZZ
                                         360         97,495.30          1
    1908 W CHASE #103                  8.875            776.16         75
                                       8.625            776.16      130,118.00
    CHICAGO          IL   60626          1            07/25/00         00
    0000110833                           01           09/01/00          0
    0000110833                           N            08/01/30
    0


    3759663          286/286             F           44,000.00         ZZ
                                         360         43,980.53          3
    1226 GILSEY AVE                   10.000            386.14         80
                                       9.750            386.14       55,000.00
    CINCINNATI       OH   45205          1            07/26/00         00
    0000110940                           05           09/01/00          0
1


    0000110940                           N            08/01/30
    0


    3759665          286/286             F           85,000.00         ZZ
                                         360         84,948.50          1
    230 W MONTGOMERY AVE               8.500            653.58         54
                                       8.250            653.58      158,000.00
    HAVERFORD        PA   19041          1            07/31/00         00
    0000111688                           05           09/01/00          0
    0000111688                           O            08/01/30
    0


    3759666          286/286             F           30,050.00         ZZ
                                         360         30,035.22          2
    197 W DUNCANNON AVE                9.500            252.68         90
                                       9.250            252.68       33,400.00
    PHILADELPHIA     PA   19120          1            07/31/00         11
    0000112232                           05           09/01/00         25
    0000112232                           N            08/01/30
    0


    3759668          286/286             F          116,550.00         ZZ
                                         360        116,479.39          1
    1414 EAST PERKINS AVE              8.500            896.17         90
                                       8.250            896.17      129,500.00
    SANDUSKY         OH   44870          1            07/14/00         01
    0000112902                           05           09/01/00         25
    0000112902                           N            08/01/30
    0


    3759670          286/286             F           44,000.00         ZZ
                                         360         43,980.00          2
    1222 GILSEY AVE                    9.875            382.08         80
                                       9.625            382.08       55,000.00
    CINCINNATI       OH   45205          1            07/26/00         00
    0000113995                           05           09/01/00          0
    0000113995                           N            08/01/30
    0


    3759671          286/286             F          104,800.00         ZZ
                                         360        104,748.45          1
    7494 WOUNDED KNEE RD               9.500            881.22         80
                                       9.250            881.22      131,000.00
    LORTON           VA   22079          1            07/17/00         00
    0000114503                           03           09/01/00          0
    0000114503                           O            08/01/30
    0


1


    3759672          286/286             F          111,600.00         ZZ
                                         360        111,545.10          1
    838 TAM O'SHANTER                  9.500            938.40         90
                                       9.250            938.40      124,000.00
    LAS VEGAS        NV   89119          1            07/20/00         11
    0000114683                           09           09/01/00         25
    0000114683                           N            08/01/30
    0


    3759673          286/286             F          146,700.00         ZZ
                                         360        146,627.84          1
    720 TAM O'SHANTER                  9.500          1,233.54         90
                                       9.250          1,233.54      163,000.00
    LAS VEGAS        NV   89119          1            07/20/00         11
    0000114703                           09           09/01/00         25
    0000114703                           N            08/01/30
    0


    3759675          286/286             F           75,000.00         ZZ
                                         360         74,964.06          1
    77 OLD BELCHERTOWN RD              9.625            637.50         66
                                       9.375            637.50      115,000.00
    WARE             MA   01082          1            07/14/00         00
    0000115135                           05           09/01/00          0
    0000115135                           O            08/01/30
    0


    3759676          286/286             F           42,300.00         ZZ
                                         360         42,300.00          2
    24-26 SULLIVAN ST                  9.875            367.32         90
                                       9.625            367.32       47,000.00
    SPRINGFIELD      MA   01104          1            08/02/00         11
    0000115578                           05           10/01/00         25
    0000115578                           N            09/01/30
    0


    3759677          286/286             F           68,400.00         ZZ
                                         360         68,368.92          4
    800-804-806  PARK AVE              9.875            593.96         90
                                       9.625            593.96       76,000.00
    WILLIAMSPORT     PA   17701          1            07/28/00         12
    0000115899                           05           09/01/00         25
    0000115899                           N            08/01/30
    0


    3759678          286/286             F           81,250.00         ZZ
                                         360         81,213.08          3
    79 DOWNES ST                       9.875            705.54         64
                                       9.625            705.54      127,000.00
1


    WATERBURY        CT   06708          5            07/27/00         00
    0000116071                           05           09/01/00          0
    0000116071                           N            08/01/30
    0


    3759680          286/286             F           49,600.00         ZZ
                                         360         49,572.19          2
    114-16 MADISON AVE                 8.875            394.64         80
                                       8.625            394.64       62,000.00
    VINTON           VA   24179          1            07/31/00         00
    0000117683                           05           09/01/00          0
    0000117683                           N            08/01/30
    0


    3759681          286/286             F           32,000.00         ZZ
                                         360         31,985.07          1
    3004 15TH ST                       9.750            274.93         64
                                       9.500            274.93       50,000.00
    ROCKFORD         IL   61109          5            07/28/00         00
    0000118055                           05           09/01/00          0
    0000118055                           N            08/01/30
    0


    3759682          286/286             F          340,000.00         ZZ
                                         360        340,000.00          1
    42 SUGAR MAPLE LANE                8.875          2,705.20         85
                                       8.625          2,705.20      400,000.00
    GLEN COVE        NY   11542          1            08/04/00         11
    0000119279                           05           10/01/00         12
    0000119279                           O            09/01/30
    0


    3759686          286/286             F           57,200.00         ZZ
                                         360         57,167.08          2
    503 WASHINGTON AVE                 8.750            450.00         80
                                       8.500            450.00       71,500.00
    VINTON           VA   24179          1            08/03/00         00
    0000119502                           05           09/01/00          0
    0000119502                           N            08/01/30
    0


    3759689          286/286             F          106,200.00         ZZ
                                         360        106,140.46          1
    5212 HUNTINGTON AVE                8.875            844.98         78
                                       8.625            844.98      137,000.00
    NEWPORT NEWS     VA   23607          2            07/31/00         00
    0000123588                           05           09/01/00          0
    0000123588                           N            08/01/30
    0
1




    3759690          286/286             F           80,100.00         ZZ
                                         360         80,062.62          2
    6724 A&B CHIPEWA                   9.750            688.19         90
                                       9.500            688.19       89,000.00
    PANAMA CITY      FL   32404          1            07/28/00         11
    0000124208                           05           09/01/00         25
    0000124208                           N            08/01/30
    0


    3759691          286/286             F           72,000.00         ZZ
                                         360         71,967.28          4
    3445-47 VIRGINIA ST                9.875            625.22         90
                                       9.625            625.22       80,000.00
    ST LOUIS         MO   63118          1            07/24/00         11
    0000132245                           05           09/01/00         25
    0000132245                           N            08/01/30
    0


    3759692          286/286             F           60,000.00         ZZ
                                         360         59,972.74          1
    7908 WINDSOR DR                    9.875            521.01         48
                                       9.625            521.01      126,000.00
    PRAIRIE VILLAGE  KS   66208          5            07/31/00         00
    0000132252                           05           09/01/00          0
    0000132252                           N            08/01/30
    0


    3759693          286/286             F           86,000.00         ZZ
                                         360         85,960.93          1
    9521-9523 W 54TH ST                9.875            746.78         80
                                       9.625            746.78      107,500.00
    MERRIAM          KS   66203          1            08/01/00         00
    0000132439                           05           09/01/00          0
    0000132439                           N            08/01/30
    0


    3759695          286/286             F           63,000.00         ZZ
                                         360         63,000.00          4
    3052 FAIR ST                       9.750            541.27         90
                                       9.500            541.27       70,000.00
    ST. LOUIS        MO   63115          1            08/04/00         11
    0000132637                           05           10/01/00         25
    0000132637                           O            09/01/30
    0


    3759698          286/286             F           54,400.00         ZZ
                                         360         54,371.79          1
1


    109 VERPLANK AVE                   9.250            447.54         85
                                       9.000            447.54       64,000.00
    BEACON           NY   12508          1            07/13/00         11
    0009423447                           05           09/01/00         12
    0009423447                           N            08/01/30
    0


    3759700          286/286             F           52,400.00         ZZ
                                         360         52,369.84          1
    195 LACASCATA DR                   8.750            412.24         80
                                       8.500            412.24       65,500.00
    GLOUCESTER TWP   NJ   08081          1            07/20/00         00
    0009619235                           03           09/01/00          0
    0009619235                           N            08/01/30
    0


    3759701          286/286             F           61,200.00         ZZ
                                         360         61,200.00          1
    703 ELM AVENUE                     9.250            503.48         90
                                       9.000            503.48       68,000.00
    LINDENWOLD       NJ   08021          1            08/07/00         11
    0009619253                           07           10/01/00         25
    0009619253                           N            09/01/30
    0


    3759702          286/286             F           56,500.00         ZZ
                                         360         56,472.93          1
    4451 CHERRYWOOD LN                 9.625            480.25         80
                                       9.375            480.25       70,651.00
    VIRGINIA BEACH   VA   23456          1            07/28/00         00
    0009635354                           03           09/01/00          0
    0009635354                           N            08/01/30
    0


    3759703          286/286             F           81,350.00         ZZ
                                         360         81,311.02          1
    5617 BULL RUN COURT                9.625            691.47         80
                                       9.375            691.47      101,695.00
    VIRGINIA BEACH   VA   23464          1            07/28/00         00
    0009635421                           05           09/01/00          0
    0009635421                           N            08/01/30
    0


    3759704          286/286             F          106,400.00         ZZ
                                         360        106,335.54          1
    3851 MUDLICK ROAD                  8.500            818.13         80
                                       8.250            818.13      133,000.00
    ROANOKE          VA   24018          1            07/26/00         00
    0009635535                           05           09/01/00          0
1


    0009635535                           O            08/01/30
    0


    3759705          286/286             F           48,600.00         ZZ
                                         360         48,576.09          1
    3034 DOGWOOD DRIVE                 9.500            408.66         90
                                       9.250            408.66       54,000.00
    HAPEVILLE        GA   30354          1            07/14/00         11
    0009645228                           05           09/01/00         25
    0009645228                           N            08/01/30
    0


    3759706          286/286             F           40,500.00         ZZ
                                         360         40,480.08          1
    972 STONEWALL DR                   9.500            340.55         90
                                       9.250            340.55       45,000.00
    ATLANTA          GA   30315          1            07/27/00         12
    0009645229                           05           09/01/00         25
    0009645229                           N            08/01/30
    0


    3759707          286/286             F          108,000.00         ZZ
                                         360        108,000.00          3
    41-43 ORCHARD ST                   9.750            927.89         90
                                       9.500            927.89      120,000.00
    NEW HAVEN        CT   06519          1            08/07/00         11
    0009648031                           05           10/01/00         25
    0009648031                           N            09/01/30
    0


    3759708          286/286             F          108,000.00         ZZ
                                         360        107,949.61          3
    10 SALEM STREET                    9.750            927.89         90
                                       9.500            927.89      120,000.00
    NEW HAVEN        CT   06511          1            07/27/00         11
    0009648049                           05           09/01/00         25
    0009648049                           N            08/01/30
    0


    3759709          286/286             F          136,000.00         ZZ
                                         360        135,925.71          1
    58 SECOND ST                       9.000          1,094.29         80
                                       8.750          1,094.29      170,000.00
    NORTH ARLINGTON  NJ   07131          1            07/13/00         00
    0009648141                           05           09/01/00          0
    0009648141                           O            08/01/30
    0


1


    3759710          286/286             F           45,920.00         ZZ
                                         360         45,920.00          2
    1125 N MAIN ST                     9.250            377.78         80
                                       9.000            377.78       57,400.00
    WATERBURY        CT   06704          1            08/01/00         00
    0009648302                           05           10/01/00          0
    0009648302                           O            09/01/30
    0


    3759711          286/286             F           76,500.00         ZZ
                                         360         76,462.37          1
    2600 KENNEDY BLVD                  9.500            643.26         90
                                       9.250            643.26       85,000.00
    JERSEY CITY      NJ   07306          1            07/24/00         12
    0009980499                           06           09/01/00         30
    0009980499                           N            08/01/30
    0


    3759713          286/286             F           65,000.00         ZZ
                                         360         64,968.02          2
    649 SIMMONS STREET                 9.500            546.56         35
                                       9.250            546.56      190,000.00
    ATLANTA          GA   30318          5            07/31/00         00
    0009982529                           05           09/01/00          0
    0009982529                           N            08/01/30
    0


    3759714          286/286             F           57,765.00         ZZ
                                         360         57,732.61          1
    3084 HWY 923                       8.875            459.61         52
                                       8.625            459.61      112,500.00
    JONESVILLE       LA   71343          2            07/20/00         00
    0009984055                           05           09/01/00          0
    0009984055                           O            08/01/30
    0


    3759715          286/286             F           84,000.00         ZZ
                                         360         83,358.00          1
    2818 SW INDIAN HILLS RD            8.875            668.35         80
                                       8.625            668.35      105,000.00
    TOPEKA           KS   66614          1            03/17/00         00
    0009984137                           05           05/01/00          0
    0009984137                           O            04/01/30
    0


    3759716          286/286             F           25,650.00         ZZ
                                         360         25,616.54          1
    624 1/2 IRIS                      10.125            227.48         90
                                       9.875            227.48       28,500.00
1


    LAKE CHARLES     LA   70601          1            05/08/00         11
    0009984197                           05           07/01/00         25
    0009984197                           N            06/01/30
    0


    3761873          B28/G02             F          301,800.00         ZZ
                                         360        301,800.00          1
    7815 STONEDALE DRIVE               9.875          2,620.68         80
                                       9.625          2,620.68      377,645.00
    CASTLE ROCK      CO   80104          1            08/18/00         00
    0432254209                           03           10/01/00          0
    0008030002                           O            09/01/30
    0


    3763204          E82/G02             F           27,450.00         ZZ
                                         360         27,450.00          2
    297 MAIN ST.                       9.875            238.36         90
                                       9.625            238.36       30,500.00
    WHITESBORO       NY   13492          1            08/30/00         04
    0400310280                           05           10/01/00         25
    0400310280                           N            09/01/30
    0


    3763210          E82/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    3 GLEN EDEN COURT                  8.500            768.91         80
                                       8.250            768.91      125,000.00
    SAVANNAH         GA   31419          1            08/29/00         00
    0400315842                           05           10/01/00          0
    0400315842                           O            09/01/30
    0


    3763218          E82/G02             F           79,750.00         ZZ
                                         360         79,750.00          1
    4523 CROSSRIDGE LANE               9.125            648.87         90
                                       8.875            648.87       88,630.00
    GREENSBORO       NC   27410          1            08/25/00         04
    0400307997                           09           10/01/00         25
    0400307997                           O            09/01/30
    0


    3763279          637/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
    1021 FIFE AVENUE                   9.500          4,204.27         61
                                       9.250          4,204.27      830,000.00
    PALO ALTO        CA   94301          1            08/02/00         00
    0432254779                           05           10/01/00          0
    0021468913                           N            09/01/30
    0
1




    3763325          637/G02             F          102,600.00         ZZ
                                         360        102,600.00          1
    2103 DENNIS DRIVE                  9.750            881.50         95
                                       9.500            881.50      108,000.00
    HAMMOND          LA   70401          5            08/08/00         01
    0432254837                           05           10/01/00         30
    0017685454                           O            09/01/30
    0


    3763385          637/G02             F           32,000.00         ZZ
                                         360         31,971.82          1
    3313 N 68TH STREET #116E           9.000            257.48         56
                                       8.750            257.48       58,000.00
    SCOTTSDALE       AZ   85251          2            07/25/00         00
    0432254894                           01           09/01/00          0
    0017372640                           N            08/01/30
    0


    3763430          637/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
    6083 ARLINGTON BOULEVARD           8.875          1,718.60         80
                                       8.625          1,718.60      270,000.00
    RICHMOND         CA   94805          5            08/02/00         00
    0432260420                           05           10/01/00          0
    0019600154                           O            09/01/30
    0


    3769377          E22/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
    4108 FORT BRANCH DRIVE             9.250          1,332.73         80
                                       9.000          1,332.73      202,500.00
    ARLINGTON        TX   76016          5            08/31/00         00
    0412122038                           05           10/01/00          0
    0412122038                           O            09/01/30
    0


    3771453          637/G02             F           26,000.00         ZZ
                                         360         26,000.00          1
    211 TAYLOR STREET                  9.750            223.38         64
                                       9.500            223.38       41,000.00
    PITTSBURGH       PA   15224          2            08/16/00         00
    0432258739                           05           10/01/00          0
    0014567242                           O            09/01/30
    0


    3779080          461/461             F          372,000.00         ZZ
                                         360        371,815.57          1
1


    422 CALLE VERACRUZ                 9.500          3,127.98         80
                                       9.250          3,127.98      465,263.00
    THOUSAND OAKS    CA   91320          1            07/24/00         00
    9023461965                           05           09/01/00          0
    9023461965                           N            08/01/30
    0

   TOTAL NUMBER OF LOANS   :      1,862

   TOTAL ORIGINAL BALANCE  :   297,732,567.50

   TOTAL PRINCIPAL BALANCE :   297,390,981.78

   TOTAL ORIGINAL P+I      :     2,434,850.23

   TOTAL CURRENT P+I       :     2,434,850.21


                             ***************************
                             *      END OF REPORT      *
                             ***************************


<PAGE>


                                   Exhibit TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate Discount Fraction   PO Balance
3695071          "$49,964.71 "      0.0747      0.06625    "$3,310.16 "
1993902          "$265,647.72 "     0.0747      0.06625    "$17,599.16 "
3732150          "$328,000.00 "     0.07595     0.050625   "$16,605.00 "
3716480          "$84,743.10 "      0.0772      0.035      "$2,966.01 "
3747048          "$119,842.47 "     0.07845     0.019375   "$2,321.95 "
1844102          "$31,046.12 "      0.07845     0.019375    $601.52
3732216          "$399,744.93 "     0.0797      0.00375    "$1,499.04 "
3696171          "$398,969.15 "     0.0797      0.00375    "$1,496.13 "
3669867          "$271,826.55 "     0.0797      0.00375    "$1,019.35 "
3666836          "$323,483.22 "     0.0797      0.00375    "$1,213.06 "
3106085          "$180,926.28 "     0.0797      0.00375     $678.47
1999331          "$209,043.07 "     0.0797      0.00375     $783.91
1997786          "$231,852.06 "     0.0797      0.00375     $869.45
1994146          "$138,000.00 "     0.0797      0.00375     $517.50

               "$3,033,089.38 "                           "$51,480.72 "


<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 Senior Percentage 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;


<PAGE>


(xiv)the  occurrence  of the  Credit  Support  Depletion  Date,  the  Class  A-5
Accretion Termination Date and the Class A-9 Accretion Termination 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 a  representation  or warranty  assigned to the
Trustee pursuant to Section 2.04;

(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 September 1, 2000



                        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..............................................37

        Section 2.03.   Representations, Warranties and Covenants of the Master
               Servicer and the Company....................................................38

        Section 2.04.   Representations and Warranties of Sellers..........................40

        Section 2.05.   Execution and Authentication of Certificates/Issuance of
               Certificates Evidencing Interests in REMIC I Certificates...................42

        Section 2.06.   [Conveyance of Uncertificated REMIC I and REMIC II Regular
               Interests; Acceptance by the Trustee........................................42

        Section 2.07.   Issuance of Certificates Evidencing Interests in REMIC II..........42

        Section 2.08.   Negative Covenants of the Trust Fund...............................42

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................43

        Section 3.01.   Master Servicer to Act as Servicer.................................43

        Section 3.02.   Subservicing Agreements Between Master Servicer and
               Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........44

        Section 3.03.   Successor Subservicers.............................................45

        Section 3.04.   Liability of the Master Servicer...................................46

        Section 3.05.   No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................46

        Section 3.06.   Assumption or Termination of Subservicing Agreements by Trustee....46

        Section 3.07.   Collection of Certain Mortgage Loan Payments;  Deposits to
               Custodial Account...........................................................47

        Section 3.08.   Subservicing Accounts; Servicing Accounts..........................49

        Section 3.09.   Access to Certain Documentation and  Information Regarding the
               Mortgage Loans..............................................................50

        Section 3.10.   Permitted Withdrawals from the Custodial Account...................51

<PAGE>



        Section 3.11.   Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................52

        Section 3.12.   Maintenance of Fire Insurance and  Omissions and Fidelity
               Coverage 53

        Section 3.13.   Enforcement of Due-on-Sale Clauses; Assumption and
               Modification Agreements; Certain Assignments................................55

        Section 3.14.   Realization Upon Defaulted Mortgage Loans..........................57

        Section 3.15.   Trustee to Cooperate; Release of Mortgage Files....................60

        Section 3.16.   Servicing and Other Compensation; Compensating Interest............61

        Section 3.17.   Reports to the Trustee and the Company.............................62

        Section 3.18.   Annual Statement as to Compliance..................................63

        Section 3.19.   Annual Independent Public Accountants' Servicing Report............63

        Section 3.20.   Rights of the Company in Respect of the Master Servicer............64

        Section 3.21.   Administration of Buydown Funds....................................64

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................66

        Section 4.01.   Certificate Account................................................66

        Section 4.02.   Distributions......................................................66

        Section 4.03.   Statements to Certificateholders...................................66

        Section 4.04.   Distribution of Reports to the Trustee and  the Company;
               Advances by the Master Servicer.............................................67

        Section 4.05.   Allocation of Realized Losses......................................69

        Section 4.06.   Reports of Foreclosures and Abandonment of Mortgaged Property......69

        Section 4.07.   Optional Purchase of Defaulted Mortgage Loans......................69

        Section 4.08.   Surety Bond........................................................69

Article V         THE CERTIFICATES.........................................................71

        Section 5.01.   The Certificates...................................................71

        Section 5.02.   Registration of Transfer and Exchange of Certificates..............73

        Section 5.03.   Mutilated, Destroyed, Lost or Stolen Certificates..................78

        Section 5.04.   Persons Deemed Owners..............................................79

        Section 5.05.   Appointment of Paying Agent........................................79

<PAGE>

        Section 5.06.   Optional Purchase of Certificates..................................79

Article VI        THE COMPANY AND THE MASTER SERVICER......................................82

        Section 6.01.   Respective Liabilities of the Company and the Master Servicer......82

        Section 6.02.   Merger or Consolidation of the Company or the Master Servicer;
               Assignment of Rights and Delegation of Duties by Master Servicer............82

        Section 6.03.   Limitation on Liability of the Company,  the Master Servicer
               and Others..................................................................83

        Section 6.04.   Company and Master Servicer Not to Resign..........................84

Article VII       DEFAULT..................................................................85

        Section 7.01.   Events of Default..................................................85

        Section 7.02.   Trustee or Company to Act; Appointment of Successor................87

        Section 7.03.   Notification to Certificateholders.................................88

        Section 7.04.   Waiver of Events of Default........................................88

Article VIII      CONCERNING THE TRUSTEE...................................................89

        Section 8.01.   Duties of Trustee..................................................89

        Section 8.02.   Certain Matters Affecting the Trustee..............................90

        Section 8.03.   Trustee Not Liable for Certificates or Mortgage Loans..............92

        Section 8.04.   Trustee May Own Certificates.......................................92

        Section 8.05.   Master Servicer to Pay Trustee's Fees  and Expenses;
               Indemnification.............................................................92

        Section 8.06.   Eligibility Requirements for Trustee...............................93

        Section 8.07.   Resignation and Removal of the Trustee.............................93

        Section 8.08.   Successor Trustee..................................................94

        Section 8.09.   Merger or Consolidation of Trustee.................................95

        Section 8.10.   Appointment of Co-Trustee or Separate Trustee......................95

        Section 8.11.   Appointment of Custodians..........................................96

        Section 8.12.   Appointment of Office or Agency....................................96

Article IX        TERMINATION..............................................................98

        Section 9.01.   Termination Upon Purchase by the Master Servicer  or the
               Company or Liquidation of All Mortgage Loans................................98

<PAGE>



        Section 9.02.   Additional Termination Requirements...............................100

        Section 9.03.   Termination of Multiple REMICs....................................101

Article X         REMIC PROVISIONS........................................................102

        Section 10.01.  REMIC Administration..............................................102

        Section 10.02.  Master Servicer, REMIC Administrator and Trustee
               Indemnification............................................................105

        Section 10.03.  Designation of REMIC(s)...........................................106

Article XI        MISCELLANEOUS PROVISIONS................................................107

        Section 11.01.  Amendment.........................................................107

        Section 11.02.  Recordation of Agreement; Counterparts............................109

        Section 11.03.  Limitation on Rights of Certificateholders........................110

        Section 11.04.  Governing Law.....................................................110

        Section 11.05.  Notices...........................................................111

        Section 11.06.  Required Notices to Rating Agency and Subservicer.................111

        Section 11.07.  Severability of Provisions........................................111

        Section 11.08.  Supplemental Provisions for Resecuritization......................112

        Section 11.09.  Allocation of Voting Rights.......................................112

        Section 11.10.  No Petition.......................................................112

</TABLE>

<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 September 1, 2000 (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,


<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,  the related  Senior  Percentage  of such
reductions 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.

<PAGE>


     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        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

<PAGE>


Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (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

<PAGE>


the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

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

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

     Certificate 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;


<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.


<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 (now
known as Bank One, National Association), 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.


<PAGE>


        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.

        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.


<PAGE>


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

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

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

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is 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.

<PAGE>


        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.

     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 Bank One,  National
Association,  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


<PAGE>


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.

        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.


<PAGE>


        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.

        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.

<PAGE>


        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.

        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.


<PAGE>


        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.

        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.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        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.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        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).

<PAGE>


        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
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.


<PAGE>

       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.

        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.


<PAGE>


        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  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;

<PAGE>


(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.

        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.

<PAGE>


     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, 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.

<PAGE>

        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);

        (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

<PAGE>


        (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 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.

<PAGE>


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

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

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

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

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

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

        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.



<PAGE>

        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 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.

<PAGE>


        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

               (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


<PAGE>


        (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.

     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,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (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.

<PAGE>


        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,
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.

<PAGE>


        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 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.

<PAGE>


        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  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.

<PAGE>


        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 or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     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.


<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,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  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)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  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 to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  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


<PAGE>


(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement certified
        by the public recording office in which such document has been recorded.

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

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

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

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

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

(v)     The Security Agreement;

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

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

(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.

<PAGE>


(c) The Company may, in lieu of  delivering  the  documents set forth in Section
2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and (x) to the
Trustee or the  Custodian or  Custodians,  deliver such  documents to the Master
Servicer, and the Master Servicer shall hold such documents in trust for the use
and benefit of all present and future  Certificateholders  until such time as is
set forth below.  Within 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 (a) 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 or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  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.


<PAGE>


        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.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  on or prior to the Closing  Date,  the MERS(R)  System to indicate
that such  Mortgage  Loans have been  assigned  by the Company to the Trustee in
accordance  with this  Agreement  for the benefit of the  Certificateholders  by
including (or deleting,  in the case of Mortgage Loans which are  repurchased in
accordance  with this  Agreement) in such computer files (a) the code "[IDENTIFY
TRUSTEE  SPECIFIC  CODE]" in the field  "[IDENTIFY  THE FIELD NAME FOR TRUSTEE]"
which  identifies the Trustee and (b) the code  "[IDENTIFY  SERIES SPECIFIC CODE
NUMBER]"  in  the  field  "Pool  Field"  which  identifies  the  series  of  the
Certificates  issued in connection with such Mortgage Loans. The Company further
agrees  that it will not,  and will not permit the Master  Servicer  to, and the
Master  Servicer  agrees that it will not,  alter the codes  referenced  in this
paragraph  with respect to any Mortgage  Loan during the term of this  Agreement
unless and until such Mortgage Loan is repurchased in accordance  with the terms
of this Agreement.


(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

<PAGE>


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,  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


<PAGE>

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  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.


<PAGE>


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 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, 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 in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  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

<PAGE>


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. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the
Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  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  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

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

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

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

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


<PAGE>


(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;

(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;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

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.


<PAGE>


     (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 the  Company's  right under such Seller's  Agreement  relate 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 that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  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, if required  pursuant to Section
2.01,  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

<PAGE>


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,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, 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.

        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  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.



<PAGE>

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates Evidencing Interests in REMIC I Certificates.

               As provided in Section 2.05 of the Series Supplement.

Section  2.06.  [Conveyance  of  Uncertificated  REMIC I and  REMIC  II  Regular
     Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Negative Covenants of the Trust Fund.

               As provided in Section 2.08 of the Series Supplement.


<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  commencement,
prosecution  or  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.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  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

<PAGE>


other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  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

<PAGE>


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
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such  obligation  would have a material and adverse  effect on a Mortgage  Loan,
including,  without  limitation,  the  obligation to purchase a Mortgage Loan on
account of defective documentation,  as described in Section 2.02, or on account
of a breach of a representation or warranty,  as described in Section 2.04. Such
enforcement,  including,  without  limitation,  the legal prosecution of claims,
termination of Subservicing  Agreements or Seller's Agreements,  as appropriate,
and the pursuit of other appropriate remedies, shall be in such form and carried
out to such an extent and at such time as the Master  Servicer  would  employ in
its good faith  business  judgment and which are normal and usual in its general
mortgage servicing  activities.  The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such  enforcement is directed.  For purposes of clarification
only,  the parties  agree that the  foregoing  is not intended to, and does not,
limit the ability of the Master  Servicer to be reimbursed for expenses that are
incurred in connection with the enforcement of a Seller's  obligations  (insofar
as the  Company's  rights with respect to such  Seller's  obligations  have been
assigned  to the Trustee  hereunder)  and are  reimbursable  pursuant to Section
3.10(a)(viii).

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.


<PAGE>


Section 3.04.  Liability of the Master Servicer.

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

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

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

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.


<PAGE>


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

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

<PAGE>

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

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

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

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

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

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

(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

<PAGE>


(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.

(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.

<PAGE>


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

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

<PAGE>


supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

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

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

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

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of 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

<PAGE>


        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  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   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 Servicing  Advances  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

<PAGE>


available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer 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,

<PAGE>


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

        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,

<PAGE>


whichever is greater, with respect to the Master Servicer if the Master Servicer
were servicing and  administering  the Mortgage Loans for FNMA or FHLMC.  In the
event that any such bond or policy ceases to be in effect,  the Master  Servicer
shall obtain a comparable  replacement bond or policy from an issuer or insurer,
as the case may be, meeting the  requirements,  if any, of the Program Guide and
acceptable  to the Company.  Coverage of the Master  Servicer  under a policy or
bond obtained by an Affiliate of the Master  Servicer and providing the coverage
required by this Section 3.12(b) shall satisfy the  requirements of this Section
3.12(b).

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

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

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

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

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

<PAGE>


transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the 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

<PAGE>


Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master  Servicer shall receive cash in an amount equal to the
unpaid  principal  balance of and accrued interest on such Mortgage Loan and the
Master  Servicer shall treat such amount as a Principal  Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.

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

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue 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.

<PAGE>

               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 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

<PAGE>

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 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.

<PAGE>

(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 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
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or

<PAGE>


cancellation or of partial or full release.  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 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

<PAGE>


reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

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

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
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

<PAGE>


in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.

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


<PAGE>


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

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

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

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may 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.


<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 Servicer at no additional  expense to
the Master Servicer.

<PAGE>

     (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 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

<PAGE>

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.

<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 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  matter  shall not be

<PAGE>


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.

<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 shall not be an expense

<PAGE>

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  Senior  Support,  Class M or  Class  B  Certificate,  the

<PAGE>

          following  conditions  are  satisfied:   (i)  such  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.

<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.

<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  Disqualified

<PAGE>

     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 the fees and expenses of the

<PAGE>


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,

<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 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.


<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 immediately prior to such
assignment  and  delegation  will not be  qualified,  reduced or  withdrawn as a

<PAGE>


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.

<PAGE>


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.


<PAGE>


                                  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  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

<PAGE>

(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.

<PAGE>


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

(a) 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.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the

<PAGE>


transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage  Loan or servicing of such Mortgage  Loan on the  MERS(R)System  to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.

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

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

Section 7.04.  Waiver of Events of Default.

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


<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

<PAGE>

     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

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

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

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

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

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

<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

<PAGE>


     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause 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,  or of MERS
or the MERS(R) System.  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.


<PAGE>


(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 resignation, the Company shall promptly appoint a successor trustee by

<PAGE>


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 named as trustee herein. The predecessor trustee shall deliver to the

<PAGE>


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.


<PAGE>


(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 Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.


<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.


<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   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the

<PAGE>


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 each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.


<PAGE>


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.


<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
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

<PAGE>


(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 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

<PAGE>


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.

<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  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
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.

<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.


<PAGE>


                                   Article XI


                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

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

(i)     to cure any ambiguity,

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

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

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

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in 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

<PAGE>


        be  materially  inconsistent  with  the  provisions  of this  Agreement,
        provided  that such  action  shall not,  as  evidenced  by an Opinion of
        Counsel,  adversely  affect in any material respect the interests of any
        Certificateholder 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

<PAGE>


tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the 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.


<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.


<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

<PAGE>


covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.

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

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

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.

               As provided in Section 11.10 of the Series Supplement.




<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.]

<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  above (the  "Agreement")  among the Company,  the
Master Servicer and __________________, as trustee (the "Trustee"), a summary of

<PAGE>

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  Loan,  such  advance  is

<PAGE>


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 neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

<PAGE>

               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.



<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



<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
under  Section 406 of ERISA or Section 4975 of the Code or (B) a  representation

<PAGE>


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 incurred by such parties as a result of such acquisition or holding.

<PAGE>


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

<PAGE>

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 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").

<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.

<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.


<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


<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


<PAGE>

pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

<PAGE>
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  authorized  in writing,  and thereupon one or more new

<PAGE>


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.


<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


<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  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.


<PAGE>


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.


<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  Agreement and the

<PAGE>


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.

<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.


<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.


<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


<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>




                                       E-5



                                    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.


<PAGE>


               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

(1)  Each party is duly organized,  validly existing, and in good standing under
     the laws of its jurisdiction of organization,  is qualified,  if necessary,
     to do business  and in good  standing in each  jurisdiction  in which it is
     required to be so qualified,  and has the requisite  power and authority to
     enter into this Contract and all other agreements which are contemplated by
     this  Contract  and to carry out its  obligations  hereunder  and under the
     Guides and under such other agreements.

(2)  This  Contract has been duly  authorized,  executed  and  delivered by each
     party and constitutes a valid and legally  binding  agreement of each party
     enforceable in accordance with its terms.

(3)  There is no action, proceeding or investigation pending or threatened,  and
     no basis therefor is known to either party,  that could affect the validity
     or prospective validity of this Contract.

(4)  Insofar as its capacity to carry out any obligation  under this Contract is
     concerned,  neither  party is in  violation  of any  charter,  articles  of
     incorporation,   bylaws,  mortgage,  indenture,  indebtedness,   agreement,
     instrument,  judgment,  decree, order, statute, rule or regulation and none
     of the  foregoing  adversely  affects  its  capacity  to fulfill any of its
     obligations under this Contract. Its execution of, and performance pursuant
     to, this Contract will not result in a violation of any of the foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

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.


<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.


<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.


<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:_________________________________




<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#:
MIN#:
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

<PAGE>


meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  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 from whom it acquired the Class R  Certificate

<PAGE>


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___ .


<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

<PAGE>


Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

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:____________________________


<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 the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

<PAGE>


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
     other action,  that (as to any of (a) through (e) above) would constitute a

<PAGE>


     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:________________________________


<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:________________________________


<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.


                                            Very truly yours,

                                    _________________________________________
                                    (Seller)



                                       By:__________________________________
                                      Name:_________________________________
                                     Title:_________________________________


<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 be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

<PAGE>

               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:_______________________



<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.


<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.


<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:__________________________________

<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.


<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:__________________________________


<PAGE>




                                       K-3



                                    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 (the
"Amount Available") shall be equal to the lesser of (X) minus the sum of (i) all

<PAGE>


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 the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of

<PAGE>


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.

<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  Residential  Funding to

<PAGE>


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.


<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:_______________________________


<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.



                                            Very truly yours,


                                   _________________________________________
                                    (Lender)


                                       By:__________________________________
                                      Name:_________________________________
                                     Title:_________________________________


<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>


<TABLE>
<CAPTION>




                                  EXHIBIT FIVE

                           PLANNED PRINCIPAL BALANCES


                                                Class A-1/A-1A                       Class A-6
Payment Date                              Planned Principal Balances        Planned Principal Balances
------------                              --------------------------        --------------------------
<S>                                             <C>                               <C>
Initial Balance.......................          $92,454,000.00                    $31,250,000.00
October 25, 2000......................           92,008,623.16                     30,794,372.95
November 25, 2000.....................           91,503,320.91                     30,340,824.32
December 25, 2000.....................           90,938,317.81                     29,889,542.45
January 25, 2001......................           90,313,888.83                     29,440,515.71
February 25, 2001.....................           89,630,359.21                     28,993,732.56
March 25, 2001........................           88,888,104.35                     28,549,181.51
April 25, 2001........................           88,087,549.52                     28,106,851.13
May 25, 2001..........................           87,229,169.59                     27,666,730.07
June 25, 2001.........................           86,313,488.64                     27,228,807.00
July 25, 2001.........................           85,341,679.29                     26,793,070.69
August 25, 2001.......................           84,373,525.97                     26,359,509.94
September 25, 2001....................           83,409,013.03                     25,928,113.64
October 25, 2001......................           82,448,124.90                     25,498,870.70
November 25, 2001.....................           81,490,846.05                     25,071,770.13
December 25, 2001.....................           80,537,161.04                     24,646,800.97
January 25, 2002......................           79,587,054.48                     24,223,952.32
February 25, 2002.....................           78,640,511.03                     23,803,213.36
March 25, 2002........................           77,697,515.45                     23,384,573.31
April 25, 2002........................           76,758,052.53                     22,968,021.44
May 25, 2002..........................           75,822,107.13                     22,553,547.09
June 25, 2002.........................           74,889,664.20                     22,141,139.66
July 25, 2002.........................           73,960,708.71                     21,730,788.59
August 25, 2002.......................           73,035,225.73                     21,322,483.40
September 25, 2002....................           72,113,200.38                     20,916,213.65
October 25, 2002......................           71,194,617.82                     20,511,968.95
November 25, 2002.....................           70,279,463.30                     20,109,738.99
December 25, 2002.....................           69,367,722.13                     19,709,513.48
January 25, 2003......................           68,459,379.66                     19,311,282.21
February 25, 2003.....................           67,554,421.33                     18,915,035.03
March 25, 2003........................           66,652,832.62                     18,520,761.83
April 25, 2003........................           65,754,599.07                     18,128,452.55
May 25, 2003..........................           64,859,706.30                     17,738,097.19
June 25, 2003.........................           63,968,139.97                     17,349,685.82
July 25, 2003.........................           63,079,885.81                     16,963,208.53
August 25, 2003.......................           62,194,929.61                     16,578,655.50
September 25, 2003....................           61,313,257.22                     16,196,016.93
October 25, 2003......................           60,434,854.54                     15,815,283.10
November 25, 2003.....................           59,559,707.55                     15,436,444.31
December 25, 2003.....................           58,687,802.26                     15,059,490.95
January 25, 2004......................           57,819,124.77                     14,684,413.44
February 25, 2004.....................           56,953,661.21                     14,311,202.26

<PAGE>

March 25, 2004........................           56,091,397.79                     13,939,847.92
April 25, 2004........................           55,232,320.78                     13,570,341.01
May 25, 2004..........................           54,376,416.48                     13,202,672.16
June 25, 2004.........................           53,523,671.28                     12,836,832.05
July 25, 2004.........................           52,674,071.61                     12,472,811.40
August 25, 2004.......................           51,827,603.96                     12,110,601.01
September 25, 2004....................           50,984,254.88                     11,750,191.68
October 25, 2004......................           50,144,010.99                     11,391,574.32
November 25, 2004.....................           49,306,858.93                     11,034,739.84
December 25, 2004.....................           48,472,785.44                     10,679,679.23
January 25, 2005......................           47,641,777.28                     10,326,383.51
February 25, 2005.....................           46,813,821.30                     9,974,843.76
March 25, 2005........................           45,988,904.38                     9,625,051.11
April 25, 2005........................           45,167,013.46                     9,276,996.73
May 25, 2005..........................           44,348,135.56                     8,930,671.84
June 25, 2005.........................           43,532,257.72                     8,586,067.71
July 25, 2005.........................           42,719,367.06                     8,243,175.65
August 25, 2005.......................           41,909,450.74                     7,901,987.04
September 25, 2005....................           41,102,495.99                     7,562,493.28
October 25, 2005......................           40,350,864.56                     7,233,358.33
November 25, 2005.....................           39,602,114.46                     6,905,872.41
December 25, 2005.....................           38,856,233.09                     6,580,026.95
January 25, 2006......................           38,113,207.92                     6,255,813.44
February 25, 2006.....................           37,373,026.44                     5,933,223.39
March 25, 2006........................           36,635,676.23                     5,612,248.37
April 25, 2006........................           35,901,144.89                     5,292,879.99
May 25, 2006..........................           35,169,420.10                     4,975,109.91
June 25, 2006.........................           34,440,489.57                     4,658,929.82
July 25, 2006.........................           33,714,341.08                     4,344,331.47
August 25, 2006.......................           32,990,962.46                     4,031,306.66
September 25, 2006....................           32,270,341.59                     3,719,847.19
October 25, 2006......................           31,569,415.37                     3,412,751.14
November 25, 2006.....................           30,871,170.43                     3,107,188.61
December 25, 2006.....................           30,175,594.83                     2,803,151.55
January 25, 2007......................           29,482,676.67                     2,500,631.97
February 25, 2007.....................           28,792,404.14                     2,199,621.89
March 25, 2007........................           28,104,765.44                     1,900,113.41
April 25, 2007........................           27,419,748.85                     1,602,098.62
May 25, 2007..........................           26,737,342.67                     1,305,569.70
June 25, 2007.........................           26,057,535.28                     1,010,518.85
July 25, 2007.........................           25,380,315.10                      716,938.31
August 25, 2007.......................           24,705,670.59                      424,820.37
September 25, 2007....................           24,033,590.27                      134,157.34
October 25, 2007......................           23,396,933.26                         0.00
November 25, 2007.....................           22,762,666.94                         0.00
December 25, 2007.....................           22,130,780.21                         0.00
January 25, 2008......................           21,501,262.02                         0.00
February 25, 2008.....................           20,874,101.37                         0.00

<PAGE>
March 25, 2008........................           20,249,287.28                         0.00
April 25, 2008........................           19,626,808.86                         0.00
May 25, 2008..........................           19,006,655.22                         0.00
June 25, 2008.........................           18,388,815.54                         0.00
July 25, 2008.........................           17,773,279.05                         0.00
August 25, 2008.......................           17,160,035.01                         0.00
September 25, 2008....................           16,549,072.73                         0.00
October 25, 2008......................           15,971,706.21                         0.00
November 25, 2008.....................           15,396,395.41                         0.00
December 25, 2008.....................           14,823,130.35                         0.00
January 25, 2009......................           14,251,901.11                         0.00
February 25, 2009.....................           13,682,697.78                         0.00
March 25, 2009........................           13,115,510.51                         0.00
April, 2009...........................           12,550,329.50                         0.00
May 25, 2009..........................           11,987,144.95                         0.00
June 25, 2009.........................           11,425,947.14                         0.00
July 25, 2009.........................           10,866,726.35                         0.00
August 25, 2009.......................           10,309,472.93                         0.00
September 25, 2009....................           9,754,177.25                          0.00
October 25, 2009......................           9,230,345.51                          0.00
November 25, 2009.....................           8,708,203.10                          0.00
December 25, 2009.....................           8,187,741.50                          0.00
January 25, 2010......................           7,668,952.23                          0.00
February 25, 2010.....................           7,151,826.84                          0.00
March 25, 2010........................           6,636,356.91                          0.00
April 25, 2010........................           6,122,534.04                          0.00
May 25, 2010..........................           5,610,349.88                          0.00
June 25, 2010.........................           5,099,796.08                          0.00
July 25, 2010.........................           4,590,864.33                          0.00
August 25,  2010......................           4,083,546.35                          0.00
September 25, 2010....................           3,577,833.90                          0.00
October 25, 2010......................           3,073,718.75                          0.00
November 25, 2010.....................           2,571,192.70                          0.00
December 25, 2010.....................           2,070,247.59                          0.00
January 25, 2011......................           1,570,875.27                          0.00
February 25, 2011.....................           1,073,067.62                          0.00
March 25, 2011........................            576,816.58                           0.00
April 25, 2011........................             82,114.06                           0.00
May 25, 2011 and thereafter...........               0.00                              0.00




<PAGE>






                                   EXHIBIT SIX

          CONTINGENT CLASS A-2 AND CLASS A-7 CERTIFICATE PRINCIPAL BALANCE SCHEDULE



                                              Contingent Class A-2             Contingent Class A-7
                                         Certificate Principal Balance    Certificate Principal Balance
Payment Date                                       Schedule                         Schedule
------------                                       ---------                        --------
Initial Balance........................          $75,000,000.00                   $33,000,000.00
October 25, 2000.......................          74,181,118.45                    32,981,243.08
November 25, 2000......................          73,220,186.48                    32,884,744.60
December 25, 2000......................          72,118,764.77                    32,711,183.01
January 25, 2001.......................          70,878,939.15                    32,461,451.68
February 25, 2001......................          69,503,320.58                    32,136,658.88
March 25, 2001.........................          67,995,042.71                    31,738,126.78
April 25, 2001.........................          66,357,756.71                    31,267,389.45
May 25, 2001...........................          64,595,623.53                    30,726,189.85
June 25, 2001..........................          62,713,303.41                    30,116,475.78
July 25, 2001..........................          60,717,450.35                    29,441,181.98
August 25, 2001........................          58,761,561.40                    28,779,990.38
September 25, 2001.....................          56,845,018.10                    28,132,675.14
October 25, 2001.......................          54,967,211.15                    27,499,013.78
November 25, 2001......................          53,127,540.22                    26,878,787.16
December 25, 2001......................          51,325,413.84                    26,271,779.41
January 25, 2002.......................          49,560,249.26                    25,677,777.87
February 25, 2002......................          47,831,472.37                    25,096,573.07
March 25, 2002.........................          46,138,517.49                    24,527,958.68
April 25, 2002.........................          44,480,827.34                    23,971,731.46
May 25, 2002...........................          42,857,852.86                    23,427,691.18
June 25, 2002..........................          41,269,053.08                    22,895,640.64
July 25, 2002..........................          39,713,895.07                    22,375,385.59
August 25, 2002........................          38,191,853.75                    21,866,734.68
September 25, 2002.....................          36,702,411.81                    21,369,499.43
October 25, 2002.......................          35,245,059.60                    20,883,494.17
November 25, 2002......................          33,819,295.01                    20,408,536.05
December 25, 2002......................          32,424,623.37                    19,944,444.94
January 25, 2003.......................          31,060,557.31                    19,491,043.42
February 25, 2003......................          29,726,616.72                    19,048,156.72
March 25, 2003.........................          28,422,328.55                    18,615,612.70
April 25, 2003.........................          27,147,226.81                    18,193,241.83
May 25, 2003...........................          25,900,852.37                    17,780,877.10
June 25, 2003..........................          24,682,752.96                    17,378,354.01
July 25, 2003..........................          23,492,482.96                    16,985,510.56
August 25, 2003........................          22,329,603.41                    16,602,187.16
September 25, 2003.....................          21,193,681.84                    16,228,226.64
October 25, 2003.......................          20,084,292.19                    15,863,474.19
November 25, 2003......................          19,001,014.76                    15,507,777.33

<PAGE>
December 25, 2003......................          17,943,436.04                    15,160,985.88
January 25, 2004.......................          16,911,148.70                    14,822,951.92
February 25, 2004......................          15,903,751.45                    14,493,529.77
March 25, 2004.........................          14,920,848.97                    14,172,575.95
April 25, 2004.........................          13,962,051.80                    13,859,949.12
May 25, 2004...........................          13,026,976.29                    13,555,510.10
June 25, 2004..........................          12,115,244.51                    13,259,121.82
July 25, 2004..........................          11,226,484.13                    12,970,649.25
August 25, 2004........................          10,360,328.39                    12,689,959.41
September 25, 2004.....................           9,516,415.96                    12,416,921.37
October 25, 2004.......................           8,694,390.92                    12,151,406.12
November 25, 2004......................           7,893,902.66                    11,893,286.65
December 25, 2004......................           7,114,605.76                    11,642,437.85
January 25, 2005.......................           6,356,160.01                    11,398,736.52
February 25, 2005......................           5,618,230.21                    11,162,061.31
March 25, 2005.........................           4,900,486.22                    10,932,292.73
April 25, 2005.........................           4,202,602.80                    10,709,313.08
May 25, 2005...........................           3,524,259.56                    10,493,006.48
June 25, 2005..........................           2,865,140.93                    10,283,258.78
July 25, 2005..........................           2,224,936.03                    10,079,957.57
August 25, 2005........................           1,603,338.64                     9,882,992.15
September 25, 2005.....................           1,000,047.10                     9,692,253.52
October 25, 2005.......................            539,047.60                      9,523,285.23
November 25, 2005......................            95,048.36                       9,360,211.03
December 25, 2005......................               0.00                         9,202,927.16
January 25, 2006.......................               0.00                         9,051,331.46
February 25, 2006......................               0.00                         8,905,323.32
March 25, 2006.........................               0.00                         8,764,803.68
April 25, 2006.........................               0.00                         8,629,674.97
May 25, 2006...........................               0.00                         8,499,841.14
June 25, 2006..........................               0.00                         8,375,207.59
July 25, 2006..........................               0.00                         8,255,681.17
August 25, 2006........................               0.00                         8,141,170.17
September 25, 2006.....................               0.00                         8,031,584.26
October 25, 2006.......................               0.00                         7,931,639.36
November 25, 2006......................               0.00                         7,836,366.91
December 25, 2006......................               0.00                         7,745,681.35
January 25, 2007.......................               0.00                         7,659,498.41
February 25, 2007......................               0.00                         7,577,735.15
March 25, 2007.........................               0.00                         7,500,309.89
April 25, 2007.........................               0.00                         7,427,142.21
May 25, 2007...........................               0.00                         7,358,152.95
June 25, 2007..........................               0.00                         7,293,264.17
July 25, 2007..........................               0.00                         7,232,399.11
August 25, 2007........................               0.00                         7,175,482.25
September 25, 2007.....................               0.00                         7,122,439.18
October 25, 2007.......................               0.00                         6,932,164.10

<PAGE>
November 25, 2007......................               0.00                         6,612,667.10
December 25, 2007......................               0.00                         6,298,029.53
January 25, 2008.......................               0.00                         5,988,176.51
February 25, 2008......................               0.00                         5,683,034.25
March 25, 2008.........................               0.00                         5,382,530.07
April 25, 2008.........................               0.00                         5,086,592.33
May 25, 2008...........................               0.00                         4,795,150.47
June 25, 2008..........................               0.00                         4,508,134.93
July 25, 2008..........................               0.00                         4,225,477.22
August 25, 2008........................               0.00                         3,947,109.82
September 25, 2008.....................               0.00                         3,672,966.21
October 25, 2008.......................               0.00                         3,415,444.52
November 25, 2008......................               0.00                         3,161,734.88
December 25, 2008......................               0.00                         2,911,778.04
January 25, 2009.......................               0.00                         2,665,515.67
February 25, 2009......................               0.00                         2,422,890.29
March 25, 2009.........................               0.00                         2,183,845.25
April 25, 2009.........................               0.00                         1,948,324.76
May 25, 2009...........................               0.00                         1,716,273.85
June 25, 2009..........................               0.00                         1,487,638.34
July 25, 2009..........................               0.00                         1,262,364.88
August 25, 2009........................               0.00                         1,040,400.89
September 25, 2009.....................               0.00                          821,694.57
October 25, 2009.......................               0.00                          616,873.32
November 25, 2009......................               0.00                          414,902.69
December 25, 2009......................               0.00                          215,739.36
January 25, 2010.......................               0.00                          19,340.60
February 25, 2010......................               0.00                             0.00
March 25, 2010.........................               0.00                             0.00
April 25, 2010.........................               0.00                             0.00
May 25, 2010...........................               0.00                             0.00
June 25, 2010..........................               0.00                             0.00
July 25, 2010..........................               0.00                             0.00
August 25, 2010........................               0.00                             0.00
September 25, 2010.....................               0.00                             0.00
October 25, 2010.......................               0.00                             0.00
November 25, 2010......................               0.00                             0.00
December 25, 2010......................               0.00                             0.00
January 25, 2011.......................               0.00                             0.00
February 25, 2011......................               0.00                             0.00
March 25, 2011.........................               0.00                             0.00
April 25, 2011.........................               0.00                             0.00
May 25, 2011 and thereafter............               0.00                             0.00

</TABLE>


<PAGE>




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