RESIDENTIAL ACCREDIT LOANS INC
EX 10.1  SERIES SUPPLEMENT
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>qs22ss.txt
<DESCRIPTION>EX 10.1  SERIES SUPPLEMENT
<TEXT>
                                 EXECUTION COPY




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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                          DATED AS OF DECEMBER 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                            dated as of March 1, 2003

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2003-QS22


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<PAGE>



<TABLE>
<CAPTION>



Article I    DEFINITIONS....................................................................4

<S>             <C>                                                                        <C>
        Section 1.01.  Definitions..........................................................4

        Section 1.02.  Use of Words and Phrases............................................17

        Section 1.03.  Determination of LIBOR..............................................17


Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

        ISSUANCE OF CERTIFICATES...........................................................19

        Section 2.01.   Conveyance of Mortgage Loans.
                      (See Section 2.01 of the Standard Terms).............................19

        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard
                      Terms)...............................................................19

        Section 2.03.   Representations, Warranties and Covenants of the
                      Master Servicer and the Company......................................19

        Section 2.04. Representations and Warranties of Sellers............................22

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates Evidencing Interests in REMIC I Certificates............24

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................24

        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............24

        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................25

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................26

        Section 3.01. Master Servicer to Act as Servicer. (See Section 3.01 of the Standard
                      Terms)...............................................................26
        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations. (See
                      Section 3.02 of the Standard Terms)..................................26
        Section 3.03. Successor Subservicers. (See Section 3.03 of the Standard Terms).....26
        Section 3.04. Liability of the Master Servicer. (See Section 3.04 of the Standard
                      Terms)...............................................................26
        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders.  (See  Section  3.05  of the  Standard
        Terms).........26   Section   3.06.   Assumption   or   Termination   of
        Subservicing Agreements by Trustee.
                      (See Section 3.06 of the Standard Terms).............................26


                                        i
<PAGE>


                                                                                          Page
        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
                      Custodial Account................................................... 26
        Section 3.08. Subservicing Accounts; Servicing Accounts. (See Section 3.08 of
                      the Standard Terms)..................................................29
        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                      Loans. (See Section 3.09 of the Standard Terms)......................29
        Section 3.10. Permitted Withdrawals from the Custodial Account. (See Section
                      3.10 of the Standard Terms)..........................................29
        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
                      Thereunder. (See Section 3.11 of the Standard Terms).................29
        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
                      Coverage. (See Section 3.12 of the Standard Terms)...................29
        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification
                      Agreements; Certain Assignments. (See Section 3.13 of the Standard
                      Terms)...............................................................29
        Section 3.14. Realization Upon Defaulted Mortgage Loans. (See Section 3.14 of the
                      Standard Terms)..................................................... 29
        Section 3.15. Trustee to Cooperate; Release of Mortgage Files.  (See Section 3.15
                      of the Standard Terms)..............................................29
        Section 3.16. Servicing and Other Compensation; Compensating Interest.
                      (See Section 3.16 of the Standard Terms).............................29
        Section 3.17. Reports to the Trustee and the Company.  (See Section 3.17 of the
                      Standard Terms)......................................................29
        Section 3.18. Annual Statement as to Compliance.  (See Section 3.18 of the Standard
                      Terms)...............................................................29
        Section 3.19. Annual Independent Public Accountants' Servicing Report.
                      (See Section 3.19 of the Standard Terms).............................29
        Section 3.20. Rights of the Company in Respect of the Master Servicer.
                      (See Section 3.20 of the Standard Terms).............................29
        Section 3.21. Administration of Buydown Funds (See Section 3.21 of the
                        Standard Terms) ...................................................29

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................30

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms)  .....30

        Section 4.02. Distributions. ......................................................30

        Section 4.03. Statements to Certificateholders; Exchange Act Reporting (See
                      Section 4.03 of the Standard Terms)..................................38

        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)......................................................38

        Section 4.05. Allocation of Realized Losses. ......................................38

                                        ii


<PAGE>


        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................40

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................40

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................40

Article V  THE CERTIFICATES................................................................41

        Section 5.01. The Certificates  ...................................................41

        Section 5.02. Registration of Transfer and Exchange of Certificates (See
                      Section 5.02 of the Standard Terms)..................................42

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates (See Section
                      5.03 of the Standard Terms)..........................................42

        Section 5.04. Persons Deemed Owners (See Section 5.04 of the Standard Terms).......42

        Section 5.05. Appointment of Paying Agent (See Section 5.05 of the Standard
                      Terms)...............................................................42

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................43

Article VII   DEFAULT......................................................................44

Article VIII  CONCERNING THE TRUSTEE.......................................................45

Article IX    TERMINATION..................................................................46

        Section 9.01. Optional Purchase by the Master Servicer of All Certificates;
                      Termination Upon Purchase by the Master Servicer or Liquidation
                      of All Mortgage Loans. ..............................................46

        Section 9.02. Additional Termination Requirements. (See Section 9.02 of the
                      Standard Terms)......................................................47

        Section 9.03. Termination of Multiple REMICs. (See Section 9.03 of the
                      Standard Terms)......................................................47


Article X      REMIC PROVISIONS............................................................48

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....48

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........48

        Section 10.03.Designation of REMICs................................................48

                                        iii
<PAGE>


        Section 10.04.Distributions on the Uncertificated REMIC I and REMIC II
                      Regular Interests....................................................49

        Section 10.05.Compliance with Withholding Requirements.............................50

Article XI   MISCELLANEOUS PROVISIONS......................................................51

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................51

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................51

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................51

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........51

        Section 11.05.Notices..............................................................51

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See
                      Section 11.06 of the Standard Terms).................................52

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................51

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................52

        Section 11.09.Allocation of Voting Rights..........................................52

        Section 11.10.No Petition..........................................................52



                                        iv
<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 March 1, 2003
Exhibit Five:         Aggregate Planned Principal Balances and Aggregate Targeted Principal
                      Balances



                                        v
</TABLE>

<PAGE>


        This is a Series  Supplement,  dated as of December 1, 2003 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 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 DEUTSCHE BANK TRUST COMPANY AMERICAS,  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), as two 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 this Series Supplement.


                                       1
<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
                             CERTIFICATE                                              S&P/
               PASS-THROUGH   PRINCIPAL                               MATURITY      --------      MINIMUM
 DESIGNATION      RATE        BALANCE       FEATURES(1)                  DATE         FITCH    DENOMINATIONS(2)


<S>     <C>      <C>         <C>                                             <C>                <C>
Class A-1        6.00%       $53,472,000.00   Senior/Fixed Rate     December 26,    AAA/AAA     $25,000.00
                                                                        2033
Class A-2        6.00%       $3,144,720.00    Senior/Fixed Rate     December 26,    AAA/AAA     $25,000.00
                                                                        2033
Class A-3        5.375%      $106,210,000.00  Senior/Fixed Rate     December 26,    AAA/AAA     $25,000.00
                                                                        2033
Class A-4        5.375%      $6,245,880.00    Senior/Fixed Rate     December 26,    AAA/AAA     $25,000.00
                                                                        2033
Class A-5        4.25%       $50,000,000.00 Senior/PAC/Fixed Rate   December 26,    AAA/AAA     $25,000.00
                                                                        2033
Class A-6      Adjustable    $21,428,571.00 Senior/PAC/Floater/    December 26,     AAA/AAA     $25,000.00
               Rate(3)                         Adjustable Rate          2033
Class A-7      Adjustable    $0.00(4)          Senior/Interest      December 26,    AAA/AAA     $2,000,000.00
                 Rate(3)                        Only/Inverse            2033
                                             Floater/Adjustable
                                                    Rate
Class A-8        5.375%      $28,120,000.00  Senior/TAC/Fixed Rate   December 26,   AAA/AAA     $25,000.00
                                                                        2033
Class A-9        5.375%      $9,462,429.00  Senior/TAC/Fixed Rate   December 26,    AAA/AAA     $25,000.00
                                                                        2033
Class A-10       5.375%      $5,000,000.00  Senior/Companion/Fixed  December 26,    AAA/AAA     $25,000.00
                                                    Rate                2033
Class A-11     Adjustable    $35,120,400.00 Senior/Floater/AdjustablDecember 26,    AAA/AAA     $25,000.00
                 Rate(3)                            Rate                2033
Class A-12     Adjustable    $0.004            Senior/Interest      December 26,    AAA/AAA     $2,000,000.00
                 Rate(3)                        Only/Inverse            2033
                                             Floater/Adjustable
                                                    Rate

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
Adjustable                Initial       Formula         Maximum    Minimum
Rates:
Class A-6 Certificates   1.57%        LIBOR + 0.45%     8.00%     0.45%
------------------------ ------------ ----------------- --------- ---------
------------------------ ------------ ----------------- --------- ---------
Class A-7 Certificates   6.43%        7.55% - LIBOR     7.55%     0.00%
------------------------ ------------ ----------------- --------- ---------
------------------------ ------------ ----------------- --------- ---------
Class A-11 Certificates  1.72%        LIBOR + 0.60%     8.00%     0.60%
------------------------ ------------ ----------------- --------- ---------
------------------------ ------------ ----------------- --------- ---------
Class A-12 Certificates  6.28%        7.40% - LIBOR     7.40%     0.00%


                                       2
<PAGE>

                              AGGREGATE
                               INITIAL
                             CERTIFICATE                                              S&P/
               PASS-THROUGH   PRINCIPAL                               MATURITY      --------      MINIMUM
 DESIGNATION      RATE        BALANCE       FEATURES(1)                  DATE         FITCH    DENOMINATIONS(2)



Class A-13       5.50%       $31,350,000.00  Senior/Lockout/Super    December 26,   AAA/AAA    $25,000.00
                                              Senior/Fixed Rate         2033

Class A-14       5.50%       $1,650,000.00  Senior/Lockout/Senior   December 26,    AAA/AAA    $25,000.00
                                             Support/Fixed Rate         2033
Class A-P        0.00%       $2,485,496.21  Senior/Principal Only   December 26,    AAA/AAA    $25,000.00
                                                                        2033
Class A-V      Variable      $0.00             Senior/Interest      December 26,    AAA/AAA        6
               Rate5                         Only/Variable Strip        2033
Class R-I        5.75%       $100.00        Senior/Residual/Fixed   December 26,    AAA/AAA        7
                                                    Rate                2033
Class R-II       5.75%       $100.00        Senior/Residual/Fixed   December 26,    AAA/AAA        7
                                                    Rate                2033
Class M-1        5.75%       $8,763,800.00  Mezzanine/Fixed Rate    December 26,     AA/NA     $25,000.00
                                                                            2033
Class M-2        5.75%       $4,101,800.00  Mezzanine/Fixed Rate    December 26,      A/NA     $250,000.00
                                                                            2033
Class M-3        5.75%       $2,610,300.00  Mezzanine/Fixed Rate    December 26,     BBB/NA    $250,000.00
                                                                            2033
Class B-1        5.75%       $1,118,700.00    Subordinate/Fixed     December 26,     BB/NA     $250,000.00
                                                    Rate                2033
Class B-2        5.75%       $1,305,100.00    Subordinate/Fixed     December 26,      B/NA     $250,000.00
                                                    Rate                2033
Class B-3        5.75%       $1,305,212.51    Subordinate/Fixed     December 26,     NA/NA     $250,000.00
                                                    Rate                2033

</TABLE>

        Mortgage  Loans have an  aggregate  principal  balance as of the Cut-off
Date of $372,894,608.72.

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

______________

4    Each of the Class A-7 Certificates and Class A-12  Certificates do not have
     a principal  balance.  For the purpose of  calculating  interest  payments,
     interest on the Class A-7  Certificates  will  accrue on a notional  amount
     equal to the Certificate  Principal  Balance of the Class A-6  Certificates
     immediately  prior to the  related  distribution  date.  For the purpose of
     calculating interest payments, interest on the Class A-12 Certificates will
     accrue on a notional amount equal to the Certificate  Principal  Balance of
     the Class A-11 Certificates  immediately prior to the related  distribution
     date.
5    The initial Pass-Through Rate on the Class A-V Certificates is 0.4290%.

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  of each Class 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%.


                                       3
<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.

        Adjustable Rate Certificates: Any of the Class A-6, Class A-7 Class A-11
and Class A-12 Certificates.

        Aggregate  Planned Principal  Balance:  With respect to any Distribution
Date,  the  amount  set forth in  Schedule  I of the table  entitled  "Aggregate
Planned Principal Balances and Aggregate Targeted Principal Balances" in Exhibit
Five opposite such date.

        Aggregate Targeted  Principal Balance:  With respect to any Distribution
Date,  the  amount set forth in  Schedule  II of the table  entitled  "Aggregate
Planned Principal Balances and Aggregate Targeted Principal Balances" in Exhibit
Five opposite such date.

        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)
132,500 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) 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, and



                                       4
<PAGE>

                       (B)  the  greater  of  (i)  0.0006  times  the  aggregate
               principal  balance of all the Mortgage Loans in the Mortgage Pool
               as of the  Relevant  Anniversary  having  a  Loan-to-Value  Ratio
               (other than  Additional  Collateral  Loans) at origination  which
               exceeds 75% and (ii) $100,000,

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

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

        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  "Deutsche Bank Trust Company  Americas,  as trustee,  in trust for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  2003-QS22"  and which  must be an  Eligible
Account.

        Certificate Policy:  None.

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,
Class  A-11,  Class  A-12,  Class  A-13,  Class  A-14,  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-P   Principal   Distribution   Amount:   With  respect  to  any
Distribution Date, an amount equal to the aggregate of:

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

               (B) the related Discount Fraction of the principal portion of all
        unscheduled  collections on each Discount  Mortgage Loan received during
        the preceding calendar month or, in the case of Principal Prepayments in
        Full, during the related  Prepayment Period (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, Subsequent Recoveries and repurchases
        (including  deemed   repurchases  under  Section  3.07(b))  of  Discount
        Mortgage Loans (or, in the case of a substitution of a Deleted  Mortgage
        Loan, the Discount Fraction of the amount of any shortfall  deposited in
        the Custodial Account in connection with such substitution);

                                       5
<PAGE>

               (C) in connection with the Cash Liquidation or REO Disposition of
        a Discount  Mortgage  Loan that occurred  during the preceding  calendar
        month (or was deemed to have  occurred  during such period in accordance
        with Section  3.07(b)) 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; minus

               (F)  the  related  Discount   Fraction  of  the  portion  of  the
        Capitalization  Reimbursement Amount for such Distribution Date, if any,
        related to each Discount Mortgage Loan.

        Notwithstanding the foregoing,  with respect to any Distribution Date on
and  after  the  Credit  Support   Depletion   Date,  the  Class  A-P  Principal
Distribution  Amount  shall  equal the excess of (i) the sum of (a) the  related
Discount  Fraction  of the  principal  portion of each  Monthly  Payment on each
Discount  Mortgage Loan received or advanced prior to the related  Determination
Date and not previously distributed minus the Discount Fraction of the principal
portion  of any  related  Debt  Service  Reduction  which  together  with  other
Bankruptcy  Losses  exceeds the Bankruptcy  Amount and (b) the aggregate  amount
calculated pursuant to clauses (B) and (C) above over (ii) the amount calculated
pursuant to clause (F) above.

        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.

        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:  December 30, 2003.


                                       6
<PAGE>

     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 2003-QS22.

        Cut-off Date:  December 1, 2003.

     Determination  Date:  With  respect to any  Distribution  Date,  the second
Business Day prior to each Distribution Date.

        Discount Net Mortgage Rate:  5.75% per annum.

     Due Period:  With respect to each Distribution  Date, the calendar month in
which such Distribution Date occurs.

        Eligible Funds:  On any  Distribution  Date, the excess,  if any, of the
Available  Distribution  Amount  over  the sum of (i) the  aggregate  amount  of
Accrued  Certificate  Interest  on the  Senior  Certificates,  (ii)  the  Senior
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(a)(ii)(Y)(D)  hereof),  (iii) the Class A-P Principal  Distribution  Amount
(determined  without  regard  to  clause  (E) of the  definition  of  Class  A-P
Principal  Distribution  Amount)  and  (iv)  the  aggregate  amount  of  Accrued
Certificate Interest on the Class M, Class B-1 and Class B-2 Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of  determination,  (Y) from the first to, but not  including,  the
second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 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,  and (Z) from
the second to, but not including,  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


                                       7
<PAGE>

confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

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

        Initial Monthly Payment Fund: $11,851  representing  scheduled principal
amortization  and interest at the Net Mortgage  Rate payable  during the January
2004 Due Period,  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-7  Certificates,
$21,428,571.00.  With  respect to the Class A-12  Certificates,  $35,120,400.00.
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  I  Regular  Interests  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 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:  2.35%           Class B-1:  0.30%
        Class M-2:  1.10%           Class B-2:  0.35%
        Class M-3:  0.70%           Class B-3:  0.35%

        Interest  Accrual  Period:  With  respect  to any Class of  Certificates
(other than the Adjustable Rate  Certificates)  and any  Distribution  Date, the
calendar month preceding the month in which such Distribution  Date occurs.  The
Interest   Accrual  Period  for  the  Adjustable  Rate   Certificates   for  any
Distribution Date is the period beginning on the 25th day of the month preceding
the month in which such  Distribution  Date occurs and ending on the 24th day of
the month in which such Distribution Date occurs.

        Interest  Only  Certificates:  Any one of the Class  A-7,  Class A-12 or
Class A-V Certificates.  The Interest Only Certificates will have no Certificate
Principal Balance.

     Lockout Certificates: Any one of the Class A-13 or Class A-14 Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution Date in January 2009, 0%, and for any Distribution Date thereafter,
as follows:  30% for any Distribution Date on or after January 2009 and prior to
January 2010; 40% for any  Distribution  Date on or after January 2010 and prior
to January  2011;  60% for any  Distribution  Date on or after  January 2011 and
prior to January 2012;  80% for any  Distribution  Date on or after January 2012
and prior to January 2013; and 100% for any Distribution Date thereafter.

        Maturity Date:  December 26, 2033,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

                                       8
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

(xi)              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

(xii)             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, (i) with respect to the
Class A-7 Certificates,  an amount equal to the Certificate Principal Balance of
the Class A-6 Certificates  immediately prior to such date; (ii) with respect to
the Class A-12 Certifcates, an amount equal to the Certificate Principal Balance
of the Class A-11  Certificates  immediately  prior to such date; and (iii) with
respect to any Class A-V  Certificates  or Subclass  thereof issued  pursuant to
Section 5.01(c),  the aggregate  Stated Principal  Balance of the Mortgage Loans
corresponding to the  Uncertificated  REMIC I Regular Interests Z represented by
such Class or Subclass immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Adjustable Rate, Class A-V and Class A-P Certificates), Class M Certificates
and Class B  Certificates  and any  Distribution  Date,  the per annum rates set
forth in the Preliminary Statement hereto.

                                       9
<PAGE>

o              With  respect  to the  Class  A-6  Certificates  and the  initial
               Interest Accrual Period,  1.57% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to LIBOR plus
               0.45%, subject to a maximum rate of 8.00% per annum and a minimum
               rate of 0. 45% per annum.

o              With  respect  to the  Class  A-7  Certificates  and the  initial
               Interest Accrual Period,  6.43% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 7.55% minus
               LIBOR, subject to a maximum rate of 7.55% per annum and a minimum
               rate of 0.00% per annum.

o              With  respect  to the Class  A-11  Certificates  and the  initial
               Interest Accrual Period,  1.72% per annum, and as to any Interest
               Accrual Period  thereafter,  a per annum rate equal to LIBOR plus
               0.60%, subject to a maximum rate of 8.00% per annum and a minimum
               rate of 0.60% per annum.

o              With  respect  to the Class  A-12  Certificates  and the  initial
               Interest Accrual Period,  6.28% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 7.40% minus
               LIBOR, subject to a maximum rate of 7.40% per annum and a minimum
               rate of 0.00% per annum.

        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  0.4290%  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 I Regular Interests Z represented by
such  Subclass as of the Due Date in the  related  Due  Period,  weighted on the
basis of the respective  Stated Principal  Balances of such Mortgage Loans as of
the day  immediately  preceding such  Distribution  Date (or with respect to the
initial  Distribution  Date, at the close of business on the Cut-off Date).  The
Principal Only  Certificates  have no Pass-Through  Rate and are not entitled to
Accrued Certificate Interest.

        Prepayment  Assumption:   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 6.0% 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  approximately  1.0909091%  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 18.0% per annum.


                                       10
<PAGE>

        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
               January 2009 (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 not  discussed in clause (i) above on
               which any Class of Subordinate Certificates are outstanding:

                      (a) in the case of the Class of  Subordinate  Certificates
               then  outstanding  with the Highest Priority and each other Class
               of  Subordinate  Certificates  for which the  related  Prepayment
               Distribution Trigger has been satisfied, a fraction, expressed as
               a percentage, the numerator of which is the Certificate Principal
               Balance  of such  Class  immediately  prior to such  date and the
               denominator  of  which  is the sum of the  Certificate  Principal
               Balances  immediately  prior  to such  date of (1) the  Class  of
               Subordinate   Certificates  then  outstanding  with  the  Highest
               Priority and (2) all other  Classes of  Subordinate  Certificates
               for which the respective  Prepayment  Distribution  Triggers have
               been satisfied; and

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

          (iii)Notwithstanding   the  foregoing,   if  the  application  of  the
               foregoing  percentages  on any  Distribution  Date as provided in
               Section 4.02 of this Series Supplement (determined without regard
               to  the  proviso  to the  definition  of  "Subordinate  Principal
               Distribution  Amount") would result in a distribution  in respect
               of principal of any Class or Classes of Subordinate  Certificates
               in an amount  greater than the  remaining  Certificate  Principal
               Balance thereof (any such class, a "Maturing  Class"),  then: (a)
               the  Prepayment  Distribution  Percentage of each Maturing  Class
               shall be  reduced to a level  that,  when  applied  as  described
               above, would exactly reduce the Certificate  Principal Balance of
               such Class to zero; (b) the Prepayment Distribution Percentage of
               each other Class of Subordinate  Certificates  (any such Class, a
               "Non-Maturing  Class") shall be  recalculated  in accordance with
               the  provisions in paragraph  (ii) above,  as if the  Certificate
               Principal Balance of each Maturing Class had been reduced to zero
               (such percentage as recalculated, the "Recalculated Percentage");
               (c)  the  total  amount  of  the  reductions  in  the  Prepayment
               Distribution   Percentages  of  the  Maturing  Class  or  Classes
               pursuant  to  clause  (a)  of  this  sentence,  expressed  as  an
               aggregate  percentage,  shall be allocated among the Non-Maturing
               Classes   in   proportion   to  their   respective   Recalculated
               Percentages (the portion of such aggregate reduction so allocated
               to any Non-Maturing Class, the "Adjustment Percentage");  and (d)
               for  purposes  of  such   Distribution   Date,   the   Prepayment
               Distribution Percentage of each Non-Maturing Class shall be equal
               to the sum of (1) the Prepayment Distribution Percentage thereof,


                                       11
<PAGE>

               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.
        ----------------------------

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates  (other than the Adjustable Rate  Certificates  that are Book-Entry
Certificates),  the  close of  business  on the last  Business  Day of the month
preceding the month in which the related  Distribution Date occurs. With respect
to each  Distribution Date and the Adjustable Rate Certificates (so long as they
are Book-Entry Certificates), the close of business on the Business Day prior to
such Distribution Date.

        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  (other  than  Monthly
                      Payments due in the month of the Cut-off Date) as shall be
                      on deposit in the Custodial  Account or in the Certificate
                      Account and  identified  as  belonging  to the Trust Fund,
                      including the proceeds from the  liquidation of Additional
                      Collateral  for any  Additional  Collateral  Loan, but not
                      including  amounts  on  deposit  in  the  Initial  Monthly
                      Payment Fund,

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

               (iv)   the  hazard  insurance   policies  and  Primary  Insurance
                      Policies,  if any, 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).

                                       12
<PAGE>

        Senior  Certificate:  Any one of the  Class A  Certificates  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: With respect 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
therefrom pursuant to Section 4.02(a)(i),  Section 4.02(a)(ii)(X) (excluding any
amount  distributable  pursuant  to clause (E) of the  definition  of "Class A-P
Principal  Distribution  Amount"), 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)(Y),  4.02(a)(xvi)  and  4.02(a)(xvii)  of this  Series
Supplement.

        Senior Support Certificates: The Class A-14 Certificates.
        ---------------------------

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$3,728,946  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  greater  of (i) the  product  of the  Special  Hazard
Percentage for such anniversary  multiplied by the outstanding principal balance
of all the Mortgage Loans on the Distribution  Date  immediately  preceding such
anniversary  and (ii) twice the  outstanding  principal  balance of the Mortgage
Loan with the largest outstanding  principal balance as of the Distribution Date
immediately preceding 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  29.98%  (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.


                                       13
<PAGE>

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

        Special Hazard  Percentage:  As of each anniversary of the Cut-off Date,
the greater of (i) 1.0% and (ii) the largest percentage obtained by dividing the
aggregate   outstanding   principal   balance  (as  of   immediately   preceding
Distribution Date) of the Mortgage Loans secured by Mortgaged Properties located
in a  single,  five-digit  zip  code  area in the  State  of  California  by the
outstanding  principal  balance of all the Mortgage Loans as of the  immediately
preceding Distribution Date.

        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)(Y)(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)(Y)(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 received in the related  Prepayment  Period and Curtailments
received in the  preceding  calendar  month  (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) the sum of (i) with respect to
the Class of  Subordinate  Certificates  with the  Lowest  Priority,  any Excess
Subordinate   Principal  Amount  for  such  Distribution   Date;  and  (ii)  the
Capitalization  Reimbursement  Amount for such Distribution Date, other than the
related Discount Fraction of any portion of that amount related to each Discount
Mortgage  Loan,  multiplied  by a  fraction,  the  numerator  of  which  is  the
Subordinate  Principal   Distribution  Amount  for  such  Class  of  Subordinate
Certificates,  without giving effect to this clause (b)(ii), and the denominator
of which is the sum of the  principal  distribution  amounts  for all Classes of
Certificates other than the Class A-P Certificates, without giving effect to any
reductions for the Capitalization Reimbursement Amount.

        Super Senior Certificates:  The Class A-13 Certificates.
        -------------------------

        Super  Senior  Optimal  Percentage:  As  of  any  Distribution  Date,  a
fraction,  expressed as a percentage,  the numerator of which is the Certificate
Principal  Balance of the Super Senior  Certificates  immediately  prior to such


                                       14
<PAGE>

Distribution  Date and the  denominator  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.

        Super  Senior  Optimal   Principal   Distribution   Amount:  As  of  any
Distribution  Date on or after the Credit Support Depletion Date, the product of
(a) the  then-applicable  Super Senior  Optimal  Percentage  and (b) the amounts
described in clause (b) of the Senior Principal Distribution Amount.

        Uncertificated Accrued Interest: With respect to each Distribution Date,
(i)  as to  each  Uncertificated  REMIC  I  Regular  Interest  other  than  each
Uncertificated  REMIC I Regular  Interest  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  (excluding  any
Interest Only  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,  other than the Uncertificated REMIC I
Regular  Interests  Z,  the  per  annum  rate  specified  in the  definition  of
Uncertificated  REMIC I Regular Interests.  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 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.

                                       15
<PAGE>

        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.

        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>
          R             Class A-1, Class A-2              6.00%                  $ 56,616,720.00
----------------------- --------------------------------- ------------------ --------------------
----------------------- --------------------------------- ------------------ --------------------
          S             Class A-3, Class A-4, Class       5.375%                $ 154,978,309.00
                        A-8, Class A-9, Class A-10
----------------------- --------------------------------- ------------------ --------------------
----------------------- --------------------------------- ------------------ --------------------
          T             Class A-5                         4.25%                  $ 50,000,000.00
----------------------- --------------------------------- ------------------ --------------------
----------------------- --------------------------------- ------------------ --------------------
          U             Class A-6, Class A-7              8.00%                  $ 21,428,571.00
----------------------- --------------------------------- ------------------ --------------------
----------------------- --------------------------------- ------------------ --------------------
          V             Class A-11, Class A-12            8.00%                  $ 35,120,400.00
----------------------- --------------------------------- ------------------ --------------------
----------------------- --------------------------------- ------------------ --------------------
          W             Class A-13, Class A-14            5.50%                 $ 154,978,309.00
----------------------- --------------------------------- ------------------ --------------------
----------------------- --------------------------------- ------------------ --------------------
          X             Class A-P                         0.00%                   $ 2,485,496.21
----------------------- --------------------------------- ------------------ --------------------
----------------------- --------------------------------- ------------------ --------------------
          Y             Class R-II, Class M-1, Class      5.75%                  $ 19,205,112.51
                        M-2, Class M-3, Class B-1,
                        Class B-2, Class B-3
----------------------- --------------------------------- ------------------ --------------------
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  2,112
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 2112,  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  Interests  Z,  the  amount  specified  as the
Uncertificated REMIC I Regular Interest Distribution Amount with respect thereto
in the definition of Uncertificated  REMIC I Regular Interests.  With respect to
the  Uncertificated  REMIC I Regular  Interests  Z, the  Uncertificated  REMIC I
Regular Interests Z Distribution Amount.

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  2,112
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  2,112 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal


                                       16
<PAGE>

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   Interests  Z,   comprising  such
Uncertificated  REMIC II  Regular  Interests  Z's pro rata  share of the  amount
distributed pursuant to Section 10.04(a).

        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).

        Underwriters:  Bear, Stearns & Co. Inc. and UBS Securities LLC.
        ------------

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.

        Section 1.03. Determination of LIBOR.
                      ----------------------

        LIBOR  applicable to the  calculation of the  Pass-Through  Rates on the
Adjustable  Rate  Certificates  for any Interest  Accrual Period (other than the
initial Interest Accrual Period) will be determined as described below:

        On each  Distribution  Date,  LIBOR shall be  established by the Trustee
and, as to any Interest Accrual Period, will equal the rate for one month United
States  dollar  deposits  that appears on the  Telerate  Screen Page 3750 of the
Moneyline  Telerate Capital Markets Report as of 11:00 a.m., London time, on the
second LIBOR Business Day prior to the first day of such Interest Accrual Period
("LIBOR Rate Adjustment  Date").  "Telerate  Screen Page 3750" means the display
designated  as page 3750 on the  Telerate  Service  (or such  other  page as may
replace page 3750 on that service for the purpose of displaying London interbank
offered  rates of major  banks).  If such rate does not  appear on such page (or
such other page as may replace that page on that service,  or if such service is
no longer offered, any other service for displaying LIBOR or comparable rates as
may be selected by the Trustee after consultation with the Master Servicer), the
rate  will be the  Reference  Bank  Rate.  The  "Reference  Bank  Rate"  will be
determined  on the  basis of the rates at which  deposits  in U.S.  Dollars  are
offered by the  reference  banks  (which shall be any three major banks that are
engaged in transactions in the London interbank market,  selected by the Trustee
after  consultation  with the Master Servicer) as of 11:00 a.m., London time, on
the day  that is one  LIBOR  Business  Day  prior to the  immediately  preceding
Distribution  Date to prime banks in the London interbank market for a period of
one month in amounts  approximately equal to the aggregate Certificate Principal
Balance of the Adjustable Rate Certificates  then outstanding.  The Trustee will
request the principal  London office of each of the reference banks to provide a
quotation of its rate. If at least two such  quotations  are provided,  the rate
will be the arithmetic mean of the quotations rounded up to the next multiple of
1/16%. If on such date fewer than two quotations are provided as requested,  the
rate will be the arithmetic  mean of the rates quoted by one or more major banks
in New York City,  selected by the Trustee  after  consultation  with the Master
Servicer,  as of 11:00 a.m.,  New York City time, on such date for loans in U.S.
Dollars  to  leading  European  banks  for a  period  of one  month  in  amounts
approximately  equal  to the  aggregate  Certificate  Principal  Balance  of the
Adjustable  Rate  Certificates  then  outstanding.  If no such quotations can be


                                       17
<PAGE>

obtained,  the rate will be LIBOR for the prior  Distribution  Date,  or, in the
case of the  first  LIBOR  Rate  Adjustment  Date,  1.12% per  annum;  provided,
however, if, under the priorities described above, LIBOR for a Distribution Date
would be  based  on  LIBOR  for the  previous  Distribution  Date for the  third
consecutive  Distribution  Date, the Trustee shall,  after consultation with the
Master Servicer,  select an alternative comparable index (over which the Trustee
has no control), used for determining one-month Eurodollar lending rates that is
calculated and published (or otherwise made available) by an independent  party.
"LIBOR Business Day" means any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in the city of London,  England are required
or authorized by law to be closed.

        The  establishment  of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date and the Master Servicer's subsequent  calculation of the Pass-Through Rates
applicable to each of the Adjustable Rate Certificates for the relevant Interest
Accrual Period, in the absence of manifest error, will be final and binding.

        Promptly  following  each LIBOR Rate  Adjustment  Date the Trustee shall
supply the Master  Servicer  with the results of its  determination  of LIBOR on
such date.  Furthermore,  the Trustee will supply the Pass-Through Rates on each
of the  Adjustable  Rate  Certificates  for  the  current  and  the  immediately
preceding Interest Accrual Period via the Trustee's internet website,  which may
be obtained by telephoning the Trustee at (800) 735-7777.



                                       18
<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, with respect to a majority of the Mortgage
        Loans,  on the  first  day of  each  month  and  terms  to  maturity  at
        origination or modification of not more than 30 years;

(iv) To the  best of the  Company's  knowledge,  except  with  respect  to seven
     Mortgage Loans representing  approximately 0.2% of the principal balance of
     the  Mortgage  Loans at  origination,  if a  Mortgage  Loan is secured by a
     Mortgaged  Property with a Loan-to-Value  Ratio at origination in excess of
     80%, such Mortgage Loan is the subject of a Primary  Insurance  Policy that
     insures (a) at least 35% of the Stated  Principal  Balance of the  Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is between  100.00%  and
     95.01%,  (b) at least 30% of the Stated  Principal  Balance of the Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is  between  95.00%  and
     90.01%,  (c) at least 25% of such  balance  if the  Loan-to-Value  Ratio is
     between  90.00%  and  85.01%  and (d) at least 12% of such  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;

                                       19
<PAGE>

(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 0.4% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

(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 55.80% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  10.39% 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  3.18%
        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  37.11% 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 is a Buy-Down Mortgage Loan;

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

(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);

                                       20
<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)  None of the  Mortgage  Loans  contain  in the  related  Mortgage  File a
        Destroyed Mortgage Note;

(xviii) None 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


                                       21
<PAGE>

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

Section 2.04.  Representations and Warranties of Sellers.
               ------------------------------------------

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights 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.  If the breach of  representation  and warranty that gave
rise to the  obligation  to repurchase or substitute a Mortgage Loan pursuant to
Section 4 of the Assignment  Agreement was the  representation  and warranty set
forth in clause (k) of Section 4 thereof, then the Master Servicer shall request
that  Residential  Funding  pay to the  Trust  Fund,  concurrently  with  and in
addition to the remedies provided in the preceding sentence,  an amount equal to
any liability,  penalty or expense that was actually incurred and paid out of or
on behalf of the Trust Fund, and that directly  resulted from such breach, or if
incurred and paid by the Trust Fund thereafter,  concurrently with such payment.
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 or the Custodian
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


                                       22
<PAGE>

Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
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  and to make any  additional
payments required under the Assignment  Agreement in connection with a breach of


                                       23
<PAGE>

the  representation  and  warranty  in clause  (k) of  Section  4 thereof  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.

Section               2.05.       Execution      and      Authentication      of
                      Certificates/Issuance of Certificates Evidencing Interests
                      in REMIC I Certificates.

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in 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 Class R-I  Certificates  in
authorized  denominations which together with the Uncertificated REMIC I Regular
Interests, evidence the beneficial interest in REMIC I.

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  the
beneficial interest in the entire REMIC II.


                                       24
<PAGE>

Section 2.08.  Purposes  and  Powers  of the  Trust.  (See  Section  2.08 of the
     Standard Terms).


                                       25
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master  Servicer to Act as  Servicer.  (See  Section  3.01 of the
     Standard Terms)

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations. (See Section 3.02 of
     the Standard Terms)

Section 3.03. Successor Subservicers. (See Section 3.03 of the Standard Terms)

Section  3.04.  Liability  of the  Master  Servicer.  (See  Section  3.04 of the
     Standard Terms)

Section 3.05. No Contractual  Relationship  Between  Subservicer  and Trustee or
     Certificateholders. (See Section 3.05 of the Standard Terms)

Section 3.06.  Assumption or Termination of Subservicing  Agreements by Trustee.
     (See Section 3.06 of the Standard Terms)

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


                                       26
<PAGE>

        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),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance 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;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off Date, but not less than the rates at which the Servicing Fee and
        the Subservicing Fee with respect to such Mortgage Loan accrue,  (2) the
        final  maturity date for any Mortgage Loan shall not be extended  beyond
        the Maturity  Date, (3) the Stated  Principal  Balance of all Reportable
        Modified Mortgage Loans subject to Servicing  Modifications (measured at
        the time of the  Servicing  Modification  and after giving effect to any
        Servicing  Modification)  can  be no  more  than  five  percent  of  the
        aggregate  principal  balance of the  Mortgage  Loans as of the  Cut-off
        Date,  unless such limit is increased from time to time with the consent
        of the Rating  Agencies.  In addition,  any amounts  owing on a Mortgage
        Loan added to the  outstanding  principal  balance of such Mortgage Loan
        must be fully  amortized  over the remaining term of such Mortgage Loan,
        and such amounts may be added to the outstanding  principal balance of a
        Mortgage Loan only once during the life of such Mortgage Loan. Also, the
        addition of such amounts  described in the preceding  sentence  shall be
        implemented in accordance  with the Program Guide and may be implemented
        only by Subservicers  that have been approved by the Master Servicer for
        such purpose. In connection with any Curtailment of a Mortgage Loan, the
        Master Servicer,  to the extent not  inconsistent  with the terms of the
        Mortgage Note and local law and  practice,  may permit the Mortgage Loan
        to be reamortized  such that the Monthly  Payment is  recalculated as an
        amount that will fully amortize the remaining Stated  Principal  Balance
        thereof by the original  Maturity  Date based on the  original  Mortgage
        Rate; provided,  that such re-amortization  shall not be permitted if it
        would  constitute a reissuance of the Mortgage  Loan for federal  income
        tax  purposes,  except  if such  reissuance  is  described  in  Treasury
        Regulation Section 1.860G-2(b)(3).

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

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

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


                                       27
<PAGE>

(iii)   Insurance Proceeds,  Subsequent Recoveries 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 (including amounts received from Residential  Funding
        pursuant to the last paragraph of Section 4 of the Assignment  Agreement
        in respect of any  liability,  penalty or expense that  resulted  from a
        breach of the  representation  and  warranty set forth in clause 4(k) of
        the Assignment  Agreement)  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
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) - (d). (See Section 3.07(c) -(d) of the Standard Terms)


                                       28
<PAGE>

Section 3.08.  Subservicing Accounts;  Servicing Accounts.  (See Section 3.08 of
     the Standard Terms)

Section 3.09.  Access to Certain  Documentation  and  Information  Regarding the
     Mortgage Loans. (See Section 3.09 of the Standard Terms)

Section 3.10.  Permitted  Withdrawals from the Custodial  Account.  (See Section
     3.10 of the Standard Terms)

Section  3.11.  Maintenance  of  the  Primary  Insurance  Policies;  Collections
     Thereunder. (See Section 3.11 of the Standard Terms)

Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
     (See Section 3.12 of the Standard Terms)

Section 3.13.  Enforcement of Due-on-Sale  Clauses;  Assumption and Modification
     Agreements; Certain Assignments. (See Section 3.13 of the Standard Terms)

Section 3.14.  Realization Upon Defaulted  Mortgage Loans.  (See Section 3.14 of
     the Standard Terms)

Section 3.15. Trustee to Cooperate; Release of Mortgage Files. (See Section 3.15
     of the Standard Terms)

Section 3.16.  Servicing and Other  Compensation;  Compensating  Interest.  (See
     Section 3.16 of the Standard Terms)

Section 3.17.  Reports to the Trustee and the Company.  (See Section 3.17 of the
     Standard Terms)

Section 3.18.  Annual  Statement  as to  Compliance.  (See  Section  3.18 of the
     Standard Terms)

Section 3.19. Annual  Independent  Public  Accountants'  Servicing Report.  (See
     Section 3.19 of the Standard Terms)

Section 3.20.  Rights of the  Company in Respect  of the Master  Servicer.  (See
     Section 3.20 of the Standard Terms)

Section 3.21.  Administration of Buydown Funds (See Section 3.21 of the Standard
     Terms)

                                       29
<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 the Master Servicer on behalf of the Trustee (or
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,
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), 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);  provided  however that
        after  the  Credit  Support  Depletion  Date,  the  Accrued  Certificate
        Interest for the Senior Support Certificates shall be distributed to the
        Super  Senior  Certificates  and  the  Senior  Support  Certificates  in
        accordance with Section 4.02(c)); and

               (ii) (X) to the Class A-P  Certificates,  the Class A-P Principal
        Distribution Amount (applied to reduce the Certificate Principal Balance
        of such Senior Certificates);

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

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

                                       30
<PAGE>

          (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 preceding  calendar month (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  preceding  calendar  month (other than the
     related  Discount  Fraction of such Stated  Principal  Balance or shortfall
     with respect to each Discount Mortgage Loan); and

          (3) the principal portion of all other unscheduled  collections (other
     than Principal Prepayments in Full and Curtailments and amounts received in
     connection  with a Cash  Liquidation or REO  Disposition of a Mortgage Loan
     described in Section 4.02(a)(ii)(Y)(B) of this Series Supplement, including
     without  limitation  Insurance  Proceeds,   Liquidation  Proceeds  and  REO
     Proceeds),  including Subsequent Recoveries,  received during the preceding
     calendar  month (or  deemed to have been so  received  in  accordance  with
     Section 3.07(b)) to the extent applied by the Master Servicer as recoveries
     of principal of the related  Mortgage  Loan pursuant to Section 3.14 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 preceding  calendar month (or was deemed to
have occurred during such period in accordance with Section 3.07(b)) and did not
result  in any  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses or Extraordinary  Losses, an amount equal to the lesser of (a)
the Senior  Percentage  for such  Distribution  Date times the Stated  Principal
Balance of such Mortgage Loan (other than the related Discount  Fraction of such
Stated Principal  Balance,  with respect to each Discount Mortgage Loan) and (b)
the Senior Accelerated  Distribution Percentage for such Distribution Date times
the related  unscheduled  collections  (including 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 clause (C) of the definition of Class A-P Principal Distribution Amount);

                                       31
<PAGE>

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

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

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

     (F) the  Capitalization  Reimbursement  Amount for such Distribution  Date,
other than the related  Discount  Fraction of any portion of that amount related
to each Discount Mortgage Loan, multiplied by a fraction, the numerator of which
is the Senior  Principal  Distribution  Amount,  without  giving  effect to this
clause  (F),  and  the  denominator  of  which  is  the  sum  of  the  principal
distribution  amounts for all Classes of  Certificates  other than the Class A-P
Certificates,  without giving effect to any  reductions  for the  Capitalization
Reimbursement Amount;

               (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;

                                       32
<PAGE>

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

               (vii) to the  Holders  of the Class M-2  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such  Distribution  Date, minus (y) the amount
        of any Class A-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;

                                       33
<PAGE>

               (xiv) to the  Holders  of the Class B-3  Certificates,  an amount
        equal  to  (x)  the  Accrued  Certificate   Interest  thereon  for  such
        Distribution  Date,  plus  any  Accrued  Certificate   Interest  thereon
        remaining unpaid from any previous Distribution Date, except as provided
        below,  minus (y) the amount of any Class A-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 (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) 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.

                                       34
<PAGE>

(b)            Distributions  of  principal on the Senior  Certificates  on each
               Distribution Date will be made as follows:

(i)            first,  an amount equal Class A-P Principal  Distribution  Amount
               shall be  distributed  to the Class A-P  Certificates,  until the
               Certificate Principal Balance thereof has been reduced to zero;

(ii)           second,  the  Senior  Principal   Distribution  Amount  shall  be
               distributed in the following manner and priority:

(A)            first,  concurrently to the Class R-I Certificates and Class R-II
               Certificates,  on a pro  rata  basis  in  accordance  with  their
               respective Certificate Principal Balances,  until the Certificate
               Principal Balances thereof have been reduced to zero;

(B)            second, the Senior Principal  Distribution Amount remaining shall
               be distributed concurrently, as follows:

(1)  10.00000000000%  of the amount described in Section  4.02(b)(ii)(B)  to the
     Class A-11  Certificates,  until the Certificate  Principal  Balance of the
     Class A-11 Certificates has been reduced to zero; and

(2)  90.00000000000%  of the amount described in Section  4.02(b)(ii)(B)  in the
     following manner and priority:

                          (a) first,  concurrently to the Lockout  Certificates,
                  on a pro  rata  basis  in  accordance  with  their  respective
                  Certificate   Principal   Balances,   until  the   Certificate
                  Principal  Balance of each class of Lockout  Certificates  has
                  been  reduced  to  zero,   an  amount  equal  to  the  Lockout
                  Percentage of the Lockout  Certificates' pro rata share (based
                  on the Certificate  Principal  Balance thereof relative to the
                  aggregate  Certificate  Principal  Balance  of all  classes of
                  Certificates  (other than the Class A-P  Certificates)) of the
                  aggregate of the  collections  described in clauses (A),  (B),
                  (C),  (D) and (E) (net of amounts  set forth in clause (F)) of
                  Section  4.02(a)(ii)(Y),  without  application  of the  Senior
                  Percentage or the Senior Accelerated  Distribution Percentage;
                  provided,  however,  that if the  aggregate of the amounts set
                  forth in clauses  (A),  (B),  (C), (D) and (E) (net of amounts
                  set forth in clause  (F)) of  Section  4.02(a)(ii)(Y)  is more
                  than  the  balance  of  the  Available   Distribution   Amount
                  remaining  after the Senior Interest  Distribution  Amount and
                  the  Class  A-P  Principal   Distribution   Amount  have  been
                  distributed,  the  amount  paid  to the  Lockout  Certificates
                  pursuant to this clause shall be reduced by an amount equal to
                  the  Lockout  Certificates'  pro  rata  share  (based  on  the
                  Certificate  Principal  Balance  of the  Lockout  Certificates
                  relative to the aggregate Certificate Principal Balance of the
                  Senior  Certificates  (other than the Class A-P Certificates))
                  of such difference;

                          (b) second,  any remaining amount shall be distributed
                  concurrently as follows:

                                       35
<PAGE>

                             (i)  20.00000000000%  of the  amount  described  in
                      Section 4.02(b)(ii)(B)(2)(b) sequentially to the Class A-1
                      Certificates  and  the  Class  A-2  Certificates,  in that
                      order,  until the  Certificate  Principal  Balances of the
                      Class A-1 Certificates and the Class A-2 Certificates have
                      been reduced to zero;

                             (ii)  40.27467504299%  of the amount  described  in
                      Section  4.02(b)(ii)(B)(2)(b)  in the following manner and
                      priority:

                                 (A) first,  to the Class A-5  Certificates  and
                          the Class  A-6  Certificates,  on a pro rata  basis in
                          accordance with their respective Certificate Principal
                          Balances,  an amount necessary to reduce the aggregate
                          Certificate   Principal   Balance  of  the  Class  A-5
                          Certificates   and  Class  A-6   Certificates  to  the
                          Aggregate   Planned   Principal   Balance   for   that
                          Distribution Date;

                                 (B) second,  any remaining amount  sequentially
                          to  the   Class   A-8   Certificates   and  Class  A-9
                          Certificates,  in that order,  an amount  necessary to
                          reduce the aggregate  Certificate Principal Balance of
                          the Class A-8  Certificates and Class A-9 Certificates
                          to the Aggregate  Targeted  Principal Balance for that
                          distribution date;

                                 (C) third,  any  remaining  amount to the Class
                          A-10  Certificates,  until the  Certificate  Principal
                          Balance  of  the  Class  A-10  Certificates  has  been
                          reduced to zero;

                                 (D) fourth, any remaining amount, sequentially,
                          to  the   Class   A-8   Certificates   and  Class  A-9
                          Certificates,  in that order and without regard to the
                          Aggregate  Targeted   Principal  Balance,   until  the
                          aggregate  Certificate  Principal Balance of the Class
                          A-8  Certificates  and Class A-9 Certificates has been
                          reduced to zero; and

                                 (E) fifth,  any  remaining  amount to the Class
                          A-5  Certificates  and  the  Class  A-6  Certificates,
                          without  regard  to the  Aggregate  Planned  Principal
                          Balance,  on a pro rata basis in accordance with their
                          respective  Certificate Principal Balances,  until the
                          aggregate  Certificate  Principal Balance of the Class
                          A-5  Certificates  and Class A-6 Certificates has been
                          reduced to zero; and

                             (iii)  39.72532495701%  of the amount  described in
                      Section 4.02(b)(ii)(B)(2)(b) sequentially to the Class A-3
                      Certificates  and  the  Class  A-4  Certificates,  in that
                      order,  until the  Certificate  Principal  Balances of the
                      Class A-3  Certificates and the Class A-4 Certificates has
                      been reduced to zero; and

                          (c)  third,  any  remaining  amount to the Class  A-13
                  Certificates  and the Class A-14  Certificates,  on a pro rata
                  basis  in  accordance   with  their   respective   Certificate
                  Principal Balances,  until the Certificate  Principal Balances
                  of the Class A-13 Certificates and the Class A-14 Certificates
                  have been reduced to zero.

                                       36
<PAGE>

(c)  Notwithstanding  Section  4.02(b)(ii),  on  or  after  the  Credit  Support
Depletion Date, the Senior Principal  Distribution Amount will be distributed to
the remaining Senior Certificates (other than the Class A-P Certificates and the
Class A-V Certificates) pro rata in accordance with their respective outstanding
Certificate Principal Balances;  provided,  however, that until reduction of the
Certificate  Principal  Balance of the Senior Support  Certificates to zero, the
aggregate  amount  distributable  to the Super  Senior  Certificates  and Senior
Support  Certificates in respect of the aggregate Accrued  Certificate  Interest
thereon  and in  respect  of their  aggregate  pro rata  portion  of the  Senior
Principal Distribution Amount will be distributed among such Senior Certificates
in the following  priority:  first, to the Super Senior  Certificates,  up to an
amount  equal  to  the  Accrued   Certificate   Interest  on  the  Super  Senior
Certificates; second, to the Super Senior Certificates, up to an amount equal to
the Super Senior  Optimal  Principal  Distribution  Amount,  in reduction of the
Certificate  Principal Balance thereof,  until the Certificate Principal Balance
thereof has been reduced to zero; third, to the Senior Support Certificates,  up
to an amount equal to the Accrued Certificate  Interest thereon;  and fourth, to
the Senior Support Certificates,  the remainder, until the Certificate Principal
Balance thereof has been reduced to zero.

(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 Subsequent
Recoveries,  the Master  Servicer  shall  deposit such funds into the  Custodial
Account  pursuant to Section  3.07(b)(iii).  If,  after taking into account such
Subsequent  Recoveries,  the amount of a Realized Loss is reduced, the amount of
such Subsequent Recoveries will be applied to increase the Certificate Principal
Balance of the Class of Subordinate  Certificates  with a Certificate  Principal
Balance  greater than zero with the highest  payment  priority to which Realized
Losses, other than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special
Hazard Losses and  Extraordinary  Losses,  have been allocated,  but not by more
than the  amount  of  Realized  Losses  previously  allocated  to that  Class of
Certificates  pursuant to Section 4.05.  The amount of any remaining  Subsequent
Recoveries  will be  applied to  increase  from zero the  Certificate  Principal
Balance of the Class of Certificates with the next lower payment priority, up to
the amount of Realized Losses previously allocated to that Class of Certificates
pursuant to Section 4.05. Any remaining  Subsequent  Recoveries  will in turn be
applied to increase from zero the Certificate  Principal Balance of the Class of
Certificates  with the next lower payment  priority up to the amount of Realized
Losses  previously  allocated to that Class of Certificates  pursuant to Section
4.05,  and so on.  Holders  of such  Certificates  will not be  entitled  to any
payment  in  respect  of  Accrued  Certificate  Interest  on the  amount of such
increases for any Interest  Accrual Period preceding the Interest Accrual Period
that relates to the Distribution  Date on which such increase  occurs.  Any such
increases  shall  be  applied  to the  Certificate  Principal  Balance  of  each
Certificate of such Class in accordance with its respective Percentage Interest.

                                       37
<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.  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).

Section 4.03.  Statements to  Certificateholders;  Exchange Act Reporting.  (See
     Section 4.03 of the Standard Terms)

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


                                       38
<PAGE>

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; provided, however, that after the Credit Support
Depletion  Date,  Realized  Losses  otherwise  allocable  to  the  Super  Senior
Certificates  will be allocated  to the Senior  Support  Certificates  until the
Certificate  Principal  Balance  of the  Senior  Support  Certificates  has been
reduced to zero.  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 such Realized
Losses on Discount  Mortgage Loans and the entire principal and interest portion
of such Realized Losses on  Non-Discount  Mortgage Loans will be allocated among
the  Senior  Certificates  (other  than  the  Class  A-P  Certificates)  and the
Subordinate  Certificates,  on a pro rata basis, as described  below;  provided,
however,  that such  Realized  Losses  otherwise  allocable  to the Super Senior
Certificates  will be allocated  to the Senior  Support  Certificates  until the
Certificate  Principal Balance of the Senior Support  Certificates is reduced to
zero.

        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 no such reduction shall reduce the aggregate  Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans.  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 (other than any interest
rate  reduction  resulting  from a  Servicing  Modification)  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  interest  portion of a Realized  Loss
resulting  from an  interest  rate  reduction  in  connection  with a  Servicing
Modification  shall be made 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


                                       39
<PAGE>

losses  allocated to the Class A-V  Certificates  shall be allocated  among such
Subclasses  in  proportion  to the  respective  amounts of  Accrued  Certificate
Interest payable on such  Distribution Date that would have resulted absent such
reductions.

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

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

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



                                       40
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

               Section 5.01. The Certificates.

               (a) (See Section 5.01(a) of the Standard Terms)

               (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
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. In addition, if an Event of Default has occurred and is
continuing,  each Certificate Owner materially adversely affected thereby may at
its option request a Definitive  Certificate evidencing such Certificate Owner's
Percentage Interest in the related Class of Certificates.  In order to make such
request,  such Certificate  Owner shall,  subject to the rules and procedures of
the  Depository,  provide the Depository or the related  Depository  Participant
with directions for the Certificate  Registrar to exchange or cause the exchange
of the  Certificate  Owner's  interest  in such  Class  of  Certificates  for an


                                       41
<PAGE>

equivalent Percentage Interest in fully registered definitive form. Upon receipt
by the Certificate  Registrar of instructions from the Depository  directing the
Certificate  Registrar to effect such exchange (such  instructions shall contain
information  regarding the Class of Certificates  and the Certificate  Principal
Balance being exchanged,  the Depository  Participant account to be debited with
the  decrease,  the  registered  holder  of and  delivery  instructions  for the
Definitive  Certificate,  and any other information  reasonably  required by the
Certificate  Registrar),  (i)  the  Certificate  Registrar  shall  instruct  the
Depository  to  reduce  the  related  Depository  Participant's  account  by the
aggregate Certificate Principal Balance of the Definitive Certificate,  (ii) the
Trustee shall  execute and the  Certificate  Registrar  shall  authenticate  and
deliver, in accordance with the registration and delivery  instructions provided
by the Depository,  a Definitive Certificate evidencing such Certificate Owner's
Percentage  Interest in such Class of  Certificates  and (iii) the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  a new  Book-Entry
Certificate  reflecting  the  reduction in the aggregate  Certificate  Principal
Balance  of  such  Class  of  Certificates  by  the  amount  of  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 any  instructions  required  under Section
5.01 and may  conclusively  rely on, and shall be  protected in relying on, such
instructions.  Upon the issuance of Definitive Certificates, the Trustee and the
Master  Servicer shall  recognize the Holders of the Definitive  Certificates as
Certificateholders hereunder.

               (c) (See Section 5.01(c) of the Standard Terms)

Section 5.02.  Registration  of  Transfer  and  Exchange of  Certificates.  (See
     Section 5.02 of the Standard Terms)

Section 5.03. Mutilated,  Destroyed,  Lost or Stolen Certificates.  (See Section
     5.03 of the Standard Terms)

Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)

Section 5.05.  Appointment  of Paying  Agent.  (See Section 5.05 of the Standard
     Terms)


                                       42
<PAGE>


                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       43
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)


                                       44
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)


                                       45
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

Section               9.01.  Optional  Purchase  by the Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer 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 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 purchase price paid by the Master Servicer shall
     also include any amounts owed by Residential  Funding  pursuant to the last
     paragraph  of  Section 4 of the  Assignment  Agreement  in  respect  of any
     liability,   penalty  or  expense  that  resulted  from  a  breach  of  the
     representation  and warranty set forth in clause (k) of such Section,  that
     remain unpaid on the date of such purchase.

        The right of the Master Servicer 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.

                                       46
<PAGE>

        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 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  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

               In addition to the foregoing,  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,  the Master  Servicer  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.   If  the  Master  Servicer  exercises  this  right  to  purchase  the
outstanding  Certificates,  the Master  Servicer  will  promptly  terminate  the
respective  obligations  and  responsibilities  created hereby in respect of the
Certificates pursuant to this Article IX.

        (b) - (e). (See Section 9.01(b) - (e) of the Standard Terms)

Section 9.02.  Additional  Termination  Requirements.  (See  Section 9.02 of the
     Standard Terms)

Section 9.03.  Termination of Multiple REMICs. (See Section 9.03 of the Standard
     Terms)



                                       47
<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) as a REMIC ("REMIC I") and will
make an election  to treat the pool of assets  comprised  of the  Uncertificated
REMIC I  Regular  Interests  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-2,  Class A-3,  Class A-4, Class A-5, Class A-6,
Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13,
Class A-14, Class 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 Z, 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 or
Interests  Z  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


                                       48
<PAGE>

        principal  distributable  on each Class of Certificates  (other than the
        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   R,  (ii)
Uncertificated  REMIC I Regular Interest S, (iii) Uncertificated REMIC I Regular
Interest T, (iv)  Uncertificated  REMIC I Regular Interest U, (v) Uncertificated
REMIC I Regular  Interest  V, (vi)  Uncertificated  REMIC I Regular  Interest W,
(vii) Uncertificated REMIC I Regular Interest X and (viii)  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 Z pro-rata  according  to the  respective  amounts of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC II Regular  Interests Z 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-1 Certificates and
        the Class A-2 Certificates  under Section 4.05 shall be deemed allocated
        to Uncertificated REMIC I Regular Interest R;

               (iii)  Realized  Losses  allocated  to the Class A-3,  Class A-4,
        Class A-8,  Class A-9 and Class A-10  Certificates  under  Section  4.05
        shall be deemed allocated to Uncertificated REMIC I Regular Interest S;

               (iv)  Realized  Losses  allocated  to the Class A-5  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest T;

               (v) Realized Losses  allocated to the Class A-6  Certificates and
        Class A-7  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest U;

               (v) Realized Losses allocated to the Class A-11  Certificates and
        Class A-12 Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest V;

                                       49
<PAGE>

               (vi) Realized Losses allocated to the Class A-13 Certificates and
        Class A-14 Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest W;

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

               (viii)  Realized  Losses  allocated to the 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

               (ix) Realized  Losses  allocated to the  Uncertificated  REMIC II
        Regular Interests Z 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
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  Z  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.

                                       50
<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 250, 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 2003-QS22

                               The Trustee designates its offices located at
                               c/o DTC Transfer  Services,  55 Water Street,
                               Jeanette Street Park Entrance,  New York, New
                               York 10041,  for the purposes of Section 8.12
                               of the Standard Terms

------------------------------ -----------------------------------------------
------------------------------ -----------------------------------------------
Fitch Ratings                  One State Street Plaza
                               New York, New York 10004

------------------------------ -----------------------------------------------
------------------------------ -----------------------------------------------
Standard & Poor's Ratings      55 Water Street
Services, a division of The    41st Floor
McGraw-Hill Companies, Inc.    New York, New York 10041
------------------------------ -----------------------------------------------

                                       51
<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% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  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-7  Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-12  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.

                                       52
<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/ Joseph Orning
                                               --------------------------------
                                                 Name:   Joseph Orning
                                                 Title:  Vice President

Attest: _/s/ Michael Mead_____
      Name:   Michael Mead
      Title: Vice President


                                            RESIDENTIAL FUNDING CORPORATION
[Seal]


                                            By:  /s/ Michael Mead
                                               --------------------------------
                                                 Name:  Michael Mead
                                                 Title: Associate

Attest:_/s/ Joseph Orning_____
      Name: Joseph Orning
      Title: Associate


                               DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]


                                            By:  /s/ Ronaldo Reyes
                                               ---------------------------------
                                                 Name: Ronaldo Reyes
                                                 Title: Assistant Vice President

                                            By:  /s/ Jeremy Conyers
                                               ---------------------------------
                                                 Name: Jeremy Conyers
                                                 Title:  Associate


Attest:_/s/ Alan Sueda_________
      Name: Alan Sueda
      Title:  Associate

                                       53
<PAGE>


STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of December,  2003 before me, a notary  public in
and for said State,  personally appeared Joseph Orning, 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/ Brian S. Bangerter

                                                    Notary Public

[Notarial Seal]

                                       54
<PAGE>


STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of December,  2003 before me, a notary  public in
and for said  State,  personally  appeared  Michael  Mead,  known to me to be an
Associate 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/ Brian S. Bangerter
                                               Notary Public

[Notarial Seal]


                                       55
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of December,  2003 before me, a notary  public in
and for said State,  personally  appeared  Ronaldo  Reyes,  known to me to be an
Assistant Vice President of Deutsche Bank Trust Company  Americas,  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/ Brent Wayne Hoyler
                                              Notary Public

[Notarial Seal]



                                       56
<PAGE>




STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of December,  2003 before me, a notary  public in
and for said State,  personally  appeared Jeremy  Conyers,  known to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  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/ Brent Wayne Hoyler
                                               Notary Public

[Notarial Seal]





<PAGE>






                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 12/22/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 06.53.17           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS22                                 CUTOFF : 12/01/03
  POOL       : 0004776
             :
             :
  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
  ------------------------------------------------------------------------
      5252633                              .2500
      164,487.01                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8381250                              .2500
      422,812.13                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8386898                              .2500
      293,359.80                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8386922                              .2500
      198,306.35                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8387214                              .2500
       91,408.21                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8393440                              .2500
      348,319.96                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700
1



      8399858                              .2500
      362,107.23                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8399898                              .2500
      605,884.64                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8426592                              .2500
      373,225.27                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8428866                              .2500
      211,730.16                          .0300
            6.0000                         .0000
            5.7500                         .0000
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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      8833976                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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            6.1700                         .0000
            5.7500                         .4200
1



      8908920                              .2500
      122,400.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8909046                              .2500
       80,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8913878                              .2500
      149,600.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8913944                              .2500
      343,800.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8913986                              .2500
      268,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8914010                              .2500
      396,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8914016                              .2500
      398,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8914112                              .2500
       71,249.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950
1



      8914178                              .2500
      297,600.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8914198                              .2500
      236,700.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8914250                              .2500
      178,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8914278                              .2500
      143,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8914286                              .2500
      143,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8914398                              .2500
      143,150.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8914626                              .2500
      163,750.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8914674                              .2500
      304,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950
1



      8915086                              .2500
       50,800.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8916090                              .2500
      208,120.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8916102                              .2500
      160,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8919048                              .2500
      133,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8919144                              .2500
      145,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8919160                              .2500
       55,650.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8919338                              .2500
      161,500.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8919380                              .2500
      165,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700
1



      8919522                              .2500
       58,500.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8919692                              .2500
       80,900.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      8919730                              .2500
      355,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8919978                              .2500
      135,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8922860                              .2500
      344,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8923012                              .2500
      144,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8923126                              .2500
      116,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8923336                              .2500
      161,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450
1



      8923964                              .2500
       65,600.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8924040                              .2500
      187,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8924166                              .2500
       80,700.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            5.7500                        1.6700

      8924298                              .2500
      112,500.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8924308                              .2500
      400,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8924330                              .2500
      399,500.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8924352                              .2500
      406,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8924550                              .2500
      385,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1



      8924658                              .2500
      136,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8924770                              .2500
      131,200.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8925090                              .2500
      572,000.00                          .0800
            6.9900                         .0000
            6.7400                         .0000
            6.6600                         .0000
            5.7500                         .9100

      8925128                              .2500
      460,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8928616                              .2500
      122,400.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.7500                         .7950

      8928826                              .2500
      261,250.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            5.7500                        1.4200

      8929270                              .2500
       58,410.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            5.7500                         .9200

      8930152                              .2500
       54,900.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200
1



      8936658                              .2500
      132,500.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8936806                              .2500
      131,750.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

  TOTAL NUMBER OF LOANS:     2112
  TOTAL BALANCE........:        372,894,608.72


  RUN ON     : 12/22/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 06.53.17            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS22       FIXED SUMMARY REPORT      CUTOFF : 12/01/03
  POOL       : 0004776
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        6.4608            5.0000      8.5000
  RFC NET RATE                          6.2108            4.7500      8.2500
  NET MTG RATE(INVSTR RATE)             6.1407            4.7200      8.1700
  POST STRIP RATE                       5.7117            4.7200      5.7500
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0701             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .4290             .0000      2.4200







  TOTAL NUMBER OF LOANS:  2112
  TOTAL BALANCE........:     372,894,608.72


                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 12/22/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 06.53.17          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS22                                 CUTOFF : 12/01/03
  POOL       : 0004776
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  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 #
  ______________________________________________________________________________


    5252633          601/G02             F          169,600.00         ZZ
                                         360        164,487.01          1
                                       7.500          1,185.87         80
                                       7.250          1,185.87
    PEYTON           CO   80831          5            08/09/01         00
    0433085420                           05           09/01/01          0
    60727625                             O            08/01/31
    0


    8381250          U05/G02             F          425,000.00         ZZ
                                         360        422,812.13          1
                                       5.875          2,514.04         80
                                       5.625          2,514.04
    VALLEY VILLAGE   CA   91607          5            06/05/03         00
    0436978282                           05           08/01/03          0
    3355256                              O            07/01/33
    0


    8386898          286/286             F          295,500.00         ZZ
                                         360        293,359.80          1
                                       5.875          1,748.00         79
                                       5.625          1,748.00
    SPRINGFIELD      VA   22153          5            04/24/03         00
    2211682                              05           06/01/03          0
    2211682                              O            05/01/33
    0


    8386922          286/286             F          199,500.00         ZZ
                                         360        198,306.35          4
                                       6.875          1,310.58         95
                                       6.625          1,310.58
    SAN BERNARDINO   CA   92407          1            04/18/03         12
    2256448                              05           06/01/03         30
1


    2256448                              O            05/01/33
    0


    8387214          286/286             F           92,000.00         ZZ
                                         360         91,408.21          1
                                       6.500            581.51         80
                                       6.250            581.51
    VANDALIA         OH   45377          5            04/23/03         00
    2170667                              05           06/01/03          0
    2170667                              O            05/01/33
    0


    8393440          005/M32             F          352,450.00         ZZ
                                         360        348,319.96          1
                                       6.250          2,170.10         95
                                       6.000          2,170.10
    BIRMINGHAM       AL   35244          1            11/21/02         12
    4007019250                           03           01/01/03         30
    4007019250                           O            12/01/32
    0


    8399858          F97/F97             F          365,000.00         ZZ
                                         360        362,107.23          1
                                       6.750          2,367.38         61
                                       6.500          2,367.38
    CHICAGO          IL   60610          5            01/31/03         00
    2000511334                           01           04/01/03          0
    2000511334                           O            03/01/33
    0


    8399898          F97/F97             F          610,000.00         ZZ
                                         360        605,884.64          1
                                       6.250          3,755.87         72
                                       6.000          3,755.87
    BRANFORD         CT   06405          5            04/25/03         00
    2000557334                           05           06/01/03          0
    2000557334                           O            05/01/33
    0


    8426592          964/G02             F          375,250.00         ZZ
                                         360        373,225.27          1
                                       5.625          2,160.15         95
                                       5.375          2,160.15
    VAN NUYS (AREA)  CA   91405          1            06/17/03         04
    0436750566                           05           08/01/03         30
    427662                               O            07/01/33
    0


1


    8428866          964/G02             F          212,800.00         T
                                         360        211,730.16          1
                                       6.000          1,275.84         70
                                       5.750          1,275.84
    ZEPHYR COVE      NV   89448          1            06/18/03         00
    0436088785                           09           08/01/03          0
    462758                               O            07/01/33
    0


    8431414          286/286             F           60,000.00         ZZ
                                         360         59,628.43          1
                                       5.875            354.92         80
                                       5.625            354.92
    FORT WORTH       TX   76111          1            05/06/03         00
    2331688                              05           07/01/03          0
    2331688                              O            06/01/33
    0


    8431566          286/286             F          104,550.00         ZZ
                                         360        103,081.20          1
                                       6.375            652.26         85
                                       6.125            652.26
    VIRGINIA BEACH   VA   23462          5            05/02/03         10
    2013024                              05           07/01/03         12
    2013024                              O            06/01/33
    0


    8457343          286/286             F          192,688.00         ZZ
                                         360        190,198.67          1
                                       6.750          1,249.77         80
                                       6.500          1,249.77
    DACULA           GA   30019          1            10/02/02         00
    1576826                              03           12/01/02          0
    1576826                              O            11/01/32
    0


    8457453          286/286             F          112,200.00         ZZ
                                         360        111,254.88          1
                                       7.500            784.52         85
                                       7.250            784.52
    SCOTTDALE        GA   30079          5            12/10/02         11
    1857308                              05           02/01/03         12
    1857308                              O            01/01/33
    0


    8459393          286/286             F          121,600.00         ZZ
                                         360        120,260.28          1
                                       6.375            758.63         80
                                       6.125            758.63
1


    BARNESVILLE      GA   30204          5            12/20/02         00
    1888522                              05           02/01/03          0
    1888522                              O            01/01/33
    0


    8459749          286/286             F          190,000.00         ZZ
                                         360        187,511.00          1
                                       6.250          1,169.86         65
                                       6.000          1,169.86
    MILLEDGEVILLE    GA   31016          5            11/18/02         00
    1787346                              05           01/01/03          0
    1787346                              O            12/01/32
    0


    8459970          808/G02             F          476,000.00         ZZ
                                         360        473,549.60          1
                                       5.875          2,815.72         80
                                       5.625          2,815.72
    HUNTINGTON BEAC  CA   92647          1            06/02/03         00
    0436126361                           05           08/01/03          0
    9330600                              O            07/01/33
    0


    8460375          286/286             F           70,200.00         ZZ
                                         360         69,180.49          1
                                       6.125            426.55         90
                                       5.875            426.55
    VIRGINIA BEACH   VA   23453          1            10/15/02         10
    1621698                              09           12/01/02         25
    1621698                              N            11/01/32
    0


    8460413          286/286             F          184,000.00         ZZ
                                         360        181,894.00          1
                                       6.375          1,147.93         80
                                       6.125          1,147.93
    ROSWELL          GA   30076          5            11/11/02         00
    1686636                              03           01/01/03          0
    1686636                              O            12/01/32
    0


    8462118          E22/G02             F          280,000.00         ZZ
                                         360        278,849.68          1
                                       5.875          1,656.31         80
                                       5.625          1,656.31
    FAIRFIELD        NJ   07004          5            07/08/03         00
    0417793841                           05           09/01/03          0
    0417793841                           O            08/01/33
    0
1




    8472478          E22/G02             F          114,000.00         TX
                                         360        113,531.68          1
                                       5.875            674.35         80
                                       5.625            674.35
    PLANO            TX   75074          5            07/10/03         00
    0417675667                           05           09/01/03          0
    0417675667                           O            08/01/33
    0


    8474942          286/286             F           95,700.00         ZZ
                                         360         95,118.36          1
                                       6.250            589.25         80
                                       6.000            589.25
    JOLIET           IL   60435          2            05/22/03         00
    2238795                              05           07/01/03          0
    2238795                              N            06/01/33
    0


    8491545          286/286             F          165,600.00         ZZ
                                         360        160,596.98          1
                                       5.875            979.59         90
                                       5.625            979.59
    BALLGROUND       GA   30107          1            11/26/02         11
    1803423                              05           01/01/03         17
    1803423                              O            12/01/32
    0


    8491651          286/286             F          112,000.00         ZZ
                                         360        110,855.55          1
                                       6.500            707.92         80
                                       6.250            707.92
    HIRAM            GA   30141          5            12/05/02         00
    1765003                              05           02/01/03          0
    1765003                              O            01/01/33
    0


    8503866          286/286             F          189,000.00         ZZ
                                         360        188,196.91          4
                                       6.875          1,241.60         80
                                       6.625          1,241.60
    CHICAGO          IL   60629          2            06/09/03         00
    2311433                              05           08/01/03          0
    2311433                              N            07/01/33
    0


    8504118          286/286             F           58,400.00         ZZ
                                         360         58,092.18          1
1


                                       5.750            340.81         80
                                       5.500            340.81
    CASSELBERRY      FL   32707          1            06/17/03         00
    2437849                              01           08/01/03          0
    2437849                              O            07/01/33
    0


    8504430          286/286             F          190,000.00         ZZ
                                         360        188,795.42          3
                                       5.750          1,108.79         80
                                       5.500          1,108.79
    DERBY            CT   06418          1            05/30/03         00
    2236624                              05           07/01/03          0
    2236624                              N            06/01/33
    0


    8509548          286/286             F          164,988.00         ZZ
                                         360        163,874.94          1
                                       6.250          1,015.86         80
                                       6.000          1,015.86
    GOODYEAR         AZ   85338          1            04/25/03         00
    2164717                              05           06/01/03          0
    2164717                              O            05/01/33
    0


    8535546          964/G02             F          191,200.00         ZZ
                                         360        190,376.59          1
                                       5.625          1,100.66         80
                                       5.375          1,100.66
    CORVALLIS        OR   97330          1            07/28/03         00
    0436315220                           05           09/01/03          0
    472936                               O            08/01/33
    0


    8543918          286/286             F           40,500.00         ZZ
                                         360         40,263.50          1
                                       7.000            269.45         90
                                       6.750            269.45
    PHILADELPHIA     PA   19124          1            05/02/03         12
    2349387                              05           06/01/03         25
    2349387                              N            05/01/33
    0


    8550928          U05/G02             F           67,300.00         ZZ
                                         360         67,036.35          2
                                       6.125            408.92         90
                                       5.875            408.92
    SAN ANTONIO      TX   78201          1            08/01/03         10
    0436301394                           05           09/01/03         25
1


    3364941                              N            08/01/33
    0


    8551212          R55/G02             F          106,400.00         ZZ
                                         360        106,116.83          1
                                       6.625            681.29         80
                                       6.375            681.29
    ROSEVILLE        MI   48066          1            08/05/03         00
    0436875868                           05           10/01/03          0
    100946000002233                      O            09/01/33
    0


    8552065          E22/G02             F           67,200.00         TX
                                         360         66,655.34          1
                                       6.000            402.90         80
                                       5.750            402.90
    HOUSTON          TX   77032          5            03/13/03         00
    0416175313                           05           05/01/03          0
    0416175313                           O            04/01/33
    0


    8564806          K60/G02             F          119,600.00         ZZ
                                         360        119,057.21          1
                                       5.625            688.49         45
                                       5.375            688.49
    HYDE PARK        NY   12538          2            08/04/03         00
    0436514087                           05           09/01/03          0
    79927                                O            08/01/33
    0


    8579536          E22/G02             F          296,000.00         ZZ
                                         360        295,173.17          1
                                       6.375          1,846.65         80
                                       6.125          1,846.65
    NORTHRIDGE(LA)   CA   91325          1            08/09/03         00
    0418003604                           05           10/01/03          0
    0418003604                           N            09/01/33
    0


    8610210          W40/G02             F          147,000.00         ZZ
                                         360        146,424.09          1
                                       6.125            893.19        100
                                       5.875            893.19
    COOPERSVILLE     MI   49404          1            07/31/03         01
    0436441950                           05           09/01/03         35
    1020024698                           O            08/01/33
    0


1


    8639146          Y36/G02             F          147,600.00         ZZ
                                         360        146,716.90          4
                                       6.875            969.63         87
                                       6.625            969.63
    GLADSTONE        MO   64118          2            04/08/03         11
    0436767909                           05           06/01/03         25
    0005900411                           N            05/01/33
    0


    8640503          U05/G02             F          198,801.00         ZZ
                                         360        197,582.44          4
                                       6.750          1,289.42         90
                                       6.500          1,289.42
    TUCSON           AZ   85711          1            04/11/03         10
    0437034572                           05           06/01/03         25
    3335554                              N            05/01/33
    0


    8649521          964/G02             F          148,000.00         ZZ
                                         360        146,855.89          1
                                       6.250            911.26         60
                                       6.000            911.26
    DENVER           CO   80211          5            03/12/03         00
    0435755160                           05           05/01/03          0
    361559                               N            04/01/33
    0


    8662338          A06/G02             F          260,000.00         ZZ
                                         360        259,461.24          1
                                       6.875          1,708.02         80
                                       6.625          1,708.02
    CLINTON TOWNSHI  MI   48038          1            09/08/03         00
    0436567713                           05           11/01/03          0
    021000020320808                      O            10/01/33
    0


    8667054          967/G02             F          217,900.00         ZZ
                                         360        217,245.99          1
                                       6.000          1,306.42         78
                                       5.750          1,306.42
    TROUTDALE        OR   97060          5            08/22/03         00
    0437032659                           05           10/01/03          0
    6844104                              O            09/01/33
    0


    8668732          X84/G02             F           77,000.00         ZZ
                                         360         76,873.39          1
                                       7.000            512.29         80
                                       6.750            512.29
1


    BALTIMORE        MD   21206          2            09/04/03         00
    0436927289                           05           11/01/03          0
    503031                               O            10/01/33
    0


    8670234          286/286             F           23,400.00         ZZ
                                         359         23,337.70          2
                                       6.625            149.84         90
                                       6.375            149.84
    PINE BLUFF       AR   71601          1            08/05/03         11
    2607041                              05           10/01/03         25
    2607041                              N            08/01/33
    0


    8670786          286/286             F          233,400.00         ZZ
                                         360        117,648.12          1
                                       6.125          1,418.17         80
                                       5.875          1,418.17
    LEESBURG         VA   20176          1            07/25/03         00
    2658983                              05           09/01/03          0
    2658983                              N            08/01/33
    0


    8676128          286/286             F           47,700.00         ZZ
                                         360         47,623.47          1
                                       7.125            321.37         90
                                       6.875            321.37
    PORTSMOUTH       VA   23703          1            09/09/03         11
    2729238                              05           11/01/03         25
    2729238                              N            10/01/33
    0


    8676130          286/286             F           78,210.00         ZZ
                                         360         78,087.59          2
                                       7.250            533.54         90
                                       7.000            533.54
    SUFFOLK          VA   23435          1            09/05/03         11
    2723238                              05           11/01/03         25
    2723238                              N            10/01/33
    0


    8676136          286/286             F           66,240.00         ZZ
                                         360         66,059.36          1
                                       6.500            418.69         80
                                       6.250            418.69
    SHELBYVILLE      IN   46176          1            09/05/03         00
    2739679                              05           10/01/03          0
    2739679                              O            09/01/33
    0
1




    8676138          286/286             F           82,400.00         ZZ
                                         360         82,191.13          1
                                       6.875            541.31         80
                                       6.625            541.31
    NORTH LAS VEGAS  NV   89030          1            08/21/03         00
    2728585                              05           10/01/03          0
    2728585                              O            09/01/33
    0


    8676150          286/286             F          633,750.00         ZZ
                                         360        630,223.97          1
                                       5.750          3,698.40         75
                                       5.500          3,698.40
    COLORADO SPRING  CO   80906          5            06/27/03         00
    2599679                              05           08/01/03          0
    2599679                              O            07/01/33
    0


    8676186          286/286             F          171,000.00         ZZ
                                         360        170,732.39          1
                                       7.250          1,166.53         90
                                       7.000          1,166.53
    WASHINGTON       DC   20002          1            09/04/03         11
    2760803                              05           11/01/03         25
    2760803                              N            10/01/33
    0


    8676244          286/286             F           91,000.00         ZZ
                                         360         90,785.71          2
                                       7.250            620.79         68
                                       7.000            620.79
    YAKIMA           WA   98902          2            08/12/03         00
    2698617                              05           10/01/03          0
    2698617                              N            09/01/33
    0


    8676254          286/286             F          280,000.00         ZZ
                                         360        279,572.55          4
                                       7.375          1,933.90         80
                                       7.125          1,933.90
    NEWARK           NJ   07112          1            09/12/03         00
    2368972                              05           11/01/03          0
    2368972                              O            10/01/33
    0


    8676258          286/286             F          160,000.00         ZZ
                                         360        159,632.47          1
1


                                       7.375          1,105.09         80
                                       7.125          1,105.09
    HYATTSVILLE      MD   20781          1            08/29/03         00
    1770750                              05           10/01/03          0
    1770750                              N            09/01/33
    0


    8676290          286/286             F           83,700.00         ZZ
                                         360         83,544.54          1
                                       6.375            522.18         90
                                       6.125            522.18
    HARTVILLE        OH   44632          1            09/05/03         11
    2735197                              05           11/01/03         25
    2735197                              N            10/01/33
    0


    8676312          286/286             F           50,900.00         ZZ
                                         360         50,750.81          3
                                       6.125            309.28         63
                                       5.875            309.28
    KANSAS CITY      KS   66102          2            09/03/03         00
    2631763                              05           10/01/03          0
    2631763                              N            09/01/33
    0


    8676318          286/286             F           49,500.00         ZZ
                                         360         49,393.95          1
                                       7.000            329.33         90
                                       6.750            329.33
    LOVES PARK       IL   61111          1            09/09/03         12
    2324037                              05           11/01/03         25
    2324037                              N            10/01/33
    0


    8676374          286/286             F          360,000.00         ZZ
                                         360        358,446.11          1
                                       6.000          2,158.39         80
                                       5.750          2,158.39
    DRAPER           UT   84020          1            07/30/03         00
    2217014                              05           09/01/03          0
    2217014                              O            08/01/33
    0


    8676442          286/286             F          166,500.00         ZZ
                                         360        166,239.43          3
                                       7.250          1,135.83         90
                                       7.000          1,135.83
    NEWARK           NJ   07108          1            09/04/03         12
    2692328                              05           11/01/03         30
1


    2692328                              N            10/01/33
    0


    8676454          286/286             F          210,100.00         ZZ
                                         360        184,497.19          1
                                       6.625          1,345.30         90
                                       6.375          1,345.30
    MESA             AZ   85207          1            08/25/03         12
    2744849                              03           10/01/03         25
    2744849                              O            09/01/33
    0


    8676470          286/286             F          218,700.00         ZZ
                                         360        218,159.04          3
                                       7.000          1,455.02         90
                                       6.750          1,455.02
    LOS ANGELES      CA   90002          1            08/19/03         12
    2661056                              05           10/01/03         25
    2661056                              O            09/01/33
    0


    8676632          286/286             F           54,000.00         ZZ
                                         360         53,882.01          1
                                       7.625            382.21         90
                                       7.375            382.21
    INDIANAPOLIS     IN   46218          2            08/29/03         21
    2673781                              05           10/01/03         25
    2673781                              N            09/01/33
    0


    8676738          286/286             F          351,000.00         ZZ
                                         360        349,816.83          1
                                       5.875          2,076.30         90
                                       5.625          2,076.30
    SAN BERNARDINO   CA   92404          1            08/14/03         21
    2666933                              05           10/01/03         25
    2666933                              O            09/01/33
    0


    8679838          E65/G02             F          142,320.00         ZZ
                                         360        141,976.53          1
                                       7.125            958.84         80
                                       6.875            958.84
    FOWLERVILLE      MI   48836          1            09/05/03         00
    0436893846                           05           10/01/03          0
    263361                               O            09/01/33
    0


1


    8680428          U05/G02             F          212,850.00         ZZ
                                         360        212,533.08          4
                                       7.500          1,488.28         90
                                       7.250          1,488.28
    REXBURG          ID   83440          2            09/12/03         10
    0436600688                           05           11/01/03         25
    3415571                              N            10/01/33
    0


    8683181          E76/G02             F           50,450.00         ZZ
                                         360         50,078.06          1
                                       6.750            327.22         90
                                       6.500            327.22
    MILTON           FL   32570          1            03/11/03         29
    0435772009                           05           05/01/03         25
    10021703                             N            04/01/33
    0


    8686414          H58/G02             F          370,000.00         ZZ
                                         360        368,101.24          1
                                       5.750          2,159.22         78
                                       5.500          2,159.22
    ALISO VIEJO      CA   92658          5            07/24/03         00
    0436647507                           05           09/01/03          0
    0000172471                           O            08/01/33
    0


    8688140          003/G02             F          128,250.00         ZZ
                                         360        127,891.73          2
                                       6.375            800.12         90
                                       6.125            800.12
    ORANGE PARK      FL   32073          1            08/08/03         27
    0436708903                           05           10/01/03         25
    0022143028                           N            09/01/33
    0


    8692218          E22/G02             F          118,750.00         ZZ
                                         360        118,549.91          1
                                       6.875            780.10         95
                                       6.625            780.10
    SUN RIVER        MT   59483          1            09/22/03         01
    0418299780                           05           11/01/03         30
    0418299780                           O            10/01/33
    0


    8693686          144/144             F          165,000.00         ZZ
                                         360        164,322.13          1
                                       5.875            976.04         65
                                       5.625            976.04
1


    GARNERVILLE      NY   10923          5            07/23/03         00
    160732644000000                      05           09/01/03          0
    1                                    O            08/01/33
    0


    8696602          E22/G02             F          240,750.00         ZZ
                                         360        240,373.25          1
                                       7.250          1,642.34         90
                                       7.000          1,642.34
    DALLAS           TX   75230          1            09/24/03         01
    0418383212                           05           11/01/03         25
    0418383212                           O            10/01/33
    0


    8704855          736/M32             F          345,000.00         ZZ
                                         360        342,727.19          1
                                       6.375          2,152.36         80
                                       6.125          2,152.36
    MISSION VIEJO    CA   92691          5            04/09/03         00
    260001393                            05           06/01/03          0
    0108263245                           O            05/01/33
    0


    8704957          736/M32             F          311,100.00         ZZ
                                         360        309,010.71          1
                                       6.375          1,940.86         80
                                       6.125          1,940.86
    YONKERS          NY   10710          5            04/04/03         00
    260001083                            05           06/01/03          0
    0107988420                           O            05/01/33
    0


    8705141          736/M32             F          360,000.00         ZZ
                                         360        357,221.96          1
                                       6.375          2,245.94         80
                                       6.125          2,245.94
    SAN FRANCISCO    CA   94110          5            04/08/03         00
    260001296                            05           06/01/03          0
    0108153792                           O            05/01/33
    0


    8705151          736/M32             F          307,500.00         ZZ
                                         360        305,425.36          1
                                       6.250          1,893.34         75
                                       6.000          1,893.34
    ROUGH AND READY  CA   95975          5            04/09/03         00
    260001303                            05           06/01/03          0
    0108157165                           O            05/01/33
    0
1




    8705451          736/M32             F          455,000.00         ZZ
                                         360        452,002.62          1
                                       6.375          2,838.61         70
                                       6.125          2,838.61
    NEVADA CITY      CA   95959          5            04/10/03         00
    260001009                            05           06/01/03          0
    0081666208                           O            05/01/33
    0


    8705997          736/M32             F           77,000.00         ZZ
                                         360         76,510.96          1
                                       6.750            499.43         70
                                       6.500            499.43
    SOUTHWICK        MA   01077          5            04/03/03         00
    260000701                            05           06/01/03          0
    0081396723                           O            05/01/33
    0


    8706235          736/M32             F          625,000.00         ZZ
                                         360        620,980.07          1
                                       6.500          3,950.43         68
                                       6.250          3,950.43
    PEMBROKE         MA   02359          5            04/04/03         00
    260000880                            05           06/01/03          0
    0081552051                           O            05/01/33
    0


    8716706          U05/G02             F          144,900.00         ZZ
                                         360        144,678.80          4
                                       7.375          1,000.79         90
                                       7.125          1,000.79
    BATON ROUGE      LA   70816          1            09/25/03         04
    0436632129                           05           11/01/03         25
    3000359534                           N            10/01/33
    0


    8721631          286/286             F           69,200.00         ZZ
                                         360         68,674.84          1
                                       5.625            398.35         90
                                       5.375            398.35
    CALHOUN          GA   30701          1            04/15/03         10
    2201029                              05           06/01/03         25
    2201029                              N            05/01/33
    0


    8732774          286/286             F          500,000.00         ZZ
                                         360        498,953.42          1
1


                                       5.750          2,917.87         75
                                       5.500          2,917.87
    LODI             CA   95240          5            09/11/03         00
    2616431                              05           11/01/03          0
    2616431                              O            10/01/33
    0


    8732778          286/286             F          374,000.00         ZZ
                                         360        372,727.24          1
                                       5.875          2,212.36         75
                                       5.625          2,212.36
    FAIR OAKS        CA   95628          5            08/04/03         00
    2706497                              05           10/01/03          0
    2706497                              O            09/01/33
    0


    8732784          286/286             F          276,700.00         ZZ
                                         360        275,026.44          1
                                       6.000          1,658.96         73
                                       5.750          1,658.96
    WOBURN           MA   01801          5            05/01/03         00
    2247487                              05           07/01/03          0
    2247487                              O            06/01/33
    0


    8732796          286/286             F          650,000.00         ZZ
                                         360        648,671.34          1
                                       5.875          3,845.00         80
                                       5.625          3,845.00
    SILVER SPRING    MD   20910          2            09/08/03         00
    2550878                              05           11/01/03          0
    2550878                              O            10/01/33
    0


    8732804          286/286             F          365,652.00         ZZ
                                         360        364,868.35          1
                                       5.625          2,104.90         77
                                       5.375          2,104.90
    LA MIRADA        CA   90638          2            09/12/03         00
    2593390                              05           11/01/03          0
    2593390                              O            10/01/33
    0


    8732812          286/286             F        1,000,000.00         ZZ
                                         360        997,805.85          1
                                       5.500          5,677.90         57
                                       5.250          5,677.90
    ALEXANDRIA       VA   22314          1            09/24/03         00
    2598568                              05           11/01/03          0
1


    2598568                              O            10/01/33
    0


    8732816          286/286             F          412,000.00         T
                                         360        410,672.45          1
                                       5.625          2,371.70         80
                                       5.375          2,371.70
    BETHANY          DE   19930          1            08/01/03         00
    2628600                              05           10/01/03          0
    2628600                              O            09/01/33
    0


    8732820          286/286             F          391,000.00         ZZ
                                         360        390,200.75          1
                                       5.875          2,312.92         80
                                       5.625          2,312.92
    TOWSON           MD   21204          5            09/04/03         00
    2654181                              05           11/01/03          0
    2654181                              O            10/01/33
    0


    8732828          286/286             F          424,000.00         ZZ
                                         360        422,696.75          1
                                       5.875          2,508.13         80
                                       5.625          2,508.13
    FALLS CHURCH     VA   22046          1            08/26/03         00
    2698318                              05           10/01/03          0
    2698318                              O            09/01/33
    0


    8732834          286/286             F          396,000.00         ZZ
                                         360        394,782.84          1
                                       5.875          2,342.49         62
                                       5.625          2,342.49
    OWINGS MILLS     MD   21117          5            08/28/03         00
    2578615                              05           10/01/03          0
    2578615                              O            09/01/33
    0


    8732840          286/286             F          529,750.00         ZZ
                                         360        528,043.01          1
                                       5.625          3,049.54         80
                                       5.375          3,049.54
    FORT COLLINS     CO   80528          1            08/29/03         00
    2653088                              05           10/01/03          0
    2653088                              O            09/01/33
    0


1


    8732846          286/286             F          340,000.00         ZZ
                                         360        337,943.57          1
                                       6.000          2,038.48         71
                                       5.750          2,038.48
    LEESBURG         VA   20175          5            05/02/03         00
    2159051                              05           07/01/03          0
    2159051                              O            06/01/33
    0


    8732852          286/286             F          598,100.00         ZZ
                                         360        596,877.43          1
                                       5.875          3,537.99         71
                                       5.625          3,537.99
    COLUMBUS         OH   43209          2            09/02/03         00
    2666650                              05           11/01/03          0
    2666650                              O            10/01/33
    0


    8732860          286/286             F          439,200.00         ZZ
                                         360        438,403.75          1
                                       6.500          2,776.05         80
                                       6.250          2,776.05
    HUNTINGTOWN      MD   20639          1            09/15/03         00
    2628180                              05           11/01/03          0
    2628180                              O            10/01/33
    0


    8732870          286/286             F          615,000.00         ZZ
                                         360        613,681.96          1
                                       5.625          3,540.29         77
                                       5.375          3,540.29
    GLENVIEW         IL   60025          2            09/08/03         00
    2668739                              05           11/01/03          0
    2668739                              O            10/01/33
    0


    8732880          286/286             F          409,000.00         ZZ
                                         360        408,102.59          1
                                       5.500          2,322.26         78
                                       5.250          2,322.26
    CARMEL           IN   46032          2            09/08/03         00
    2631457                              05           11/01/03          0
    2631457                              O            10/01/33
    0


    8732894          286/286             F          101,250.00         ZZ
                                         360        100,539.02          1
                                       6.250            623.42         73
                                       6.000            623.42
1


    SAINT PETERS     MO   63376          5            04/10/03         00
    2147565                              05           06/01/03          0
    2147565                              O            05/01/33
    0


    8732930          286/286             F          360,000.00         ZZ
                                         360        359,264.12          1
                                       5.875          2,129.54         80
                                       5.625          2,129.54
    METAMORA         IL   61548          2            09/04/03         00
    2651864                              05           11/01/03          0
    2651864                              O            10/01/33
    0


    8732994          286/286             F          528,000.00         ZZ
                                         360        526,338.28          1
                                       5.750          3,081.26         80
                                       5.500          3,081.26
    ELKRIDGE         MD   21075          5            08/11/03         00
    2626270                              05           10/01/03          0
    2626270                              O            09/01/33
    0


    8733030          286/286             F          750,000.00         ZZ
                                         360        747,639.58          1
                                       5.750          4,376.80         60
                                       5.500          4,376.80
    RYE              NY   10580          5            08/21/03         00
    2670560                              05           10/01/03          0
    2670560                              O            09/01/33
    0


    8733034          286/286             F          348,000.00         ZZ
                                         360        347,236.43          1
                                       5.500          1,975.91         80
                                       5.250          1,975.91
    WASHINGTON       DC   20007          2            09/11/03         00
    2543270                              05           11/01/03          0
    2543270                              O            10/01/33
    0


    8733040          286/286             F          391,200.00         ZZ
                                         360        390,437.60          1
                                       6.125          2,376.98         80
                                       5.875          2,376.98
    ALEXANDRIA       VA   22310          1            09/17/03         00
    2623726                              03           11/01/03          0
    2623726                              O            10/01/33
    0
1




    8733048          286/286             F          595,902.00         ZZ
                                         360        594,683.92          1
                                       5.875          3,524.99         80
                                       5.625          3,524.99
    CHICAGO          IL   60605          1            09/24/03         00
    2093715                              01           11/01/03          0
    2093715                              O            10/01/33
    0


    8733056          286/286             F          265,000.00         ZZ
                                         360        264,143.34          1
                                       6.375          1,653.26         63
                                       6.125          1,653.26
    NAPA             CA   94588          5            08/25/03         00
    2738540                              05           10/01/03          0
    2738540                              O            09/01/33
    0


    8733066          286/286             F          560,000.00         ZZ
                                         360        558,152.71          1
                                       5.500          3,179.62         80
                                       5.250          3,179.62
    MCLEAN           VA   22101          1            08/29/03         00
    2656247                              05           10/01/03          0
    2656247                              O            09/01/33
    0


    8733074          286/286             F          300,000.00         ZZ
                                         360        299,099.57          1
                                       6.000          1,798.65         80
                                       5.750          1,798.65
    FAIRFAX          VA   22030          5            08/08/03         00
    2669040                              05           10/01/03          0
    2669040                              O            09/01/33
    0


    8733082          286/286             F          650,000.00         ZZ
                                         360        647,954.28          1
                                       5.750          3,793.23         80
                                       5.500          3,793.23
    DALLAS           TX   75214          2            08/13/03         00
    2366431                              05           10/01/03          0
    2366431                              O            09/01/33
    0


    8733090          286/286             F          582,400.00         ZZ
                                         360        581,318.29          1
1


                                       6.375          3,633.42         80
                                       6.125          3,633.42
    CHICAGO          IL   60618          1            09/26/03         00
    2792862                              05           11/01/03          0
    2792862                              O            10/01/33
    0


    8733098          286/286             F          438,000.00         ZZ
                                         360        437,146.40          1
                                       6.125          2,661.34         80
                                       5.875          2,661.34
    LANSDOWNE        VA   20176          1            09/26/03         00
    2805682                              05           11/01/03          0
    2805682                              O            10/01/33
    0


    8733108          286/286             F          478,400.00         ZZ
                                         360        477,445.10          1
                                       6.000          2,868.26         80
                                       5.750          2,868.26
    VIENNA           VA   22180          2            09/08/03         00
    2677698                              05           11/01/03          0
    2677698                              O            10/01/33
    0


    8733110          286/286             F          376,550.00         ZZ
                                         360        375,364.91          1
                                       5.750          2,197.44         55
                                       5.500          2,197.44
    DALLAS           TX   75230          2            08/15/03         00
    2698539                              05           10/01/03          0
    2698539                              O            09/01/33
    0


    8733120          286/286             F          366,500.00         ZZ
                                         360        365,695.84          1
                                       5.500          2,080.95         49
                                       5.250          2,080.95
    GROSSE POINTE P  MI   48230          2            09/09/03         00
    2617782                              05           11/01/03          0
    2617782                              O            10/01/33
    0


    8733124          286/286             F          385,000.00         ZZ
                                         360        383,788.31          1
                                       5.750          2,246.76         77
                                       5.500          2,246.76
    CLAYTON          MO   63105          5            08/28/03         00
    2487368                              05           10/01/03          0
1


    2487368                              O            09/01/33
    0


    8733130          286/286             F          559,000.00         ZZ
                                         360        557,773.46          1
                                       5.500          3,173.95         80
                                       5.250          3,173.95
    WHITE BEAR TOWN  MN   55110          2            09/11/03         00
    2671510                              05           11/01/03          0
    2671510                              O            10/01/33
    0


    8733142          286/286             F          455,200.00         ZZ
                                         360        454,312.88          1
                                       6.125          2,765.85         80
                                       5.875          2,765.85
    PROSPER          TX   75078          2            09/18/03         00
    2725770                              05           11/01/03          0
    2725770                              O            10/01/33
    0


    8733166          286/286             F          581,250.00         ZZ
                                         360        579,420.68          1
                                       5.750          3,392.02         75
                                       5.500          3,392.02
    CHEVY CHASE      MD   20815          2            08/28/03         00
    2615603                              05           10/01/03          0
    2615603                              O            09/01/33
    0


    8733178          286/286             F          322,700.00         ZZ
                                         360        321,558.55          1
                                       5.125          1,757.06         65
                                       4.875          1,757.06
    LORTON           VA   22079          2            08/26/03         00
    2264416                              05           10/01/03          0
    2264416                              O            09/01/33
    0


    8733190          286/286             F          368,000.00         ZZ
                                         360        367,282.82          1
                                       6.125          2,236.01         80
                                       5.875          2,236.01
    ARLINGTON        VA   22213          1            09/24/03         00
    2758148                              05           11/01/03          0
    2758148                              O            10/01/33
    0


1


    8733194          286/286             F          707,000.00         ZZ
                                         360        704,667.79          1
                                       5.500          4,014.27         73
                                       5.250          4,014.27
    LAGUNA NIGUEL    CA   92677          5            08/08/03         00
    2625873                              05           10/01/03          0
    2625873                              O            09/01/33
    0


    8733200          286/286             F          392,000.00         ZZ
                                         360        390,311.87          1
                                       5.625          2,256.58         80
                                       5.375          2,256.58
    ARLINGTON        VA   22207          1            07/25/03         00
    2647673                              05           09/01/03          0
    2647673                              O            08/01/33
    0


    8733208          286/286             F          437,000.00         ZZ
                                         360        433,098.35          1
                                       6.125          2,655.26         70
                                       5.875          2,655.26
    AUSTIN           TX   78750          1            02/28/03         00
    2055111                              05           04/01/03          0
    2055111                              O            03/01/33
    0


    8733216          286/286             F          372,500.00         ZZ
                                         360        371,663.31          1
                                       5.375          2,085.90         74
                                       5.125          2,085.90
    BAINBRIDGE ISLA  WA   98110          2            09/12/03         00
    2553252                              05           11/01/03          0
    2553252                              O            10/01/33
    0


    8733232          286/286             F          388,500.00         ZZ
                                         360        386,826.94          1
                                       5.625          2,236.43         56
                                       5.375          2,236.43
    PLEASANTON       CA   94566          2            07/08/03         00
    2556790                              05           09/01/03          0
    2556790                              O            08/01/33
    0


    8733234          286/286             F          459,700.00         ZZ
                                         360        458,886.60          1
                                       6.625          2,943.51         75
                                       6.375          2,943.51
1


    HUNTINGTON BEAC  CA   92647          5            09/08/03         00
    2694969                              05           11/01/03          0
    2694969                              O            10/01/33
    0


    8733244          286/286             F          440,000.00         ZZ
                                         360        438,800.22          1
                                       6.500          2,781.10         70
                                       6.250          2,781.10
    LOS ANGELES      CA   90027          5            08/15/03         00
    2737346                              05           10/01/03          0
    2737346                              O            09/01/33
    0


    8733254          286/286             F          340,000.00         ZZ
                                         360        337,706.15          1
                                       6.250          2,093.44         55
                                       6.000          2,093.44
    SANTA CLARA      CA   95051          5            04/16/03         00
    2178771                              05           06/01/03          0
    2178771                              O            05/01/33
    0


    8733264          286/286             F          455,000.00         ZZ
                                         360        454,129.79          1
                                       6.375          2,838.61         75
                                       6.125          2,838.61
    SANTA FE         NM   87506          2            09/11/03         00
    2763461                              05           11/01/03          0
    2763461                              O            10/01/33
    0


    8733274          286/286             F          397,750.00         ZZ
                                         360        397,046.20          1
                                       6.625          2,546.84         80
                                       6.375          2,546.84
    RIVERSIDE        CA   92504          1            09/03/03         00
    2515703                              05           11/01/03          0
    2515703                              O            10/01/33
    0


    8733284          286/286             F          352,000.00         ZZ
                                         360        351,356.71          1
                                       6.500          2,224.88         80
                                       6.250          2,224.88
    MISSON VIEJO     CA   92691          2            09/04/03         00
    2601611                              05           11/01/03          0
    2601611                              O            10/01/33
    0
1




    8733294          286/286             F          697,500.00         ZZ
                                         360        696,322.82          1
                                       6.875          4,582.08         75
                                       6.625          4,582.08
    NOVATO           CA   94945          2            09/02/03         00
    2771638                              05           11/01/03          0
    2771638                              O            10/01/33
    0


    8733314          286/286             F          419,900.00         ZZ
                                         360        418,835.61          1
                                       6.875          2,758.45         75
                                       6.625          2,758.45
    SOLANA BEACH     CA   92014          5            08/29/03         00
    2756138                              01           10/01/03          0
    2756138                              O            09/01/33
    0


    8733324          286/286             F          776,000.00         ZZ
                                         360        769,654.32          1
                                       6.000          4,652.52         80
                                       5.750          4,652.52
    SAN CLEMENTE     CA   92673          2            03/06/03         00
    2048752                              05           05/01/03          0
    2048752                              O            04/01/33
    0


    8733336          286/286             F          332,000.00         ZZ
                                         360        331,440.55          1
                                       6.875          2,181.01         80
                                       6.625          2,181.01
    SAN DIEGO        CA   92104          1            09/04/03         00
    2709629                              05           11/01/03          0
    2709629                              O            10/01/33
    0


    8733342          286/286             F          322,700.00         ZZ
                                         360        322,128.83          1
                                       6.625          2,066.29         69
                                       6.375          2,066.29
    ENCINITAS        CA   92024          5            09/18/03         00
    2765783                              01           11/01/03          0
    2765783                              O            10/01/33
    0


    8733350          286/286             F          380,000.00         ZZ
                                         360        379,294.21          1
1


                                       6.375          2,370.71         75
                                       6.125          2,370.71
    DALY CITY        CA   94015          5            09/02/03         00
    2765908                              05           11/01/03          0
    2765908                              O            10/01/33
    0


    8733366          286/286             F          406,000.00         ZZ
                                         360        405,189.62          1
                                       6.000          2,434.18         59
                                       5.750          2,434.18
    EL CAJON         CA   92019          2            08/29/03         00
    2173349                              05           11/01/03          0
    2173349                              O            10/01/33
    0


    8733376          286/286             F          422,750.00         ZZ
                                         360        422,001.96          1
                                       6.625          2,706.92         69
                                       6.375          2,706.92
    LOS GATOS        CA   95033          1            09/04/03         00
    2768861                              05           11/01/03          0
    2768861                              O            10/01/33
    0


    8733386          286/286             F          145,000.00         ZZ
                                         360        144,737.13          1
                                       6.500            916.50         54
                                       6.250            916.50
    SALEM            OR   97304          5            09/17/03         00
    2764499                              05           11/01/03          0
    2764499                              O            10/01/33
    0


    8733398          286/286             F          384,000.00         ZZ
                                         360        383,303.82          1
                                       6.500          2,427.15         80
                                       6.250          2,427.15
    SCOTTSDALE       AZ   85258          1            09/10/03         00
    2760280                              03           11/01/03          0
    2760280                              O            10/01/33
    0


    8733412          286/286             F          420,000.00         ZZ
                                         360        419,200.88          1
                                       6.250          2,586.02         75
                                       6.000          2,586.02
    GLENDALE         CA   91208          5            09/05/03         00
    2737857                              05           11/01/03          0
1


    2737857                              O            10/01/33
    0


    8733424          286/286             F          277,500.00         ZZ
                                         360        276,962.81          1
                                       7.000          1,846.22         73
                                       6.750          1,846.22
    CAMBRIDGE        MN   55008          5            09/10/03         00
    2782097                              05           11/01/03          0
    2782097                              O            10/01/33
    0


    8733434          286/286             F          450,000.00         ZZ
                                         360        449,012.62          1
                                       5.500          2,555.06         75
                                       5.250          2,555.06
    ALBUQUERQUE      NM   87122          5            09/08/03         00
    2479771                              05           11/01/03          0
    2479771                              O            10/01/33
    0


    8733446          286/286             F          452,000.00         ZZ
                                         360        450,134.80          1
                                       6.250          2,783.04         80
                                       6.000          2,783.04
    FLOWER MOUND     TX   75022          2            09/12/03         00
    2783405                              05           11/01/03          0
    2783405                              O            10/01/33
    0


    8733462          286/286             F          172,500.00         TX
                                         360        171,062.03          1
                                       7.000          1,147.65         75
                                       6.750          1,147.65
    LAKE DALLAS      TX   76208          5            09/08/03         00
    2711938                              05           11/01/03          0
    2711938                              O            10/01/33
    0


    8733472          286/286             F          180,000.00         ZZ
                                         360        177,714.17          1
                                       6.000          1,079.20         75
                                       5.750          1,079.20
    MARINE ON ST CR  MN   55047          5            04/14/03         00
    2197891                              05           06/01/03          0
    2197891                              O            05/01/33
    0


1


    8733484          286/286             F          497,250.00         ZZ
                                         360        496,291.40          1
                                       6.500          3,142.96         75
                                       6.250          3,142.96
    SAN RAFAEL       CA   94901          5            09/09/03         00
    2788608                              05           11/01/03          0
    2788608                              O            10/01/33
    0


    8733494          286/286             F          408,750.00         ZZ
                                         360        407,990.81          1
                                       6.375          2,550.07         75
                                       6.125          2,550.07
    SAN FRANCISCO    CA   94112          5            09/01/03         00
    2739226                              05           11/01/03          0
    2739226                              O            10/01/33
    0


    8733510          286/286             F          584,500.00         ZZ
                                         360        583,465.77          1
                                       6.625          3,742.62         70
                                       6.375          3,742.62
    SCOTTSDALE       AZ   85259          5            09/12/03         00
    2407627                              05           11/01/03          0
    2407627                              O            10/01/33
    0


    8733530          286/286             F          468,000.00         ZZ
                                         360        467,211.39          1
                                       6.875          3,074.43         75
                                       6.625          3,074.43
    ARCADIA          CA   91006          2            08/25/03         00
    2757780                              05           11/01/03          0
    2757780                              O            10/01/33
    0


    8741577          U05/G02             F          322,700.00         ZZ
                                         360        320,793.94          1
                                       6.125          1,960.76         76
                                       5.875          1,960.76
    THOUSAND OAKS    CA   91360          2            05/08/03         00
    0437028103                           05           07/01/03          0
    3352663                              O            06/01/33
    0


    8744094          E86/G02             F          152,000.00         ZZ
                                         360        151,390.16          1
                                       6.000            911.32         80
                                       5.750            911.32
1


    ARNOLD           MD   21012          1            07/31/03         00
    0436896708                           05           09/01/03          0
    0000354703                           O            08/01/33
    0


    8744340          E22/G02             F           81,900.00         ZZ
                                         360         81,832.87          3
                                       7.000            544.88         90
                                       6.750            544.88
    CLEVELAND        OH   44108          1            10/08/03         01
    0418470886                           05           12/01/03         25
    0418470886                           N            11/01/33
    0


    8744846          A06/G02             F          128,200.00         ZZ
                                         360        128,089.62          1
                                       6.750            831.51         93
                                       6.500            831.51
    REDFORD          MI   48240          5            09/29/03         12
    0436674733                           05           12/01/03         30
    025000020323117                      O            11/01/33
    0


    8745244          601/G02             F           50,000.00         ZZ
                                         360         49,799.38          1
                                       6.000            299.78         59
                                       5.750            299.78
    AZTEC            NM   87410          5            07/21/03         00
    0436733513                           05           09/01/03          0
    62725890                             O            08/01/33
    0


    8746742          A35/G02             F          500,000.00         ZZ
                                         360        499,558.87          1
                                       6.625          3,201.55         61
                                       6.375          3,201.55
    BRONXVILLE       NY   10708          5            10/02/03         00
    0436708689                           01           12/01/03          0
    LG16017                              O            11/01/33
    0


    8747194          W53/G02             F          143,450.00         ZZ
                                         360        142,926.07          1
                                       6.500            907.65         94
                                       6.250            907.65
    SENOIA           GA   30276          5            07/21/03         11
    0437015605                           05           09/01/03         30
    1308001040                           O            08/01/33
    0
1




    8751006          806/G02             F          174,350.00         ZZ
                                         360        174,056.20          1
                                       6.875          1,145.36         80
                                       6.625          1,145.36
    MARANA           AZ   85743          1            09/18/03         00
    0436708341                           03           11/01/03          0
    1160005455                           O            10/01/33
    0


    8753206          K88/G02             F          387,750.00         ZZ
                                         360        387,080.43          1
                                       6.750          2,514.94         80
                                       6.500          2,514.94
    LOPATCONG TOWNS  NJ   08886          1            09/19/03         00
    0436759237                           05           11/01/03          0
    22866                                O            10/01/33
    0


    8753208          K88/G02             F          140,000.00         ZZ
                                         360        139,382.80          1
                                       5.500            794.91         59
                                       5.250            794.91
    DARTMOUTH        MA   02747          1            07/14/03         00
    0436753081                           05           09/01/03          0
    21051                                O            08/01/33
    0


    8753218          K88/G02             F          275,000.00         ZZ
                                         360        274,547.86          1
                                       7.000          1,829.58         45
                                       6.750          1,829.58
    SOUTH ORANGE     NJ   07079          5            09/26/03         00
    0436769194                           05           11/01/03          0
    23015                                O            10/01/33
    0


    8753930          601/G02             F          143,900.00         ZZ
                                         360        143,375.39          1
                                       6.500            909.55         80
                                       6.250            909.55
    WINCHENDON       MA   01475          1            08/04/03         00
    0436731699                           05           09/01/03          0
    63331813                             O            08/01/33
    0


    8755135          E47/G02             F          263,500.00         ZZ
                                         360        262,016.07          2
1


                                       6.375          1,643.90         80
                                       6.125          1,643.90
    OAKLEY           CA   94561          5            05/22/03         00
    0437035819                           05           07/01/03          0
    7359514424                           N            06/01/33
    0


    8755400          E22/G02             F           80,100.00         ZZ
                                         360         80,029.33          1
                                       6.625            512.89         90
                                       6.375            512.89
    BERTRAM          TX   78605          1            10/07/03         01
    0418719365                           05           12/01/03         25
    0418719365                           N            11/01/33
    0


    8756034          286/286             F          254,000.00         ZZ
                                         360        252,087.24          1
                                       6.125          1,543.34         59
                                       5.875          1,543.34
    MANALAPAN        NJ   07726          5            04/17/03         00
    2151732                              05           06/01/03          0
    2151732                              O            05/01/33
    0


    8756040          286/286             F          143,350.00         ZZ
                                         360        143,096.34          1
                                       6.625            917.89         80
                                       6.375            917.89
    PEARLAND         TX   77581          1            09/17/03         00
    2792575                              05           11/01/03          0
    2792575                              O            10/01/33
    0


    8756044          286/286             F          126,000.00         ZZ
                                         360        125,621.79          1
                                       6.000            755.44         90
                                       5.750            755.44
    LACEY            WA   98503          1            08/27/03         12
    2696242                              05           10/01/03         25
    2696242                              N            09/01/33
    0


    8756068          286/286             F          225,000.00         ZZ
                                         360        224,429.63          1
                                       6.875          1,478.10         75
                                       6.625          1,478.10
    SAN MARCOS       CA   92069          1            08/08/03         00
    2675338                              05           10/01/03          0
1


    2675338                              N            09/01/33
    0


    8756090          286/286             F           63,920.00         ZZ
                                         360         63,728.12          2
                                       6.000            383.24         61
                                       5.750            383.24
    NORFOLK          VA   23503          2            08/25/03         00
    2652098                              05           10/01/03          0
    2652098                              N            09/01/33
    0


    8756092          286/286             F           82,100.00         ZZ
                                         360         81,971.51          1
                                       7.250            560.07         95
                                       7.000            560.07
    EL PASO          TX   79927          1            09/22/03         10
    2808300                              05           11/01/03         25
    2808300                              O            10/01/33
    0


    8756096          286/286             F           42,350.00         ZZ
                                         360         42,252.71          1
                                       7.375            292.51         90
                                       7.125            292.51
    NORFOLK          VA   23509          1            08/20/03         11
    2529627                              05           10/01/03         30
    2529627                              N            09/01/33
    0


    8756100          286/286             F          131,200.00         ZZ
                                         360        130,524.58          1
                                       5.875            776.10         80
                                       5.625            776.10
    JACKSONVILLE BE  FL   32250          1            06/13/03         00
    2700727                              05           08/01/03          0
    2700727                              N            07/01/33
    0


    8756104          286/286             F          128,000.00         ZZ
                                         360        127,650.97          1
                                       6.500            809.05         80
                                       6.250            809.05
    ANNAPOLIS        MD   21401          1            08/22/03         00
    2719976                              03           10/01/03          0
    2719976                              N            09/01/33
    0


1


    8756106          286/286             F          200,000.00         ZZ
                                         360        199,628.54          1
                                       6.375          1,247.74         43
                                       6.125          1,247.74
    HENDERSON        NV   89012          1            09/10/03         00
    2738688                              05           11/01/03          0
    2738688                              O            10/01/33
    0


    8756110          286/286             F           42,000.00         ZZ
                                         360         41,882.67          2
                                       6.375            262.03         54
                                       6.125            262.03
    PORTSMOUTH       VA   23702          2            08/18/03         00
    2501817                              05           10/01/03          0
    2501817                              N            09/01/33
    0


    8756116          286/286             F          180,000.00         ZZ
                                         360        179,520.93          1
                                       6.625          1,152.56         90
                                       6.375          1,152.56
    ROCKVILLE        MD   20853          1            08/18/03         04
    2667789                              05           10/01/03         25
    2667789                              N            09/01/33
    0


    8756122          286/286             F           80,000.00         ZZ
                                         360         79,754.09          1
                                       5.875            473.24         80
                                       5.625            473.24
    BOWLING GREEN    KY   42104          1            08/04/03         00
    2597861                              05           10/01/03          0
    2597861                              N            09/01/33
    0


    8756130          286/286             F           63,000.00         ZZ
                                         360         62,828.19          1
                                       6.500            398.21         67
                                       6.250            398.21
    GASTONIA         NC   28056          2            09/04/03         00
    2738376                              05           10/01/03          0
    2738376                              N            09/01/33
    0


    8756132          286/286             F          190,000.00         ZZ
                                         360        189,862.48          1
                                       7.625          1,344.81         95
                                       7.375          1,344.81
1


    ELLICOT CITY     MD   21228          1            10/01/03         10
    2746709                              05           12/01/03         25
    2746709                              O            11/01/33
    0


    8756136          286/286             F           81,750.00         ZZ
                                         360         81,498.71          1
                                       5.875            483.59         78
                                       5.625            483.59
    CLARKSVILLE      IN   47129          2            08/21/03         00
    2605843                              05           10/01/03          0
    2605843                              N            09/01/33
    0


    8756144          286/286             F          250,000.00         ZZ
                                         360        249,546.75          1
                                       6.500          1,580.18         50
                                       6.250          1,580.18
    ALLENWOOD        NJ   08720          5            09/12/03         00
    2735204                              05           11/01/03          0
    2735204                              O            10/01/33
    0


    8756146          286/286             F          125,000.00         ZZ
                                         360        124,498.49          1
                                       6.000            749.44         70
                                       5.750            749.44
    HIGHLAND PARK    IL   60035          5            07/23/03         00
    2499454                              01           09/01/03          0
    2499454                              N            08/01/33
    0


    8756148          286/286             F           90,000.00         ZZ
                                         360         89,682.20          1
                                       7.125            606.35         90
                                       6.875            606.35
    EAST LANSING     MI   48823          1            08/28/03         12
    2684551                              05           10/01/03         25
    2684551                              O            09/01/33
    0


    8756150          286/286             F          110,250.00         ZZ
                                         360        109,963.63          1
                                       6.750            715.08         90
                                       6.500            715.08
    PORTLAND         OR   97220          1            08/19/03         14
    2649670                              05           10/01/03         25
    2649670                              N            09/01/33
    0
1




    8756152          286/286             F           51,300.00         ZZ
                                         360         51,173.08          1
                                       7.000            341.31         90
                                       6.750            341.31
    MAITLAND         FL   32751          1            08/12/03         10
    2681913                              01           10/01/03         25
    2681913                              N            09/01/33
    0


    8756154          286/286             F          252,000.00         ZZ
                                         360        251,585.65          1
                                       7.000          1,676.57         80
                                       6.750          1,676.57
    SILVER SPRING    MD   20908          1            09/30/03         00
    2791637                              05           11/01/03          0
    2791637                              O            10/01/33
    0


    8756156          286/286             F           80,000.00         ZZ
                                         360         79,754.09          1
                                       5.875            473.24         75
                                       5.625            473.24
    WILMINGTON       NC   28403          5            08/15/03         00
    2619195                              05           10/01/03          0
    2619195                              N            09/01/33
    0


    8756160          286/286             F           80,000.00         ZZ
                                         360         79,754.09          1
                                       5.875            473.24         75
                                       5.625            473.24
    WILMINGTON       NC   28409          5            08/15/03         00
    2619197                              05           10/01/03          0
    2619197                              N            09/01/33
    0


    8756164          286/286             F          175,000.00         ZZ
                                         360        174,474.72          4
                                       6.000          1,049.22         70
                                       5.750          1,049.22
    AURORA           IL   60506          5            08/22/03         00
    2682674                              05           10/01/03          0
    2682674                              N            09/01/33
    0


    8756166          286/286             F           59,000.00         ZZ
                                         360         58,543.85          1
1


                                       6.250            363.28         50
                                       6.000            363.28
    NOVI             MI   48377          1            03/31/03         00
    2153281                              01           05/01/03          0
    2153281                              O            04/01/33
    0


    8756168          286/286             F          245,000.00         ZZ
                                         360        243,307.35          2
                                       6.125          1,488.65         53
                                       5.875          1,488.65
    NORWOOD          MA   02062          5            05/02/03         00
    2180367                              05           06/01/03          0
    2180367                              N            05/01/33
    0


    8756172          286/286             F          123,000.00         ZZ
                                         360        122,630.81          1
                                       6.000            737.45         46
                                       5.750            737.45
    BURKE            VA   22015          2            08/08/03         00
    2597221                              01           10/01/03          0
    2597221                              N            09/01/33
    0


    8756178          286/286             F          230,800.00         ZZ
                                         360        229,639.61          1
                                       6.000          1,383.77         80
                                       5.750          1,383.77
    ARLINGTON        VA   22205          1            06/10/03         00
    2486615                              05           08/01/03          0
    2486615                              N            07/01/33
    0


    8756180          286/286             F           77,600.00         ZZ
                                         360         77,152.41          2
                                       6.250            477.80         77
                                       6.000            477.80
    ALTON            IL   62002          5            05/02/03         00
    2291337                              05           07/01/03          0
    2291337                              N            06/01/33
    0


    8756182          286/286             F          207,100.00         ZZ
                                         360        206,790.49          1
                                       7.500          1,448.08         95
                                       7.250          1,448.08
    ELGIN            IL   60123          1            09/24/03         11
    2809181                              05           11/01/03         30
1


    2809181                              O            10/01/33
    0


    8756204          286/286             F          112,300.00         ZZ
                                         360        111,978.64          1
                                       6.250            691.46         87
                                       6.000            691.46
    HOLT             MI   48842          2            08/27/03         10
    2476174                              05           10/01/03         25
    2476174                              N            09/01/33
    0


    8756250          286/286             F           76,800.00         ZZ
                                         360         76,413.86          1
                                       6.000            460.46         80
                                       5.750            460.46
    IMPERIAL         CA   92251          5            06/10/03         00
    2386147                              01           08/01/03          0
    2386147                              N            07/01/33
    0


    8756260          286/286             F          260,000.00         ZZ
                                         360        258,956.90          1
                                       6.000          1,558.84         71
                                       5.750          1,558.84
    LONGMONT         CO   80503          2            07/22/03         00
    2569991                              05           09/01/03          0
    2569991                              N            08/01/33
    0


    8756262          286/286             F          113,600.00         ZZ
                                         360        113,250.83          1
                                       5.875            671.99         80
                                       5.625            671.99
    REDFORD          MI   48240          2            08/14/03         00
    2629836                              05           10/01/03          0
    2629836                              N            09/01/33
    0


    8756268          286/286             F          127,200.00         ZZ
                                         360        126,809.03          1
                                       5.875            752.44         80
                                       5.625            752.44
    GARDEN CITY      MI   48135          2            08/14/03         00
    2629845                              05           10/01/03          0
    2629845                              N            09/01/33
    0


1


    8756274          286/286             F          152,250.00         ZZ
                                         360        151,782.03          1
                                       5.875            900.62         75
                                       5.625            900.62
    LIVONIA          MI   48154          2            08/14/03         00
    2629868                              05           10/01/03          0
    2629868                              N            09/01/33
    0


    8756276          286/286             F           60,000.00         ZZ
                                         360         40,248.83          1
                                       6.500            379.25         80
                                       6.250            379.25
    VIRGINIA BEACH   VA   23453          1            09/25/03         00
    2787624                              05           11/01/03          0
    2787624                              N            10/01/33
    0


    8756280          286/286             F          450,000.00         ZZ
                                         360        448,278.69          3
                                       6.250          2,770.73         45
                                       6.000          2,770.73
    WASHINGTON       DC   20010          5            07/28/03         00
    2452978                              05           09/01/03          0
    2452978                              N            08/01/33
    0


    8756284          286/286             F           73,500.00         ZZ
                                         360         73,225.50          2
                                       6.375            458.55         70
                                       6.125            458.55
    SAGINAW          MI   48601          5            08/01/03         00
    2634201                              05           09/01/03          0
    2634201                              N            08/01/33
    0


    8756288          286/286             F          160,000.00         ZZ
                                         360        159,584.39          2
                                       6.750          1,037.76         80
                                       6.500          1,037.76
    CLEVELAND HEIGH  OH   44118          1            08/25/03         00
    2720779                              05           10/01/03          0
    2720779                              N            09/01/33
    0


    8756290          286/286             F          359,950.00         ZZ
                                         360        359,328.44          1
                                       6.750          2,334.63         90
                                       6.500          2,334.63
1


    NEW BRUNSWICK    NJ   08901          1            09/25/03         12
    2796196                              05           11/01/03         25
    2796196                              O            10/01/33
    0


    8756292          286/286             F          122,400.00         ZZ
                                         360        122,074.20          1
                                       6.625            783.75         80
                                       6.375            783.75
    COVINGTON        GA   30016          5            08/29/03         00
    2756473                              05           10/01/03          0
    2756473                              N            09/01/33
    0


    8756296          286/286             F           67,000.00         ZZ
                                         360         66,808.26          1
                                       6.250            412.54         51
                                       6.000            412.54
    ROUND ROCK       TX   78664          1            08/13/03         00
    2705275                              05           10/01/03          0
    2705275                              N            09/01/33
    0


    8756300          286/286             F           72,000.00         ZZ
                                         360         71,778.69          1
                                       5.875            425.91         75
                                       5.625            425.91
    READING          PA   19605          2            08/13/03         00
    2596363                              05           10/01/03          0
    2596363                              N            09/01/33
    0


    8756306          286/286             F          322,000.00         ZZ
                                         360        320,804.77          1
                                       5.625          1,853.61         64
                                       5.375          1,853.61
    HIGHLANDS        NC   28741          5            08/06/03         00
    2624879                              05           10/01/03          0
    2624879                              O            09/01/33
    0


    8756308          286/286             F          111,200.00         ZZ
                                         360        110,858.18          1
                                       5.875            657.80         80
                                       5.625            657.80
    DENVER           CO   80220          1            08/07/03         00
    2674466                              05           10/01/03          0
    2674466                              N            09/01/33
    0
1




    8756326          286/286             F          160,000.00         ZZ
                                         360        159,688.18          1
                                       6.125            972.18         77
                                       5.875            972.18
    WARWICK          RI   02889          5            09/11/03         00
    2650589                              05           11/01/03          0
    2650589                              O            10/01/33
    0


    8756366          286/286             F          120,800.00         ZZ
                                         360        120,303.72          1
                                       5.875            714.58         80
                                       5.625            714.58
    SMYRNA           GA   30082          5            07/21/03         00
    2560259                              05           09/01/03          0
    2560259                              N            08/01/33
    0


    8756368          286/286             F          140,000.00         ZZ
                                         360        139,424.83          1
                                       5.875            828.16         80
                                       5.625            828.16
    MARIETTA         GA   30060          5            07/21/03         00
    2560774                              05           09/01/03          0
    2560774                              N            08/01/33
    0


    8756374          286/286             F           64,200.00         ZZ
                                         360         63,942.44          2
                                       6.000            384.92         60
                                       5.750            384.92
    GRIFFIN          GA   30224          2            07/23/03         00
    2392556                              05           09/01/03          0
    2392556                              N            08/01/33
    0


    8756376          286/286             F          196,000.00         ZZ
                                         360        195,700.79          1
                                       7.375          1,353.73         80
                                       7.125          1,353.73
    ASHBURN          VA   20147          1            09/23/03         00
    2785108                              05           11/01/03          0
    2785108                              O            10/01/33
    0


    8756378          286/286             F           49,500.00         ZZ
                                         360         49,301.40          2
1


                                       6.000            296.78         90
                                       5.750            296.78
    PERU             IN   46970          1            07/31/03         11
    2661731                              05           09/01/03         25
    2661731                              N            08/01/33
    0


    8756382          286/286             F           36,900.00         ZZ
                                         360         36,819.36          1
                                       7.625            261.18         90
                                       7.375            261.18
    SAINT LOUIS      MO   63118          1            08/22/03         11
    2759499                              05           10/01/03         25
    2759499                              N            09/01/33
    0


    8756384          286/286             F          117,100.00         ZZ
                                         360        116,662.71          1
                                       6.375            730.55         75
                                       6.125            730.55
    ST CLAIR SHORES  MI   48080          5            07/29/03         00
    2774031                              05           09/01/03          0
    2774031                              O            08/01/33
    0


    8756386          286/286             F          124,450.00         ZZ
                                         360        123,667.97          1
                                       6.625            796.87         95
                                       6.375            796.87
    MIAMI            FL   33169          1            04/11/03         12
    2235511                              05           06/01/03         30
    2235511                              O            05/01/33
    0


    8756390          286/286             F           46,800.00         ZZ
                                         360         46,692.50          1
                                       7.375            323.24         65
                                       7.125            323.24
    KANSAS CITY      MO   64130          5            08/28/03         00
    2704714                              05           10/01/03          0
    2704714                              N            09/01/33
    0


    8756396          286/286             F          176,000.00         ZZ
                                         360        174,626.81          1
                                       5.750          1,027.09         70
                                       5.500          1,027.09
    CORNELIUS        NC   28031          2            09/10/03         00
    2618100                              05           11/01/03          0
1


    2618100                              O            10/01/33
    0


    8756402          286/286             F           61,500.00         ZZ
                                         360         61,324.01          3
                                       6.250            378.67         71
                                       6.000            378.67
    LEBANON          PA   17046          2            08/06/03         00
    2506544                              05           10/01/03          0
    2506544                              N            09/01/33
    0


    8756406          286/286             F          106,000.00         ZZ
                                         360        105,803.11          1
                                       6.375            661.31         80
                                       6.125            661.31
    FAIRVIEW PARK    OH   44126          1            09/25/03         00
    2572389                              05           11/01/03          0
    2572389                              O            10/01/33
    0


    8756410          286/286             F          240,350.00         ZZ
                                         360        239,924.71          1
                                       6.625          1,538.99         95
                                       6.375          1,538.99
    NORTH PLAINFIEL  NJ   07060          5            09/12/03         12
    2622126                              05           11/01/03         30
    2622126                              O            10/01/33
    0


    8756412          286/286             F           58,600.00         ZZ
                                         360         58,237.06          1
                                       5.875            346.65         42
                                       5.625            346.65
    FAYETTEVILLE     GA   30214          2            05/16/03         00
    2287100                              05           07/01/03          0
    2287100                              N            06/01/33
    0


    8756418          286/286             F          153,200.00         ZZ
                                         360        152,948.10          1
                                       7.000          1,019.25         80
                                       6.750          1,019.25
    ALEXANDRIA       VA   22206          1            09/26/03         00
    2695027                              01           11/01/03          0
    2695027                              O            10/01/33
    0


1


    8756420          286/286             F          120,000.00         ZZ
                                         360        119,656.61          1
                                       6.250            738.87         80
                                       6.000            738.87
    DISTRICT HEIGHT  MD   20747          2            08/08/03         00
    2637670                              05           10/01/03          0
    2637670                              N            09/01/33
    0


    8756422          286/286             F          118,300.00         ZZ
                                         360        118,095.70          1
                                       6.750            767.30         80
                                       6.500            767.30
    BLOOMINGTON      IL   61704          1            09/29/03         00
    2785020                              05           11/01/03          0
    2785020                              O            10/01/33
    0


    8756424          286/286             F          170,400.00         ZZ
                                         360        169,369.41          1
                                       6.000          1,021.64         80
                                       5.750          1,021.64
    HIGHLANDS RANCH  CO   80126          5            05/23/03         00
    2354108                              05           07/01/03          0
    2354108                              N            06/01/33
    0


    8756428          286/286             F          185,600.00         ZZ
                                         360        185,106.02          1
                                       6.625          1,188.42         80
                                       6.375          1,188.42
    MIDLOTHIAN       VA   23113          1            08/22/03         00
    2742842                              05           10/01/03          0
    2742842                              O            09/01/33
    0


    8756430          286/286             F           72,000.00         ZZ
                                         360         71,617.97          1
                                       6.750            467.00         80
                                       6.500            467.00
    JEFFERSONVILLE   VT   05464          1            09/15/03         00
    2484614                              01           11/01/03          0
    2484614                              O            10/01/33
    0


    8756436          286/286             F           80,000.00         ZZ
                                         360         79,811.62          1
                                       7.250            545.75         90
                                       7.000            545.75
1


    WAUKEGAN         IL   60085          1            08/28/03         14
    2715026                              05           10/01/03         25
    2715026                              N            09/01/33
    0


    8756440          286/286             F          286,200.00         ZZ
                                         360        285,526.16          1
                                       7.250          1,952.39         90
                                       7.000          1,952.39
    AUSTIN           TX   78738          1            08/26/03         19
    2752167                              05           10/01/03         25
    2752167                              N            09/01/33
    0


    8756444          286/286             F           57,600.00         ZZ
                                         360         57,246.88          1
                                       6.750            373.60         80
                                       6.500            373.60
    MUNCIE           IN   47303          5            04/30/03         00
    2211621                              05           06/01/03          0
    2211621                              N            05/01/33
    0


    8756446          286/286             F          284,000.00         ZZ
                                         360        282,037.89          1
                                       6.125          1,725.62         68
                                       5.875          1,725.62
    UPLAND           CA   91784          5            04/07/03         00
    2081765                              05           06/01/03          0
    2081765                              O            05/01/33
    0


    8756452          286/286             F           38,400.00         ZZ
                                         360         38,224.50          1
                                       6.500            242.72         86
                                       6.250            242.72
    MCKEESPORT       PA   15132          1            06/11/03         10
    2498410                              05           08/01/03         25
    2498410                              N            07/01/33
    0


    8756454          286/286             F          218,000.00         ZZ
                                         360        216,457.81          1
                                       6.000          1,307.03         69
                                       5.750          1,307.03
    CORAL SPRINGS    FL   33076          1            04/10/03         00
    2232085                              03           06/01/03          0
    2232085                              O            05/01/33
    0
1




    8756456          286/286             F          231,518.00         ZZ
                                         360        230,806.39          1
                                       5.875          1,369.52         79
                                       5.625          1,369.52
    MARIETTA         GA   30068          2            08/06/03         00
    2629473                              05           10/01/03          0
    2629473                              N            09/01/33
    0


    8756460          286/286             F          127,000.00         ZZ
                                         360        126,101.60          1
                                       6.000            761.43         72
                                       5.750            761.43
    ALBUQ            NM   87114          2            04/30/03         00
    2262413                              05           06/01/03          0
    2262413                              N            05/01/33
    0


    8756464          286/286             F          185,250.00         ZZ
                                         360        184,680.59          4
                                       5.875          1,095.83         65
                                       5.625          1,095.83
    OLYMPIA          WA   98502          2            08/04/03         00
    2658871                              05           10/01/03          0
    2658871                              N            09/01/33
    0


    8756468          286/286             F           74,750.00         ZZ
                                         360         74,555.83          1
                                       6.750            484.83         72
                                       6.500            484.83
    PANAMA CITY BEA  FL   32413          5            08/27/03         00
    2671454                              05           10/01/03          0
    2671454                              N            09/01/33
    0


    8756470          286/286             F           69,300.00         T
                                         360         69,196.81          1
                                       7.500            484.56         90
                                       7.250            484.56
    NORFOLK          VA   23507          1            09/16/03         11
    2748161                              01           11/01/03         25
    2748161                              O            10/01/33
    0


    8756476          286/286             F           80,100.00         ZZ
                                         360         79,891.92          1
1


                                       6.750            519.53         90
                                       6.500            519.53
    CHESAPEAKE       VA   23322          1            08/29/03         10
    2678096                              05           10/01/03         25
    2678096                              N            09/01/33
    0


    8756490          286/286             F          111,350.00         ZZ
                                         264        110,745.40          1
                                       6.125            768.86         80
                                       5.875            768.86
    MARYVILLE        TN   37804          2            08/06/03         00
    2441230                              05           10/01/03          0
    2441230                              N            09/01/25
    0


    8756496          286/286             F          258,650.00         ZZ
                                         360        257,927.50          1
                                       6.375          1,613.64         78
                                       6.125          1,613.64
    HOUSTON          TX   77041          2            08/06/03         00
    2728083                              05           10/01/03          0
    2728083                              N            09/01/33
    0


    8756502          286/286             F           66,500.00         ZZ
                                         360         66,305.09          3
                                       6.125            404.07         64
                                       5.875            404.07
    ERIE             PA   16507          5            08/06/03         00
    2535406                              05           10/01/03          0
    2535406                              N            09/01/33
    0


    8756506          286/286             F          135,900.00         ZZ
                                         360        135,482.29          1
                                       5.875            803.90         80
                                       5.625            803.90
    CHESWICK         PA   15024          1            08/11/03         00
    2742626                              05           10/01/03          0
    2742626                              N            09/01/33
    0


    8756510          286/286             F           53,500.00         ZZ
                                         360         53,409.84          1
                                       6.875            351.46         73
                                       6.625            351.46
    TUCSON           AZ   85713          2            09/03/03         00
    2731549                              05           11/01/03          0
1


    2731549                              N            10/01/33
    0


    8756514          286/286             F           46,000.00         ZZ
                                         360         45,922.48          1
                                       6.875            302.19         74
                                       6.625            302.19
    SPOKANE          WA   99207          2            09/02/03         00
    2737772                              05           11/01/03          0
    2737772                              N            10/01/33
    0


    8756518          286/286             F           64,300.00         ZZ
                                         360         64,035.83          1
                                       5.875            380.36         70
                                       5.625            380.36
    EASTLAKE         OH   44095          2            08/02/03         00
    2550408                              05           09/01/03          0
    2550408                              N            08/01/33
    0


    8756522          286/286             F          123,109.00         ZZ
                                         360        122,756.71          2
                                       6.250            758.01         80
                                       6.000            758.01
    AUSTIN           TX   78745          2            08/12/03         00
    2500432                              05           10/01/03          0
    2500432                              N            09/01/33
    0


    8756526          286/286             F          130,000.00         ZZ
                                         360        129,627.99          4
                                       6.250            800.44         62
                                       6.000            800.44
    AUSTIN           TX   78704          2            08/12/03         00
    2495176                              05           10/01/03          0
    2495176                              N            09/01/33
    0


    8756530          286/286             F          132,695.00         ZZ
                                         360        132,315.29          4
                                       6.250            817.03         64
                                       6.000            817.03
    AUSTIN           TX   78704          2            08/12/03         00
    2500452                              05           10/01/03          0
    2500452                              N            09/01/33
    0


1


    8756532          286/286             F          104,800.00         ZZ
                                         360        104,109.57          1
                                       6.375            653.82         80
                                       6.125            653.82
    PEORIA           IL   61614          1            04/18/03         00
    2183747                              05           06/01/03          0
    2183747                              O            05/01/33
    0


    8756568          286/286             F           40,000.00         ZZ
                                         360         39,901.03          1
                                       7.000            266.13         80
                                       6.750            266.13
    EL RENO          OK   73036          5            08/08/03         00
    2500920                              05           10/01/03          0
    2500920                              N            09/01/33
    0


    8756570          286/286             F           74,550.00         ZZ
                                         348         74,400.74          1
                                       6.375            470.48         68
                                       6.125            470.48
    MIAMI            FL   33183          2            09/08/03         00
    2656996                              01           11/01/03          0
    2656996                              N            10/01/32
    0


    8756578          286/286             F           45,200.00         ZZ
                                         360         44,942.37          1
                                       7.125            304.53         80
                                       6.875            304.53
    BALTIMORE        MD   21216          2            04/30/03         00
    1938701                              05           06/01/03          0
    1938701                              N            05/01/33
    0


    8756580          286/286             F          421,200.00         ZZ
                                         360        420,588.36          1
                                       7.625          2,981.23         80
                                       7.375          2,981.23
    PLACENTIA        CA   92870          1            09/12/03         00
    2792785                              05           11/01/03          0
    2792785                              O            10/01/33
    0


    8756584          286/286             F          286,000.00         ZZ
                                         360        285,455.83          1
                                       6.250          1,760.96         80
                                       6.000          1,760.96
1


    PEMBROKE PINES   FL   33024          5            09/10/03         00
    2706183                              05           11/01/03          0
    2706183                              O            10/01/33
    0


    8756586          286/286             F          150,000.00         ZZ
                                         360        149,580.98          1
                                       6.375            935.81         75
                                       6.125            935.81
    CLIO             MI   48420          5            08/11/03         00
    2603564                              05           10/01/03          0
    2603564                              N            09/01/33
    0


    8756592          286/286             F          160,416.00         ZZ
                                         360        159,956.99          1
                                       6.250            987.71         80
                                       6.000            987.71
    GILBERT          AZ   85297          1            08/26/03         00
    2669866                              05           10/01/03          0
    2669866                              O            09/01/33
    0


    8756596          286/286             F           80,500.00         ZZ
                                         360         80,275.12          1
                                       6.375            502.22         77
                                       6.125            502.22
    BLOOMINGTON      IL   61701          2            08/08/03         00
    2608180                              05           10/01/03          0
    2608180                              N            09/01/33
    0


    8756602          286/286             F          374,000.00         ZZ
                                         360        373,470.35          1
                                       7.750          2,679.39         72
                                       7.500          2,679.39
    DANA POINT       CA   92629          5            09/02/03         00
    2733652                              05           11/01/03          0
    2733652                              O            10/01/33
    0


    8756608          286/286             F          197,700.00         ZZ
                                         360        197,364.01          1
                                       7.000          1,315.31         80
                                       6.750          1,315.31
    NORMAL           IL   61761          1            09/18/03         00
    2730264                              05           11/01/03          0
    2730264                              O            10/01/33
    0
1




    8756610          286/286             F           64,750.00         ZZ
                                         360         64,564.72          1
                                       6.250            398.68         70
                                       6.000            398.68
    WATERVILLE       MN   56096          2            08/22/03         00
    2708089                              05           10/01/03          0
    2708089                              N            09/01/33
    0


    8756614          286/286             F           56,250.00         ZZ
                                         360         56,107.39          1
                                       6.875            369.53         75
                                       6.625            369.53
    VIRGINIA BEACH   VA   23453          5            08/26/03         00
    2692236                              05           10/01/03          0
    2692236                              N            09/01/33
    0


    8756622          286/286             F          167,200.00         ZZ
                                         360        166,164.54          1
                                       5.875            989.05         75
                                       5.625            989.05
    BALTIMORE        MD   21231          5            05/28/03         00
    2134875                              05           07/01/03          0
    2134875                              N            06/01/33
    0


    8756628          286/286             F          140,000.00         ZZ
                                         360        139,645.09          1
                                       6.875            919.71         80
                                       6.625            919.71
    BENSALEM         PA   19020          1            08/15/03         00
    2391269                              05           10/01/03          0
    2391269                              N            09/01/33
    0


    8756636          286/286             F           56,950.00         ZZ
                                         360         56,783.08          2
                                       6.125            346.04         90
                                       5.875            346.04
    CLEVELAND        OH   44109          1            08/07/03         10
    2638437                              05           10/01/03         25
    2638437                              N            09/01/33
    0


    8756642          286/286             F           56,950.00         ZZ
                                         360         56,783.08          2
1


                                       6.125            346.04         90
                                       5.875            346.04
    CLEVELAND        OH   44109          1            08/07/03         10
    2638444                              05           10/01/03         25
    2638444                              N            09/01/33
    0


    8756648          286/286             F           56,950.00         ZZ
                                         360         56,783.08          2
                                       6.125            346.04         90
                                       5.875            346.04
    CLEVELAND        OH   44109          1            08/07/03         10
    2638446                              05           10/01/03         25
    2638446                              N            09/01/33
    0


    8756650          286/286             F          203,000.00         ZZ
                                         360        202,649.45          2
                                       6.750          1,316.66         77
                                       6.500          1,316.66
    CICERO           IL   60804          5            09/16/03         00
    2732274                              05           11/01/03          0
    2732274                              O            10/01/33
    0


    8756662          286/286             F           56,500.00         ZZ
                                         360         56,136.60          1
                                       6.500            357.12         58
                                       6.250            357.12
    GLEN BURNIE      MD   21061          2            04/28/03         00
    2243615                              01           06/01/03          0
    2243615                              N            05/01/33
    0


    8756676          286/286             F           98,800.00         ZZ
                                         360         98,637.55          1
                                       7.000            657.32         42
                                       6.750            657.32
    RUIDOSO          NM   88345          2            09/03/03         00
    2719789                              05           11/01/03          0
    2719789                              O            10/01/33
    0


    8756698          286/286             F           50,220.00         ZZ
                                         360         49,967.54          1
                                       6.000            301.10         90
                                       5.750            301.10
    HOUSTON          TX   77069          1            06/30/03         19
    2548462                              05           08/01/03         25
1


    2548462                              N            07/01/33
    0


    8756700          286/286             F          172,000.00         ZZ
                                         360        171,737.42          1
                                       7.375          1,187.97         80
                                       7.125          1,187.97
    LONG BEACH       CA   90803          1            09/04/03         00
    2779312                              01           11/01/03          0
    2779312                              O            10/01/33
    0


    8756710          286/286             F          116,357.00         ZZ
                                         360        115,932.80          1
                                       6.500            735.46         58
                                       6.250            735.46
    ST LOUIS         MO   63141          2            07/11/03         00
    2630305                              05           09/01/03          0
    2630305                              N            08/01/33
    0


    8756718          286/286             F          160,000.00         ZZ
                                         360        158,620.57          1
                                       6.875          1,051.09         69
                                       6.625          1,051.09
    PORT JEFFERSON   NY   11776          5            02/03/03         00
    1966836                              05           03/01/03          0
    1966836                              N            02/01/33
    0


    8756722          286/286             F           66,326.00         ZZ
                                         360         66,161.94          1
                                       7.000            441.27         92
                                       6.750            441.27
    SAN ANTONIO      TX   78209          1            08/12/03         19
    2743607                              01           10/01/03         25
    2743607                              O            09/01/33
    0


    8756730          286/286             F          232,000.00         ZZ
                                         360        231,609.06          1
                                       6.875          1,524.08         80
                                       6.625          1,524.08
    LAKE VILLA       IL   60046          5            09/11/03         00
    2668319                              05           11/01/03          0
    2668319                              O            10/01/33
    0


1


    8756732          286/286             F           61,200.00         ZZ
                                         360         61,059.41          1
                                       7.375            422.70         90
                                       7.125            422.70
    PHOENIX          AZ   85019          1            08/27/03         10
    2749880                              05           10/01/03         25
    2749880                              N            09/01/33
    0


    8756736          286/286             F          360,500.00         T
                                         360        358,687.56          1
                                       6.000          2,161.38         70
                                       5.750          2,161.38
    KILL DEVIL HILL  NC   27948          1            06/23/03         00
    2430997                              05           08/01/03          0
    2430997                              O            07/01/33
    0


    8756738          286/286             F           42,400.00         ZZ
                                         360         42,282.86          1
                                       6.500            268.00         74
                                       6.250            268.00
    CHILLICOTHE      OH   45601          5            08/14/03         00
    2041341                              05           10/01/03          0
    2041341                              N            09/01/33
    0


    8756740          286/286             F          210,000.00         ZZ
                                         360        209,619.27          1
                                       6.500          1,327.35         80
                                       6.250          1,327.35
    KENT             WA   98030          1            09/25/03         00
    2834280                              05           11/01/03          0
    2834280                              O            10/01/33
    0


    8756744          286/286             F          144,000.00         ZZ
                                         360        143,643.81          1
                                       7.000            958.04         90
                                       6.750            958.04
    GERMANTOWN       MD   20874          1            08/29/03         11
    2703034                              03           10/01/03         25
    2703034                              N            09/01/33
    0


    8756750          286/286             F          187,000.00         ZZ
                                         360        186,477.63          1
                                       6.375          1,166.64         64
                                       6.125          1,166.64
1


    WASHINGTON       DC   20002          5            08/13/03         00
    2627075                              05           10/01/03          0
    2627075                              N            09/01/33
    0


    8756756          286/286             F          184,800.00         ZZ
                                         360        184,157.76          1
                                       6.750          1,198.61         70
                                       6.500          1,198.61
    NEW MILFORD      CT   06776          5            08/05/03         00
    2399107                              05           09/01/03          0
    2399107                              N            08/01/33
    0


    8756762          286/286             F           82,600.00         ZZ
                                         360         82,450.25          1
                                       6.500            522.09         70
                                       6.250            522.09
    LAKEWOOD         CO   80227          5            09/12/03         00
    2775527                              01           11/01/03          0
    2775527                              N            10/01/33
    0


    8756766          286/286             F          265,000.00         ZZ
                                         360        264,445.32          1
                                       5.750          1,546.47         76
                                       5.500          1,546.47
    CHICAGO          IL   60653          5            09/09/03         00
    2617530                              05           11/01/03          0
    2617530                              O            10/01/33
    0


    8756770          286/286             F          120,000.00         ZZ
                                         360        119,782.45          1
                                       6.500            758.48         68
                                       6.250            758.48
    LAKEWOOD         CO   80232          5            09/12/03         00
    2775555                              01           11/01/03          0
    2775555                              N            10/01/33
    0


    8756774          286/286             F          123,150.00         ZZ
                                         360        122,898.27          1
                                       5.875            728.48         80
                                       5.625            728.48
    COLUMBUS         OH   43240          1            09/15/03         00
    2160561                              01           11/01/03          0
    2160561                              O            10/01/33
    0
1




    8756784          286/286             F          260,280.00         ZZ
                                         360        259,784.78          1
                                       6.250          1,602.59         90
                                       6.000          1,602.59
    LOUISVILLE       KY   40205          1            09/15/03         12
    2765275                              05           11/01/03         25
    2765275                              O            10/01/33
    0


    8756788          286/286             F          268,000.00         ZZ
                                         360        267,353.22          1
                                       7.125          1,805.57         78
                                       6.875          1,805.57
    FAIRFAX          VA   22033          1            08/25/03         00
    2691672                              05           10/01/03          0
    2691672                              N            09/01/33
    0


    8756794          286/286             F          128,000.00         ZZ
                                         360        127,555.43          2
                                       6.750            830.21         80
                                       6.500            830.21
    HARTFORD         CT   06112          5            07/25/03         00
    2396804                              05           09/01/03          0
    2396804                              N            08/01/33
    0


    8756800          286/286             F           57,200.00         ZZ
                                         360         56,981.16          1
                                       6.250            352.20         79
                                       6.000            352.20
    HINESVILLE       GA   31313          2            07/28/03         00
    2530809                              05           09/01/03          0
    2530809                              N            08/01/33
    0


    8756802          286/286             F          161,800.00         ZZ
                                         360        160,831.91          4
                                       6.875          1,062.92         90
                                       6.625          1,062.92
    VANCOUVER        WA   98660          2            04/07/03         11
    2173523                              05           06/01/03         25
    2173523                              O            05/01/33
    0


    8756806          286/286             F           68,000.00         ZZ
                                         360         67,831.79          2
1


                                       7.000            452.41         80
                                       6.750            452.41
    PORT JERVIS      NY   12771          1            08/19/03         00
    2357051                              05           10/01/03          0
    2357051                              N            09/01/33
    0


    8756812          286/286             F          132,000.00         ZZ
                                         360        131,201.61          2
                                       6.000            791.41         80
                                       5.750            791.41
    MOUNTAIN VIEW    HI   96771          5            05/05/03         00
    2237061                              05           07/01/03          0
    2237061                              N            06/01/33
    0


    8756814          286/286             F          184,000.00         ZZ
                                         360        183,674.41          1
                                       6.625          1,178.18         69
                                       6.375          1,178.18
    KALEVA           MI   49645          5            09/06/03         00
    2599692                              05           11/01/03          0
    2599692                              O            10/01/33
    0


    8756850          286/286             F          129,040.00         ZZ
                                         360        128,800.32          1
                                       6.375            805.05         80
                                       6.125            805.05
    PORTLAND         OR   97217          1            09/04/03         00
    2712952                              01           11/01/03          0
    2712952                              N            10/01/33
    0


    8756868          286/286             F          123,750.00         ZZ
                                         360        123,378.54          1
                                       6.000            741.95         75
                                       5.750            741.95
    MT PLEASANT      SC   29464          1            08/22/03         00
    2697919                              05           10/01/03          0
    2697919                              N            09/01/33
    0


    8756874          286/286             F          168,000.00         ZZ
                                         360        167,530.68          2
                                       6.375          1,048.11         80
                                       6.125          1,048.11
    COLUMBUS         OH   43212          1            08/14/03         00
    2691013                              05           10/01/03          0
1


    2691013                              N            09/01/33
    0


    8756880          286/286             F           63,000.00         ZZ
                                         360         62,836.35          1
                                       6.750            408.62         64
                                       6.500            408.62
    BURLESON         TX   76028          2            08/25/03         00
    2716379                              05           10/01/03          0
    2716379                              N            09/01/33
    0


    8756884          286/286             F          220,000.00         ZZ
                                         360        219,638.27          1
                                       7.000          1,463.67         80
                                       6.750          1,463.67
    AURORA           CO   80012          1            09/26/03         00
    2797271                              05           11/01/03          0
    2797271                              O            10/01/33
    0


    8756886          286/286             F          122,400.00         ZZ
                                         360        122,066.22          1
                                       6.500            773.66         80
                                       6.250            773.66
    OVERLAND PARK    KS   66202          5            08/29/03         00
    2694149                              05           10/01/03          0
    2694149                              N            09/01/33
    0


    8756890          286/286             F          108,000.00         ZZ
                                         360        107,835.13          1
                                       7.375            745.93         80
                                       7.125            745.93
    GLEN BURNIE      MD   21060          1            09/19/03         00
    2758006                              05           11/01/03          0
    2758006                              O            10/01/33
    0


    8756892          286/286             F          260,000.00         ZZ
                                         360        259,181.31          1
                                       7.250          1,773.66         64
                                       7.000          1,773.66
    COSTA MESA       CA   92627          5            07/29/03         00
    2665673                              05           09/01/03          0
    2665673                              N            08/01/33
    0


1


    8756918          286/286             F           76,500.00         ZZ
                                         360         76,361.30          1
                                       6.500            483.54         90
                                       6.250            483.54
    STUART           FL   34996          1            09/03/03         10
    2705065                              05           11/01/03         25
    2705065                              N            10/01/33
    0


    8756924          286/286             F          139,400.00         ZZ
                                         360        139,037.90          1
                                       6.750            904.15         90
                                       6.500            904.15
    FRANKLIN         IN   46131          1            08/04/03         11
    2628148                              05           10/01/03         25
    2628148                              N            09/01/33
    0


    8756934          286/286             F          353,000.00         ZZ
                                         360        352,419.61          1
                                       7.000          2,348.52         79
                                       6.750          2,348.52
    BELLAIRE         TX   77401          1            09/24/03         00
    2733109                              05           11/01/03          0
    2733109                              O            10/01/33
    0


    8756936          286/286             F          115,200.00         ZZ
                                         360        114,845.89          1
                                       5.875            681.46         80
                                       5.625            681.46
    ANKENY           IA   50021          1            08/28/03         00
    2701890                              05           10/01/03          0
    2701890                              N            09/01/33
    0


    8756940          286/286             F          108,000.00         ZZ
                                         360        107,657.13          1
                                       5.875            638.87         80
                                       5.625            638.87
    CHIPPEWA LAKE    OH   44215          5            09/08/03         00
    2661568                              05           11/01/03          0
    2661568                              O            10/01/33
    0


    8756942          286/286             F           52,850.00         ZZ
                                         360         52,685.54          1
                                       5.875            312.63         75
                                       5.625            312.63
1


    AKRON            OH   44304          5            08/27/03         00
    2528831                              05           10/01/03          0
    2528831                              N            09/01/33
    0


    8756948          286/286             F           67,900.00         ZZ
                                         360         67,710.32          1
                                       6.375            423.61         80
                                       6.125            423.61
    ARLINGTON        TX   76014          1            08/14/03         11
    2717364                              05           10/01/03         25
    2717364                              N            09/01/33
    0


    8757102          286/286             F           71,950.00         ZZ
                                         360         71,734.03          1
                                       6.000            431.38         70
                                       5.750            431.38
    WEST MELBOURNE   FL   32904          5            08/14/03         00
    2489003                              05           10/01/03          0
    2489003                              N            09/01/33
    0


    8757236          286/286             F           97,850.00         ZZ
                                         360         97,707.91          3
                                       7.625            692.58         95
                                       7.375            692.58
    ST ALBANS        VT   05478          1            09/12/03         12
    2617977                              05           11/01/03         30
    2617977                              O            10/01/33
    0


    8757238          286/286             F           77,500.00         ZZ
                                         360         77,381.68          1
                                       7.375            535.28         73
                                       7.125            535.28
    NORMAN           OK   73071          2            09/10/03         00
    2794500                              05           11/01/03          0
    2794500                              N            10/01/33
    0


    8757248          286/286             F           51,300.00         ZZ
                                         360         51,149.16          1
                                       6.125            311.71         90
                                       5.875            311.71
    MONROE           NC   28110          1            08/05/03         21
    2474978                              05           10/01/03         30
    2474978                              N            09/01/33
    0
1




    8757252          286/286             F          350,000.00         ZZ
                                         360        347,444.39          1
                                       6.750          2,270.10         90
                                       6.500          2,270.10
    MOUNT VERNON     NY   10552          5            04/05/03         12
    2160546                              05           06/01/03         25
    2160546                              O            05/01/33
    0


    8757258          286/286             F          357,000.00         ZZ
                                         360        356,252.75          1
                                       5.750          2,083.36         65
                                       5.500          2,083.36
    ANGOLA           IN   46703          2            09/08/03         00
    2602667                              05           11/01/03          0
    2602667                              O            10/01/33
    0


    8757276          286/286             F          165,072.00         ZZ
                                         360        163,699.45          1
                                       6.500          1,043.37         80
                                       6.250          1,043.37
    PLANO            TX   75074          1            02/28/03         00
    2027954                              05           04/01/03          0
    2027954                              O            03/01/33
    0


    8757290          286/286             F          233,600.00         ZZ
                                         360        232,881.99          1
                                       5.875          1,381.83         80
                                       5.625          1,381.83
    MESA             AZ   85213          2            08/26/03         00
    2628653                              05           10/01/03          0
    2628653                              O            09/01/33
    0


    8757292          286/286             F           76,000.00         ZZ
                                         360         75,771.88          1
                                       6.000            455.66         61
                                       5.750            455.66
    EDGEWOOD         MD   21040          5            08/25/03         00
    2586016                              05           10/01/03          0
    2586016                              N            09/01/33
    0


    8757298          286/286             F           81,000.00         ZZ
                                         360         80,667.21          1
1


                                       5.875            479.15         64
                                       5.625            479.15
    TEMPE            AZ   85282          2            07/15/03         00
    2418530                              05           09/01/03          0
    2418530                              N            08/01/33
    0


    8757302          286/286             F          214,550.00         ZZ
                                         360        214,111.42          1
                                       5.875          1,269.15         80
                                       5.625          1,269.15
    FORT WORTH       TX   76135          1            09/24/03         00
    2593397                              05           11/01/03          0
    2593397                              O            10/01/33
    0


    8757306          286/286             F          146,150.00         ZZ
                                         360        145,770.36          1
                                       6.750            947.93         90
                                       6.500            947.93
    GOODYEAR         AZ   85338          1            07/30/03         12
    2656151                              05           10/01/03         25
    2656151                              N            09/01/33
    0


    8757326          286/286             F          206,500.00         ZZ
                                         360        206,176.83          1
                                       7.250          1,408.70         70
                                       7.000          1,408.70
    SOMERSET         NJ   08873          5            09/10/03         00
    2750517                              05           11/01/03          0
    2750517                              N            10/01/33
    0


    8757328          286/286             F           76,500.00         ZZ
                                         360         75,908.57          1
                                       6.250            471.03         90
                                       6.000            471.03
    MIAMI            FL   33179          1            03/24/03         21
    2150104                              01           05/01/03         25
    2150104                              O            04/01/33
    0


    8757332          286/286             F           67,500.00         ZZ
                                         360         67,337.07          1
                                       7.125            454.77         90
                                       6.875            454.77
    BOURBONNAIS      IL   60914          1            08/28/03         04
    2735861                              05           10/01/03         25
1


    2735861                              N            09/01/33
    0


    8757334          286/286             F          164,000.00         ZZ
                                         360        162,553.44          1
                                       6.500          1,036.60         80
                                       6.250          1,036.60
    ROYALSTON        MA   01368          5            04/04/03         00
    2110299                              05           06/01/03          0
    2110299                              O            05/01/33
    0


    8757338          286/286             F          204,000.00         ZZ
                                         360        203,443.74          1
                                       6.500          1,289.42         80
                                       6.250          1,289.42
    KEY LARGO        FL   33037          5            08/15/03         00
    2644386                              05           10/01/03          0
    2644386                              N            09/01/33
    0


    8757344          286/286             F          128,000.00         ZZ
                                         360        127,606.58          1
                                       5.875            757.17         69
                                       5.625            757.17
    MARIETTA         GA   30067          2            08/19/03         00
    2654325                              05           10/01/03          0
    2654325                              N            09/01/33
    0


    8757350          286/286             F          147,000.00         ZZ
                                         360        146,548.15          1
                                       5.875            869.57         70
                                       5.625            869.57
    MARIETTA         GA   30067          5            08/19/03         00
    2639962                              05           10/01/03          0
    2639962                              N            09/01/33
    0


    8757356          286/286             F          157,500.00         ZZ
                                         360        157,138.23          1
                                       7.375          1,087.82         90
                                       7.125          1,087.82
    PLANO            TX   75023          1            08/29/03         11
    2758356                              05           10/01/03         25
    2758356                              N            09/01/33
    0


1


    8757362          286/286             F           45,000.00         ZZ
                                         360         44,861.66          1
                                       5.875            266.20         63
                                       5.625            266.20
    LIBRARY          PA   15129          2            08/11/03         00
    2644967                              03           10/01/03          0
    2644967                              N            09/01/33
    0


    8757364          286/286             F          108,300.00         ZZ
                                         360        108,117.50          1
                                       6.875            711.46         95
                                       6.625            711.46
    FAIRFAX          VA   22030          1            09/25/03         11
    2810097                              01           11/01/03         30
    2810097                              O            10/01/33
    0


    8757408          286/286             F          100,000.00         T
                                         360         99,775.96          1
                                       7.500            699.21         59
                                       7.250            699.21
    MARS HILL        NC   28754          1            08/20/03         00
    2724292                              05           10/01/03          0
    2724292                              O            09/01/33
    0


    8757410          286/286             F          151,600.00         ZZ
                                         360        151,368.57          1
                                       7.375          1,047.07         80
                                       7.125          1,047.07
    LEES SUMMIT      MO   64064          1            09/26/03         00
    2773778                              05           11/01/03          0
    2773778                              O            10/01/33
    0


    8757418          286/286             F           70,200.00         ZZ
                                         360         70,022.04          1
                                       6.875            461.17         90
                                       6.625            461.17
    CATONSVILLE      MD   21229          1            08/08/03         11
    2676788                              05           10/01/03         25
    2676788                              N            09/01/33
    0


    8757428          286/286             F          246,000.00         ZZ
                                         360        245,495.48          1
                                       5.875          1,455.18         74
                                       5.625          1,455.18
1


    BAY FIELD        CO   81122          5            09/19/03         00
    2669677                              05           11/01/03          0
    2669677                              O            10/01/33
    0


    8757432          286/286             F          129,000.00         ZZ
                                         360        128,673.00          1
                                       6.875            847.44         79
                                       6.625            847.44
    ZIONSVILLE       IN   46077          2            08/06/03         00
    2352031                              05           10/01/03          0
    2352031                              N            09/01/33
    0


    8757438          286/286             F          134,000.00         ZZ
                                         360        133,567.51          4
                                       7.125            902.79         80
                                       6.875            902.79
    COLORADO SPRING  CO   80903          1            07/28/03         00
    2672958                              05           09/01/03          0
    2672958                              N            08/01/33
    0


    8757440          286/286             F          140,000.00         ZZ
                                         360        138,922.60          2
                                       6.500            884.90         61
                                       6.250            884.90
    BERWYN           IL   60402          5            03/26/03         00
    2215208                              05           05/01/03          0
    2215208                              O            04/01/33
    0


    8757444          286/286             F           47,700.00         ZZ
                                         360         47,471.32          1
                                       6.250            293.70         90
                                       6.000            293.70
    AKRON            OH   44305          1            06/06/03         12
    2464676                              05           08/01/03         25
    2464676                              N            07/01/33
    0


    8757454          286/286             F           81,600.00         ZZ
                                         360         81,455.60          1
                                       6.625            522.50         80
                                       6.375            522.50
    GREENACRES       FL   33463          5            09/12/03         00
    2752912                              03           11/01/03          0
    2752912                              O            10/01/33
    0
1




    8757460          286/286             F          121,700.00         ZZ
                                         336        121,268.21          1
                                       5.875            739.05         79
                                       5.625            739.05
    SPRINGFIELD      IL   62704          2            08/22/03         00
    2404454                              01           10/01/03          0
    2404454                              N            09/01/31
    0


    8757462          286/286             F          160,000.00         ZZ
                                         360        158,874.97          1
                                       6.500          1,011.31         80
                                       6.250          1,011.31
    WEST DUNDEE      IL   60118          5            04/14/03         00
    2078188                              05           06/01/03          0
    2078188                              O            05/01/33
    0


    8757468          286/286             F           38,700.00         ZZ
                                         360         38,606.60          2
                                       7.125            260.73         90
                                       6.875            260.73
    FORT WAYNE       IN   46807          1            08/14/03         11
    2695328                              05           10/01/03         25
    2695328                              N            09/01/33
    0


    8757474          286/286             F           75,500.00         ZZ
                                         360         75,283.96          1
                                       6.250            464.87         75
                                       6.000            464.87
    LAPORTE          IN   46350          5            08/21/03         00
    2529089                              05           10/01/03          0
    2529089                              N            09/01/33
    0


    8757476          286/286             F           75,000.00         ZZ
                                         360         74,873.62          1
                                       6.875            492.70         59
                                       6.625            492.70
    LAUDERDALE LAKE  FL   33309          5            09/12/03         00
    2767581                              05           11/01/03          0
    2767581                              O            10/01/33
    0


    8757480          286/286             F          134,300.00         ZZ
                                         360        133,896.89          1
1


                                       6.000            805.20         79
                                       5.750            805.20
    PLANO            TX   75023          2            08/06/03         00
    2667080                              05           10/01/03          0
    2667080                              N            09/01/33
    0


    8757490          286/286             F          500,000.00         ZZ
                                         360        496,492.88          1
                                       6.250          3,078.59         76
                                       6.000          3,078.59
    IRVINE           CA   92602          2            04/01/03         00
    2047350                              05           06/01/03          0
    2047350                              O            05/01/33
    0


    8757492          286/286             F          165,300.00         ZZ
                                         360        164,838.25          1
                                       6.375          1,031.26         75
                                       6.125          1,031.26
    LITHIA           FL   33547          1            08/29/03         00
    2681284                              05           10/01/03          0
    2681284                              N            09/01/33
    0


    8757494          286/286             F          160,636.00         ZZ
                                         360        159,586.68          1
                                       7.125          1,082.24         90
                                       6.875          1,082.24
    ELKHART          IN   46517          1            03/21/03         12
    1532378                              05           05/01/03         25
    1532378                              O            04/01/33
    0


    8757500          286/286             F          240,000.00         ZZ
                                         360        239,376.59          3
                                       6.750          1,556.64         69
                                       6.500          1,556.64
    NEWARK           NJ   07102          5            08/22/03         00
    2699512                              05           10/01/03          0
    2699512                              N            09/01/33
    0


    8757508          286/286             F          163,800.00         ZZ
                                         360        163,069.26          4
                                       6.625          1,048.83         49
                                       6.375          1,048.83
    WORCESTER        MA   01609          5            06/06/03         00
    2144746                              05           08/01/03          0
1


    2144746                              N            07/01/33
    0


    8757518          286/286             F          134,900.00         ZZ
                                         360        134,431.47          1
                                       6.750            874.96         73
                                       6.500            874.96
    MORRISON         CO   80465          5            07/28/03         00
    2634395                              05           09/01/03          0
    2634395                              N            08/01/33
    0


    8757520          286/286             F          146,400.00         ZZ
                                         360        146,140.95          1
                                       6.625            937.42         80
                                       6.375            937.42
    VIRGINIA BEACH   VA   23453          5            09/03/03         00
    2703968                              05           11/01/03          0
    2703968                              O            10/01/33
    0


    8757538          286/286             F           63,000.00         ZZ
                                         360         62,801.60          1
                                       7.250            429.78         90
                                       7.000            429.78
    DETROIT          MI   48234          1            07/30/03         04
    2704739                              05           09/01/03         25
    2704739                              N            08/01/33
    0


    8757544          286/286             F          207,000.00         ZZ
                                         360        206,624.71          1
                                       6.500          1,308.39         90
                                       6.250          1,308.39
    PUYALLUP         WA   98374          1            09/05/03         14
    2771274                              05           11/01/03         25
    2771274                              N            10/01/33
    0


    8757552          286/286             F          248,000.00         ZZ
                                         360        247,273.16          3
                                       6.125          1,506.88         58
                                       5.875          1,506.88
    BOSTON           MA   02124          5            08/11/03         00
    2618609                              05           10/01/03          0
    2618609                              N            09/01/33
    0


1


    8757560          286/286             F           68,000.00         ZZ
                                         360         67,839.89          1
                                       7.250            463.88         80
                                       7.000            463.88
    URBANA           IL   61801          1            08/27/03         00
    2726170                              05           10/01/03          0
    2726170                              N            09/01/33
    0


    8757564          286/286             F          420,000.00         ZZ
                                         360        417,166.75          1
                                       6.375          2,620.26         80
                                       6.125          2,620.26
    BLAINE           MN   55449          5            04/15/03         00
    2200526                              05           06/01/03          0
    2200526                              O            05/01/33
    0


    8757566          286/286             F           62,100.00         ZZ
                                         360         61,938.69          1
                                       6.750            402.78         90
                                       6.500            402.78
    PEORIA           IL   61604          1            08/15/03         14
    2657566                              05           10/01/03         25
    2657566                              N            09/01/33
    0


    8757574          286/286             F           58,500.00         ZZ
                                         360         58,291.80          1
                                       6.625            374.59         90
                                       6.375            374.59
    SPRINGFIELD      IL   62704          1            07/30/03         14
    2616929                              05           09/01/03         25
    2616929                              N            08/01/33
    0


    8757582          286/286             F          249,200.00         ZZ
                                         360        248,769.67          1
                                       6.750          1,616.31         70
                                       6.500          1,616.31
    FALLS CHURCH     VA   22041          5            09/03/03         00
    2714571                              05           11/01/03          0
    2714571                              N            10/01/33
    0


    8757590          286/286             F           69,600.00         ZZ
                                         360         69,419.19          1
                                       6.750            451.43         80
                                       6.500            451.43
1


    BLOOMINGTON      IL   61701          1            08/28/03         00
    2683410                              05           10/01/03          0
    2683410                              N            09/01/33
    0


    8757596          286/286             F           85,600.00         ZZ
                                         360         84,287.96          1
                                       6.000            513.22         80
                                       5.750            513.22
    SPRING           TX   77379          1            03/28/03         00
    2165560                              05           05/01/03          0
    2165560                              O            04/01/33
    0


    8757598          286/286             F          242,100.00         ZZ
                                         360        240,939.36          1
                                       6.250          1,490.66         90
                                       6.000          1,490.66
    KITTY HAWK       NC   27949          1            06/23/03         10
    2426119                              05           08/01/03         25
    2426119                              N            07/01/33
    0


    8757608          286/286             F          143,910.00         ZZ
                                         360        143,318.75          1
                                       5.875            851.29         90
                                       5.625            851.29
    HUDSON           WI   54016          1            07/31/03         21
    2502993                              03           09/01/03         25
    2502993                              N            08/01/33
    0


    8757612          286/286             F          209,600.00         ZZ
                                         360        209,238.04          1
                                       6.750          1,359.47         80
                                       6.500          1,359.47
    STERLING         VA   20164          1            09/26/03         00
    2826676                              05           11/01/03          0
    2826676                              O            10/01/33
    0


    8757616          286/286             F          123,053.00         ZZ
                                         360        122,741.05          1
                                       6.875            808.38         80
                                       6.625            808.38
    NAPLES           FL   34104          1            08/27/03         00
    2712959                              01           10/01/03          0
    2712959                              N            09/01/33
    0
1




    8757620          286/286             F          180,000.00         ZZ
                                         360        179,673.66          1
                                       6.500          1,137.73         80
                                       6.250          1,137.73
    WELLINGTON       FL   33414          1            09/10/03         00
    2789498                              05           11/01/03          0
    2789498                              O            10/01/33
    0


    8757624          286/286             F          120,000.00         ZZ
                                         360        119,664.78          1
                                       6.375            748.65         80
                                       6.125            748.65
    COPPELL          TX   75019          1            08/20/03         00
    2703512                              05           10/01/03          0
    2703512                              N            09/01/33
    0


    8757648          286/286             F          152,000.00         ZZ
                                         360        151,750.09          1
                                       7.000          1,011.26         80
                                       6.750          1,011.26
    BLOOMINGTON      IL   61704          1            09/26/03         00
    2763796                              05           11/01/03          0
    2763796                              O            10/01/33
    0


    8757658          286/286             F          259,000.00         ZZ
                                         360        258,293.76          1
                                       6.500          1,637.06         58
                                       6.250          1,637.06
    LOS ALAMOS       CA   93440          1            08/27/03         00
    2757540                              05           10/01/03          0
    2757540                              N            09/01/33
    0


    8757664          286/286             F           70,500.00         ZZ
                                         360         70,298.25          1
                                       6.250            434.09         68
                                       6.000            434.09
    DAHLGREN         VA   22448          2            08/18/03         00
    2581528                              05           10/01/03          0
    2581528                              N            09/01/33
    0


    8757678          286/286             F           43,200.00         ZZ
                                         360         43,090.47          1
1


                                       6.875            283.80         90
                                       6.625            283.80
    PERRY            FL   32347          1            08/06/03         14
    2533433                              05           10/01/03         25
    2533433                              N            09/01/33
    0


    8757686          286/286             F          133,000.00         ZZ
                                         360        132,503.31          1
                                       6.375            829.75         51
                                       6.125            829.75
    SAN DIEGO        CA   92102          5            07/25/03         00
    2462274                              05           09/01/03          0
    2462274                              N            08/01/33
    0


    8757690          286/286             F          650,000.00         T
                                         360        649,056.11          1
                                       7.625          4,600.66         57
                                       7.375          4,600.66
    EGG HARBOR       WI   54209          5            09/16/03         00
    2787114                              05           11/01/03          0
    2787114                              O            10/01/33
    0


    8757696          286/286             F           74,400.00         ZZ
                                         360         74,211.39          2
                                       6.875            488.76         80
                                       6.625            488.76
    ZEBULON          GA   30295          2            08/22/03         00
    2767946                              05           10/01/03          0
    2767946                              N            09/01/33
    0


    8757700          286/286             F          306,000.00         ZZ
                                         360        305,389.22          1
                                       6.000          1,834.63         77
                                       5.750          1,834.63
    LOMBARD          IL   60148          2            09/09/03         00
    2671062                              05           11/01/03          0
    2671062                              O            10/01/33
    0


    8757704          286/286             F           74,400.00         ZZ
                                         360         74,211.39          2
                                       6.875            488.76         80
                                       6.625            488.76
    ZEBULON          GA   30295          2            08/22/03         00
    2767952                              05           10/01/03          0
1


    2767952                              N            09/01/33
    0


    8757728          286/286             F           74,400.00         ZZ
                                         360         74,211.39          2
                                       6.875            488.76         80
                                       6.625            488.76
    ZEBULON          GA   30295          2            08/22/03         00
    2768058                              05           10/01/03          0
    2768058                              N            09/01/33
    0


    8757732          286/286             F           68,000.00         ZZ
                                         360         67,555.82          1
                                       7.125            458.13         80
                                       6.875            458.13
    LAKE WORTH       FL   33461          1            03/31/03         00
    1912518                              03           05/01/03          0
    1912518                              O            04/01/33
    0


    8757734          286/286             F           52,000.00         ZZ
                                         360         51,854.72          1
                                       6.375            324.41         35
                                       6.125            324.41
    BLOOMINGTON      IN   47401          1            08/07/03         00
    2710450                              05           10/01/03          0
    2710450                              N            09/01/33
    0


    8757740          286/286             F          132,000.00         ZZ
                                         360        131,108.78          2
                                       6.250            812.75         58
                                       6.000            812.75
    CHICAGO          IL   60647          5            04/07/03         00
    2249231                              05           06/01/03          0
    2249231                              O            05/01/33
    0


    8757754          286/286             F          140,000.00         ZZ
                                         360        139,032.74          1
                                       6.125            850.66         80
                                       5.875            850.66
    GOODYEAR         AZ   85338          2            04/04/03         00
    2214858                              05           06/01/03          0
    2214858                              O            05/01/33
    0


1


    8757756          286/286             F          134,100.00         ZZ
                                         360        133,825.87          1
                                       5.875            793.26         90
                                       5.625            793.26
    MINNEAPOLIS      MN   55412          1            09/02/03         21
    2663217                              05           11/01/03         25
    2663217                              N            10/01/33
    0


    8757760          286/286             F           22,960.00         ZZ
                                         360         22,860.03          1
                                       6.750            148.92         90
                                       6.500            148.92
    FLINT            MI   48506          1            07/01/03         11
    2406101                              05           08/01/03         25
    2406101                              N            07/01/33
    0


    8757764          286/286             F           80,000.00         ZZ
                                         360         79,858.45          1
                                       6.625            512.25         55
                                       6.375            512.25
    LAND O LAKES     FL   34639          1            09/29/03         00
    2799112                              05           11/01/03          0
    2799112                              O            10/01/33
    0


    8757766          286/286             F          122,400.00         ZZ
                                         360        121,769.86          1
                                       5.875            724.05         90
                                       5.625            724.05
    ST PAUL          MN   55102          1            06/30/03         12
    2585812                              01           08/01/03         25
    2585812                              N            07/01/33
    0


    8757776          286/286             F          127,200.00         ZZ
                                         360        126,809.03          1
                                       5.875            752.44         80
                                       5.625            752.44
    MAPLE SHADE      NJ   08052          1            08/25/03         00
    2667800                              05           10/01/03          0
    2667800                              N            09/01/33
    0


    8757784          286/286             F           66,000.00         ZZ
                                         360         65,820.02          2
                                       6.500            417.17         77
                                       6.250            417.17
1


    NEW ORLEANS      LA   70117          2            08/08/03         00
    2479354                              05           10/01/03          0
    2479354                              N            09/01/33
    0


    8757818          286/286             F          159,500.00         ZZ
                                         360        159,053.93          1
                                       6.375            995.08         55
                                       6.125            995.08
    ASHBURN          VA   20147          1            08/15/03         00
    2691458                              03           10/01/03          0
    2691458                              N            09/01/33
    0


    8757822          286/286             F          120,000.00         ZZ
                                         360        119,760.46          1
                                       6.000            719.47         56
                                       5.750            719.47
    HOMER            IL   61849          5            09/10/03         00
    2671230                              05           11/01/03          0
    2671230                              O            10/01/33
    0


    8757826          286/286             F          128,000.00         ZZ
                                         360        127,667.51          1
                                       6.750            830.21         80
                                       6.500            830.21
    CINCINNATI       OH   45212          1            08/19/03         00
    2758573                              05           10/01/03          0
    2758573                              N            09/01/33
    0


    8757836          286/286             F          126,000.00         ZZ
                                         360        125,646.33          1
                                       6.375            786.08         90
                                       6.125            786.08
    CHICAGO          IL   60609          1            08/21/03         12
    2608515                              05           10/01/03         25
    2608515                              N            09/01/33
    0


    8757842          286/286             F          520,000.00         ZZ
                                         360        519,123.75          1
                                       6.875          3,416.04         80
                                       6.625          3,416.04
    FRANKLIN LAKES   NJ   07417          1            09/23/03         00
    2718306                              05           11/01/03          0
    2718306                              O            10/01/33
    0
1




    8757844          286/286             F          235,300.00         ZZ
                                         360        233,974.87          1
                                       6.375          1,467.97         49
                                       6.125          1,467.97
    SAN JOSE         CA   95123          2            05/01/03         00
    2204509                              05           07/01/03          0
    2204509                              N            06/01/33
    0


    8757852          286/286             F          159,200.00         ZZ
                                         360        158,776.28          1
                                       6.625          1,019.38         95
                                       6.375          1,019.38
    ANN ARBOR        MI   48103          1            08/06/03         10
    2719925                              01           10/01/03         25
    2719925                              O            09/01/33
    0


    8757860          286/286             F          160,000.00         ZZ
                                         360        159,654.31          1
                                       5.875            946.46         61
                                       5.625            946.46
    HOUSTON          TX   77005          1            09/17/03         00
    2650320                              05           11/01/03          0
    2650320                              O            10/01/33
    0


    8757872          286/286             F          178,850.00         ZZ
                                         360        178,385.43          1
                                       6.750          1,160.02         90
                                       6.500          1,160.02
    PLANO            TX   75025          1            08/14/03         11
    2707229                              05           10/01/03         25
    2707229                              N            09/01/33
    0


    8757882          286/286             F           75,600.00         ZZ
                                         360         75,421.99          1
                                       7.250            515.73         90
                                       7.000            515.73
    CHESAPEAKE       VA   23320          1            08/29/03         11
    2676486                              05           10/01/03         25
    2676486                              N            09/01/33
    0


    8757894          286/286             F           64,800.00         ZZ
                                         360         64,629.10          1
1


                                       6.750            420.30         90
                                       6.500            420.30
    SPRINGFIELD      OH   45504          1            08/08/03         12
    2607961                              05           10/01/03         25
    2607961                              N            09/01/33
    0


    8757904          286/286             F          196,000.00         ZZ
                                         360        195,465.54          1
                                       6.500          1,238.86         80
                                       6.250          1,238.86
    ZIONSVILLE       IN   46077          2            08/21/03         00
    2588804                              05           10/01/03          0
    2588804                              N            09/01/33
    0


    8757908          286/286             F           77,000.00         ZZ
                                         360         76,779.65          1
                                       6.250            474.11         62
                                       6.000            474.11
    DAYTON           OH   45406          2            08/29/03         00
    2409516                              05           10/01/03          0
    2409516                              N            09/01/33
    0


    8757914          286/286             F           89,000.00         ZZ
                                         360         88,838.63          1
                                       6.500            562.55         78
                                       6.250            562.55
    TIPP CITY        OH   45371          5            09/18/03         00
    2800637                              05           11/01/03          0
    2800637                              O            10/01/33
    0


    8757924          286/286             F           49,000.00         ZZ
                                         360         48,841.83          1
                                       7.125            330.13         67
                                       6.875            330.13
    RICHMOND         VA   23225          5            08/04/03         00
    2253329                              05           09/01/03          0
    2253329                              N            08/01/33
    0


    8757932          286/286             F          189,000.00         ZZ
                                         360        188,586.98          1
                                       7.625          1,337.74         90
                                       7.375          1,337.74
    LAS VEGAS        NV   89117          1            08/20/03         12
    2705156                              05           10/01/03         25
1


    2705156                              N            09/01/33
    0


    8757940          286/286             F          134,000.00         ZZ
                                         360        133,751.12          1
                                       6.375            835.99         80
                                       6.125            835.99
    MARGATE          FL   33068          5            09/12/03         00
    2709315                              05           11/01/03          0
    2709315                              O            10/01/33
    0


    8757942          286/286             F          186,400.00         ZZ
                                         300        184,796.55          1
                                       6.125          1,215.27         71
                                       5.875          1,215.27
    MARLBOROUGH      MA   01752          2            05/09/03         00
    2271680                              01           07/01/03          0
    2271680                              N            06/01/28
    0


    8757956          286/286             F          103,150.00         ZZ
                                         360        102,352.52          1
                                       6.250            635.12         80
                                       6.000            635.12
    MESA             AZ   85212          1            03/10/03         00
    2106958                              01           05/01/03          0
    2106958                              O            04/01/33
    0


    8757966          286/286             F          180,000.00         ZZ
                                         360        179,640.70          1
                                       6.000          1,079.20         80
                                       5.750          1,079.20
    MARYSVILLE       OH   43040          1            09/30/03         00
    2786861                              05           11/01/03          0
    2786861                              O            10/01/33
    0


    8757976          286/286             F           76,400.00         ZZ
                                         360         76,211.00          1
                                       7.000            508.30         75
                                       6.750            508.30
    REYNOLDSBURG     OH   43068          1            08/20/03         00
    2707965                              05           10/01/03          0
    2707965                              N            09/01/33
    0


1


    8757978          286/286             F          180,000.00         ZZ
                                         360        178,725.81          1
                                       6.000          1,079.20         80
                                       5.750          1,079.20
    GARDEN GROVE     CA   92844          1            04/01/03         00
    2177622                              01           06/01/03          0
    2177622                              O            05/01/33
    0


    8757984          286/286             F          355,500.00         ZZ
                                         360        354,900.95          2
                                       6.875          2,335.39         90
                                       6.625          2,335.39
    MALDEN           MA   02148          1            09/25/03         12
    2805209                              05           11/01/03         25
    2805209                              O            10/01/33
    0


    8757998          286/286             F          173,000.00         ZZ
                                         360        172,516.73          4
                                       6.375          1,079.30         62
                                       6.125          1,079.30
    DAYTON           OH   45429          2            08/19/03         00
    2652020                              05           10/01/03          0
    2652020                              N            09/01/33
    0


    8758000          286/286             F          173,000.00         ZZ
                                         360        172,516.73          4
                                       6.375          1,079.30         62
                                       6.125          1,079.30
    DAYTON           OH   45429          2            08/19/03         00
    2652029                              05           10/01/03          0
    2652029                              N            09/01/33
    0


    8758046          286/286             F          171,000.00         ZZ
                                         360        170,522.33          4
                                       6.375          1,066.82         62
                                       6.125          1,066.82
    DAYTON           OH   45429          2            08/19/03         00
    2652033                              05           10/01/03          0
    2652033                              N            09/01/33
    0


    8758054          286/286             F          153,000.00         ZZ
                                         360        152,572.58          4
                                       6.375            954.53         51
                                       6.125            954.53
1


    DAYTON           OH   45419          2            08/19/03         00
    2652041                              05           10/01/03          0
    2652041                              N            09/01/33
    0


    8758064          286/286             F           61,500.00         ZZ
                                         360         61,374.28          1
                                       5.875            363.80         75
                                       5.625            363.80
    PORT ORCHARD     WA   98366          5            09/02/03         00
    2758682                              05           11/01/03          0
    2758682                              N            10/01/33
    0


    8758074          286/286             F           60,400.00         ZZ
                                         360         60,303.11          1
                                       7.125            406.93         80
                                       6.875            406.93
    HANNA CITY       IL   61536          1            09/12/03         00
    2755411                              05           11/01/03          0
    2755411                              O            10/01/33
    0


    8758080          286/286             F          124,000.00         ZZ
                                         360        123,200.37          1
                                       6.500            783.77         80
                                       6.250            783.77
    CONSTANTIA       NY   13044          5            04/08/03         00
    2094571                              05           06/01/03          0
    2094571                              O            05/01/33
    0


    8758082          286/286             F           54,000.00         ZZ
                                         360         53,866.41          1
                                       7.000            359.27         90
                                       6.750            359.27
    TRENTON          NJ   08611          1            08/19/03         12
    2368737                              05           10/01/03         25
    2368737                              N            09/01/33
    0


    8758092          286/286             F           63,000.00         ZZ
                                         360         62,844.15          1
                                       7.000            419.15         90
                                       6.750            419.15
    PHOENIX          AZ   85017          1            08/27/03         10
    2743301                              03           10/01/03         25
    2743301                              N            09/01/33
    0
1




    8758102          286/286             F          159,000.00         ZZ
                                         360        158,718.65          1
                                       6.625          1,018.10         75
                                       6.375          1,018.10
    SACRAMENTO       CA   95828          1            09/04/03         00
    2728041                              05           11/01/03          0
    2728041                              N            10/01/33
    0


    8758106          286/286             F           82,350.00         ZZ
                                         300         82,107.13          1
                                       5.875            524.31         70
                                       5.625            524.31
    PRESCOTT VALLEY  AZ   86314          2            09/09/03         00
    2609447                              05           11/01/03          0
    2609447                              N            10/01/28
    0


    8758122          286/286             F          131,400.00         ZZ
                                         360        131,066.90          2
                                       6.875            863.21         90
                                       6.625            863.21
    JOLIET           IL   60433          1            08/29/03         12
    2689198                              05           10/01/03         25
    2689198                              N            09/01/33
    0


    8758130          286/286             F          181,000.00         ZZ
                                         360        180,687.41          1
                                       6.750          1,173.97         68
                                       6.500          1,173.97
    ANTHEM           AZ   85086          2            09/05/03         00
    2716762                              05           11/01/03          0
    2716762                              N            10/01/33
    0


    8758138          286/286             F          116,000.00         ZZ
                                         360        115,698.37          1
                                       6.750            752.38         80
                                       6.500            752.38
    VIRGINIA BEACH   VA   23453          5            09/03/03         00
    2302041                              05           10/01/03          0
    2302041                              N            09/01/33
    0


    8758146          286/286             F          123,000.00         ZZ
                                         360        122,664.59          1
1


                                       6.500            777.45         75
                                       6.250            777.45
    WHITE SALMON     WA   98672          5            08/19/03         00
    2702683                              05           10/01/03          0
    2702683                              N            09/01/33
    0


    8758154          286/286             F           71,050.00         ZZ
                                         360         70,856.25          1
                                       6.500            449.09         70
                                       6.250            449.09
    MCDONOUGH        GA   30253          5            08/08/03         00
    2525444                              05           10/01/03          0
    2525444                              N            09/01/33
    0


    8758178          286/286             F          132,800.00         ZZ
                                         360        132,437.87          1
                                       6.500            839.39         53
                                       6.250            839.39
    ARLINGTON        VA   22201          2            08/27/03         00
    2706844                              01           10/01/03          0
    2706844                              N            09/01/33
    0


    8758186          286/286             F           54,500.00         ZZ
                                         360         54,347.75          1
                                       6.375            340.01         72
                                       6.125            340.01
    COLUMBUS         OH   43229          2            08/25/03         00
    2657117                              05           10/01/03          0
    2657117                              N            09/01/33
    0


    8758196          286/286             F           54,500.00         ZZ
                                         360         54,347.75          1
                                       6.375            340.01         72
                                       6.125            340.01
    COLUMBUS         OH   43229          2            08/25/03         00
    2657118                              05           10/01/03          0
    2657118                              N            09/01/33
    0


    8758198          286/286             F          116,500.00         ZZ
                                         360        116,298.82          1
                                       6.750            755.62         69
                                       6.500            755.62
    TOLEDO           OH   43615          2            09/16/03         00
    2657543                              01           11/01/03          0
1


    2657543                              O            10/01/33
    0


    8758208          286/286             F          150,000.00         ZZ
                                         360        149,610.36          2
                                       6.750            972.90         70
                                       6.500            972.90
    WORTHINGTON      OH   43085          2            08/25/03         00
    2657120                              05           10/01/03          0
    2657120                              N            09/01/33
    0


    8758210          286/286             F          103,000.00         ZZ
                                         360        102,427.19          1
                                       7.250            702.65         74
                                       7.000            702.65
    LOUISVILLE       KY   40229          5            03/31/03         00
    2205110                              05           06/01/03          0
    2205110                              O            05/01/33
    0


    8758220          286/286             F          179,250.00         ZZ
                                         360        178,761.21          2
                                       6.500          1,132.99         75
                                       6.250          1,132.99
    EDGEWOOD         WA   98372          5            08/20/03         00
    2742784                              05           10/01/03          0
    2742784                              N            09/01/33
    0


    8758222          286/286             F           72,300.00         ZZ
                                         360         72,159.08          2
                                       6.125            439.31         66
                                       5.875            439.31
    LATONIA          KY   41015          2            09/12/03         00
    2661554                              05           11/01/03          0
    2661554                              N            10/01/33
    0


    8758232          286/286             F           68,000.00         ZZ
                                         360         67,867.30          1
                                       6.250            418.69         62
                                       6.000            418.69
    TUCSON           AZ   85719          2            09/12/03         00
    2702637                              05           11/01/03          0
    2702637                              N            10/01/33
    0


1


    8758246          286/286             F          170,000.00         ZZ
                                         360        169,165.38          1
                                       6.125          1,032.94         56
                                       5.875          1,032.94
    SACRAMENTO       CA   95834          2            06/24/03         00
    2359108                              05           08/01/03          0
    2359108                              N            07/01/33
    0


    8758258          286/286             F          306,000.00         ZZ
                                         360        304,772.32          3
                                       6.000          1,834.63         68
                                       5.750          1,834.63
    CHICAGO          IL   60647          2            07/18/03         00
    2540163                              05           09/01/03          0
    2540163                              N            08/01/33
    0


    8758260          286/286             F          127,867.00         ZZ
                                         360        127,601.37          1
                                       6.000            766.63         90
                                       5.750            766.63
    ORLANDO          FL   32820          1            09/26/03         14
    2796536                              03           11/01/03         25
    2796536                              O            10/01/33
    0


    8758272          286/286             F           75,175.00         ZZ
                                         360         74,761.67          1
                                       6.500            475.16         89
                                       6.250            475.16
    CULPEPPER        VA   22701          1            05/09/03         10
    2338221                              05           07/01/03         25
    2338221                              N            06/01/33
    0


    8758296          286/286             F          220,000.00         ZZ
                                         360        219,323.81          2
                                       5.875          1,301.38         55
                                       5.625          1,301.38
    RICHMOND         VA   23220          5            08/19/03         00
    2659040                              05           10/01/03          0
    2659040                              N            09/01/33
    0


    8758310          286/286             F          192,000.00         ZZ
                                         360        190,944.31          1
                                       6.500          1,213.58         80
                                       6.250          1,213.58
1


    ANAHEIM          CA   92808          1            05/09/03         00
    2204047                              01           07/01/03          0
    2204047                              N            06/01/33
    0


    8758324          286/286             F          112,500.00         ZZ
                                         360        112,214.82          2
                                       6.875            739.05         90
                                       6.625            739.05
    PLAINFIELD       NJ   07060          1            08/08/03         12
    2647068                              05           10/01/03         25
    2647068                              N            09/01/33
    0


    8758340          286/286             F          127,200.00         ZZ
                                         360        126,321.15          1
                                       6.125            772.89         80
                                       5.875            772.89
    HOOD RIVER       OR   97031          1            04/10/03         00
    2190940                              05           06/01/03          0
    2190940                              N            05/01/33
    0


    8758356          286/286             F           79,200.00         ZZ
                                         360         78,984.03          1
                                       6.500            500.60         80
                                       6.250            500.60
    SPRINGFIELD      OR   97477          5            08/11/03         00
    2639851                              05           10/01/03          0
    2639851                              N            09/01/33
    0


    8758372          286/286             F           78,055.00         ZZ
                                         360         77,552.90          1
                                       6.500            493.37         90
                                       6.250            493.37
    ST PAUL          MN   55101          1            05/01/03         10
    2216981                              01           06/01/03         25
    2216981                              N            05/01/33
    0


    8758408          286/286             F           42,300.00         ZZ
                                         360         42,190.12          2
                                       6.750            274.36         90
                                       6.500            274.36
    PERRY            NY   14530          1            08/28/03         21
    2670202                              05           10/01/03         25
    2670202                              N            09/01/33
    0
1




    8758456          286/286             F          180,000.00         ZZ
                                         360        178,784.27          1
                                       6.250          1,108.30         80
                                       6.000          1,108.30
    RANCHO CORDOVA   CA   95670          1            04/17/03         00
    2231514                              05           06/01/03          0
    2231514                              O            05/01/33
    0


    8758464          286/286             F           57,650.00         ZZ
                                         360         57,439.82          1
                                       6.500            364.39         80
                                       6.250            364.39
    MEMPHIS          TN   38127          5            08/05/03         00
    2658870                              05           09/01/03          0
    2658870                              N            08/01/33
    0


    8758538          286/286             F           77,000.00         ZZ
                                         360         76,856.98          1
                                       6.375            480.38         55
                                       6.125            480.38
    WASHINGTON       DC   20017          5            09/03/03         00
    2698599                              05           11/01/03          0
    2698599                              N            10/01/33
    0


    8758556          286/286             F           72,000.00         ZZ
                                         360         71,812.95          1
                                       6.750            467.00         90
                                       6.500            467.00
    LEBANON          PA   17042          1            08/28/03         14
    2753287                              05           10/01/03         25
    2753287                              N            09/01/33
    0


    8758572          286/286             F           50,000.00         TX
                                         360         49,897.79          1
                                       5.875            295.77         47
                                       5.625            295.77
    PEARLAND         TX   77581          5            09/09/03         00
    2296162                              05           11/01/03          0
    2296162                              N            10/01/33
    0


    8758598          286/286             F           60,000.00         ZZ
                                         360         59,830.95          1
1


                                       6.375            374.33         80
                                       6.125            374.33
    INDIANAPOLIS     IN   46241          5            08/28/03         00
    2757009                              05           10/01/03          0
    2757009                              N            09/01/33
    0


    8758612          286/286             F          114,240.00         ZZ
                                         360        113,431.86          1
                                       6.000            684.93         80
                                       5.750            684.93
    DALLAS           TX   75287          1            04/17/03         00
    2248778                              05           06/01/03          0
    2248778                              O            05/01/33
    0


    8758616          286/286             F          130,900.00         ZZ
                                         360        130,016.82          1
                                       6.250            805.98         90
                                       6.000            805.98
    THE WOODLANDS    TX   77382          1            04/17/03         12
    2445066                              05           06/01/03         25
    2445066                              N            05/01/33
    0


    8758630          286/286             F          326,400.00         ZZ
                                         360        325,863.34          1
                                       7.000          2,171.55         80
                                       6.750          2,171.55
    GARDEN GROVE     CA   92840          1            09/18/03         00
    2795729                              05           11/01/03          0
    2795729                              O            10/01/33
    0


    8758650          286/286             F          387,000.00         ZZ
                                         360        386,379.18          1
                                       7.125          2,607.30         90
                                       6.875          2,607.30
    DALLAS           TX   75244          1            09/29/03         14
    2834127                              05           11/01/03         30
    2834127                              O            10/01/33
    0


    8758672          286/286             F           95,200.00         ZZ
                                         360         95,035.60          1
                                       6.750            617.47         80
                                       6.500            617.47
    WOODWARD         OK   73801          1            09/19/03         00
    2771188                              05           11/01/03          0
1


    2771188                              O            10/01/33
    0


    8758684          286/286             F           61,000.00         ZZ
                                         360         60,812.51          1
                                       5.875            360.84         90
                                       5.625            360.84
    OTTERBEIN        IN   47970          2            08/01/03         11
    2634793                              05           10/01/03         25
    2634793                              N            09/01/33
    0


    8758708          286/286             F          207,000.00         ZZ
                                         360        206,684.01          3
                                       7.375          1,429.70         90
                                       7.125          1,429.70
    PROVIDENCE       RI   02907          5            09/08/03         14
    2760218                              05           11/01/03         25
    2760218                              O            10/01/33
    0


    8758712          286/286             F          157,450.00         ZZ
                                         360        157,050.88          1
                                       6.875          1,034.34         90
                                       6.625          1,034.34
    SNELLVILLE       GA   30039          1            08/20/03         21
    2704837                              05           10/01/03         25
    2704837                              N            09/01/33
    0


    8758714          286/286             F          124,000.00         ZZ
                                         360        123,618.85          1
                                       5.875            733.51         80
                                       5.625            733.51
    BELLINGHAM       WA   98225          1            08/18/03         00
    2738416                              05           10/01/03          0
    2738416                              N            09/01/33
    0


    8758726          286/286             F          268,000.00         ZZ
                                         360        267,490.08          2
                                       6.250          1,650.13         80
                                       6.000          1,650.13
    GOLDEN           CO   80401          5            09/16/03         21
    2771143                              05           11/01/03         17
    2771143                              O            10/01/33
    0


1


    8758742          286/286             F          292,000.00         ZZ
                                         360        289,795.66          1
                                       6.375          1,821.71         80
                                       6.125          1,821.71
    LAKEVILLE        MN   55044          5            03/28/03         00
    2158814                              05           05/01/03          0
    2158814                              O            04/01/33
    0


    8758766          286/286             F          283,450.00         ZZ
                                         360        282,599.22          1
                                       6.000          1,699.43         70
                                       5.750          1,699.43
    BRECKENRIDGE     CO   80424          5            08/08/03         00
    2615853                              01           10/01/03          0
    2615853                              N            09/01/33
    0


    8758772          286/286             F          159,900.00         ZZ
                                         360        159,580.82          1
                                       6.000            958.69         61
                                       5.750            958.69
    MODESTO          CA   95355          5            09/17/03         00
    2677323                              05           11/01/03          0
    2677323                              O            10/01/33
    0


    8758792          286/286             F          111,200.00         ZZ
                                         360        110,747.72          1
                                       6.500            702.86         80
                                       6.250            702.86
    ROSEBURG         OR   97470          1            09/16/03         00
    2796010                              05           11/01/03          0
    2796010                              O            10/01/33
    0


    8758796          286/286             F          139,000.00         ZZ
                                         360        138,582.78          4
                                       6.000            833.38         40
                                       5.750            833.38
    DOWNEY           CA   90241          2            08/28/03         00
    2391279                              05           10/01/03          0
    2391279                              N            09/01/33
    0


    8758814          286/286             F          188,000.00         ZZ
                                         241        186,902.88          1
                                       6.875          1,440.70         46
                                       6.625          1,440.70
1


    BURKE            VA   22015          5            08/22/03         00
    2736127                              05           10/01/03          0
    2736127                              N            10/01/23
    0


    8758830          286/286             F          209,000.00         ZZ
                                         360        208,141.36          3
                                       5.875          1,236.32         69
                                       5.625          1,236.32
    BERWYN           IL   60402          2            08/04/03         00
    2670509                              05           09/01/03          0
    2670509                              N            08/01/33
    0


    8758840          286/286             F          200,000.00         ZZ
                                         360        199,178.35          3
                                       5.875          1,183.08         67
                                       5.625          1,183.08
    BERWYN           IL   60402          2            08/04/03         00
    2670519                              05           09/01/03          0
    2670519                              N            08/01/33
    0


    8758842          286/286             F          197,600.00         ZZ
                                         360        197,290.74          1
                                       7.250          1,347.99         80
                                       7.000          1,347.99
    SAGLE            ID   83860          5            09/02/03         00
    2640169                              05           11/01/03          0
    2640169                              O            10/01/33
    0


    8758856          286/286             F          164,635.00         ZZ
                                         360        164,321.37          1
                                       6.750          1,067.82         95
                                       6.500          1,067.82
    RAINIER          OR   97048          5            09/03/03         11
    2699071                              05           11/01/03         30
    2699071                              O            10/01/33
    0


    8758858          286/286             F          124,000.00         ZZ
                                         360        123,677.89          2
                                       6.750            804.27         80
                                       6.500            804.27
    WESTFIELD        MA   01085          1            08/22/03         00
    2676400                              05           10/01/03          0
    2676400                              N            09/01/33
    0
1




    8758870          286/286             F          130,399.00         ZZ
                                         360        130,173.81          1
                                       6.750            845.77         80
                                       6.500            845.77
    MIAMI            FL   33168          5            09/09/03         00
    2767702                              05           11/01/03          0
    2767702                              O            10/01/33
    0


    8758872          286/286             F           65,600.00         ZZ
                                         360         65,342.97          1
                                       6.125            398.60         90
                                       5.875            398.60
    ANDERSON         IN   46012          1            07/31/03         11
    2672152                              05           09/01/03         25
    2672152                              N            08/01/33
    0


    8758878          E22/G02             F           68,000.00         ZZ
                                         360         67,935.48          1
                                       6.250            418.69         80
                                       6.000            418.69
    TULARE           CA   93274          5            10/03/03         00
    0418673315                           05           12/01/03          0
    0418673315                           O            11/01/33
    0


    8758886          286/286             F          156,655.00         ZZ
                                         360        156,426.09          1
                                       7.625          1,108.80         95
                                       7.375          1,108.80
    DES PLAINES      IL   60016          1            09/11/03         19
    2778721                              01           11/01/03         30
    2778721                              O            10/01/33
    0


    8758888          286/286             F          322,700.00         ZZ
                                         360        321,798.57          1
                                       6.375          2,013.23         62
                                       6.125          2,013.23
    SAN DIEGO        CA   92129          2            08/13/03         00
    2717238                              05           10/01/03          0
    2717238                              N            09/01/33
    0


    8758904          286/286             F           71,100.00         ZZ
                                         360         70,905.13          1
1


                                       6.500            449.40         90
                                       6.250            449.40
    KANSAS CITY      MO   64132          1            08/26/03         21
    2717425                              05           10/01/03         25
    2717425                              N            09/01/33
    0


    8758916          286/286             F          156,750.00         ZZ
                                         360        156,516.61          1
                                       7.500          1,096.02         95
                                       7.250          1,096.02
    SANDY            UT   84093          1            09/10/03         12
    2767016                              05           11/01/03         30
    2767016                              O            10/01/33
    0


    8758932          286/286             F           63,000.00         ZZ
                                         360         62,828.19          1
                                       6.500            398.21         75
                                       6.250            398.21
    SEVERN           MD   21144          5            08/22/03         00
    2444023                              01           10/01/03          0
    2444023                              N            09/01/33
    0


    8758948          286/286             F           81,000.00         ZZ
                                         360         80,866.81          1
                                       7.000            538.90         78
                                       6.750            538.90
    ROCKVILLE        IN   47872          5            09/02/03         00
    2759927                              05           11/01/03          0
    2759927                              O            10/01/33
    0


    8758964          286/286             F          129,600.00         ZZ
                                         360        129,116.00          2
                                       6.375            808.54         90
                                       6.125            808.54
    MIAMI            FL   33137          1            07/25/03         11
    2650384                              05           09/01/03         25
    2650384                              N            08/01/33
    0


    8758980          286/286             F          177,950.00         ZZ
                                         360        176,720.03          1
                                       6.125          1,081.25         80
                                       5.875          1,081.25
    GRESHAM          OR   97030          1            04/25/03         00
    2060707                              05           06/01/03          0
1


    2060707                              O            05/01/33
    0


    8758982          286/286             F          125,000.00         ZZ
                                         360        124,744.48          2
                                       5.875            739.43         43
                                       5.625            739.43
    SEATTLE          WA   98133          2            09/03/03         00
    2640024                              05           11/01/03          0
    2640024                              N            10/01/33
    0


    8758990          286/286             F          388,500.00         ZZ
                                         360        387,515.21          4
                                       6.875          2,552.17         70
                                       6.625          2,552.17
    SAN JOSE         CA   95112          5            08/11/03         00
    2739753                              05           10/01/03          0
    2739753                              N            09/01/33
    0


    8759006          286/286             F          388,500.00         ZZ
                                         360        387,515.21          4
                                       6.875          2,552.17         70
                                       6.625          2,552.17
    SAN JOSE         CA   95112          5            08/11/03         00
    2733107                              05           10/01/03          0
    2733107                              N            09/01/33
    0


    8759014          286/286             F          196,000.00         T
                                         360        195,644.66          1
                                       6.500          1,238.86         80
                                       6.250          1,238.86
    BROOKINGS        OR   97415          1            09/19/03         10
    2756081                              05           11/01/03         25
    2756081                              O            10/01/33
    0


    8759026          286/286             F           60,000.00         ZZ
                                         360         59,653.88          1
                                       6.250            369.44         78
                                       6.000            369.44
    ROSEVILLE        MI   48066          5            05/08/03         00
    2313412                              05           07/01/03          0
    2313412                              N            06/01/33
    0


1


    8759036          286/286             F          675,000.00         ZZ
                                         360        670,444.72          1
                                       6.250          4,156.10         73
                                       6.000          4,156.10
    MIAMI BEACH      FL   33140          5            04/04/03         00
    2171219                              05           06/01/03          0
    2171219                              O            05/01/33
    0


    8759040          286/286             F           73,800.00         ZZ
                                         360         73,612.94          1
                                       6.875            484.81         90
                                       6.625            484.81
    FAIRBORN         OH   45324          1            08/19/03         14
    2717234                              01           10/01/03         25
    2717234                              N            09/01/33
    0


    8759074          286/286             F           65,000.00         ZZ
                                         360         64,879.26          1
                                       6.375            405.52         64
                                       6.125            405.52
    BLOOMINGTON      IL   61701          2            09/02/03         00
    2581600                              05           11/01/03          0
    2581600                              N            10/01/33
    0


    8759106          286/286             F           48,675.00         ZZ
                                         360         48,525.36          2
                                       5.875            287.94         38
                                       5.625            287.94
    AUSTIN           TX   78744          2            08/04/03         00
    2513176                              05           10/01/03          0
    2513176                              N            09/01/33
    0


    8759114          286/286             F           89,835.00         ZZ
                                         360         89,214.34          1
                                       6.125            545.85         80
                                       5.875            545.85
    MIAMI            FL   33135          1            04/14/03         00
    2261463                              01           06/01/03          0
    2261463                              O            05/01/33
    0


    8759150          286/286             F          132,750.00         ZZ
                                         360        132,341.96          1
                                       5.875            785.27         67
                                       5.625            785.27
1


    AUSTIN           TX   78757          2            08/04/03         00
    2499352                              05           10/01/03          0
    2499352                              N            09/01/33
    0


    8759170          286/286             F          138,700.00         ZZ
                                         360        138,143.53          2
                                       6.000            831.58         70
                                       5.750            831.58
    AUSTIN           TX   78704          2            07/29/03         00
    2499807                              05           09/01/03          0
    2499807                              N            08/01/33
    0


    8759184          286/286             F          190,000.00         ZZ
                                         360        189,415.99          3
                                       5.875          1,123.93         66
                                       5.625          1,123.93
    NORTHBRIDGE      MA   01545          5            08/06/03         00
    2416936                              05           10/01/03          0
    2416936                              N            09/01/33
    0


    8759196          286/286             F          180,000.00         ZZ
                                         360        179,543.70          1
                                       6.875          1,182.48         90
                                       6.625          1,182.48
    BALTIMORE        MD   21230          1            08/28/03         14
    2714786                              05           10/01/03         25
    2714786                              N            09/01/33
    0


    8759208          286/286             F           55,000.00         ZZ
                                         360         54,850.03          2
                                       6.500            347.64         68
                                       6.250            347.64
    AKRON            OH   44301          2            08/28/03         00
    2646916                              05           10/01/03          0
    2646916                              N            09/01/33
    0


    8759246          286/286             F           80,500.00         ZZ
                                         360         80,252.56          1
                                       5.875            476.19         72
                                       5.625            476.19
    MABLETON         GA   30126          2            08/12/03         00
    2527805                              05           10/01/03          0
    2527805                              N            09/01/33
    0
1




    8759256          286/286             F           81,000.00         ZZ
                                         360         80,611.70          1
                                       6.250            498.74         63
                                       6.000            498.74
    GAINESVILLE      VA   20155          2            06/23/03         00
    2431046                              01           08/01/03          0
    2431046                              N            07/01/33
    0


    8759266          286/286             F          144,000.00         TX
                                         360        143,607.34          2
                                       6.500            910.18         80
                                       6.250            910.18
    AUSTIN           TX   78729          5            08/18/03         00
    2708825                              05           10/01/03          0
    2708825                              N            09/01/33
    0


    8759286          286/286             F           81,600.00         ZZ
                                         360         81,388.03          1
                                       6.750            529.26         80
                                       6.500            529.26
    COLUMBUS         IN   47201          1            08/14/03         00
    2706533                              05           10/01/03          0
    2706533                              N            09/01/33
    0


    8759296          286/286             F           45,500.00         ZZ
                                         360         45,381.80          1
                                       6.750            295.12         70
                                       6.500            295.12
    HOPE             IN   47246          5            08/14/03         00
    2706662                              05           10/01/03          0
    2706662                              N            09/01/33
    0


    8759308          286/286             F           39,900.00         ZZ
                                         360         39,796.33          1
                                       6.750            258.80         70
                                       6.500            258.80
    HOPE             IN   47246          5            08/14/03         00
    2706694                              05           10/01/03          0
    2706694                              N            09/01/33
    0


    8759336          286/286             F           74,000.00         ZZ
                                         360         73,755.22          2
1


                                       7.000            492.33         61
                                       6.750            492.33
    DETROIT          MI   48224          5            07/15/03         00
    2377376                              05           09/01/03          0
    2377376                              N            08/01/33
    0


    8759344          286/286             F           67,500.00         ZZ
                                         360         67,341.06          1
                                       7.250            460.47         90
                                       7.000            460.47
    RALEIGH          NC   27603          2            08/29/03         14
    2777598                              05           10/01/03         25
    2777598                              N            09/01/33
    0


    8759364          286/286             F          300,000.00         ZZ
                                         360        299,456.11          1
                                       6.500          1,896.21         80
                                       6.250          1,896.21
    GARDEN GROVE     CA   92840          1            09/10/03         00
    2777291                              05           11/01/03          0
    2777291                              O            10/01/33
    0


    8759372          286/286             F          123,264.00         ZZ
                                         360        122,894.00          2
                                       6.000            739.03         80
                                       5.750            739.03
    SUWANEE          GA   30024          1            08/14/03         00
    2673390                              05           10/01/03          0
    2673390                              N            09/01/33
    0


    8759382          286/286             F           74,200.00         ZZ
                                         360         74,065.47          1
                                       6.500            469.00         70
                                       6.250            469.00
    COLLEGEVILLE     PA   19426          5            09/04/03         00
    2597803                              05           11/01/03          0
    2597803                              N            10/01/33
    0


    8759386          286/286             F          151,800.00         ZZ
                                         360        151,544.21          1
                                       6.875            997.22         80
                                       6.625            997.22
    PHOENIX          AZ   85050          2            09/15/03         00
    2397283                              05           11/01/03          0
1


    2397283                              O            10/01/33
    0


    8759390          286/286             F           44,064.00         ZZ
                                         360         43,943.83          1
                                       6.500            278.52         90
                                       6.250            278.52
    PITTSBURGH       PA   15212          1            08/13/03         11
    2660828                              05           10/01/03         25
    2660828                              N            09/01/33
    0


    8759402          286/286             F           83,430.00         ZZ
                                         360         83,185.49          1
                                       6.125            506.93         90
                                       5.875            506.93
    SAVANNAH         GA   31406          1            08/18/03         11
    2399202                              05           10/01/03         25
    2399202                              N            09/01/33
    0


    8759414          286/286             F          325,800.00         ZZ
                                         360        325,209.34          1
                                       6.500          2,059.28         90
                                       6.250          2,059.28
    ESCONDIDO        CA   92027          1            09/18/03         11
    2729721                              05           11/01/03         25
    2729721                              O            10/01/33
    0


    8759416          286/286             F           74,700.00         ZZ
                                         360         74,532.63          2
                                       7.500            522.32         90
                                       7.250            522.32
    KANSAS CITY      MO   64131          2            08/27/03         14
    2673642                              05           10/01/03         25
    2673642                              N            09/01/33
    0


    8759440          286/286             F          164,400.00         ZZ
                                         360        163,740.39          2
                                       6.000            985.67         80
                                       5.750            985.67
    AKRON            OH   44319          2            07/30/03         00
    2496839                              05           09/01/03          0
    2496839                              N            08/01/33
    0


1


    8759462          286/286             F          116,250.00         ZZ
                                         360        116,039.25          1
                                       6.500            734.78         80
                                       6.250            734.78
    TUCSON           AZ   85745          1            09/10/03         00
    2758470                              05           11/01/03          0
    2758470                              N            10/01/33
    0


    8759464          286/286             F          180,000.00         ZZ
                                         360        179,277.84          3
                                       6.000          1,079.20         80
                                       5.750          1,079.20
    HOUSTON          TX   77008          1            07/11/03         00
    2530465                              05           09/01/03          0
    2530465                              N            08/01/33
    0


    8759480          286/286             F           62,000.00         ZZ
                                         360         61,846.64          1
                                       7.000            412.49         70
                                       6.750            412.49
    INDEPENDENCE     MO   64056          5            08/29/03         10
    2719914                              05           10/01/03         25
    2719914                              N            09/01/33
    0


    8759496          286/286             F          143,500.00         ZZ
                                         360        143,127.25          1
                                       6.750            930.74         72
                                       6.500            930.74
    LORTON           VA   22079          5            08/20/03         00
    2631974                              01           10/01/03          0
    2631974                              N            09/01/33
    0


    8759504          286/286             F           43,100.00         ZZ
                                         360         42,973.66          1
                                       6.125            261.89         80
                                       5.875            261.89
    BRANSON WEST     MO   65737          1            08/08/03         00
    2660495                              01           10/01/03          0
    2660495                              N            09/01/33
    0


    8759510          286/286             F           56,000.00         ZZ
                                         360         55,785.77          1
                                       6.250            344.81         80
                                       6.000            344.81
1


    MANSFIELD        TX   76063          1            07/31/03         00
    2688516                              05           09/01/03          0
    2688516                              N            08/01/33
    0


    8759516          286/286             F          181,000.00         ZZ
                                         360        179,689.13          1
                                       5.875          1,070.69         60
                                       5.625          1,070.69
    ALPHARETTA       GA   30022          2            04/14/03         00
    2112023                              05           06/01/03          0
    2112023                              N            05/01/33
    0


    8759530          286/286             F           40,500.00         ZZ
                                         360         40,433.41          1
                                       7.000            269.45         90
                                       6.750            269.45
    SPRINGFIELD      OH   45505          1            09/02/03         11
    2617766                              05           11/01/03         25
    2617766                              N            10/01/33
    0


    8759536          286/286             F           82,000.00         ZZ
                                         348         81,820.00          2
                                       5.875            491.24         77
                                       5.625            491.24
    SOUTH OGDEN      UT   84405          2            09/12/03         00
    2608862                              05           11/01/03          0
    2608862                              N            10/01/32
    0


    8759566          286/286             F           62,400.00         ZZ
                                         360         62,237.90          2
                                       6.750            404.73         78
                                       6.500            404.73
    HAMILTON         OH   45013          1            08/19/03         00
    1770093                              05           10/01/03          0
    1770093                              N            09/01/33
    0


    8759580          286/286             F           72,000.00         ZZ
                                         360         71,798.87          1
                                       6.375            449.19         69
                                       6.125            449.19
    PEORIA           IL   61615          2            08/04/03         00
    2570804                              05           10/01/03          0
    2570804                              N            09/01/33
    0
1




    8759586          286/286             F           44,900.00         ZZ
                                         360         44,736.32          1
                                       6.500            283.80         90
                                       6.250            283.80
    WASHINGTON       IL   61571          1            07/18/03         14
    2570881                              05           09/01/03         25
    2570881                              N            08/01/33
    0


    8759600          286/286             F          113,400.00         ZZ
                                         360        112,929.55          1
                                       5.875            670.81         90
                                       5.625            670.81
    SALT LAKE CITY   UT   84105          2            07/03/03         12
    2595252                              05           09/01/03         25
    2595252                              N            08/01/33
    0


    8759660          286/286             F          215,200.00         ZZ
                                         360        214,044.96          4
                                       6.625          1,377.95         70
                                       6.375          1,377.95
    WANAQUE          NJ   07456          5            05/14/03         00
    2273206                              05           07/01/03          0
    2273206                              N            06/01/33
    0


    8759668          286/286             F           47,700.00         ZZ
                                         360         47,563.50          1
                                       6.250            293.70         90
                                       6.000            293.70
    HAMPTON          VA   23669          1            08/07/03         12
    2661670                              05           10/01/03         25
    2661670                              N            09/01/33
    0


    8759676          286/286             F          133,800.00         ZZ
                                         360        133,398.25          1
                                       6.000            802.20         69
                                       5.750            802.20
    CARY             NC   27513          2            08/14/03         00
    2540960                              05           10/01/03          0
    2540960                              N            09/01/33
    0


    8759692          286/286             F          129,900.00         ZZ
                                         360        129,686.42          1
1


                                       7.000            864.23         80
                                       6.750            864.23
    ELLICOTT CITY    MD   21043          1            09/15/03         00
    2747101                              01           11/01/03          0
    2747101                              N            10/01/33
    0


    8759700          286/286             F          230,000.00         ZZ
                                         360        228,608.90          3
                                       6.000          1,378.97         56
                                       5.750          1,378.97
    LONGMONT         CO   80501          2            05/30/03         00
    2426210                              05           07/01/03          0
    2426210                              N            06/01/33
    0


    8759708          286/286             F          204,000.00         ZZ
                                         360        203,443.74          2
                                       6.500          1,289.42         89
                                       6.250          1,289.42
    KANSAS CITY      MO   64145          2            08/13/03         14
    2693544                              05           10/01/03         25
    2693544                              N            09/01/33
    0


    8759714          286/286             F          204,000.00         ZZ
                                         360        203,443.74          2
                                       6.500          1,289.42         89
                                       6.250          1,289.42
    KANSAS CITY      MO   64145          2            08/13/03         14
    2693811                              05           10/01/03         25
    2693811                              N            09/01/33
    0


    8759720          286/286             F           62,000.00         ZZ
                                         360         61,822.58          1
                                       6.250            381.75         48
                                       6.000            381.75
    SHREVEPORT       LA   71105          5            08/27/03         00
    2704021                              05           10/01/03          0
    2704021                              N            09/01/33
    0


    8759726          286/286             F           56,000.00         ZZ
                                         360         55,827.86          1
                                       5.875            331.27         80
                                       5.625            331.27
    LA PORTE         IN   46350          5            08/25/03         00
    2621474                              05           10/01/03          0
1


    2621474                              N            09/01/33
    0


    8759734          286/286             F           82,550.00         ZZ
                                         360         82,319.39          1
                                       6.375            515.01         54
                                       6.125            515.01
    HUDSON           WI   54016          5            08/21/03         00
    2672190                              01           10/01/03          0
    2672190                              N            09/01/33
    0


    8759740          286/286             F           81,630.00         ZZ
                                         360         81,092.29          1
                                       6.375            509.27         90
                                       6.125            509.27
    GALVESTON        TX   77554          1            04/29/03         10
    2321187                              05           06/01/03         30
    2321187                              N            05/01/33
    0


    8759746          286/286             F           80,000.00         ZZ
                                         360         79,759.85          1
                                       6.000            479.65         65
                                       5.750            479.65
    CARMEL           IN   46032          1            08/27/03         00
    2714438                              05           10/01/03          0
    2714438                              N            09/01/33
    0


    8759756          286/286             F          130,950.00         ZZ
                                         360        130,601.47          1
                                       6.625            838.49         90
                                       6.375            838.49
    PHOENIX          AZ   85032          1            08/11/03         10
    2734506                              05           10/01/03         25
    2734506                              N            09/01/33
    0


    8759776          286/286             F          210,000.00         ZZ
                                         360        209,413.38          1
                                       6.375          1,310.13         74
                                       6.125          1,310.13
    CHATHAM          NJ   07928          1            09/05/03         00
    2735483                              01           10/01/03          0
    2735483                              N            09/01/33
    0


1


    8759780          286/286             F          218,800.00         ZZ
                                         360        218,203.38          1
                                       6.500          1,382.97         80
                                       6.250          1,382.97
    CLARKSVILLE      MD   21029          1            08/21/03         00
    2676010                              01           10/01/03          0
    2676010                              N            09/01/33
    0


    8759794          286/286             F          120,000.00         ZZ
                                         360        119,631.15          2
                                       5.875            709.85         80
                                       5.625            709.85
    WARRINGTON       PA   18976          1            08/29/03         00
    2607357                              05           10/01/03          0
    2607357                              N            09/01/33
    0


    8759800          286/286             F           71,800.00         ZZ
                                         360         71,604.21          1
                                       6.500            453.83         80
                                       6.250            453.83
    BENTONVILLE      AR   72712          2            08/14/03         00
    2643672                              05           10/01/03          0
    2643672                              N            09/01/33
    0


    8759810          286/286             F           77,600.00         ZZ
                                         360         77,472.41          1
                                       7.000            516.28         80
                                       6.750            516.28
    KETTERING        OH   45429          1            09/03/03         00
    2764009                              05           11/01/03          0
    2764009                              N            10/01/33
    0


    8759816          286/286             F          110,000.00         ZZ
                                         360        109,548.06          1
                                       5.875            650.70         65
                                       5.625            650.70
    HIALEAH          FL   33018          5            07/30/03         00
    2599393                              05           09/01/03          0
    2599393                              N            08/01/33
    0


    8759818          286/286             F          182,000.00         ZZ
                                         360        181,440.59          1
                                       5.875          1,076.60         80
                                       5.625          1,076.60
1


    NORCROSS         GA   30092          1            08/14/03         00
    2681059                              05           10/01/03          0
    2681059                              N            09/01/33
    0


    8759822          286/286             F           67,050.00         ZZ
                                         360         66,618.69          2
                                       6.500            423.81         90
                                       6.250            423.81
    ADRIAN           MI   49221          1            04/18/03         04
    2243939                              05           06/01/03         25
    2243939                              N            05/01/33
    0


    8759828          286/286             F          166,000.00         ZZ
                                         360        165,513.48          2
                                       6.125          1,008.64         61
                                       5.875          1,008.64
    COLUMBUS         OH   43206          2            08/18/03         00
    2581971                              05           10/01/03          0
    2581971                              N            09/01/33
    0


    8759836          286/286             F          126,000.00         ZZ
                                         360        125,648.03          2
                                       6.375            786.08         80
                                       6.125            786.08
    SALEM            OR   97306          1            08/25/03         00
    2663908                              05           10/01/03          0
    2663908                              N            09/01/33
    0


    8759842          286/286             F           76,000.00         ZZ
                                         360         75,865.51          1
                                       6.625            486.64         24
                                       6.375            486.64
    LOS OSOS         CA   93402          2            09/02/03         00
    2762299                              05           11/01/03          0
    2762299                              N            10/01/33
    0


    8759856          286/286             F           80,900.00         ZZ
                                         360         80,583.06          1
                                       6.125            491.56         90
                                       5.875            491.56
    BLOOMINGTON      IL   61701          1            07/25/03         04
    2616261                              05           09/01/03         25
    2616261                              N            08/01/33
    0
1




    8759860          286/286             F           71,250.00         ZZ
                                         360         70,970.84          1
                                       6.125            432.93         75
                                       5.875            432.93
    LOUISVILLE       KY   40258          5            07/25/03         00
    2528423                              05           09/01/03          0
    2528423                              N            08/01/33
    0


    8759864          286/286             F          117,000.00         ZZ
                                         360        116,292.38          1
                                       6.000            701.48         30
                                       5.750            701.48
    SAN MARCOS       CA   92069          2            05/02/03         00
    2600531                              03           07/01/03          0
    2600531                              N            06/01/33
    0


    8759868          286/286             F           52,000.00         ZZ
                                         360         51,877.58          1
                                       7.250            354.74         70
                                       7.000            354.74
    AUGUSTA          GA   30906          5            08/19/03         00
    2709232                              05           10/01/03          0
    2709232                              N            09/01/33
    0


    8759870          286/286             F           70,000.00         ZZ
                                         360         69,835.17          1
                                       7.250            477.53         80
                                       7.000            477.53
    ROUND LAKE BEAC  IL   60073          5            08/19/03         00
    2691283                              03           10/01/03          0
    2691283                              N            09/01/33
    0


    8759876          286/286             F          265,500.00         ZZ
                                         360        264,434.81          1
                                       6.000          1,591.81         90
                                       5.750          1,591.81
    BRIGANTINE       NJ   08203          1            07/18/03         11
    2675140                              05           09/01/03         25
    2675140                              N            08/01/33
    0


    8759882          286/286             F          156,800.00         ZZ
                                         360        156,318.03          4
1


                                       5.875            927.54         70
                                       5.625            927.54
    PITTSBURGH       PA   15217          5            09/03/03         00
    2642729                              05           10/01/03          0
    2642729                              N            09/01/33
    0


    8759886          286/286             F          215,600.00         ZZ
                                         360        214,937.31          4
                                       5.875          1,275.36         70
                                       5.625          1,275.36
    PITTSBURGH       PA   15217          5            09/03/03         00
    2652368                              05           10/01/03          0
    2652368                              N            09/01/33
    0


    8759894          286/286             F          113,500.00         ZZ
                                         360        113,033.70          1
                                       5.875            671.40         80
                                       5.625            671.40
    WESTFIELD        IN   46074          2            08/05/03         00
    2568268                              05           09/01/03          0
    2568268                              N            08/01/33
    0


    8759898          286/286             F          168,000.00         ZZ
                                         360        167,309.79          1
                                       5.875            993.79         80
                                       5.625            993.79
    ZIONSVILLE       IN   46077          2            08/05/03         00
    2568327                              05           09/01/03          0
    2568327                              N            08/01/33
    0


    8759906          286/286             F           42,000.00         ZZ
                                         360         41,934.26          1
                                       7.250            286.52         51
                                       7.000            286.52
    FRANKFORT        IN   46041          5            09/11/03         00
    2793258                              05           11/01/03          0
    2793258                              N            10/01/33
    0


    8759910          286/286             F           40,200.00         ZZ
                                         360         40,049.86          1
                                       6.375            250.80         80
                                       6.125            250.80
    MEMPHIS          TN   38122          5            07/31/03         00
    2613452                              05           09/01/03          0
1


    2613452                              N            08/01/33
    0


    8759916          286/286             F           43,200.00         ZZ
                                         360         43,087.77          1
                                       6.750            280.20         79
                                       6.500            280.20
    MEMPHIS          TN   38114          5            08/20/03         00
    2672607                              05           10/01/03          0
    2672607                              N            09/01/33
    0


    8759920          286/286             F          166,860.00         ZZ
                                         360        166,426.56          1
                                       6.750          1,082.26         90
                                       6.500          1,082.26
    VIRIGNIA BEACH   VA   23456          1            08/18/03         11
    2707357                              05           10/01/03         25
    2707357                              N            09/01/33
    0


    8759974          286/286             F           65,250.00         ZZ
                                         360         65,084.59          1
                                       6.875            428.65         90
                                       6.625            428.65
    LAS VEGAS        NV   89134          1            08/01/03         12
    2684545                              01           10/01/03         25
    2684545                              N            09/01/33
    0


    8759986          286/286             F          248,400.00         ZZ
                                         360        247,426.84          1
                                       6.125          1,509.31         80
                                       5.875          1,509.31
    FALLS CHURCH     VA   22042          1            07/24/03         00
    2623050                              05           09/01/03          0
    2623050                              N            08/01/33
    0


    8759990          286/286             F          241,850.00         ZZ
                                         360        241,236.92          1
                                       6.875          1,588.79         90
                                       6.625          1,588.79
    CLARKSVILLE      MD   21029          1            08/25/03         12
    2750197                              01           10/01/03         25
    2750197                              N            09/01/33
    0


1


    8759998          286/286             F          112,800.00         ZZ
                                         360        112,484.89          1
                                       6.375            703.73         80
                                       6.125            703.73
    ST. JOSEPH       MO   64505          2            08/15/03         00
    2504743                              05           10/01/03          0
    2504743                              N            09/01/33
    0


    8760032          286/286             F          130,400.00         ZZ
                                         360        130,061.26          1
                                       6.750            845.77         80
                                       6.500            845.77
    ATLANTA          GA   30306          1            09/05/03         00
    2771170                              05           10/01/03          0
    2771170                              N            09/01/33
    0


    8760038          286/286             F          240,000.00         ZZ
                                         360        239,595.58          3
                                       6.875          1,576.63         60
                                       6.625          1,576.63
    ROSEMEAD         CA   91770          5            09/02/03         00
    2301066                              05           11/01/03          0
    2301066                              N            10/01/33
    0


    8760052          286/286             F           50,800.00         ZZ
                                         360         50,661.46          1
                                       6.500            321.10         80
                                       6.250            321.10
    TRENTON          NJ   08611          1            08/29/03         00
    2710984                              05           10/01/03          0
    2710984                              N            09/01/33
    0


    8760058          286/286             F          141,500.00         ZZ
                                         360        141,141.31          1
                                       6.875            929.56         51
                                       6.625            929.56
    WOODBRIDGE       VA   22192          2            08/22/03         00
    2389092                              05           10/01/03          0
    2389092                              N            09/01/33
    0


    8760062          286/286             F          262,000.00         ZZ
                                         360        261,501.51          1
                                       6.250          1,613.18         52
                                       6.000          1,613.18
1


    SAN JOSE         CA   95121          5            09/02/03         00
    2733123                              05           11/01/03          0
    2733123                              N            10/01/33
    0


    8760068          286/286             F           60,000.00         ZZ
                                         360         59,770.46          1
                                       6.250            369.44         55
                                       6.000            369.44
    EDGEWOOD         NM   87015          2            07/30/03         00
    2694940                              05           09/01/03          0
    2694940                              N            08/01/33
    0


    8760072          286/286             F          148,500.00         ZZ
                                         360        147,931.97          1
                                       6.250            914.35         90
                                       6.000            914.35
    KEY LARGO        FL   33037          1            07/08/03         04
    2466997                              05           09/01/03         25
    2466997                              N            08/01/33
    0


    8760078          286/286             F           55,800.00         ZZ
                                         360         55,661.97          1
                                       7.000            371.24         90
                                       6.750            371.24
    RIO RANCHO       NM   87214          1            08/22/03         12
    2756391                              01           10/01/03         25
    2756391                              N            09/01/33
    0


    8760082          286/286             F           63,400.00         ZZ
                                         360         63,163.21          1
                                       6.375            395.54         90
                                       6.125            395.54
    WINTERVILLE      NC   28590          2            07/21/03         11
    2436909                              03           09/01/03         25
    2436909                              N            08/01/33
    0


    8760086          286/286             F          150,400.00         ZZ
                                         360        150,009.31          1
                                       6.750            975.50         80
                                       6.500            975.50
    SPRINGFIELD      VA   22153          5            08/20/03         00
    2662028                              03           10/01/03          0
    2662028                              N            09/01/33
    0
1




    8760090          286/286             F           68,800.00         ZZ
                                         360         68,603.11          1
                                       6.250            423.62         80
                                       6.000            423.62
    TOPEKA           KS   66605          1            08/22/03         00
    2744957                              05           10/01/03          0
    2744957                              N            09/01/33
    0


    8760094          286/286             F          149,000.00         ZZ
                                         360        148,542.01          2
                                       5.875            881.40         35
                                       5.625            881.40
    CHICAGO          IL   60630          2            08/18/03         00
    2638203                              05           10/01/03          0
    2638203                              N            09/01/33
    0


    8760098          286/286             F          112,500.00         ZZ
                                         360        112,241.61          1
                                       7.375            777.01         90
                                       7.125            777.01
    LAS VEGAS        NV   89147          1            08/20/03         11
    2707521                              05           10/01/03         25
    2707521                              N            09/01/33
    0


    8760102          286/286             F           50,000.00         ZZ
                                         360         49,860.32          1
                                       6.375            311.94         62
                                       6.125            311.94
    NEW BERN         NC   28560          2            08/27/03         00
    2666085                              05           10/01/03          0
    2666085                              N            09/01/33
    0


    8760106          286/286             F          132,000.00         ZZ
                                         360        131,754.83          1
                                       6.375            823.51         80
                                       6.125            823.51
    CROFTON          MD   21114          1            08/29/03         00
    2709938                              01           11/01/03          0
    2709938                              N            10/01/33
    0


    8760112          286/286             F           71,910.00         ZZ
                                         360         71,565.24          1
1


                                       6.250            442.77         90
                                       6.000            442.77
    ORANGE CITY      FL   32763          1            06/11/03         11
    2408032                              05           08/01/03         25
    2408032                              N            07/01/33
    0


    8760116          286/286             F           60,000.00         ZZ
                                         360         59,832.37          1
                                       6.375            374.33         70
                                       6.125            374.33
    PETERSBURG       VA   23805          1            08/21/03         00
    2490968                              05           10/01/03          0
    2490968                              N            09/01/33
    0


    8760118          286/286             F           76,662.00         ZZ
                                         360         76,230.23          1
                                       6.375            478.28         90
                                       6.125            478.28
    QUEEN CREEK      AZ   85242          1            05/01/03         12
    2308571                              05           07/01/03         25
    2308571                              N            06/01/33
    0


    8760124          286/286             F          116,500.00         ZZ
                                         360        115,941.52          1
                                       6.250            717.32         57
                                       6.000            717.32
    CENTREVILLE      VA   20120          2            06/19/03         00
    2343179                              05           08/01/03          0
    2343179                              N            07/01/33
    0


    8760128          286/286             F          149,250.00         ZZ
                                         360        148,812.59          4
                                       6.125            906.86         75
                                       5.875            906.86
    MOMENCE          IL   60954          1            08/07/03         00
    2636225                              05           10/01/03          0
    2636225                              N            09/01/33
    0


    8760140          286/286             F           63,450.00         ZZ
                                         360         63,300.57          1
                                       7.250            432.85         90
                                       7.000            432.85
    NORFOLK          VA   23513          1            08/20/03         12
    2684322                              05           10/01/03         25
1


    2684322                              N            09/01/33
    0


    8760144          286/286             F           69,750.00         ZZ
                                         360         69,545.58          1
                                       6.125            423.81         90
                                       5.875            423.81
    BLYTHE           CA   92225          1            08/01/03         12
    2593885                              05           10/01/03         25
    2593885                              N            09/01/33
    0


    8760150          286/286             F          282,150.00         ZZ
                                         360        281,638.46          4
                                       6.500          1,783.39         35
                                       6.250          1,783.39
    SANTA CRUZ       CA   95060          5            09/09/03         00
    2678415                              05           11/01/03          0
    2678415                              N            10/01/33
    0


    8760154          286/286             F           54,000.00         ZZ
                                         360         53,863.10          1
                                       6.875            354.75         90
                                       6.625            354.75
    TYLER            TX   75701          1            08/15/03         12
    2733338                              05           10/01/03         25
    2733338                              N            09/01/33
    0


    8760160          286/286             F          122,500.00         ZZ
                                         360        122,288.45          2
                                       6.750            794.54         71
                                       6.500            794.54
    VENETA           OR   97487          5            08/29/03         00
    2754703                              05           11/01/03          0
    2754703                              N            10/01/33
    0


    8760172          286/286             F          184,000.00         ZZ
                                         360        183,473.50          1
                                       6.250          1,132.92         80
                                       6.000          1,132.92
    RALEIGH          NC   27605          1            09/02/03         00
    2677832                              05           10/01/03          0
    2677832                              N            09/01/33
    0


1


    8760176          286/286             F          168,000.00         ZZ
                                         360        167,519.28          2
                                       6.250          1,034.41         80
                                       6.000          1,034.41
    RALEIGH          NC   27605          1            09/02/03         00
    2677843                              05           10/01/03          0
    2677843                              N            09/01/33
    0


    8760188          286/286             F          180,000.00         ZZ
                                         360        179,446.74          1
                                       5.875          1,064.77         63
                                       5.625          1,064.77
    DENVER           CO   80212          5            08/06/03         00
    2639996                              05           10/01/03          0
    2639996                              N            09/01/33
    0


    8760192          286/286             F          138,800.00         ZZ
                                         360        138,421.49          1
                                       6.500            877.32         80
                                       6.250            877.32
    DENVER           CO   80211          1            08/27/03         00
    2744930                              05           10/01/03          0
    2744930                              N            09/01/33
    0


    8760212          286/286             F          264,000.00         ZZ
                                         360        262,403.10          1
                                       6.000          1,582.82         80
                                       5.750          1,582.82
    OCEANSIDE        CA   92056          5            05/06/03         00
    2584596                              05           07/01/03          0
    2584596                              N            06/01/33
    0


    8760216          286/286             F           80,100.00         ZZ
                                         360         79,881.58          1
                                       6.500            506.29         90
                                       6.250            506.29
    DELTONA          FL   32725          1            08/26/03         21
    2660050                              05           10/01/03         25
    2660050                              N            09/01/33
    0


    8760222          286/286             F           55,050.00         ZZ
                                         360         54,926.66          1
                                       7.500            384.92         90
                                       7.250            384.92
1


    TRENTON          NJ   08611          1            09/02/03         12
    2729101                              05           10/01/03         25
    2729101                              N            09/01/33
    0


    8760236          286/286             F           55,800.00         ZZ
                                         360         55,671.83          1
                                       7.375            385.40         90
                                       7.125            385.40
    GREENWOOD        IN   46143          1            08/28/03         21
    2745066                              05           10/01/03         25
    2745066                              N            09/01/33
    0


    8760240          286/286             F          167,000.00         ZZ
                                         360        166,498.75          2
                                       6.000          1,001.25         62
                                       5.750          1,001.25
    ASBURY PARK      NJ   07712          2            08/11/03         00
    2022059                              05           10/01/03          0
    2022059                              N            09/01/33
    0


    8760244          286/286             F           51,300.00         ZZ
                                         360         51,179.21          1
                                       7.250            349.96         90
                                       7.000            349.96
    KANSAS CITY      MO   64132          2            08/20/03         14
    2725383                              05           10/01/03         25
    2725383                              N            09/01/33
    0


    8760248          286/286             F          118,500.00         ZZ
                                         360        118,176.85          1
                                       6.500            749.01         25
                                       6.250            749.01
    SAN RAMON        CA   94583          2            08/26/03         00
    2742095                              05           10/01/03          0
    2742095                              N            09/01/33
    0


    8760252          286/286             F           83,500.00         ZZ
                                         360         83,255.27          1
                                       6.125            507.36         58
                                       5.875            507.36
    WASHINGTON       DC   20024          5            08/07/03         00
    1424478                              01           10/01/03          0
    1424478                              N            09/01/33
    0
1




    8760258          286/286             F           46,800.00         ZZ
                                         360         46,672.38          1
                                       6.500            295.81         90
                                       6.250            295.81
    CHESAPEAKE       VA   23323          1            08/15/03         11
    2671294                              05           10/01/03         25
    2671294                              N            09/01/33
    0


    8760262          286/286             F           63,750.00         ZZ
                                         360         63,642.56          1
                                       6.875            418.80         75
                                       6.625            418.80
    CANTON           OH   44709          1            09/05/03         00
    2491142                              05           11/01/03          0
    2491142                              N            10/01/33
    0


    8760268          286/286             F          273,000.00         ZZ
                                         360        271,113.92          3
                                       6.125          1,658.78         65
                                       5.875          1,658.78
    RARITAN          NJ   08869          5            04/25/03         00
    2050635                              05           06/01/03          0
    2050635                              N            05/01/33
    0


    8760272          286/286             F           70,290.00         ZZ
                                         360         70,171.54          1
                                       6.875            461.76         90
                                       6.625            461.76
    VIRGINIA BEACH   VA   23464          1            09/12/03         11
    2790684                              05           11/01/03         25
    2790684                              N            10/01/33
    0


    8760274          286/286             F           76,000.00         ZZ
                                         360         75,695.08          1
                                       6.000            455.66         59
                                       5.750            455.66
    LOUISVILLE       KY   40228          5            07/30/03         00
    2606859                              05           09/01/03          0
    2606859                              N            08/01/33
    0


    8760276          286/286             F          156,000.00         ZZ
                                         360        155,594.76          1
1


                                       6.750          1,011.82         51
                                       6.500          1,011.82
    SAN LUIS OBISPO  CA   93401          1            08/26/03         00
    2764958                              05           10/01/03          0
    2764958                              N            09/01/33
    0


    8760284          286/286             F           44,950.00         ZZ
                                         360         44,811.75          1
                                       5.875            265.90         90
                                       5.625            265.90
    TWENTYNINE PALM  CA   92277          1            08/01/03         12
    2593792                              05           10/01/03         25
    2593792                              N            09/01/33
    0


    8760286          286/286             F          322,700.00         ZZ
                                         360        321,861.77          1
                                       6.750          2,093.03         72
                                       6.500          2,093.03
    GARDEN GROVE     CA   92841          1            08/26/03         00
    2750817                              05           10/01/03          0
    2750817                              N            09/01/33
    0


    8760288          286/286             F          235,000.00         ZZ
                                         360        234,294.63          3
                                       6.000          1,408.95         52
                                       5.750          1,408.95
    SAN PEDRO AREA   CA   90731          2            08/04/03         00
    2604342                              05           10/01/03          0
    2604342                              N            09/01/33
    0


    8760290          286/286             F          176,000.00         ZZ
                                         360        175,276.95          1
                                       5.875          1,041.11         80
                                       5.625          1,041.11
    NEW ORLEANS      LA   70118          1            07/31/03         00
    2579649                              05           09/01/03          0
    2579649                              N            08/01/33
    0


    8760294          286/286             F          132,000.00         ZZ
                                         360        131,657.13          1
                                       6.750            856.15         80
                                       6.500            856.15
    N PROVIDENCE     RI   02911          1            08/20/03         00
    2732046                              05           10/01/03          0
1


    2732046                              N            09/01/33
    0


    8760300          286/286             F          119,200.00         ZZ
                                         360        118,710.27          2
                                       5.875            705.12         80
                                       5.625            705.12
    INDIANAPOLIS     IN   46250          1            07/07/03         00
    2473162                              05           09/01/03          0
    2473162                              N            08/01/33
    0


    8760304          286/286             F          193,600.00         ZZ
                                         360        192,911.05          1
                                       6.625          1,239.65         88
                                       6.375          1,239.65
    THORNTON         CO   80260          2            07/18/03         11
    2528892                              05           09/01/03         25
    2528892                              N            08/01/33
    0


    8760308          286/286             F           75,400.00         ZZ
                                         360         75,168.25          1
                                       5.875            446.02         51
                                       5.625            446.02
    SACRAMENTO       CA   95832          2            08/15/03         00
    2679468                              05           10/01/03          0
    2679468                              N            09/01/33
    0


    8760310          286/286             F           44,000.00         ZZ
                                         360         43,847.16          1
                                       6.750            285.39         80
                                       6.500            285.39
    BALTIMORE        MD   21224          5            07/14/03         00
    2383010                              05           09/01/03          0
    2383010                              N            08/01/33
    0


    8760312          286/286             F          117,500.00         ZZ
                                         360        117,050.54          1
                                       6.250            723.47         66
                                       6.000            723.47
    SPARKS           NV   89436          2            07/25/03         00
    2317831                              05           09/01/03          0
    2317831                              N            08/01/33
    0


1


    8760314          286/286             F          117,500.00         ZZ
                                         360        117,050.54          1
                                       6.250            723.47         67
                                       6.000            723.47
    SPARKS           NV   89436          2            07/29/03         00
    2320700                              05           09/01/03          0
    2320700                              N            08/01/33
    0


    8760316          286/286             F           55,800.00         ZZ
                                         360         55,668.61          1
                                       7.250            380.66         90
                                       7.000            380.66
    PHOENIX          AZ   85020          2            08/28/03         21
    2770683                              01           10/01/03         25
    2770683                              N            09/01/33
    0


    8760318          286/286             F           64,500.00         ZZ
                                         360         64,348.12          1
                                       7.250            440.01         64
                                       7.000            440.01
    GLENDALE         AZ   85303          2            08/28/03         00
    2770737                              05           10/01/03          0
    2770737                              N            09/01/33
    0


    8760322          286/286             F          120,650.00         ZZ
                                         360        120,312.97          1
                                       6.375            752.70         74
                                       6.125            752.70
    MERCED           CA   95340          5            08/25/03         00
    2617830                              05           10/01/03          0
    2617830                              N            09/01/33
    0


    8760324          286/286             F          207,350.00         ZZ
                                         360        206,727.64          1
                                       6.000          1,243.17         61
                                       5.750          1,243.17
    MANTECA          CA   95336          2            08/15/03         00
    2657737                              05           10/01/03          0
    2657737                              N            09/01/33
    0


    8760328          286/286             F          202,450.00         ZZ
                                         360        201,842.32          1
                                       6.000          1,213.80         59
                                       5.750          1,213.80
1


    MANTECA          CA   95336          2            08/15/03         00
    2657743                              05           10/01/03          0
    2657743                              N            09/01/33
    0


    8760330          286/286             F          184,500.00         ZZ
                                         360        183,946.20          4
                                       6.000          1,106.18         66
                                       5.750          1,106.18
    REDDING          CA   96003          2            08/20/03         00
    2666629                              05           10/01/03          0
    2666629                              N            09/01/33
    0


    8760334          286/286             F           46,400.00         ZZ
                                         360         46,285.20          1
                                       7.000            308.71         80
                                       6.750            308.71
    SOUTH BEND       IN   46615          1            08/13/03         00
    2706170                              05           10/01/03          0
    2706170                              N            09/01/33
    0


    8760342          286/286             F          202,500.00         ZZ
                                         360        201,761.77          1
                                       6.500          1,279.94         75
                                       6.250          1,279.94
    LEMON GROVE      CA   91945          1            07/25/03         00
    2661160                              05           09/01/03          0
    2661160                              N            08/01/33
    0


    8760344          286/286             F           52,000.00         ZZ
                                         360         51,814.93          1
                                       6.625            332.97         65
                                       6.375            332.97
    INDIANAPOLIS     IN   46225          2            07/30/03         00
    2635365                              05           09/01/03          0
    2635365                              N            08/01/33
    0


    8760346          286/286             F           40,000.00         ZZ
                                         360         39,857.64          1
                                       6.625            256.13         80
                                       6.375            256.13
    INDIANAPOLIS     IN   46201          2            07/30/03         00
    2635370                              05           09/01/03          0
    2635370                              N            08/01/33
    0
1




    8760374          286/286             F          188,500.00         ZZ
                                         360        187,725.59          2
                                       5.875          1,115.05         70
                                       5.625          1,115.05
    STOCKTON         CA   95207          1            07/25/03         00
    2662936                              05           09/01/03          0
    2662936                              N            08/01/33
    0


    8760376          286/286             F          111,375.00         ZZ
                                         360        110,928.16          1
                                       6.000            667.75         75
                                       5.750            667.75
    PROVO            UT   84601          5            07/18/03         00
    2575132                              05           09/01/03          0
    2575132                              N            08/01/33
    0


    8760378          286/286             F           67,500.00         ZZ
                                         360         67,337.07          1
                                       7.125            454.77         50
                                       6.875            454.77
    WASHINGTON       DC   20011          5            08/25/03         00
    2049945                              05           10/01/03          0
    2049945                              N            09/01/33
    0


    8760382          286/286             F          165,000.00         ZZ
                                         360        164,591.80          2
                                       7.000          1,097.75         75
                                       6.750          1,097.75
    ROSEVILLE        CA   95678          5            08/26/03         00
    2733332                              05           10/01/03          0
    2733332                              N            09/01/33
    0


    8760384          286/286             F          310,000.00         ZZ
                                         360        309,194.76          3
                                       6.750          2,010.66         66
                                       6.500          2,010.66
    ESCONDIDO        CA   92025          5            08/18/03         00
    2674026                              05           10/01/03          0
    2674026                              N            09/01/33
    0


    8760388          286/286             F          188,500.00         ZZ
                                         360        187,812.81          2
1


                                       6.500          1,191.45         65
                                       6.250          1,191.45
    GLENDORA         CA   91741          5            07/16/03         00
    2596908                              05           09/01/03          0
    2596908                              N            08/01/33
    0


    8760394          286/286             F          161,650.00         ZZ
                                         360        161,198.44          2
                                       6.375          1,008.49         24
                                       6.125          1,008.49
    SANTA MONICA     CA   90404          2            08/27/03         00
    2390765                              05           10/01/03          0
    2390765                              N            09/01/33
    0


    8760398          286/286             F           83,200.00         ZZ
                                         360         82,866.19          1
                                       6.000            498.83         80
                                       5.750            498.83
    LAS VEGAS        NV   89117          1            07/22/03         00
    2669346                              01           09/01/03          0
    2669346                              N            08/01/33
    0


    8760400          286/286             F          275,000.00         ZZ
                                         360        274,285.67          1
                                       6.750          1,783.65         50
                                       6.500          1,783.65
    DALY CITY        CA   94015          5            08/07/03         00
    2716833                              05           10/01/03          0
    2716833                              N            09/01/33
    0


    8760402          286/286             F          130,000.00         ZZ
                                         360        129,627.99          1
                                       6.250            800.44         50
                                       6.000            800.44
    VISTA            CA   92084          5            07/29/03         00
    2559719                              05           10/01/03          0
    2559719                              N            09/01/33
    0


    8760406          286/286             F          144,800.00         ZZ
                                         360        144,432.94          1
                                       6.875            951.24         80
                                       6.625            951.24
    PORTLAND         OR   97203          5            08/21/03         00
    2715448                              05           10/01/03          0
1


    2715448                              N            09/01/33
    0


    8760408          286/286             F           70,000.00         ZZ
                                         360         69,818.17          1
                                       6.750            454.02         75
                                       6.500            454.02
    ACWORTH          GA   30102          5            08/22/03         00
    2739505                              05           10/01/03          0
    2739505                              N            09/01/33
    0


    8760410          286/286             F           80,000.00         ZZ
                                         360         79,759.85          1
                                       6.000            479.65         31
                                       5.750            479.65
    LODI             CA   95240          1            08/22/03         00
    2760628                              05           10/01/03          0
    2760628                              N            09/01/33
    0


    8760420          286/286             F          134,000.00         ZZ
                                         360        133,499.58          1
                                       6.375            835.99         57
                                       6.125            835.99
    BETHESDA         MD   20814          5            07/14/03         00
    2563603                              01           09/01/03          0
    2563603                              N            08/01/33
    0


    8760424          286/286             F          320,000.00         ZZ
                                         360        319,084.36          4
                                       6.250          1,970.30         67
                                       6.000          1,970.30
    EL CAJON         CA   92021          5            07/30/03         00
    2679093                              05           10/01/03          0
    2679093                              N            09/01/33
    0


    8760428          286/286             F          150,000.00         ZZ
                                         360        149,383.75          1
                                       5.875            887.31         80
                                       5.625            887.31
    SACRAMENTO       CA   95831          1            07/30/03         00
    2622182                              03           09/01/03          0
    2622182                              N            08/01/33
    0


1


    8760434          286/286             F           80,000.00         ZZ
                                         360         79,765.54          1
                                       6.125            486.09         75
                                       5.875            486.09
    REDDING          CA   96001          5            08/26/03         00
    2699650                              05           10/01/03          0
    2699650                              N            09/01/33
    0


    8760438          286/286             F           57,000.00         ZZ
                                         360         56,797.16          1
                                       6.625            364.98         72
                                       6.375            364.98
    VIRGINIA BEACH   VA   23462          2            07/31/03         00
    2609380                              05           09/01/03          0
    2609380                              N            08/01/33
    0


    8760440          286/286             F           54,500.00         ZZ
                                         360         54,344.03          1
                                       6.250            335.57         75
                                       6.000            335.57
    LAKEWOOD         WA   98498          5            08/26/03         00
    2627044                              01           10/01/03          0
    2627044                              N            09/01/33
    0


    8760458          286/286             F           82,800.00         ZZ
                                         360         82,605.30          2
                                       7.250            564.85         90
                                       7.000            564.85
    TROY             OH   45373          1            08/06/03         10
    2690383                              05           10/01/03         30
    2690383                              N            09/01/33
    0


    8760462          286/286             F           56,250.00         ZZ
                                         360         56,081.16          1
                                       6.000            337.25         75
                                       5.750            337.25
    DOVER            DE   19904          1            08/22/03         00
    2676282                              05           10/01/03          0
    2676282                              N            09/01/33
    0


    8760466          286/286             F           44,950.00         ZZ
                                         360         44,821.36          1
                                       6.250            276.77         27
                                       6.000            276.77
1


    STOCKTON         CA   95210          1            08/11/03         00
    2735858                              05           10/01/03          0
    2735858                              N            09/01/33
    0


    8760470          286/286             F           62,400.00         ZZ
                                         360         62,172.48          1
                                       6.500            394.42         80
                                       6.250            394.42
    BARSTOW          CA   92311          5            07/21/03         00
    2418528                              05           09/01/03          0
    2418528                              N            08/01/33
    0


    8760484          286/286             F          227,250.00         ZZ
                                         360        226,401.33          3
                                       6.375          1,417.75         75
                                       6.125          1,417.75
    PORTLAND         ME   04101          1            07/28/03         00
    2445718                              05           09/01/03          0
    2445718                              N            08/01/33
    0


    8760486          286/286             F           65,600.00         ZZ
                                         360         65,372.12          1
                                       6.750            425.49         80
                                       6.500            425.49
    INDIANAPOLIS     IN   46203          2            07/02/03         00
    2530777                              05           09/01/03          0
    2530777                              N            08/01/33
    0


    8760490          286/286             F           77,230.00         ZZ
                                         360         77,014.24          1
                                       6.375            481.82         69
                                       6.125            481.82
    IRVING           TX   75060          2            08/15/03         00
    2694706                              05           10/01/03          0
    2694706                              N            09/01/33
    0


    8760496          286/286             F          192,000.00         ZZ
                                         360        191,423.70          2
                                       6.000          1,151.14         80
                                       5.750          1,151.14
    NEW ORLEANS      LA   70118          2            08/22/03         00
    2615010                              05           10/01/03          0
    2615010                              N            09/01/33
    0
1




    8760498          286/286             F          230,400.00         ZZ
                                         360        229,708.44          1
                                       6.000          1,381.37         80
                                       5.750          1,381.37
    NEW ORLEANS      LA   70118          2            08/22/03         00
    2615111                              05           10/01/03          0
    2615111                              N            09/01/33
    0


    8760502          286/286             F          198,750.00         ZZ
                                         360        198,153.45          2
                                       6.000          1,191.61         75
                                       5.750          1,191.61
    RIVERSIDE        CA   92509          5            08/07/03         00
    2669535                              05           10/01/03          0
    2669535                              N            09/01/33
    0


    8760504          286/286             F           61,650.00         ZZ
                                         360         61,481.90          1
                                       6.500            389.67         90
                                       6.250            389.67
    GRANTSVILLE      UT   84029          1            08/26/03         12
    2739779                              05           10/01/03         25
    2739779                              N            09/01/33
    0


    8760506          286/286             F           67,400.00         ZZ
                                         360         67,148.29          1
                                       6.375            420.49         90
                                       6.125            420.49
    TALLAHASSEE      FL   32303          1            07/15/03         19
    2586373                              05           09/01/03         25
    2586373                              N            08/01/33
    0


    8760508          286/286             F          119,250.00         ZZ
                                         360        118,804.66          1
                                       6.375            743.97         75
                                       6.125            743.97
    BALTIMORE        MD   21212          1            08/01/03         00
    2652695                              05           09/01/03          0
    2652695                              N            08/01/33
    0


    8760510          286/286             F          125,000.00         ZZ
                                         360        124,521.68          1
1


                                       6.250            769.65         42
                                       6.000            769.65
    EDISON           NJ   08818          1            07/30/03         00
    2709469                              01           09/01/03          0
    2709469                              N            08/01/33
    0


    8760516          286/286             F           65,800.00         ZZ
                                         360         65,629.09          1
                                       6.750            426.78         70
                                       6.500            426.78
    BRAWLEY          CA   92227          5            08/06/03         00
    2673888                              05           10/01/03          0
    2673888                              N            09/01/33
    0


    8760518          286/286             F          160,000.00         ZZ
                                         360        159,387.97          2
                                       6.250            985.15         59
                                       6.000            985.15
    MAYWOOD          CA   90270          5            07/23/03         00
    2567669                              05           09/01/03          0
    2567669                              N            08/01/33
    0


    8760524          286/286             F          131,200.00         ZZ
                                         360        130,806.18          1
                                       6.000            786.62         70
                                       5.750            786.62
    RANCHO CORDOVA   CA   95670          5            08/27/03         00
    2667818                              05           10/01/03          0
    2667818                              N            09/01/33
    0


    8760528          286/286             F          213,500.00         ZZ
                                         360        212,931.76          2
                                       6.625          1,367.07         58
                                       6.375          1,367.07
    SAN GABRIEL      CA   91776          5            08/12/03         00
    2622255                              05           10/01/03          0
    2622255                              N            09/01/33
    0


    8760530          286/286             F          245,000.00         ZZ
                                         360        243,993.48          4
                                       5.875          1,449.27         69
                                       5.625          1,449.27
    SALT LAKE CITY   UT   84103          2            07/30/03         00
    2461259                              05           09/01/03          0
1


    2461259                              N            08/01/33
    0


    8760536          286/286             F          182,000.00         ZZ
                                         360        181,527.25          2
                                       6.750          1,180.45         69
                                       6.500          1,180.45
    RANCHO CORDOVA   CA   95670          5            08/18/03         00
    2686801                              05           10/01/03          0
    2686801                              N            09/01/33
    0


    8760542          286/286             F          296,000.00         ZZ
                                         360        295,249.69          2
                                       6.875          1,944.51         75
                                       6.625          1,944.51
    SACRAMENTO       CA   95831          1            08/15/03         00
    2705093                              05           10/01/03          0
    2705093                              N            09/01/33
    0


    8760546          286/286             F          178,000.00         ZZ
                                         360        177,490.66          1
                                       6.250          1,095.98         80
                                       6.000          1,095.98
    RENO             NV   89509          1            08/05/03         00
    2636973                              05           10/01/03          0
    2636973                              N            09/01/33
    0


    8760548          286/286             F          186,000.00         ZZ
                                         360        185,288.51          1
                                       6.250          1,145.24         79
                                       6.000          1,145.24
    ROMOLAND         CA   92585          2            07/24/03         00
    2681824                              05           09/01/03          0
    2681824                              N            08/01/33
    0


    8760552          286/286             F          148,000.00         ZZ
                                         360        147,391.96          2
                                       5.875            875.48         80
                                       5.625            875.48
    MIDDLETOWN       CT   06457          5            08/05/03         00
    2640152                              05           09/01/03          0
    2640152                              N            08/01/33
    0


1


    8760558          286/286             F          139,350.00         ZZ
                                         360        138,816.93          2
                                       6.250            858.01         90
                                       6.000            858.01
    PALMDALE         CA   93550          1            07/18/03         10
    2583976                              05           09/01/03         25
    2583976                              N            08/01/33
    0


    8760562          286/286             F          132,400.00         ZZ
                                         360        131,993.04          2
                                       5.875            783.20         80
                                       5.625            783.20
    AUSTIN           TX   78745          1            08/11/03         00
    2682558                              05           10/01/03          0
    2682558                              N            09/01/33
    0


    8760564          286/286             F          156,000.00         ZZ
                                         360        155,553.62          4
                                       6.250            960.52         64
                                       6.000            960.52
    SALT LAKE CITY   UT   84103          5            08/08/03         00
    2590616                              05           10/01/03          0
    2590616                              N            09/01/33
    0


    8760566          286/286             F           56,000.00         ZZ
                                         360         55,839.50          1
                                       6.250            344.81         72
                                       6.000            344.81
    SALT LAKE CITY   UT   84103          5            08/08/03         00
    2590617                              01           10/01/03          0
    2590617                              N            09/01/33
    0


    8760570          286/286             F           70,000.00         ZZ
                                         360         69,725.75          1
                                       6.125            425.33         70
                                       5.875            425.33
    CHICAGO          IL   60619          5            07/28/03         00
    2545957                              05           09/01/03          0
    2545957                              N            08/01/33
    0


    8760572          286/286             F          133,000.00         ZZ
                                         360        132,596.99          1
                                       6.000            797.41         70
                                       5.750            797.41
1


    COTTONWOOD       CA   96022          5            08/18/03         00
    2668235                              05           10/01/03          0
    2668235                              N            09/01/33
    0


    8760578          286/286             F          271,000.00         ZZ
                                         360        270,361.93          1
                                       7.250          1,848.70         39
                                       7.000          1,848.70
    SAN DIEGO        CA   92130          1            08/15/03         00
    2690528                              05           10/01/03          0
    2690528                              N            09/01/33
    0


    8760580          286/286             F          193,200.00         ZZ
                                         360        192,767.13          1
                                       7.500          1,350.89         70
                                       7.250          1,350.89
    WEST BROOKFIELD  MA   01585          5            09/04/03         00
    2748944                              05           10/01/03          0
    2748944                              N            09/01/33
    0


    8760582          286/286             F          142,500.00         ZZ
                                         360        142,061.98          3
                                       5.875            842.95         75
                                       5.625            842.95
    RIVERSIDE        CA   92501          1            07/28/03         00
    2591653                              05           10/01/03          0
    2591653                              N            09/01/33
    0


    8760586          286/286             F          195,570.00         ZZ
                                         360        195,061.98          1
                                       6.750          1,268.47         90
                                       6.500          1,268.47
    SEVIERVILLE      TN   37862          1            08/27/03         19
    2685626                              05           10/01/03         25
    2685626                              N            09/01/33
    0


    8760594          286/286             F           36,800.00         ZZ
                                         360         36,704.39          1
                                       6.750            238.69         80
                                       6.500            238.69
    FORT WAYNE       IN   46807          5            08/19/03         00
    2658961                              05           10/01/03          0
    2658961                              N            09/01/33
    0
1




    8760598          286/286             F           39,000.00         ZZ
                                         360         38,898.69          1
                                       6.750            252.96         80
                                       6.500            252.96
    FORT WAYNE       IN   46806          5            08/19/03         00
    2658991                              05           10/01/03          0
    2658991                              N            09/01/33
    0


    8760600          286/286             F           36,800.00         ZZ
                                         360         36,704.39          1
                                       6.750            238.69         80
                                       6.500            238.69
    FORT WAYNE       IN   46806          5            08/22/03         00
    2659687                              05           10/01/03          0
    2659687                              N            09/01/33
    0


    8760602          286/286             F           69,750.00         ZZ
                                         360         69,589.79          1
                                       7.375            481.75         75
                                       7.125            481.75
    JONESBORO        AR   72403          5            08/15/03         00
    2323026                              05           10/01/03          0
    2323026                              N            09/01/33
    0


    8760604          286/286             F          139,900.00         ZZ
                                         360        139,338.68          4
                                       6.000            838.78         70
                                       5.750            838.78
    WASHINGTON       DC   20020          5            07/17/03         00
    2403685                              05           09/01/03          0
    2403685                              N            08/01/33
    0


    8760612          286/286             F           83,200.00         ZZ
                                         360         82,961.92          1
                                       6.250            512.28         80
                                       6.000            512.28
    BOISE            ID   83712          1            08/08/03         00
    2671654                              05           10/01/03          0
    2671654                              N            09/01/33
    0


    8760614          286/286             F          150,000.00         ZZ
                                         360        149,590.97          1
1


                                       6.500            948.11         55
                                       6.250            948.11
    NORWALK          CA   90650          5            08/06/03         00
    2717012                              05           10/01/03          0
    2717012                              N            09/01/33
    0


    8760618          286/286             F          479,500.00         ZZ
                                         360        478,127.88          4
                                       6.250          2,952.37         70
                                       6.000          2,952.37
    BERKELEY         CA   94704          1            08/14/03         00
    2531319                              05           10/01/03          0
    2531319                              N            09/01/33
    0


    8760628          286/286             F           80,100.00         ZZ
                                         360         79,911.39          1
                                       7.250            546.43         90
                                       7.000            546.43
    PHOENIX          AZ   85033          1            08/06/03         10
    2723449                              05           10/01/03         25
    2723449                              N            09/01/33
    0


    8760636          286/286             F          159,800.00         ZZ
                                         360        159,384.92          1
                                       6.750          1,036.46         80
                                       6.500          1,036.46
    VIRGINIA BEACH   VA   23464          1            08/21/03         00
    2726075                              05           10/01/03          0
    2726075                              N            09/01/33
    0


    8760640          286/286             F          150,000.00         ZZ
                                         360        149,721.40          1
                                       6.375            935.81         80
                                       6.125            935.81
    FREDERICKSBURG   VA   22405          5            09/02/03         00
    2705345                              05           11/01/03          0
    2705345                              N            10/01/33
    0


    8760654          286/286             F           78,750.00         ZZ
                                         360         78,535.25          2
                                       6.500            497.76         90
                                       6.250            497.76
    DES MOINES       IA   50311          1            08/27/03         14
    2653651                              05           10/01/03         25
1


    2653651                              N            09/01/33
    0


    8760658          286/286             F           72,000.00         ZZ
                                         360         71,812.96          1
                                       6.750            466.99         90
                                       6.500            466.99
    FORT WORTH       TX   76132          1            08/26/03         04
    2663467                              05           10/01/03         25
    2663467                              N            09/01/33
    0


    8760660          286/286             F           72,000.00         ZZ
                                         360         71,812.94          1
                                       6.750            467.00         90
                                       6.500            467.00
    FORT WORTH       TX   76132          1            08/26/03         04
    2663529                              05           10/01/03         25
    2663529                              N            09/01/33
    0


    8760678          286/286             F           72,080.00         ZZ
                                         360         71,790.80          1
                                       6.000            432.16         80
                                       5.750            432.16
    PALMYRA          PA   17078          1            07/16/03         00
    2168432                              05           09/01/03          0
    2168432                              N            08/01/33
    0


    8760686          286/286             F           36,000.00         ZZ
                                         360         35,901.82          1
                                       6.500            227.55         70
                                       6.250            227.55
    INDIANAPOLIS     IN   46205          5            08/04/03         00
    2690799                              05           10/01/03          0
    2690799                              N            09/01/33
    0


    8760692          286/286             F          146,000.00         ZZ
                                         360        145,582.24          1
                                       6.250            898.95         80
                                       6.000            898.95
    IRVINE           CA   92620          2            08/05/03         00
    2672482                              01           10/01/03          0
    2672482                              N            09/01/33
    0


1


    8760706          286/286             F           60,000.00         ZZ
                                         360         59,844.15          1
                                       6.750            389.16         53
                                       6.500            389.16
    SACRAMENTO       CA   95815          2            09/03/03         00
    2716128                              05           10/01/03          0
    2716128                              N            09/01/33
    0


    8760712          286/286             F           72,000.00         ZZ
                                         360         71,811.16          1
                                       6.750            467.00         63
                                       6.500            467.00
    SACRAMENTO       CA   95815          2            09/03/03         00
    2716184                              05           10/01/03          0
    2716184                              N            09/01/33
    0


    8760716          286/286             F           53,100.00         ZZ
                                         360         52,974.96          2
                                       7.250            362.24         90
                                       7.000            362.24
    ROCKFORD         IL   61102          1            09/02/03         14
    2776145                              05           10/01/03         25
    2776145                              N            09/01/33
    0


    8760726          286/286             F          333,000.00         ZZ
                                         360        332,438.86          4
                                       6.875          2,187.58         51
                                       6.625          2,187.58
    CHULA VISTA      CA   91911          5            08/28/03         00
    2705157                              05           11/01/03          0
    2705157                              N            10/01/33
    0


    8760732          286/286             F           83,700.00         ZZ
                                         360         83,460.49          1
                                       6.250            515.36         39
                                       6.000            515.36
    OCEANSIDE        CA   92054          2            08/14/03         00
    2697723                              01           10/01/03          0
    2697723                              N            09/01/33
    0


    8760734          286/286             F          170,174.00         ZZ
                                         360        169,687.04          1
                                       6.250          1,047.80         80
                                       6.000          1,047.80
1


    RIVERSIDE        CA   92567          1            08/19/03         00
    2698637                              05           10/01/03          0
    2698637                              N            09/01/33
    0


    8760738          286/286             F          228,950.00         ZZ
                                         360        228,340.63          2
                                       6.625          1,466.00         80
                                       6.375          1,466.00
    SACRAMENTO       CA   95841          1            08/08/03         00
    2668388                              05           10/01/03          0
    2668388                              N            09/01/33
    0


    8760742          286/286             F          126,600.00         ZZ
                                         360        126,359.12          1
                                       6.250            779.50         88
                                       6.000            779.50
    DRAPER           UT   84020          2            09/09/03         12
    2687318                              01           11/01/03         25
    2687318                              N            10/01/33
    0


    8760748          286/286             F          225,000.00         ZZ
                                         360        224,356.17          1
                                       6.250          1,385.37         74
                                       6.000          1,385.37
    MURRIETA         CA   92563          1            08/18/03         00
    2723322                              05           10/01/03          0
    2723322                              N            09/01/33
    0


    8760756          286/286             F          280,000.00         ZZ
                                         360        279,198.81          1
                                       6.250          1,724.01         66
                                       6.000          1,724.01
    GARDEN GROVE     CA   92845          5            08/04/03         00
    2688272                              05           10/01/03          0
    2688272                              N            09/01/33
    0


    8760766          286/286             F           66,600.00         ZZ
                                         360         66,326.37          1
                                       5.875            393.97         90
                                       5.625            393.97
    CULLEOKA         TN   38451          1            07/31/03         19
    2681348                              05           09/01/03         25
    2681348                              N            08/01/33
    0
1




    8760770          286/286             F          150,500.00         ZZ
                                         360        150,089.60          1
                                       6.500            951.27         72
                                       6.250            951.27
    MANTECA          CA   95336          2            08/20/03         00
    2699921                              05           10/01/03          0
    2699921                              N            09/01/33
    0


    8760788          286/286             F          231,700.00         ZZ
                                         360        231,112.66          4
                                       6.875          1,522.11         70
                                       6.625          1,522.11
    BAKERSFIELD      CA   93308          1            08/26/03         00
    2636151                              05           10/01/03          0
    2636151                              N            09/01/33
    0


    8760792          286/286             F          280,000.00         ZZ
                                         360        279,290.22          4
                                       6.875          1,839.41         70
                                       6.625          1,839.41
    BAKERSFIELD      CA   93309          1            08/22/03         00
    2672217                              05           10/01/03          0
    2672217                              N            09/01/33
    0


    8760802          286/286             F           73,100.00         ZZ
                                         360         72,976.65          1
                                       6.875            480.22         85
                                       6.625            480.22
    MIAMI BEACH      FL   33141          1            09/02/03         14
    2746994                              01           11/01/03         25
    2746994                              N            10/01/33
    0


    8760806          286/286             F          187,500.00         ZZ
                                         360        187,213.77          1
                                       7.375          1,295.02         75
                                       7.125          1,295.02
    ST. PETERSBURG   FL   33701          1            09/10/03         00
    2774332                              05           11/01/03          0
    2774332                              N            10/01/33
    0


    8760814          286/286             F          277,000.00         ZZ
                                         360        276,188.16          1
1


                                       6.125          1,683.09         61
                                       5.875          1,683.09
    FREMONT          CA   94539          5            08/13/03         00
    2668403                              05           10/01/03          0
    2668403                              N            09/01/33
    0


    8760822          286/286             F          273,000.00         ZZ
                                         360        272,528.57          3
                                       6.750          1,770.68         70
                                       6.500          1,770.68
    SACRAMENTO       CA   95814          5            09/10/03         00
    2746380                              05           11/01/03          0
    2746380                              N            10/01/33
    0


    8760836          286/286             F           77,130.00         ZZ
                                         360         76,919.67          1
                                       6.500            487.52         90
                                       6.250            487.52
    HIALEAH          FL   33018          1            08/08/03         14
    2475522                              01           10/01/03         25
    2475522                              N            09/01/33
    0


    8760844          286/286             F          122,820.00         ZZ
                                         360        122,468.55          2
                                       6.250            756.23         71
                                       6.000            756.23
    AUSTIN           TX   78749          2            08/13/03         00
    2418382                              05           10/01/03          0
    2418382                              N            09/01/33
    0


    8760848          286/286             F          114,700.00         ZZ
                                         360        114,347.43          1
                                       5.875            678.50         46
                                       5.625            678.50
    SUISUN CITY      CA   94585          5            08/11/03         00
    2636498                              05           10/01/03          0
    2636498                              N            09/01/33
    0


    8760858          286/286             F           83,500.00         ZZ
                                         252         83,044.41          3
                                       6.750            620.70         56
                                       6.500            620.70
    LITTLE ROCK      CA   93543          5            08/26/03         00
    2681799                              05           10/01/03          0
1


    2681799                              N            09/01/24
    0


    8760866          286/286             F           68,850.00         ZZ
                                         360         68,687.81          1
                                       7.250            469.68         85
                                       7.000            469.68
    SPOKANE          WA   99207          5            08/20/03         11
    2676646                              05           10/01/03         20
    2676646                              N            09/01/33
    0


    8760870          286/286             F          193,600.00         ZZ
                                         360        193,072.09          2
                                       6.500          1,223.69         80
                                       6.250          1,223.69
    LOS ANGELES      CA   90032          1            08/18/03         00
    2679453                              05           10/01/03          0
    2679453                              N            09/01/33
    0


    8760882          286/286             F          170,000.00         ZZ
                                         360        169,733.96          1
                                       7.250          1,159.70         58
                                       7.000          1,159.70
    STOCKTON         CA   95215          5            09/03/03         00
    2729169                              05           11/01/03          0
    2729169                              N            10/01/33
    0


    8760930          286/286             F          118,800.00         ZZ
                                         360        118,506.15          1
                                       7.000            790.38         90
                                       6.750            790.38
    BELLINGHAM       WA   98225          1            08/18/03         10
    2687300                              05           10/01/03         25
    2687300                              N            09/01/33
    0


    8760936          286/286             F          170,400.00         ZZ
                                         360        169,957.35          1
                                       6.750          1,105.22         80
                                       6.500          1,105.22
    CHINO HILLS      CA   91709          1            08/14/03         00
    2724818                              05           10/01/03          0
    2724818                              N            09/01/33
    0


1


    8760940          286/286             F          335,000.00         ZZ
                                         360        334,064.20          4
                                       6.375          2,089.97         55
                                       6.125          2,089.97
    OAKLAND          CA   94605          5            08/21/03         00
    2749692                              05           10/01/03          0
    2749692                              N            09/01/33
    0


    8760944          286/286             F          300,000.00         ZZ
                                         360        299,181.95          2
                                       6.500          1,896.21         80
                                       6.250          1,896.21
    WEST COVINA      CA   91792          1            08/21/03         00
    2685594                              05           10/01/03          0
    2685594                              N            09/01/33
    0


    8760952          286/286             F          123,500.00         ZZ
                                         360        123,038.80          1
                                       6.375            770.48         86
                                       6.125            770.48
    GLOUCESTER       VA   23061          2            07/31/03         10
    2539485                              05           09/01/03         25
    2539485                              N            08/01/33
    0


    8760956          286/286             F           72,000.00         ZZ
                                         360         71,788.98          1
                                       6.125            437.48         64
                                       5.875            437.48
    SHASTA LAKE      CA   96019          5            08/12/03         00
    2666549                              05           10/01/03          0
    2666549                              N            09/01/33
    0


    8760960          286/286             F          280,000.00         ZZ
                                         360        279,270.16          2
                                       6.750          1,816.08         78
                                       6.500          1,816.08
    SANTA ANA        CA   92704          5            08/21/03         00
    2658611                              05           10/01/03          0
    2658611                              N            09/01/33
    0


    8760962          286/286             F          118,640.00         ZZ
                                         360        117,765.50          1
                                       6.500            749.89         54
                                       6.250            749.89
1


    SAN DIEGO        CA   92111          2            03/28/03         00
    2137440                              01           05/01/03          0
    2137440                              N            04/01/33
    0


    8760974          286/286             F           78,450.00         ZZ
                                         360         78,236.08          1
                                       6.500            495.86         75
                                       6.250            495.86
    PHOENIX          AZ   85033          5            08/10/03         00
    2476627                              05           10/01/03          0
    2476627                              N            09/01/33
    0


    8760978          286/286             F          118,000.00         ZZ
                                         360        117,637.30          1
                                       5.875            698.02         80
                                       5.625            698.02
    SUN CITY         CA   92586          1            07/31/03         00
    2632811                              05           10/01/03          0
    2632811                              N            09/01/33
    0


    8760982          286/286             F          304,000.00         ZZ
                                         360        303,229.39          1
                                       6.875          1,997.07         80
                                       6.625          1,997.07
    WOODLAND HILLS   CA   91364          1            07/29/03         00
    2676072                              05           10/01/03          0
    2676072                              N            09/01/33
    0


    8760984          286/286             F           75,600.00         ZZ
                                         360         75,426.33          1
                                       7.375            522.16         89
                                       7.125            522.16
    RIO RANCHO       NM   87124          2            08/25/03         21
    2610498                              03           10/01/03         25
    2610498                              N            09/01/33
    0


    8760988          286/286             F          139,000.00         ZZ
                                         360        138,572.76          1
                                       5.875            822.24         43
                                       5.625            822.24
    SACRAMENTO       CA   95864          5            07/30/03         00
    2589098                              05           10/01/03          0
    2589098                              N            09/01/33
    0
1




    8760992          286/286             F          119,000.00         ZZ
                                         360        118,675.48          1
                                       6.500            752.17         73
                                       6.250            752.17
    ATLANTA          GA   30310          5            08/15/03         00
    2697241                              05           10/01/03          0
    2697241                              N            09/01/33
    0


    8760996          286/286             F           72,000.00         ZZ
                                         360         71,711.12          1
                                       6.000            431.68         80
                                       5.750            431.68
    BALTIMORE        MD   21210          2            07/31/03         00
    2587780                              01           09/01/03          0
    2587780                              N            08/01/33
    0


    8761000          286/286             F           80,000.00         ZZ
                                         360         79,792.19          1
                                       6.750            518.88         50
                                       6.500            518.88
    SCOTTSDALE       AZ   85257          1            08/22/03         00
    2704165                              03           10/01/03          0
    2704165                              N            09/01/33
    0


    8761004          286/286             F          200,000.00         ZZ
                                         360        199,413.82          4
                                       6.125          1,215.23         35
                                       5.875          1,215.23
    SAN DIEGO        CA   92104          5            08/11/03         00
    2614331                              05           10/01/03          0
    2614331                              N            09/01/33
    0


    8761016          286/286             F           60,550.00         ZZ
                                         360         60,312.79          1
                                       6.125            367.91         73
                                       5.875            367.91
    VIRGINIA BEACH   VA   23462          2            07/24/03         00
    2516470                              05           09/01/03          0
    2516470                              N            08/01/33
    0


    8761094          286/286             F           83,500.00         ZZ
                                         360         83,243.34          1
1


                                       5.875            493.94         56
                                       5.625            493.94
    RICHARDSON       TX   75081          2            08/15/03         00
    2642252                              05           10/01/03          0
    2642252                              N            09/01/33
    0


    8761142          286/286             F          144,800.00         ZZ
                                         360        144,405.14          1
                                       6.500            915.24         80
                                       6.250            915.24
    GLENDALE         AZ   85301          1            08/22/03         00
    2743137                              03           10/01/03          0
    2743137                              N            09/01/33
    0


    8761146          286/286             F          250,000.00         ZZ
                                         360        249,284.64          1
                                       6.250          1,539.30         65
                                       6.000          1,539.30
    MINERAL          VA   23117          1            08/06/03         00
    2622664                              05           10/01/03          0
    2622664                              N            09/01/33
    0


    8761148          286/286             F          146,700.00         ZZ
                                         360        146,354.58          2
                                       7.250          1,000.76         90
                                       7.000          1,000.76
    CHICAGO          IL   60609          1            08/13/03         19
    2644304                              05           10/01/03         25
    2644304                              N            09/01/33
    0


    8761154          286/286             F          186,400.00         ZZ
                                         360        185,891.72          1
                                       6.500          1,178.18         80
                                       6.250          1,178.18
    GRASS VALLEY     CA   95945          1            08/18/03         00
    2680666                              05           10/01/03          0
    2680666                              N            09/01/33
    0


    8761170          286/286             F           56,000.00         ZZ
                                         360         55,831.91          1
                                       6.000            335.75         80
                                       5.750            335.75
    PHOENIX          AZ   85017          1            08/11/03         00
    2688226                              05           10/01/03          0
1


    2688226                              N            09/01/33
    0


    8761180          286/286             F          322,700.00         ZZ
                                         360        321,405.33          1
                                       6.000          1,934.75         60
                                       5.750          1,934.75
    SAN FRANCISCO    CA   94114          5            07/28/03         00
    2607051                              01           09/01/03          0
    2607051                              N            08/01/33
    0


    8761182          286/286             F          322,700.00         ZZ
                                         360        321,374.25          1
                                       5.875          1,908.90         75
                                       5.625          1,908.90
    IRVINE           CA   92602          2            07/22/03         00
    2213055                              01           09/01/03          0
    2213055                              N            08/01/33
    0


    8761190          286/286             F          126,000.00         ZZ
                                         360        125,639.45          1
                                       6.250            775.81         70
                                       6.000            775.81
    MAPLE GROVE      MN   55369          5            08/28/03         00
    2763497                              05           10/01/03          0
    2763497                              N            09/01/33
    0


    8761192          286/286             F          150,000.00         ZZ
                                         360        149,580.98          3
                                       6.375            935.81         62
                                       6.125            935.81
    SOMERSWORTH      NH   03878          5            08/27/03         00
    2723658                              05           10/01/03          0
    2723658                              N            09/01/33
    0


    8761194          286/286             F          175,000.00         ZZ
                                         360        174,511.14          3
                                       6.375          1,091.78         59
                                       6.125          1,091.78
    ROCHESTER        NH   03867          5            08/27/03         00
    2723700                              05           10/01/03          0
    2723700                              N            09/01/33
    0


1


    8761196          286/286             F          150,000.00         ZZ
                                         360        149,580.98          2
                                       6.375            935.81         72
                                       6.125            935.81
    ROCHESTER        NH   03867          5            08/27/03         00
    2723705                              05           10/01/03          0
    2723705                              N            09/01/33
    0


    8761200          286/286             F          330,000.00         ZZ
                                         360        329,078.16          4
                                       6.375          2,058.78         75
                                       6.125          2,058.78
    SPRING VALLEY    CA   91977          2            07/28/03         00
    2548132                              05           10/01/03          0
    2548132                              N            09/01/33
    0


    8761208          286/286             F           75,000.00         ZZ
                                         360         74,795.46          1
                                       6.500            474.06         67
                                       6.250            474.06
    FERNLEY          NV   89408          1            08/13/03         00
    2183779                              05           10/01/03          0
    2183779                              N            09/01/33
    0


    8761220          286/286             F          180,600.00         ZZ
                                         360        180,107.54          2
                                       6.500          1,141.52         70
                                       6.250          1,141.52
    PALM DESERT      CA   92260          5            08/08/03         00
    2628794                              05           10/01/03          0
    2628794                              N            09/01/33
    0


    8761248          286/286             F          144,000.00         ZZ
                                         360        143,462.21          1
                                       6.375            898.38         75
                                       6.125            898.38
    RENO             NV   89503          2            07/25/03         00
    2671064                              05           09/01/03          0
    2671064                              N            08/01/33
    0


    8761254          286/286             F          112,000.00         ZZ
                                         360        111,722.97          1
                                       7.000            745.14         80
                                       6.750            745.14
1


    TEMPE            AZ   85282          2            08/26/03         00
    2734342                              05           10/01/03          0
    2734342                              N            09/01/33
    0


    8761260          286/286             F          253,600.00         ZZ
                                         360        252,606.45          1
                                       6.125          1,540.91         80
                                       5.875          1,540.91
    DUNKIRK          MD   20754          1            07/25/03         00
    2550788                              05           09/01/03          0
    2550788                              N            08/01/33
    0


    8761270          286/286             F           52,000.00         ZZ
                                         360         51,836.23          1
                                       7.250            354.74         80
                                       7.000            354.74
    INDIANAPOLIS     IN   46201          2            08/01/03         00
    2698213                              05           09/01/03          0
    2698213                              N            08/01/33
    0


    8761272          286/286             F           53,600.00         ZZ
                                         360         53,431.21          1
                                       7.250            365.65         80
                                       7.000            365.65
    INDIANAPOLIS     IN   46203          2            08/01/03         00
    2698242                              05           09/01/03          0
    2698242                              N            08/01/33
    0


    8761276          286/286             F          211,000.00         ZZ
                                         360        210,351.45          1
                                       5.875          1,248.15         74
                                       5.625          1,248.15
    SANDY            UT   84093          2            08/12/03         00
    2650140                              05           10/01/03          0
    2650140                              N            09/01/33
    0


    8761278          286/286             F          308,000.00         ZZ
                                         360        307,180.19          1
                                       6.625          1,972.16         70
                                       6.375          1,972.16
    DALY CITY        CA   94014          5            08/12/03         00
    2650257                              05           10/01/03          0
    2650257                              N            09/01/33
    0
1




    8764298          U05/G02             F          500,000.00         ZZ
                                         360        499,093.53          1
                                       6.500          3,160.34         80
                                       6.250          3,160.34
    THOUSAND OAKS    CA   91362          5            09/24/03         00
    0437073372                           03           11/01/03          0
    3420265                              O            10/01/33
    0


    8766132          E22/G02             F          152,000.00         ZZ
                                         360        151,855.78          1
                                       6.250            935.89         99
                                       6.000            935.89
    CORVALLIS        OR   97330          1            10/07/03         10
    0418312609                           05           12/01/03         35
    0418312609                           O            11/01/33
    0


    8769766          A06/G02             F           71,250.00         ZZ
                                         360         71,193.02          1
                                       7.125            480.03         95
                                       6.875            480.03
    DETROIT          MI   48210          5            10/02/03         11
    0436814495                           05           12/01/03         30
    021000020321923                      O            11/01/33
    0


    8773764          R84/G02             F          438,200.00         ZZ
                                         360        437,784.22          1
                                       6.250          2,698.07         50
                                       6.000          2,698.07
    LAS VEGAS        NV   89135          5            10/24/03         00
    0436910905                           03           12/01/03          0
    LVW7213                              O            11/01/33
    0


    8777124          F28/G02             F          450,000.00         ZZ
                                         360        449,143.82          1
                                       6.250          2,770.73         74
                                       6.000          2,770.73
    WALNUT           CA   91789          1            09/18/03         00
    0436814271                           05           11/01/03          0
    6653876                              O            10/01/33
    0


    8777128          F28/G02             F          490,000.00         ZZ
                                         360        489,089.90          1
1


                                       6.375          3,056.97         70
                                       6.125          3,056.97
    PARADISE VALLEY  AZ   85253          1            09/16/03         00
    0436818520                           05           11/01/03          0
    6656194                              O            10/01/33
    0


    8777250          F28/G02             F          581,000.00         ZZ
                                         360        578,780.66          1
                                       5.500          3,298.86         73
                                       5.250          3,298.86
    NISSEQUOGUE      NY   11780          5            08/08/03         00
    0436811814                           05           10/01/03          0
    6214388                              O            09/01/33
    0


    8777280          F28/G02             F          379,900.00         ZZ
                                         360        378,868.09          1
                                       7.125          2,559.46         95
                                       6.875          2,559.46
    BREWSTER         MA   02631          1            08/29/03         04
    0436819312                           05           10/01/03         30
    6544869                              O            09/01/33
    0


    8780016          L76/G02             F          300,000.00         T
                                         360        299,722.14          1
                                       6.375          1,871.61         78
                                       6.125          1,871.61
    DELANO           MN   55328          1            10/13/03         00
    0436884548                           05           12/01/03          0
    9508076000                           O            11/01/33
    0


    8780022          U35/G02             F           81,000.00         ZZ
                                         360         80,936.82          1
                                       7.250            552.56         90
                                       7.000            552.56
    GARY             IN   46403          5            10/15/03         04
    0436985733                           05           12/01/03         25
    13626295                             O            11/01/33
    0


    8780224          W30/G02             F          147,600.00         ZZ
                                         360        147,396.19          3
                                       7.875          1,070.20         90
                                       7.625          1,070.20
    TORRINGTON       CT   06790          1            09/29/03         10
    0437045131                           05           11/01/03         25
1


    120208901                            N            10/01/33
    0


    8780606          B23/G02             F          164,000.00         ZZ
                                         360        163,855.31          1
                                       6.625          1,050.11         80
                                       6.375          1,050.11
    FONTANA          CA   92337          1            10/10/03         00
    0436812598                           05           12/01/03          0
    80002186                             O            11/01/33
    0


    8780966          E22/G02             F          104,000.00         TX
                                         360        103,903.68          1
                                       6.375            648.82         80
                                       6.125            648.82
    CYPRESS          TX   77429          5            10/15/03         00
    0418405130                           03           12/01/03          0
    0418405130                           O            11/01/33
    0


    8784826          225/G02             F          360,000.00         ZZ
                                         360        356,311.38          1
                                       6.500          2,275.44         77
                                       6.250          2,275.44
    TUCKAHOE         NY   10707          5            06/12/03         00
    0436811434                           05           08/01/03          0
    006895524                            O            07/01/33
    0


    8784828          225/G02             F          310,000.00         ZZ
                                         360        309,438.00          1
                                       6.500          1,959.41         61
                                       6.250          1,959.41
    JACKSONVILLE     FL   32223          1            09/15/03         00
    0436818314                           05           11/01/03          0
    006898025                            O            10/01/33
    0


    8784872          225/G02             F          454,910.00         ZZ
                                         360        139,050.35          1
                                       7.625          3,219.82         72
                                       7.375          3,219.82
    WELLINGTON       FL   33414          1            09/03/03         00
    0436818017                           03           11/01/03          0
    006927365                            N            10/01/33
    0


1


    8784886          225/G02             F          465,000.00         ZZ
                                         360        462,717.05          1
                                       6.125          2,825.39         80
                                       5.875          2,825.39
    ESCONDIDO        CA   92026          5            06/25/03         00
    0436817811                           05           08/01/03          0
    007482524                            O            07/01/33
    0


    8784898          225/G02             F          340,000.00         ZZ
                                         360        338,569.84          1
                                       5.750          1,984.15         80
                                       5.500          1,984.15
    ORANGE           CA   92867          5            07/17/03         00
    0436817704                           05           09/01/03          0
    007488719                            O            08/01/33
    0


    8784904          225/G02             F          550,000.00         ZZ
                                         360        547,740.46          1
                                       5.875          3,253.46         75
                                       5.625          3,253.46
    NEWBURGH         NY   12550          5            08/07/03         00
    0436817969                           05           09/01/03          0
    007496101                            O            08/01/33
    0


    8785496          E22/G02             F          145,000.00         ZZ
                                         360        144,872.07          1
                                       6.625            928.45         43
                                       6.375            928.45
    DOLYSTOWN        PA   18901          1            10/21/03         00
    0418477758                           05           12/01/03          0
    0418477758                           O            11/01/33
    0


    8785886          E22/G02             F          160,000.00         ZZ
                                         360        159,855.36          1
                                       6.500          1,011.31         79
                                       6.250          1,011.31
    MADISONVILLE     LA   70471          1            10/20/03         00
    0418865069                           05           12/01/03          0
    0418865069                           O            11/01/33
    0


    8786753          883/G02             F          153,000.00         ZZ
                                         360        152,266.53          1
                                       6.250            942.05         83
                                       6.000            942.05
1


    MERRITT ISLAND   FL   32953          5            06/02/03         10
    0436037030                           07           08/01/03         12
    05021674                             O            07/01/33
    0


    8791276          676/G02             F          585,000.00         ZZ
                                         360        583,886.95          1
                                       6.250          3,601.95         72
                                       6.000          3,601.95
    HONOLULU         HI   96825          5            09/09/03         00
    0436846596                           03           11/01/03          0
    6005474640                           O            10/01/33
    0


    8791806          E22/G02             F          122,400.00         ZZ
                                         360        122,289.35          1
                                       6.500            773.65         80
                                       6.250            773.65
    MADISON          AL   35758          5            10/17/03         00
    0418588638                           05           12/01/03          0
    0418588638                           O            11/01/33
    0


    8792164          E22/G02             F           71,000.00         ZZ
                                         360         70,935.81          1
                                       6.500            448.77         63
                                       6.250            448.77
    SOUTHGATE        MI   48195          1            10/22/03         00
    0418876447                           05           12/01/03          0
    0418876447                           O            11/01/33
    0


    8794406          N74/G02             F           98,600.00         ZZ
                                         240         98,190.74          1
                                       6.375            727.90         79
                                       6.125            727.90
    CHESAPEAKE       VA   23323          2            10/15/03         00
    0436985246                           05           11/20/03          0
    0033555010                           O            10/20/23
    0


    8794686          X08/G02             F           81,200.00         ZZ
                                         360         81,131.78          1
                                       6.875            533.43         70
                                       6.625            533.43
    MANITOU SPRINGS  CO   80829          5            10/09/03         00
    0437047681                           05           12/01/03          0
    6036686                              N            11/01/33
    0
1




    8794960          E22/G02             F          393,750.00         ZZ
                                         360        393,394.04          1
                                       6.500          2,488.77         75
                                       6.250          2,488.77
    BUENA VISTA      CO   81211          2            10/23/03         00
    0418757365                           05           12/01/03          0
    0418757365                           O            11/01/33
    0


    8796158          K15/G02             F          229,500.00         ZZ
                                         360        229,297.52          1
                                       6.625          1,469.51         85
                                       6.375          1,469.51
    RIVERSIDE        CA   92503          5            09/30/03         41
    0436840912                           05           12/01/03         12
    038405513839                         O            11/01/33
    0


    8796760          R55/G02             F          176,000.00         ZZ
                                         360        175,852.14          1
                                       6.875          1,156.19         80
                                       6.625          1,156.19
    LAFAYETTE        IN   47905          1            10/17/03         00
    0436840862                           05           12/01/03          0
    100094600000231                      O            11/01/33
    0


    8798126          X67/G02             F           85,000.00         ZZ
                                         360         84,926.82          1
                                       6.750            551.31         43
                                       6.500            551.31
    LAKE ELIZABETH   CA   93532          1            10/02/03         00
    0436839898                           05           12/01/03          0
    0000427002                           O            11/01/33
    0


    8798294          N67/G02             F           74,800.00         ZZ
                                         360         74,744.49          1
                                       7.500            523.01         80
                                       7.250            523.01
    ROGERS           AR   72756          1            10/14/03         00
    0436940605                           05           12/01/03          0
    1162003001                           O            11/01/33
    0


    8798468          N67/G02             F          450,800.00         ZZ
                                         360        450,340.39          1
1


                                       5.875          2,666.65         80
                                       5.625          2,666.65
    NAPERVILLE       IL   60564          1            10/09/03         00
    0436941041                           03           12/01/03          0
    1760005095                           O            11/01/33
    0


    8798542          N67/G02             F           85,000.00         ZZ
                                         240         84,844.13          1
                                       7.375            678.27         76
                                       7.125            678.27
    GLENDALE         AZ   85303          5            10/07/03         00
    0436941314                           05           12/01/03          0
    1781007523                           O            11/01/23
    0


    8798562          N67/G02             F          352,000.00         ZZ
                                         360        351,614.71          1
                                       5.500          1,998.62         80
                                       5.250          1,998.62
    BOTHELL          WA   98012          1            10/10/03         00
    0436941439                           05           12/01/03          0
    1781007568                           O            11/01/33
    0


    8798830          N67/G02             F          180,000.00         ZZ
                                         360        179,816.48          1
                                       5.875          1,064.77         80
                                       5.625          1,064.77
    JONESBORO        GA   30238          1            10/10/03         00
    0436942957                           05           12/01/03          0
    3254008549                           O            11/01/33
    0


    8798914          N67/G02             F           33,900.00         ZZ
                                         360         33,844.53          1
                                       7.025            226.11         60
                                       6.775            226.11
    MARGATE          FL   33063          1            09/19/03         00
    0436943468                           01           11/01/03          0
    3255004562                           O            10/01/33
    0


    8798946          N67/G02             F           72,200.00         ZZ
                                         360         72,139.35          1
                                       6.875            474.30         54
                                       6.625            474.30
    LAS VEGAS        NV   89104          2            10/02/03         00
    0436832463                           05           12/01/03          0
1


    1162002895                           N            11/01/33
    0


    8799112          N67/G02             F           41,000.00         ZZ
                                         360         40,964.70          1
                                       6.750            265.93         46
                                       6.500            265.93
    PAYSON           AZ   85541          1            10/02/03         00
    0436832810                           01           12/01/03          0
    1781007465                           O            11/01/33
    0


    8799272          N67/G02             F          482,400.00         ZZ
                                         360        481,626.17          1
                                       7.125          3,250.02         80
                                       6.875          3,250.02
    DES PLAINES      IL   60018          1            09/22/03         00
    0436945489                           05           11/01/03          0
    3265004844                           O            10/01/33
    0


    8799296          N67/G02             F          100,000.00         ZZ
                                         360         99,909.60          1
                                       6.500            632.07         60
                                       6.250            632.07
    POMPANO BEACH    FL   33064          1            10/03/03         00
    0436833156                           05           12/01/03          0
    3252005859                           O            11/01/33
    0


    8799312          N67/G02             F          131,000.00         ZZ
                                         360        130,881.57          1
                                       6.500            828.01         78
                                       6.250            828.01
    LAKELAND         TN   38002          5            10/01/03         00
    0436833180                           05           12/01/03          0
    3254008126                           O            11/01/33
    0


    8799384          N67/G02             F          123,900.00         ZZ
                                         360        123,728.90          1
                                       7.875            898.36         80
                                       7.625            898.36
    WEST PALM BEACH  FL   33406          1            10/03/03         00
    0436833347                           05           11/01/03          0
    3254008460                           O            10/01/33
    0


1


    8799428          N67/G02             F           85,000.00         ZZ
                                         360         84,940.01          1
                                       7.750            608.95         70
                                       7.500            608.95
    NEW PORT RICHEY  FL   34653          2            09/30/03         00
    0436833446                           05           12/01/03          0
    3254008528                           O            11/01/33
    0


    8799432          N67/G02             F          288,000.00         ZZ
                                         360        287,745.90          1
                                       6.625          1,844.10         80
                                       6.375          1,844.10
    ANNANDALE        VA   22003          1            10/14/03         00
    0436946313                           05           12/01/03          0
    3274013057                           O            11/01/33
    0


    8799434          N67/G02             F          110,000.00         ZZ
                                         360        109,912.04          2
                                       7.125            741.09         71
                                       6.875            741.09
    CLEARWATER       FL   33756          1            10/06/03         00
    0436833461                           05           12/01/03          0
    3254008560                           O            11/01/33
    0


    8800744          T17/G02             F          235,200.00         ZZ
                                         360        234,992.49          1
                                       6.625          1,506.01         80
                                       6.375          1,506.01
    DECATUR          GA   30033          1            10/14/03         00
    0436844336                           05           12/01/03          0
    0309160001                           O            11/01/33
    0


    8801130          144/144             F          110,000.00         ZZ
                                         360        109,819.15          1
                                       7.000            731.83         27
                                       6.750            731.83
    CROTON ON HUDSO  NY   10520          5            09/18/03         00
    160740571000000                      05           11/01/03          0
    160740571                            O            10/01/33
    0


    8801330          L14/G02             F          175,750.00         ZZ
                                         360        175,453.84          1
                                       6.875          1,154.56         95
                                       6.625          1,154.56
1


    BEACH PARK       IL   60087          1            09/19/03         12
    0436837991                           05           11/01/03         30
    204261282                            O            10/01/33
    0


    8801424          L14/G02             F          148,500.00         ZZ
                                         360        148,249.77          1
                                       6.875            975.54         90
                                       6.625            975.54
    CHANDLER         AZ   85224          1            09/12/03         12
    0436837694                           03           11/01/03         25
    224500367                            O            10/01/33
    0


    8801426          L14/G02             F          144,000.00         ZZ
                                         360        143,726.01          1
                                       6.250            886.64         90
                                       6.000            886.64
    PISCATAWAY       NJ   08854          1            09/02/03         12
    0436837793                           05           11/01/03         25
    214818811                            O            10/01/33
    0


    8801428          L14/G02             F          130,000.00         ZZ
                                         360        129,791.46          1
                                       7.125            875.84         37
                                       6.875            875.84
    OAKLAND          CA   94601          5            09/05/03         00
    0436839070                           05           11/01/03          0
    201616363                            O            10/01/33
    0


    8801438          E57/G02             F          156,750.00         ZZ
                                         360        156,615.04          1
                                       6.750          1,016.68         95
                                       6.500          1,016.68
    FONTANA          CA   92335          1            10/09/03         04
    0436838296                           05           12/01/03         30
    06019663                             O            11/01/33
    0


    8801462          L14/G02             F          123,435.00         ZZ
                                         360        123,232.05          1
                                       7.000            821.22         65
                                       6.750            821.22
    SPRING HILL      FL   34609          1            09/29/03         00
    0436834618                           05           11/01/03          0
    231906030                            O            10/01/33
    0
1




    8801482          L14/G02             F          190,285.00         ZZ
                                         360        189,956.40          1
                                       6.750          1,234.19         95
                                       6.500          1,234.19
    BAKERSFIELD      CA   93311          1            09/19/03         11
    0436831127                           05           11/01/03         30
    121503107                            O            10/01/33
    0


    8801514          L14/G02             F          155,120.00         ZZ
                                         360        154,845.51          1
                                       6.625            993.26         80
                                       6.375            993.26
    PHOENIX          AZ   85022          1            09/22/03         00
    0436834048                           03           11/01/03          0
    202124658                            O            10/01/33
    0


    8801516          L14/G02             F           70,000.00         T
                                         360         69,914.88          1
                                       8.500            538.24         45
                                       8.250            538.24
    THE VILLAGES     FL   32162          1            09/09/03         00
    0436838031                           03           11/01/03          0
    231905937                            O            10/01/33
    0


    8801530          L14/G02             F          134,950.00         ZZ
                                         360        134,686.99          1
                                       6.125            819.98         89
                                       5.875            819.98
    LAS VEGAS        NV   89143          1            09/09/03         12
    0436841969                           03           11/01/03         25
    134300462                            O            10/01/33
    0


    8801540          L14/G02             F           99,275.00         ZZ
                                         360         99,107.71          1
                                       6.875            652.17         95
                                       6.625            652.17
    FREDERICK        MD   21704          1            09/24/03         12
    0436834907                           05           11/01/03         30
    234100397                            O            10/01/33
    0


    8801562          L14/G02             F          350,000.00         ZZ
                                         360        349,317.90          1
1


                                       6.125          2,126.64         90
                                       5.875          2,126.64
    YUMA             AZ   85364          1            09/01/03         12
    0436836696                           05           11/01/03         25
    225500021                            O            10/01/33
    0


    8801566          L14/G02             F          149,900.00         ZZ
                                         360        149,647.40          1
                                       6.875            984.74         95
                                       6.625            984.74
    FORT WORTH       TX   76248          1            09/22/03         12
    0436838106                           05           11/01/03         30
    114221893                            O            10/01/33
    0


    8801568          L14/G02             F          132,050.00         ZZ
                                         360        131,821.96          1
                                       6.750            856.48         95
                                       6.500            856.48
    HARRODSBURG      KY   40330          1            09/22/03         12
    0436838387                           05           11/01/03         30
    216416666                            O            10/01/33
    0


    8801740          W57/G02             F          400,000.00         ZZ
                                         360        399,274.82          1
                                       6.500          2,528.28         79
                                       6.250          2,528.28
    NASHVILLE        TN   37205          5            09/25/03         00
    0436836944                           05           11/01/03          0
    230327995                            O            10/01/33
    0


    8801914          L14/G02             F          224,250.00         ZZ
                                         360        223,833.49          1
                                       6.375          1,399.03         65
                                       6.125          1,399.03
    SUMMERFIELD      NC   27358          1            09/29/03         00
    0436835177                           05           11/01/03          0
    231104149                            O            10/01/33
    0


    8801986          L14/G02             F          122,550.00         ZZ
                                         360        122,343.49          1
                                       6.875            805.07         95
                                       6.625            805.07
    MANDEVILLE       LA   70448          1            09/30/03         11
    0436843247                           05           11/01/03         30
1


    222801342                            O            10/01/33
    0


    8801990          L14/G02             F          223,250.00         ZZ
                                         360        222,873.80          1
                                       6.875          1,466.60         95
                                       6.625          1,466.60
    CERES            CA   95307          1            09/09/03         12
    0436837579                           05           11/01/03         30
    214405817                            O            10/01/33
    0


    8802040          L14/G02             F          156,655.00         ZZ
                                         360        156,391.01          1
                                       6.875          1,029.12         95
                                       6.625          1,029.12
    HAMILTON         NJ   08690          1            09/09/03         11
    0436837926                           05           11/01/03         30
    214818890                            O            10/01/33
    0


    8802512          E22/G02             F          117,720.00         ZZ
                                         360        117,613.58          1
                                       6.500            744.07         90
                                       6.250            744.07
    RIDGEDALE        MO   65739          1            10/23/03         01
    0418895082                           05           12/01/03         35
    0418895082                           O            11/01/33
    0


    8802534          H93/G02             F          140,500.00         ZZ
                                         360        140,372.98          1
                                       6.500            888.06         95
                                       6.250            888.06
    RAYTOWN          MO   64138          1            10/20/03         04
    0436840557                           05           12/01/03         30
    2003001337                           O            11/01/33
    0


    8802658          E22/G02             F           83,200.00         ZZ
                                         360         83,122.94          1
                                       6.375            519.06         80
                                       6.125            519.06
    VISALIA          CA   93292          1            10/09/03         00
    0418793733                           03           12/01/03          0
    0418793733                           O            11/01/33
    0


1


    8802660          E22/G02             F          104,500.00         ZZ
                                         360        104,410.02          1
                                       6.750            677.79         95
                                       6.500            677.79
    WAYNESVILLE      OH   45068          5            10/20/03         01
    0418793956                           05           12/01/03         30
    0418793956                           O            11/01/33
    0


    8802848          E22/G02             F           75,525.00         ZZ
                                         360         75,468.95          1
                                       7.500            528.08         95
                                       7.250            528.08
    WETMORE          KS   66436          1            10/24/03         01
    0418832903                           05           12/01/03         30
    0418832903                           O            11/01/33
    0


    8803170          T09/G02             F          170,000.00         ZZ
                                         360        169,846.31          1
                                       6.500          1,074.52         95
                                       6.250          1,074.52
    REEDLEY          CA   93654          1            10/02/03         01
    0436852826                           05           12/01/03         25
    2003003893                           O            11/01/33
    0


    8807016          E22/G02             F          164,000.00         ZZ
                                         360        163,848.10          1
                                       6.375          1,023.15         80
                                       6.125          1,023.15
    OLIVE BRANCH     MS   38654          1            10/24/03         00
    0418595781                           05           12/01/03          0
    0418595781                           O            11/01/33
    0


    8807058          E22/G02             F          130,000.00         ZZ
                                         360        129,888.07          1
                                       6.750            843.18         76
                                       6.500            843.18
    EXPANOLA         NM   87532          5            10/21/03         00
    0418625000                           05           12/01/03          0
    0418625000                           O            11/01/33
    0


    8807070          E22/G02             F           74,700.00         ZZ
                                         360         74,630.81          1
                                       6.375            466.03         90
                                       6.125            466.03
1


    NILES            MI   49120          5            10/22/03         01
    0418640744                           05           12/01/03         25
    0418640744                           O            11/01/33
    0


    8807104          E22/G02             F          284,000.00         TX
                                         360        283,743.26          1
                                       6.500          1,795.07         70
                                       6.250          1,795.07
    DALLAS           TX   75254          5            10/22/03         00
    0418657433                           03           12/01/03          0
    0418657433                           O            11/01/33
    0


    8807178          J40/G02             F           73,800.00         ZZ
                                         360         73,662.92          1
                                       6.375            460.42         90
                                       6.125            460.42
    CANTON           MS   39046          1            09/29/03         01
    0436842660                           07           11/01/03         25
    58875                                O            10/01/33
    0


    8807228          U35/G02             F          125,875.00         ZZ
                                         360        125,523.38          1
                                       6.375            785.30         95
                                       6.125            785.30
    FRESNO           CA   93705          1            08/05/03         04
    0437012230                           05           10/01/03         30
    12772851                             O            09/01/33
    0


    8807260          K15/G02             F          155,000.00         ZZ
                                         360        154,852.93          1
                                       6.250            954.36         68
                                       6.000            954.36
    POMONA           NY   10970          5            10/20/03         00
    0436844047                           01           12/01/03          0
    005005523160                         O            11/01/33
    0


    8807330          K15/G02             F          118,000.00         ZZ
                                         360        117,898.40          1
                                       6.750            765.35         92
                                       6.500            765.35
    NORTH LITTLE RO  AR   72117          5            10/09/03         41
    0436846240                           05           12/01/03         30
    038205513703                         O            11/01/33
    0
1




    8807344          E22/G02             F           92,000.00         TX
                                         360         91,920.79          1
                                       6.750            596.71         80
                                       6.500            596.71
    KATY             TX   77449          5            10/17/03         00
    0418440194                           03           12/01/03          0
    0418440194                           O            11/01/33
    0


    8807366          E22/G02             F          300,000.00         ZZ
                                         360        299,754.09          1
                                       7.000          1,995.91         80
                                       6.750          1,995.91
    WILLIAMSBURG     VA   23185          2            10/27/03         00
    0418481859                           05           12/01/03          0
    0418481859                           N            11/01/33
    0


    8807374          E22/G02             F          148,000.00         TX
                                         360        147,869.42          1
                                       6.625            947.66         80
                                       6.375            947.66
    SUGAR LAND       TX   77478          5            10/22/03         00
    0418492369                           03           12/01/03          0
    0418492369                           O            11/01/33
    0


    8807416          E86/G02             F          123,700.00         ZZ
                                         360        123,603.50          1
                                       7.250            843.85         80
                                       7.000            843.85
    PORTLAND         OR   97220          1            10/21/03         00
    0436850184                           05           12/01/03          0
    0000425338                           O            11/01/33
    0


    8807742          L49/G02             F          425,950.00         ZZ
                                         360        425,545.84          1
                                       6.250          2,622.65         90
                                       6.000          2,622.65
    OXNARD           CA   93030          1            10/22/03         11
    0436853402                           05           12/01/03         25
    10016256                             O            11/01/33
    0


    8807860          X81/G02             F          150,000.00         ZZ
                                         360        149,864.40          1
1


                                       6.500            948.10         94
                                       6.250            948.10
    ZIMMERMAN        MN   55398          1            10/22/03         10
    0436879696                           05           12/01/03         30
    9538792387                           O            11/01/33
    0


    8807928          L49/G02             F          440,000.00         ZZ
                                         360        439,540.61          1
                                       5.750          2,567.72         52
                                       5.500          2,567.72
    LIVERMORE        CA   94550          1            10/16/03         00
    0436853147                           05           12/01/03          0
    10016869                             O            11/01/33
    0


    8807974          144/144             F          160,000.00         ZZ
                                         360        159,695.57          1
                                       6.250            985.15         35
                                       6.000            985.15
    CORTLANDT MANOR  NY   10567          5            09/19/03         00
    160699579000000                      03           11/01/03          0
    160699579                            O            10/01/33
    0


    8808796          K15/G02             F          320,400.00         ZZ
                                         360        320,095.99          1
                                       6.250          1,972.76         77
                                       6.000          1,972.76
    VALLEY STREAM    NY   11580          5            10/07/03         00
    0436845846                           05           12/01/03          0
    011205522754                         O            11/01/33
    0


    8811542          E22/G02             F          179,100.00         ZZ
                                         360        178,537.80          1
                                       6.750          1,161.64         90
                                       6.500          1,161.64
    INDIO            CA   92201          5            10/17/03         01
    0418678769                           05           12/01/03         25
    0418678769                           O            11/01/33
    0


    8811554          A52/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       7.375            683.77         90
                                       7.125            683.77
    CLEVELAND        GA   30528          5            10/28/03         11
    0436842181                           05           01/01/04         25
1


    27680                                O            12/01/33
    0


    8811598          E22/G02             F          183,200.00         ZZ
                                         360        182,573.25          1
                                       6.375          1,142.93         80
                                       6.125          1,142.93
    GARDENDALE       AL   35071          1            10/28/03         00
    0418728465                           05           12/01/03          0
    0418728465                           O            11/01/33
    0


    8811622          E22/G02             F          170,000.00         ZZ
                                         360        169,846.31          1
                                       6.500          1,074.52         57
                                       6.250          1,074.52
    CLIFTON          NJ   07012          5            10/23/03         00
    0418738290                           05           12/01/03          0
    0418738290                           O            11/01/33
    0


    8811670          E22/G02             F           60,000.00         ZZ
                                         360         59,949.59          1
                                       6.875            394.16         94
                                       6.625            394.16
    ECLECTIC         AL   36024          5            10/23/03         04
    0418757076                           05           12/01/03         30
    0418757076                           O            11/01/33
    0


    8811802          E22/G02             F          107,000.00         ZZ
                                         240        106,768.42          1
                                       6.000            766.58         43
                                       5.750            766.58
    JAMAICA          NY   11434          5            10/23/03         00
    0418795225                           07           12/01/03          0
    0418795225                           O            11/01/23
    0


    8811826          E22/G02             F          205,400.00         ZZ
                                         360        205,209.76          1
                                       6.375          1,281.43         79
                                       6.125          1,281.43
    DURHAM           NC   27707          1            10/28/03         00
    0418802070                           03           12/01/03          0
    0418802070                           O            11/01/33
    0


1


    8811886          E22/G02             F          249,000.00         ZZ
                                         360        248,769.37          1
                                       6.375          1,553.44         72
                                       6.125          1,553.44
    PENN VALLEY      CA   95946          1            10/13/03         00
    0418825485                           03           12/01/03          0
    0418825485                           O            11/01/33
    0


    8811978          E22/G02             F          398,700.00         ZZ
                                         360        398,356.73          1
                                       6.750          2,585.96         90
                                       6.500          2,585.96
    BEREKELEY HEIGH  NJ   07922          1            10/28/03         01
    0418845681                           05           12/01/03         25
    0418845681                           O            11/01/33
    0


    8812270          R84/G02             F          268,000.00         ZZ
                                         360        267,757.73          1
                                       6.500          1,693.94         80
                                       6.250          1,693.94
    RENTON           WA   98055          5            10/21/03         00
    0436845226                           03           12/01/03          0
    WA310052                             O            11/01/33
    0


    8812508          642/G02             F           61,700.00         ZZ
                                         360         61,654.21          1
                                       7.500            431.42         95
                                       7.250            431.42
    BIRMINGHAM       AL   35208          5            10/16/03         11
    0436844245                           05           12/01/03         35
    09187303                             O            11/01/33
    0


    8813934          K15/G02             F          143,000.00         ZZ
                                         360        142,893.87          1
                                       7.500            999.88         90
                                       7.250            999.88
    MADERA           CA   93638          5            10/22/03         41
    0436851166                           05           12/01/03         25
    038305513917                         O            11/01/33
    0


    8813940          K15/G02             F           91,000.00         ZZ
                                         360         90,917.74          1
                                       6.500            575.18         77
                                       6.250            575.18
1


    KINGSTON         NH   03848          5            10/27/03         00
    0436856918                           05           12/01/03          0
    033105522057                         O            11/01/33
    0


    8814054          G34/G02             F          185,300.00         TX
                                         360        185,128.38          1
                                       6.375          1,156.03         77
                                       6.125          1,156.03
    DECATUR          TX   76234          5            10/20/03         00
    0436871248                           05           12/01/03          0
    47010924                             O            11/01/33
    0


    8814380          E22/G02             F          145,400.00         T
                                         360        145,271.72          1
                                       6.625            931.01         61
                                       6.375            931.01
    SOUTH HAVEN      MI   49090          1            10/29/03         00
    0418498622                           05           12/01/03          0
    0418498622                           O            11/01/33
    0


    8814408          E22/G02             F           96,000.00         ZZ
                                         360         95,908.91          1
                                       6.250            591.09         80
                                       6.000            591.09
    TACOMA           WA   98418          5            10/16/03         00
    0418546792                           05           12/01/03          0
    0418546792                           O            11/01/33
    0


    8814552          E85/G02             F          524,000.00         ZZ
                                         360        523,490.70          1
                                       6.125          3,183.88         80
                                       5.875          3,183.88
    SEBASTOPOL       CA   95472          1            10/23/03         00
    0436889927                           05           12/01/03          0
    9622238                              O            11/01/33
    0


    8814592          E22/G02             F          235,000.00         ZZ
                                         360        234,766.06          1
                                       6.000          1,408.94         51
                                       5.750          1,408.94
    WEST CALDWELL    NJ   07006          5            10/24/03         00
    0418910352                           05           12/01/03          0
    0418910352                           O            11/01/33
    0
1




    8814734          E22/G02             F          448,000.00         ZZ
                                         360        447,585.06          1
                                       6.375          2,794.94         80
                                       6.125          2,794.94
    OAK VIEW         CA   93022          5            10/10/03         00
    0418819025                           05           12/01/03          0
    0418819025                           O            11/01/33
    0


    8814772          E22/G02             F          399,990.00         ZZ
                                         360        399,628.40          2
                                       6.500          2,528.21         79
                                       6.250          2,528.21
    NORWALK          CT   06854          5            10/24/03         00
    0418086823                           05           12/01/03          0
    0418086823                           O            11/01/33
    0


    8814802          E11/G02             F          124,000.00         ZZ
                                         360        123,882.34          1
                                       6.250            763.49         72
                                       6.000            763.49
    MOUNDSVIEW       MN   55112          1            10/24/03         00
    0436852701                           01           12/01/03          0
    414651                               O            11/01/33
    0


    8814820          E22/G02             F          314,000.00         ZZ
                                         360        313,694.81          1
                                       6.125          1,907.90         79
                                       5.875          1,907.90
    FELTON           CA   95018          5            10/23/03         00
    0418703518                           05           12/01/03          0
    0418703518                           O            11/01/33
    0


    8814888          E22/G02             F          313,500.00         ZZ
                                         360        313,236.62          1
                                       6.875          2,059.47         95
                                       6.625          2,059.47
    SAINT SIMONS IS  GA   31522          1            10/29/03         01
    0418690574                           05           12/01/03         30
    0418690574                           O            11/01/33
    0


    8814988          313/G02             F          179,100.00         ZZ
                                         360        178,941.98          1
1


                                       6.625          1,146.80         80
                                       6.375          1,146.80
    SUWANEE          GA   30024          1            10/23/03         00
    0436849434                           03           12/01/03          0
    0009928763                           O            11/01/33
    0


    8815094          E22/G02             F          180,000.00         ZZ
                                         360        179,837.28          1
                                       6.500          1,137.72         90
                                       6.250          1,137.72
    ROCKAWAY         NJ   07866          1            10/29/03         04
    0418758892                           05           12/01/03         25
    0418758892                           O            11/01/33
    0


    8816440          956/956             F          650,000.00         ZZ
                                         360        649,321.36          1
                                       5.750          3,793.22         56
                                       5.500          3,793.22
    CASTLE ROCK      CO   80108          1            10/24/03         00
    2413100019                           03           12/01/03          0
    2413100019                           O            11/01/33
    0


    8816446          956/956             F          164,000.00         ZZ
                                         360        163,709.82          1
                                       6.625          1,050.11         62
                                       6.375          1,050.11
    EDINA            MN   55424          2            09/05/03         00
    3513080036                           05           11/01/03          0
    3513080036                           O            10/01/33
    0


    8816450          956/956             F          194,000.00         ZZ
                                         360        193,656.74          1
                                       6.625          1,242.20         59
                                       6.375          1,242.20
    BOULDER          CO   80305          2            09/09/03         00
    3613080147                           05           11/01/03          0
    3613080147                           O            10/01/33
    0


    8816452          956/956             F          100,000.00         ZZ
                                         360         99,900.45          1
                                       6.000            599.55         80
                                       5.750            599.55
    LEBANON          TN   37090          2            10/22/03         00
    4613090038                           05           12/01/03          0
1


    4613090038                           O            11/01/33
    0


    8816454          956/956             F          650,000.00         ZZ
                                         360        648,733.25          1
                                       6.125          3,949.47         67
                                       5.875          3,949.47
    SAN MATEO        CA   94401          1            09/22/03         00
    5313090003                           05           11/01/03          0
    5313090003                           O            10/01/33
    0


    8816456          956/956             F          650,000.00         ZZ
                                         360        649,246.74          1
                                       5.750          3,793.22         71
                                       5.500          3,793.22
    SANTA CRUZ       CA   95060          2            10/03/03         00
    5613090019                           05           12/01/03          0
    5613090019                           O            11/01/33
    0


    8817112          168/168             F           63,900.00         ZZ
                                         360         63,851.37          3
                                       7.375            441.35         90
                                       7.125            441.35
    ROCHESTER        NY   14607          1            10/28/03         04
    3748480                              05           12/01/03         25
    1                                    N            11/01/33
    0


    8817456          T79/G02             F          127,920.00         ZZ
                                         360        127,815.15          1
                                       7.000            851.05         80
                                       6.750            851.05
    GRAIN VALLEY     MO   64029          1            10/16/03         00
    0436892988                           05           12/01/03          0
    1150310051                           O            11/01/33
    0


    8818088          U35/G02             F           65,700.00         ZZ
                                         360         65,636.14          1
                                       6.125            399.20         90
                                       5.875            399.20
    ATTICA           IN   47918          5            10/21/03         04
    0436961353                           05           12/01/03         25
    13717304                             O            11/01/33
    0


1


    8818090          E85/G02             F          369,000.00         ZZ
                                         360        368,641.44          1
                                       6.125          2,242.00         79
                                       5.875          2,242.00
    NOVATO           CA   94947          5            10/21/03         00
    0436908412                           05           12/01/03          0
    9621008                              O            11/01/33
    0


    8818588          E22/G02             F          346,750.00         ZZ
                                         360        346,444.07          3
                                       6.625          2,220.28         95
                                       6.375          2,220.28
    ATLANTIC HIGHLA  NJ   07716          1            10/30/03         04
    0418174611                           05           12/01/03         30
    0418174611                           O            11/01/33
    0


    8818716          E22/G02             F          180,000.00         ZZ
                                         360        179,845.02          1
                                       6.750          1,167.48         80
                                       6.500          1,167.48
    SAN DIEGO        CA   92105          1            10/23/03         00
    0418595229                           05           12/01/03          0
    0418595229                           O            11/01/33
    0


    8818726          E22/G02             F          156,000.00         ZZ
                                         360        155,862.36          1
                                       6.625            998.89         65
                                       6.375            998.89
    NORTH READING    MA   01864          1            10/30/03         00
    0418598942                           05           12/01/03          0
    0418598942                           O            11/01/33
    0


    8818802          E22/G02             F          129,000.00         ZZ
                                         360        128,880.52          1
                                       6.375            804.79        100
                                       6.125            804.79
    BLUE SPRINGS     MO   64014          1            10/30/03         01
    0418649778                           05           12/01/03         35
    0418649778                           O            11/01/33
    0


    8818832          E22/G02             F          142,320.00         ZZ
                                         360        142,174.90          1
                                       5.875            841.88         80
                                       5.625            841.88
1


    ACWORTH          GA   30101          1            10/30/03         00
    0418707840                           03           12/01/03          0
    0418707840                           O            11/01/33
    0


    8818914          E22/G02             F          153,000.00         ZZ
                                         360        152,847.69          1
                                       6.000            917.31         90
                                       5.750            917.31
    DELHI            CA   95315          5            10/22/03         01
    0418753372                           05           12/01/03         25
    0418753372                           O            11/01/33
    0


    8818924          E22/G02             F           96,000.00         ZZ
                                         360         95,919.35          2
                                       6.875            630.65         80
                                       6.625            630.65
    SAINT LOUIS      MO   63110          1            10/30/03         00
    0418758694                           05           12/01/03          0
    0418758694                           O            11/01/33
    0


    8818932          E22/G02             F          242,250.00         ZZ
                                         360        242,020.15          1
                                       6.250          1,491.57         95
                                       6.000          1,491.57
    KERMAN           CA   93630          5            10/07/03         04
    0418762910                           05           12/01/03         30
    0418762910                           O            11/01/33
    0


    8818968          E22/G02             F          236,700.00         ZZ
                                         360        236,501.14          3
                                       6.875          1,554.95         90
                                       6.625          1,554.95
    SOMMERSWORTH     NH   03878          1            10/30/03         01
    0418805602                           05           12/01/03         25
    0418805602                           O            11/01/33
    0


    8819090          E22/G02             F          152,500.00         ZZ
                                         360        152,378.05          4
                                       7.125          1,027.42         75
                                       6.875          1,027.42
    BLUE SPRINGS     MO   64015          2            10/30/03         00
    0418843959                           05           12/01/03          0
    0418843959                           N            11/01/33
    0
1




    8819118          E22/G02             F          132,000.00         ZZ
                                         360        131,871.70          1
                                       6.125            802.05         80
                                       5.875            802.05
    SACRAMENTO       CA   95826          1            10/20/03         00
    0418854188                           09           12/01/03          0
    0418854188                           O            11/01/33
    0


    8819198          E22/G02             F           70,205.00         ZZ
                                         360         70,151.58          2
                                       7.375            484.89         95
                                       7.125            484.89
    DETROIT          MI   48238          1            10/30/03         01
    0418885653                           05           12/01/03         30
    0418885653                           O            11/01/33
    0


    8819658          642/G02             F          382,850.00         ZZ
                                         360        382,551.34          1
                                       7.250          2,611.71         95
                                       7.000          2,611.71
    AURORA           IL   60504          2            10/01/03         11
    0436965040                           03           12/01/03         35
    09100803                             O            11/01/33
    0


    8819694          956/956             F          366,750.00         ZZ
                                         360        365,278.61          1
                                       6.000          2,198.85         75
                                       5.750          2,198.85
    DRAPER           UT   84020          5            07/29/03         00
    1113080225                           03           09/01/03          0
    1113080225                           O            08/01/33
    0


    8820148          W93/G02             F          135,000.00         ZZ
                                         360        134,766.88          1
                                       6.750            875.61         70
                                       6.500            875.61
    SANTA CLARITA    CA   91321          5            09/18/03         00
    0436859664                           01           11/01/03          0
    67487501                             O            10/01/33
    0


    8820160          W93/G02             F          118,500.00         ZZ
                                         360        118,400.45          1
1


                                       6.875            778.46         50
                                       6.625            778.46
    LOS ANGELES      CA   90744          2            09/30/03         00
    0436859748                           05           12/01/03          0
    67509068                             O            11/01/33
    0


    8820162          W93/G02             F          108,000.00         ZZ
                                         360        107,904.71          1
                                       6.625            691.54         39
                                       6.375            691.54
    LONG BEACH       CA   90806          5            10/01/03         00
    0436859763                           05           12/01/03          0
    67509257                             O            11/01/33
    0


    8820254          W93/G02             F          399,950.00         ZZ
                                         360        399,242.33          1
                                       6.625          2,560.92         60
                                       6.375          2,560.92
    DENVER           CO   80209          5            09/22/03         00
    0436903413                           05           11/01/03          0
    78506285                             O            10/01/33
    0


    8820286          W93/G02             F          348,000.00         ZZ
                                         360        347,685.40          1
                                       6.500          2,199.60         80
                                       6.250          2,199.60
    COTATI           CA   94931          1            10/08/03         00
    0436869705                           05           12/01/03          0
    21497586                             O            11/01/33
    0


    8820298          W93/G02             F          417,200.00         ZZ
                                         360        416,406.23          1
                                       6.250          2,568.77         80
                                       6.000          2,568.77
    CORONA           CA   92882          5            09/24/03         00
    0436875652                           03           11/01/03          0
    28471246                             O            10/01/33
    0


    8820312          W93/G02             F          151,600.00         ZZ
                                         360        151,331.76          1
                                       6.625            970.71         23
                                       6.375            970.71
    SANTA YNEZ       CA   93460          5            09/29/03         00
    0436903116                           05           11/01/03          0
1


    28485635                             O            10/01/33
    0


    8820316          W93/G02             F          356,000.00         ZZ
                                         360        355,678.17          1
                                       6.500          2,250.16         80
                                       6.250          2,250.16
    PEYTON           CO   80831          2            09/29/03         00
    0436876056                           05           12/01/03          0
    30508029                             O            11/01/33
    0


    8820318          W93/G02             F          216,000.00         ZZ
                                         360        215,617.81          1
                                       6.625          1,383.07         80
                                       6.375          1,383.07
    AURORA           CO   80015          5            09/30/03         00
    0436859714                           03           11/01/03          0
    30508144                             O            10/01/33
    0


    8820320          W93/G02             F          204,500.00         ZZ
                                         360        204,319.57          1
                                       6.625          1,309.44         79
                                       6.375          1,309.44
    DENVER           CO   80210          5            10/08/03         00
    0436859813                           05           12/01/03          0
    30508401                             O            11/01/33
    0


    8820346          W93/G02             F          196,000.00         ZZ
                                         360        195,835.34          1
                                       6.875          1,287.58         80
                                       6.625          1,287.58
    JEROME           ID   83338          5            10/06/03         00
    0436859623                           05           12/01/03          0
    35493218                             O            11/01/33
    0


    8820356          W93/G02             F          125,000.00         ZZ
                                         360        124,894.99          1
                                       6.875            821.16         72
                                       6.625            821.16
    PRESCOTT         AZ   86301          2            10/13/03         00
    0436870307                           05           12/01/03          0
    35513137                             O            11/01/33
    0


1


    8820358          W93/G02             F          179,925.00         ZZ
                                         360        179,621.81          1
                                       6.875          1,181.98         75
                                       6.625          1,181.98
    WILLIAMS         OR   97544          1            09/23/03         00
    0436870331                           05           11/01/03          0
    44501767                             O            10/01/33
    0


    8820360          W93/G02             F          336,700.00         ZZ
                                         360        336,417.13          1
                                       6.875          2,211.88         90
                                       6.625          2,211.88
    CLOVIS           CA   93611          1            10/15/03         01
    0436870323                           05           12/01/03         25
    45443795                             O            11/01/33
    0


    8820362          W93/G02             F          160,000.00         ZZ
                                         360        159,709.93          1
                                       6.500          1,011.31         60
                                       6.250          1,011.31
    CLOVIS           CA   93611          1            09/26/03         00
    0436870364                           05           11/01/03          0
    45504505                             O            10/01/33
    0


    8820364          W93/G02             F          198,000.00         ZZ
                                         360        197,837.70          2
                                       7.000          1,317.30         90
                                       6.750          1,317.30
    STOCKTON         CA   95207          1            10/07/03         01
    0436859680                           05           12/01/03         25
    46460884                             O            11/01/33
    0


    8820368          W93/G02             F          300,000.00         ZZ
                                         360        299,735.32          1
                                       6.625          1,920.93         90
                                       6.375          1,920.93
    LOS ANGELES      CA   90065          1            10/07/03         11
    0436859771                           05           12/01/03         25
    51494530                             O            11/01/33
    0


    8820496          E85/G02             F          603,000.00         ZZ
                                         360        602,467.98          1
                                       6.625          3,861.08         72
                                       6.375          3,861.08
1


    TRINIDAD         CA   95570          2            10/17/03         00
    0436889810                           05           12/01/03          0
    1007554                              O            11/01/33
    0


    8820616          A46/G02             F          105,291.00         ZZ
                                         360        105,200.34          1
                                       6.750            682.92         90
                                       6.500            682.92
    ALBUQUERQUE      NM   87121          1            10/13/03         14
    0437029689                           05           12/01/03         25
    0462268                              O            11/01/33
    0


    8821738          144/144             F          278,000.00         ZZ
                                         360        277,742.52          1
                                       6.375          1,734.36         56
                                       6.125          1,734.36
    WARWICK          NY   10990          5            10/24/03         00
    160700732000000                      05           12/01/03          0
    160700732                            O            11/01/33
    0


    8821774          N47/G02             F          600,000.00         ZZ
                                         360        599,457.59          1
                                       6.500          3,792.41         75
                                       6.250          3,792.41
    EL CAJON         CA   92019          5            10/22/03         00
    0437075609                           03           12/01/03          0
    30509634                             O            11/01/33
    0


    8821848          N47/G02             F          260,000.00         ZZ
                                         360        259,776.14          4
                                       6.750          1,686.36         80
                                       6.500          1,686.36
    BAKERSFIELD      CA   93309          1            10/24/03         00
    0437003445                           05           12/01/03          0
    30509790                             N            11/01/33
    0


    8822340          P09/G02             F          166,250.00         ZZ
                                         360        166,110.33          1
                                       6.875          1,092.14         95
                                       6.625          1,092.14
    LANHAM           MD   20706          5            10/29/03         10
    0436866859                           05           12/01/03         30
    30030368                             O            11/01/33
    0
1




    8822544          K15/G02             F           71,600.00         ZZ
                                         360         71,541.31          1
                                       7.000            476.36         62
                                       6.750            476.36
    PENDLETON        NY   14094          5            10/27/03         00
    0436882575                           05           12/01/03          0
    023605523706                         O            11/01/33
    0


    8822632          E47/G02             F          243,000.00         ZZ
                                         360        242,774.94          1
                                       6.375          1,516.00         90
                                       6.125          1,516.00
    CERES            CA   95307          2            10/14/03         11
    0436898951                           05           12/01/03         25
    7359516005                           O            11/01/33
    0


    8822662          313/G02             F          203,600.00         ZZ
                                         360        203,415.93          1
                                       6.500          1,286.90         80
                                       6.250          1,286.90
    PHOENIX          AZ   85044          1            10/24/03         00
    0436877500                           05           12/01/03          0
    0009907031                           O            11/01/33
    0


    8826692          E22/G02             F          135,000.00         ZZ
                                         360        134,904.71          3
                                       7.750            967.16         90
                                       7.500            967.16
    NEW HAVEN        CT   06513          1            10/31/03         01
    0418894606                           05           12/01/03         30
    0418894606                           N            11/01/33
    0


    8826772          E22/G02             F          229,500.00         ZZ
                                         360        229,302.41          1
                                       6.750          1,488.53         90
                                       6.500          1,488.53
    HAWTHORNE        NJ   07506          1            10/31/03         04
    0418926697                           05           12/01/03         25
    0418926697                           O            11/01/33
    0


    8826822          E22/G02             F          180,000.00         ZZ
                                         360        179,833.28          1
1


                                       6.375          1,122.97         80
                                       6.125          1,122.97
    SYKESVILLE       MD   21784          1            10/31/03         00
    0418937868                           05           12/01/03          0
    0418937868                           O            11/01/33
    0


    8826866          E22/G02             F           45,000.00         TX
                                         360         44,953.13          1
                                       6.750            291.87         75
                                       6.500            291.87
    SAN ANTONIO      TX   78202          5            10/31/03         00
    0418989042                           05           12/01/03          0
    0418989042                           N            11/01/33
    0


    8826912          E22/G02             F          280,000.00         ZZ
                                         360        279,734.32          1
                                       6.250          1,724.01         80
                                       6.000          1,724.01
    SOUTH LAKE TAHO  CA   96150          5            10/24/03         00
    0418779336                           05           12/01/03          0
    0418779336                           O            11/01/33
    0


    8826916          E22/G02             F           50,850.00         ZZ
                                         360         50,811.31          1
                                       7.375            351.21         90
                                       7.125            351.21
    CHICAGO HEIGHTS  IL   60411          1            10/31/03         04
    0418780623                           05           12/01/03         25
    0418780623                           N            11/01/33
    0


    8827002          E22/G02             F          373,350.00         ZZ
                                         360        373,020.60          1
                                       6.625          2,390.60         95
                                       6.375          2,390.60
    CORONA           CA   92882          1            10/23/03         04
    0418805891                           05           12/01/03         30
    0418805891                           O            11/01/33
    0


    8827204          E22/G02             F          148,000.00         ZZ
                                         360        147,872.57          1
                                       6.750            959.93         80
                                       6.500            959.93
    CLIFTON          NJ   07011          1            10/31/03         00
    0418870812                           01           12/01/03          0
1


    0418870812                           N            11/01/33
    0


    8827210          E22/G02             F          385,572.00         ZZ
                                         360        385,231.82          1
                                       6.625          2,468.86         80
                                       6.375          2,468.86
    SACRAMENTO       CA   95834          1            10/27/03         00
    0418872636                           05           12/01/03          0
    0418872636                           O            11/01/33
    0


    8827428          E22/G02             F          388,000.00         ZZ
                                         360        387,631.85          1
                                       6.250          2,388.98         80
                                       6.000          2,388.98
    NORTHBROOK       IL   60062          1            10/31/03         00
    0418474615                           08           12/01/03          0
    0418474615                           O            11/01/33
    0


    8827490          E22/G02             F          199,500.00         ZZ
                                         360        199,315.22          1
                                       6.375          1,244.62         95
                                       6.125          1,244.62
    EVANSTON         IL   60202          1            10/31/03         01
    0418526059                           05           12/01/03         30
    0418526059                           O            11/01/33
    0


    8827606          E22/G02             F           70,500.00         ZZ
                                         360         70,439.30          1
                                       6.750            457.26         82
                                       6.500            457.26
    KIMBERLING CITY  MO   65686          2            10/31/03         01
    0418596482                           07           12/01/03         12
    0418596482                           N            11/01/33
    0


    8827770          E22/G02             F          103,600.00         ZZ
                                         360        103,501.70          1
                                       6.250            637.88         42
                                       6.000            637.88
    NORTH PROVIDENC  RI   02911          2            10/28/03         00
    0418683850                           05           12/01/03          0
    0418683850                           O            11/01/33
    0


1


    8827814          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       6.000            935.30         77
                                       5.750            935.30
    LANHAM           MD   20706          5            10/29/03         00
    0418720025                           09           01/01/04          0
    0418720025                           O            12/01/33
    0


    8827834          E22/G02             F          106,000.00         T
                                         360        105,906.48          1
                                       6.625            678.73         80
                                       6.375            678.73
    CORNISH          ME   04020          1            10/31/03         00
    0418624573                           05           12/01/03          0
    0418624573                           O            11/01/33
    0


    8827904          E22/G02             F          246,000.00         ZZ
                                         360        245,772.16          1
                                       6.375          1,534.72         68
                                       6.125          1,534.72
    SANTA FE         NM   87507          5            10/27/03         00
    0418640082                           05           12/01/03          0
    0418640082                           O            11/01/33
    0


    8827906          E22/G02             F          240,000.00         ZZ
                                         360        239,783.04          1
                                       6.500          1,516.96         80
                                       6.250          1,516.96
    GLENWOOD         NJ   07418          5            10/29/03         00
    0418750550                           05           12/01/03          0
    0418750550                           O            11/01/33
    0


    8827930          E22/G02             F          129,500.00         ZZ
                                         360        129,500.00          1
                                       5.875            766.04         80
                                       5.625            766.04
    LANCASTER        TX   75134          2            10/28/03         00
    0418761136                           05           01/01/04          0
    0418761136                           O            12/01/33
    0


    8828022          E22/G02             F           79,500.00         ZZ
                                         360         79,424.56          1
                                       6.250            489.50         92
                                       6.000            489.50
1


    EL PASO          TX   79936          2            10/28/03         01
    0418786745                           05           12/01/03         30
    0418786745                           O            11/01/33
    0


    8828046          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.375          1,122.97         56
                                       6.125          1,122.97
    CUDJOE KEY       FL   33042          5            10/29/03         00
    0418790820                           05           01/01/04          0
    0418790820                           O            12/01/33
    0


    8828218          E22/G02             F          129,150.00         ZZ
                                         360        129,041.50          1
                                       6.875            848.42         79
                                       6.625            848.42
    AUSTIN           TX   78749          2            10/30/03         00
    0418835187                           05           12/01/03          0
    0418835187                           N            11/01/33
    0


    8828280          E22/G02             F          106,000.00         ZZ
                                         240        105,796.51          1
                                       7.000            821.82         95
                                       6.750            821.82
    JACKSONVILLE     AL   36265          5            10/28/03         10
    0418844304                           05           12/01/03         30
    0418844304                           O            11/01/23
    0


    8828302          E22/G02             F          141,325.00         ZZ
                                         360        141,094.11          1
                                       6.375            881.68         68
                                       6.125            881.68
    MC KINNEY        TX   75070          2            10/27/03         00
    0418722567                           05           12/01/03          0
    0418722567                           O            11/01/33
    0


    8828414          E22/G02             F          255,850.00         ZZ
                                         360        255,624.27          1
                                       6.625          1,638.24         85
                                       6.375          1,638.24
    CITRUS HEIGHTS   CA   95610          5            10/23/03         01
    0418746418                           05           12/01/03         12
    0418746418                           O            11/01/33
    0
1




    8828464          E22/G02             F          176,800.00         ZZ
                                         360        176,636.25          1
                                       6.375          1,103.00         85
                                       6.125          1,103.00
    TWAIN HARTE      CA   95383          5            10/27/03         04
    0418904355                           05           12/01/03         12
    0418904355                           O            11/01/33
    0


    8828470          E22/G02             F          116,000.00         ZZ
                                         360        115,881.74          1
                                       5.875            686.18         80
                                       5.625            686.18
    HOLLISTER        MO   65672          5            10/29/03         00
    0418904835                           05           12/01/03          0
    0418904835                           O            11/01/33
    0


    8828484          E22/G02             F           88,000.00         ZZ
                                         360         87,920.45          1
                                       6.500            556.22         80
                                       6.250            556.22
    DETROIT          MI   48204          1            10/31/03         00
    0418765350                           05           12/01/03          0
    0418765350                           O            11/01/33
    0


    8828486          E22/G02             F           62,225.00         ZZ
                                         360         62,172.73          1
                                       6.875            408.77         95
                                       6.625            408.77
    MIDWEST CITY     OK   73110          5            10/28/03         01
    0418911012                           05           12/01/03         30
    0418911012                           O            11/01/33
    0


    8828526          E22/G02             F          208,000.00         TX
                                         360        207,707.35          1
                                       6.375          1,297.65         80
                                       6.125          1,297.65
    CEDAR HILL       TX   75104          5            10/29/03         00
    0418945051                           05           12/01/03          0
    0418945051                           O            11/01/33
    0


    8828598          E22/G02             F           95,000.00         ZZ
                                         360         94,909.86          1
1


                                       6.250            584.93         71
                                       6.000            584.93
    BELLE CHASSE     LA   70037          1            11/03/03         00
    0418424966                           05           12/01/03          0
    0418424966                           O            11/01/33
    0


    8828620          E22/G02             F          266,000.00         ZZ
                                         360        265,765.31          4
                                       6.625          1,703.23         95
                                       6.375          1,703.23
    RALEIGH          NC   27613          1            11/03/03         04
    0418525382                           05           12/01/03         30
    0418525382                           O            11/01/33
    0


    8828710          E22/G02             F          193,800.00         ZZ
                                         360        193,800.00          1
                                       7.500          1,355.08         95
                                       7.250          1,355.08
    TUSTIN           MI   49688          5            10/29/03         04
    0418656146                           05           01/01/04         30
    0418656146                           O            12/01/33
    0


    8828714          E22/G02             F           86,400.00         ZZ
                                         360         86,323.77          1
                                       6.625            553.23         94
                                       6.375            553.23
    TUSCALOOSA       AL   35401          5            10/29/03         11
    0418663043                           05           12/01/03         30
    0418663043                           O            11/01/33
    0


    8829448          967/G02             F          112,000.00         ZZ
                                         360        111,912.63          1
                                       7.250            764.04         80
                                       7.000            764.04
    PORTLAND         OR   97266          2            10/27/03         00
    0436962823                           07           12/01/03          0
    10088128                             N            11/01/33
    0


    8829486          Q87/G02             F          183,200.00         ZZ
                                         360        183,046.09          1
                                       6.875          1,203.49         80
                                       6.625          1,203.49
    DAPHNE           AL   36526          2            10/21/03         00
    0436861710                           05           12/01/03          0
1


    BRHA01                               O            11/01/33
    0


    8829488          E85/G02             F          639,500.00         ZZ
                                         360        638,848.01          1
                                       5.875          3,782.88         60
                                       5.625          3,782.88
    MILL VALLEY      CA   94941          5            10/21/03         00
    0436908362                           05           12/01/03          0
    1007442                              O            11/01/33
    0


    8829772          N47/G02             F          312,000.00         ZZ
                                         360        311,717.95          2
                                       6.500          1,972.05         80
                                       6.250          1,972.05
    ALAMEDA          CA   94501          5            10/23/03         00
    0436965156                           05           12/01/03          0
    60500681                             O            11/01/33
    0


    8831182          E22/G02             F          144,500.00         ZZ
                                         360        144,500.00          1
                                       5.875            854.77         85
                                       5.625            854.77
    BUCKLAND         MA   01370          1            11/04/03         04
    0418393898                           05           01/01/04         12
    0418393898                           O            12/01/33
    0


    8831188          E22/G02             F          103,000.00         ZZ
                                         360        102,906.89          1
                                       6.500            651.03         89
                                       6.250            651.03
    APPLE VALLEY     CA   92308          5            10/20/03         04
    0418454682                           05           12/01/03         25
    0418454682                           O            11/01/33
    0


    8831216          E22/G02             F          120,000.00         ZZ
                                         360        119,901.64          1
                                       7.000            798.36         80
                                       6.750            798.36
    GIBRALTER        MI   48173          1            11/04/03         00
    0418646188                           05           12/01/03          0
    0418646188                           O            11/01/33
    0


1


    8831240          E22/G02             F          183,100.00         ZZ
                                         360        182,942.36          1
                                       6.750          1,187.58         88
                                       6.500          1,187.58
    NORTHGLENN       CO   80233          2            10/30/03         01
    0418719167                           05           12/01/03         30
    0418719167                           O            11/01/33
    0


    8831280          E22/G02             F          126,000.00         ZZ
                                         360        125,888.84          1
                                       6.625            806.79         72
                                       6.375            806.79
    GATLINBURG       TN   37738          2            11/04/03         00
    0418991949                           05           12/01/03          0
    0418991949                           N            11/01/33
    0


    8831354          E22/G02             F          369,800.00         TX
                                         360        369,800.00          1
                                       6.625          2,367.87         74
                                       6.375          2,367.87
    SAN ANTONIO      TX   78209          5            10/30/03         00
    0418807327                           05           01/01/04          0
    0418807327                           O            12/01/33
    0


    8831406          E22/G02             F          200,250.00         ZZ
                                         360        200,250.00          4
                                       7.250          1,366.06         90
                                       7.000          1,366.06
    KENNER           LA   70065          1            11/04/03         01
    0418852604                           05           01/01/04         25
    0418852604                           N            12/01/33
    0


    8831582          E22/G02             F          373,500.00         ZZ
                                         360        373,500.00          1
                                       6.375          2,330.15         90
                                       6.125          2,330.15
    CAMARILLO        CA   93010          5            10/27/03         04
    0418918611                           05           01/01/04         25
    0418918611                           O            12/01/33
    0


    8831602          E22/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.000          2,014.49         80
                                       5.750          2,014.49
1


    SANTA ANA        CA   92705          1            10/23/03         00
    0418937280                           05           01/01/04          0
    0418937280                           O            12/01/33
    0


    8831866          W53/G02             F          154,250.00         ZZ
                                         360        154,081.16          1
                                       5.500            875.82         74
                                       5.250            875.82
    PALMETTO         GA   30268          5            10/24/03         00
    0436886345                           05           12/01/03          0
    1308001471                           O            11/01/33
    0


    8831868          R84/G02             F          171,000.00         ZZ
                                         360        170,510.70          2
                                       6.250          1,052.88         90
                                       6.000          1,052.88
    GIG HARBOR       WA   98329          1            08/11/03         11
    0437070279                           05           10/01/03         25
    WA305700                             N            09/01/33
    0


    8831894          M12/G02             F          126,200.00         ZZ
                                         360        126,085.91          1
                                       6.500            797.67         80
                                       6.250            797.67
    TUCSON           AZ   85747          1            10/29/03         00
    0436877377                           03           12/01/03          0
    01000500021                          O            11/01/33
    0


    8833530          286/286             F          194,310.00         ZZ
                                         360        193,990.52          1
                                       7.000          1,292.75         90
                                       6.750          1,292.75
    WILMINGTON       DE   19803          1            09/23/03         11
    2809939                              05           11/01/03         25
    2809939                              N            10/01/33
    0


    8833542          286/286             F           47,700.00         ZZ
                                         360         47,661.85          1
                                       7.125            321.37         90
                                       6.875            321.37
    HERMITAGE        TN   37076          1            10/01/03         10
    2829127                              01           12/01/03         25
    2829127                              N            11/01/33
    0
1




    8833546          286/286             F          131,400.00         ZZ
                                         360        131,284.07          1
                                       6.625            841.37         90
                                       6.375            841.37
    MIAMI            FL   33189          1            10/01/03         11
    2808294                              05           12/01/03         25
    2808294                              N            11/01/33
    0


    8833552          286/286             F          182,000.00         ZZ
                                         360        181,653.72          2
                                       6.250          1,120.61         70
                                       6.000          1,120.61
    OREGON CITY      OR   97045          2            09/29/03         00
    2809289                              05           11/01/03          0
    2809289                              N            10/01/33
    0


    8833554          286/286             F           72,900.00         ZZ
                                         360         72,785.91          1
                                       7.250            497.31         90
                                       7.000            497.31
    PAYETTE          ID   83661          1            09/17/03         12
    2719139                              05           11/01/03         25
    2719139                              N            10/01/33
    0


    8833558          286/286             F           42,500.00         ZZ
                                         360         42,419.13          1
                                       6.250            261.68         76
                                       6.000            261.68
    SPRINGFIELD      OH   45503          2            09/09/03         00
    2637379                              05           11/01/03          0
    2637379                              N            10/01/33
    0


    8833560          286/286             F          127,000.00         ZZ
                                         360        126,609.63          1
                                       5.875            751.26         44
                                       5.625            751.26
    RICHMOND         CA   94805          5            08/22/03         00
    2708121                              05           10/01/03          0
    2708121                              N            09/01/33
    0


    8833564          286/286             F           53,600.00         ZZ
                                         360         53,498.01          1
1


                                       6.250            330.03         80
                                       6.000            330.03
    SPRINGFIELD      OH   45505          5            09/09/03         00
    2637378                              05           11/01/03          0
    2637378                              N            10/01/33
    0


    8833566          286/286             F           60,000.00         ZZ
                                         360         59,906.10          1
                                       7.250            409.31         86
                                       7.000            409.31
    INIDANAPOLIS     IN   46218          2            09/09/03         19
    2768628                              05           11/01/03         25
    2768628                              N            10/01/33
    0


    8833572          286/286             F          125,100.00         ZZ
                                         360        124,889.20          2
                                       6.875            821.82         90
                                       6.625            821.82
    TRENTON          NJ   08650          1            09/19/03         12
    2631244                              05           11/01/03         25
    2631244                              N            10/01/33
    0


    8833574          286/286             F           56,000.00         ZZ
                                         360         55,905.61          1
                                       6.875            367.89         80
                                       6.625            367.89
    INDIANAPOLIS     IN   46201          2            09/15/03         00
    2799805                              05           11/01/03          0
    2799805                              N            10/01/33
    0


    8833580          286/286             F           56,000.00         ZZ
                                         360         55,905.61          1
                                       6.875            367.89         80
                                       6.625            367.89
    INDIANAPOLIS     IN   46203          2            09/15/03         00
    2799804                              05           11/01/03          0
    2799804                              N            10/01/33
    0


    8833586          286/286             F          160,000.00         ZZ
                                         360        159,709.93          1
                                       6.500          1,011.31         43
                                       6.250          1,011.31
    SAN DIEGO        CA   92117          5            09/17/03         00
    2797278                              05           11/01/03          0
1


    2797278                              N            10/01/33
    0


    8833592          286/286             F          193,400.00         ZZ
                                         360        192,909.73          2
                                       6.875          1,270.51         90
                                       6.625          1,270.51
    W WARWICK        RI   02893          1            08/19/03         14
    2704861                              05           10/01/03         25
    2704861                              N            09/01/33
    0


    8833596          286/286             F          175,000.00         ZZ
                                         360        174,674.96          1
                                       6.375          1,091.78         64
                                       6.125          1,091.78
    SHARPSBURG       GA   30277          2            09/26/03         00
    2781838                              05           11/01/03          0
    2781838                              N            10/01/33
    0


    8833602          286/286             F          119,000.00         ZZ
                                         360        118,878.67          2
                                       5.875            703.93         70
                                       5.625            703.93
    SE WASHINGTON    DC   20020          5            10/01/03         00
    2614879                              05           12/01/03          0
    2614879                              N            11/01/33
    0


    8833608          286/286             F          157,050.00         ZZ
                                         360        156,765.29          2
                                       6.500            992.66         90
                                       6.250            992.66
    CHARLOTTESVILLE  VA   22902          1            09/24/03         12
    2802352                              05           11/01/03         25
    2802352                              N            10/01/33
    0


    8833610          286/286             F          150,000.00         ZZ
                                         360        149,700.59          2
                                       6.000            899.33         44
                                       5.750            899.33
    VALLEJO          CA   94590          5            09/03/03         00
    2726777                              05           11/01/03          0
    2726777                              N            10/01/33
    0


1


    8833626          286/286             F           61,500.00         ZZ
                                         360         61,382.98          2
                                       6.250            378.67         16
                                       6.000            378.67
    NORWOOD          MA   02062          5            09/22/03         00
    2638285                              05           11/01/03          0
    2638285                              N            10/01/33
    0


    8833628          286/286             F           54,000.00         ZZ
                                         360         53,911.20          1
                                       7.000            359.27         90
                                       6.750            359.27
    PHILADELPHIA     PA   19119          1            09/18/03         10
    2725092                              05           11/01/03         25
    2725092                              N            10/01/33
    0


    8833632          286/286             F           49,500.00         ZZ
                                         360         49,420.58          1
                                       7.125            333.50         90
                                       6.875            333.50
    NORFOLK          VA   23504          1            09/30/03         11
    2678353                              05           11/01/03         25
    2678353                              N            10/01/33
    0


    8833640          286/286             F          128,000.00         ZZ
                                         360        127,804.60          1
                                       7.375            884.07         80
                                       7.125            884.07
    MORENO VALLEY    CA   92557          1            09/17/03         00
    2763634                              05           11/01/03          0
    2763634                              N            10/01/33
    0


    8833644          286/286             F          166,500.00         ZZ
                                         360        166,219.43          1
                                       6.875          1,093.79         90
                                       6.625          1,093.79
    ATLANTA          GA   30308          1            09/18/03         10
    2774998                              01           11/01/03         25
    2774998                              N            10/01/33
    0


    8833646          286/286             F          146,000.00         ZZ
                                         360        145,735.31          1
                                       6.500            922.82         36
                                       6.250            922.82
1


    IMPERIAL BEACH   CA   91932          5            09/10/03         00
    2739555                              05           11/01/03          0
    2739555                              N            10/01/33
    0


    8833650          286/286             F           60,500.00         ZZ
                                         360         60,350.36          1
                                       7.000            402.51         75
                                       6.750            402.51
    TEMPE            AZ   85283          1            08/26/03         00
    2749473                              01           10/01/03          0
    2749473                              N            09/01/33
    0


    8833652          286/286             F          160,000.00         ZZ
                                         360        159,723.71          2
                                       6.750          1,037.76         80
                                       6.500          1,037.76
    POMONA           CA   91767          1            09/08/03         00
    2757459                              05           11/01/03          0
    2757459                              N            10/01/33
    0


    8833662          286/286             F           41,400.00         ZZ
                                         360         41,333.59          1
                                       7.125            278.92         90
                                       6.875            278.92
    INDIANAPOLIS     IN   46224          1            10/03/03         12
    2800635                              05           11/01/03         25
    2800635                              N            10/01/33
    0


    8833664          286/286             F          130,480.00         ZZ
                                         360        130,249.12          1
                                       6.625            835.48         90
                                       6.375            835.48
    WEST JORDAN      UT   84088          1            09/12/03         12
    2660275                              03           11/01/03         25
    2660275                              N            10/01/33
    0


    8833668          286/286             F          230,000.00         ZZ
                                         360        229,801.97          4
                                       6.750          1,491.78         49
                                       6.500          1,491.78
    SPRING VALLEY    NY   10977          5            10/09/03         00
    2837551                              05           12/01/03          0
    2837551                              N            11/01/33
    0
1




    8833674          286/286             F          206,000.00         ZZ
                                         360        205,652.87          4
                                       6.875          1,353.28         42
                                       6.625          1,353.28
    MARTINEZ         CA   94553          5            08/29/03         00
    2749022                              05           11/01/03          0
    2749022                              N            10/01/33
    0


    8833676          286/286             F          189,000.00         ZZ
                                         360        188,681.51          1
                                       6.875          1,241.60         90
                                       6.625          1,241.60
    SACRAMENTO       CA   95828          1            09/04/03         10
    2587290                              05           11/01/03         25
    2587290                              N            10/01/33
    0


    8833682          286/286             F          129,600.00         ZZ
                                         360        129,376.19          1
                                       6.750            840.59         61
                                       6.500            840.59
    HUDSON           OH   44236          1            09/16/03         00
    2622618                              05           11/01/03          0
    2622618                              N            10/01/33
    0


    8833684          286/286             F           82,400.00         ZZ
                                         360         82,250.60          1
                                       6.500            520.83         80
                                       6.250            520.83
    VIRGINA BEACH    VA   23462          1            10/03/03         00
    2761404                              05           11/01/03          0
    2761404                              N            10/01/33
    0


    8833690          286/286             F          290,250.00         ZZ
                                         360        289,760.90          1
                                       6.875          1,906.74         90
                                       6.625          1,906.74
    MILLSTONE TWP    NJ   07728          1            09/05/03         11
    2475557                              05           11/01/03         25
    2475557                              N            10/01/33
    0


    8833694          286/286             F           37,500.00         ZZ
                                         360         37,404.93          1
1


                                       6.875            246.35         75
                                       6.625            246.35
    SWAYZEE          IN   46986          5            08/29/03         00
    2768838                              05           10/01/03          0
    2768838                              N            09/01/33
    0


    8833726          286/286             F           82,000.00         ZZ
                                         360         81,868.30          1
                                       7.125            552.45         49
                                       6.875            552.45
    VALLEJO          CA   94590          5            09/16/03         00
    2733599                              01           11/01/03          0
    2733599                              N            10/01/33
    0


    8833732          286/286             F          146,800.00         ZZ
                                         360        146,527.33          1
                                       6.375            915.85         80
                                       6.125            915.85
    RENO             NV   89503          1            09/09/03         00
    2754165                              05           11/01/03          0
    2754165                              N            10/01/33
    0


    8833736          286/286             F          165,650.00         ZZ
                                         360        165,363.94          2
                                       6.750          1,074.41         79
                                       6.500          1,074.41
    PORT ORCHARD     WA   98367          2            09/08/03         00
    2491046                              05           11/01/03          0
    2491046                              N            10/01/33
    0


    8833738          286/286             F           55,000.00         ZZ
                                         360         54,907.30          1
                                       6.875            361.32         62
                                       6.625            361.32
    BLOOMINGTON      IN   47404          5            09/24/03         00
    2803156                              05           11/01/03          0
    2803156                              N            10/01/33
    0


    8833750          286/286             F           78,700.00         ZZ
                                         360         78,480.15          1
                                       6.375            490.99         66
                                       6.125            490.99
    FREDERICK        MD   21702          2            08/19/03         00
    2661560                              01           10/01/03          0
1


    2661560                              N            09/01/33
    0


    8833754          286/286             F          161,000.00         ZZ
                                         360        160,693.67          1
                                       6.250            991.31         51
                                       6.000            991.31
    LONG BEACH       CA   90808          2            08/29/03         00
    2312066                              05           11/01/03          0
    2312066                              N            10/01/33
    0


    8833756          286/286             F          194,000.00         ZZ
                                         360        193,470.98          1
                                       6.500          1,226.22         66
                                       6.250          1,226.22
    SANTA MARIA      CA   93454          5            08/28/03         00
    2756538                              05           10/01/03          0
    2756538                              N            09/01/33
    0


    8833762          286/286             F           72,000.00         ZZ
                                         360         71,856.28          1
                                       6.000            431.68         90
                                       5.750            431.68
    INDIANAPOLIS     IN   46224          1            09/26/03         12
    2798148                              05           11/01/03         25
    2798148                              N            10/01/33
    0


    8833766          286/286             F           81,500.00         ZZ
                                         360         81,355.78          1
                                       6.625            521.86         34
                                       6.375            521.86
    ANTELOPE         CA   95843          1            09/17/03         00
    2798471                              05           11/01/03          0
    2798471                              N            10/01/33
    0


    8833768          286/286             F          225,000.00         ZZ
                                         360        224,592.08          2
                                       6.500          1,422.16         73
                                       6.250          1,422.16
    CORAL GABLES     FL   33134          5            09/12/03         00
    2757512                              05           11/01/03          0
    2757512                              N            10/01/33
    0


1


    8833772          286/286             F           71,100.00         ZZ
                                         360         70,988.73          1
                                       7.250            485.03         90
                                       7.000            485.03
    LOVES PARK       IL   61111          1            09/22/03         12
    2809254                              05           11/01/03         25
    2809254                              N            10/01/33
    0


    8833776          286/286             F          252,000.00         ZZ
                                         360        251,564.84          2
                                       6.750          1,634.47         80
                                       6.500          1,634.47
    MILWAUKEE        WI   53211          1            09/30/03         00
    2756644                              05           11/01/03          0
    2756644                              N            10/01/33
    0


    8833778          286/286             F          280,000.00         ZZ
                                         360        279,217.84          1
                                       6.375          1,746.84         80
                                       6.125          1,746.84
    CHULA VISTA      CA   91915          5            08/25/03         00
    2390980                              01           10/01/03          0
    2390980                              N            09/01/33
    0


    8833788          286/286             F           82,400.00         ZZ
                                         360         82,261.15          1
                                       6.875            541.31         80
                                       6.625            541.31
    TEMPLE           TX   76504          2            09/16/03         00
    2765380                              05           11/01/03          0
    2765380                              N            10/01/33
    0


    8833790          286/286             F          214,700.00         ZZ
                                         360        214,142.29          1
                                       6.750          1,392.55         80
                                       6.500          1,392.55
    WALDORF          MD   20601          1            08/29/03         00
    2700326                              05           10/01/03          0
    2700326                              N            09/01/33
    0


    8833794          286/286             F          322,000.00         ZZ
                                         360        321,443.96          1
                                       6.750          2,088.49         75
                                       6.500          2,088.49
1


    GARDEN GROVE     CA   92841          1            09/22/03         00
    2806575                              05           11/01/03          0
    2806575                              N            10/01/33
    0


    8833798          286/286             F           81,900.00         ZZ
                                         360         81,687.24          1
                                       6.750            531.20         90
                                       6.500            531.20
    HAMILTON         OH   45013          1            08/20/03         04
    2749634                              05           10/01/03         25
    2749634                              N            09/01/33
    0


    8833802          286/286             F           56,150.00         ZZ
                                         360         56,059.91          1
                                       7.125            378.30         75
                                       6.875            378.30
    TALLAHASSEE      FL   32303          1            09/26/03         00
    2777798                              05           11/01/03          0
    2777798                              N            10/01/33
    0


    8833804          286/286             F          115,200.00         ZZ
                                         360        114,996.16          1
                                       6.625            737.64         80
                                       6.375            737.64
    MONROE           MI   48161          1            09/26/03         00
    2790927                              05           11/01/03          0
    2790927                              N            10/01/33
    0


    8833814          286/286             F          125,100.00         ZZ
                                         360        124,889.20          1
                                       6.875            821.82         90
                                       6.625            821.82
    MORENO VALLEY    CA   92551          1            09/02/03         14
    2759050                              05           11/01/03         25
    2759050                              N            10/01/33
    0


    8833816          286/286             F           66,500.00         ZZ
                                         360         66,385.16          2
                                       6.750            431.32         70
                                       6.500            431.32
    TOLEDO           OH   43610          5            09/25/03         00
    2714255                              05           11/01/03          0
    2714255                              N            10/01/33
    0
1




    8833820          286/286             F          351,200.00         ZZ
                                         360        350,578.57          2
                                       6.625          2,248.78         80
                                       6.375          2,248.78
    SACRAMENTO       CA   95818          1            09/03/03         00
    2755047                              05           11/01/03          0
    2755047                              N            10/01/33
    0


    8833826          286/286             F          210,000.00         ZZ
                                         360        209,600.44          1
                                       6.250          1,293.01         60
                                       6.000          1,293.01
    FAIRFIELD        CA   94533          5            09/09/03         00
    2606911                              05           11/01/03          0
    2606911                              N            10/01/33
    0


    8833828          286/286             F          199,200.00         ZZ
                                         360        198,864.32          1
                                       6.875          1,308.61         80
                                       6.625          1,308.61
    WASHINGTON       DC   20009          1            09/12/03         00
    2755524                              01           11/01/03          0
    2755524                              N            10/01/33
    0


    8833834          286/286             F           60,750.00         ZZ
                                         360         60,645.08          1
                                       6.750            394.03         90
                                       6.500            394.03
    CHARLOTTE        NC   28215          1            09/29/03         10
    2802606                              05           11/01/03         25
    2802606                              N            10/01/33
    0


    8833844          286/286             F          178,500.00         ZZ
                                         360        178,069.21          4
                                       7.125          1,202.59         70
                                       6.875          1,202.59
    RENO             NV   89502          5            08/26/03         00
    2761408                              05           10/01/03          0
    2761408                              N            09/01/33
    0


    8833854          286/286             F           45,000.00         ZZ
                                         360         44,929.58          1
1


                                       7.250            306.98         90
                                       7.000            306.98
    ORANGE           TX   77632          1            09/18/03         19
    2813568                              05           11/01/03         25
    2813568                              N            10/01/33
    0


    8833858          286/286             F          225,000.00         ZZ
                                         360        224,550.90          3
                                       6.000          1,348.99         57
                                       5.750          1,348.99
    SAN DIEGO        CA   92105          5            09/08/03         00
    2749130                              05           11/01/03          0
    2749130                              N            10/01/33
    0


    8833864          286/286             F           69,300.00         ZZ
                                         360         69,161.68          1
                                       6.000            415.49         70
                                       5.750            415.49
    TALLAHASSEE      FL   32317          1            09/26/03         00
    2828108                              05           11/01/03          0
    2828108                              N            10/01/33
    0


    8833868          286/286             F           82,600.00         ZZ
                                         360         82,363.63          1
                                       6.250            508.59         70
                                       6.000            508.59
    TALLAHASSEE      FL   32309          1            08/12/03         00
    2739347                              05           10/01/03          0
    2739347                              N            09/01/33
    0


    8833876          286/286             F           70,000.00         ZZ
                                         360         69,941.18          1
                                       6.875            459.86         76
                                       6.625            459.86
    PHOENIX          AZ   85042          1            10/02/03         00
    2809438                              03           12/01/03          0
    2809438                              N            11/01/33
    0


    8833886          286/286             F           51,300.00         ZZ
                                         360         51,215.63          2
                                       7.000            341.31         90
                                       6.750            341.31
    CLEVELAND        OH   44109          1            09/19/03         21
    2773624                              05           11/01/03         25
1


    2773624                              N            10/01/33
    0


    8833888          286/286             F          122,200.00         ZZ
                                         360        121,858.65          1
                                       6.375            762.37         70
                                       6.125            762.37
    IDYLLWILD        CA   92549          5            08/29/03         00
    2733322                              05           10/01/03          0
    2733322                              N            09/01/33
    0


    8833894          286/286             F           73,000.00         ZZ
                                         360         72,873.94          1
                                       6.750            473.48         73
                                       6.500            473.48
    LEWISVILLE       TX   75057          2            09/19/03         00
    2779605                              05           11/01/03          0
    2779605                              N            10/01/33
    0


    8833898          286/286             F          190,000.00         ZZ
                                         360        189,687.59          2
                                       7.000          1,264.08         56
                                       6.750          1,264.08
    OAKLAND          CA   94612          5            09/23/03         00
    2707502                              05           11/01/03          0
    2707502                              N            10/01/33
    0


    8833900          286/286             F           55,000.00         ZZ
                                         360         54,952.65          1
                                       6.750            356.73         17
                                       6.500            356.73
    PORTLAND         ME   04101          1            10/06/03         00
    2788175                              05           12/01/03          0
    2788175                              N            11/01/33
    0


    8833918          286/286             F           55,000.00         ZZ
                                         360         54,902.05          1
                                       6.750            356.73         58
                                       6.500            356.73
    TUCSON           AZ   85711          5            09/15/03         00
    2778820                              05           11/01/03          0
    2778820                              N            10/01/33
    0


1


    8833920          286/286             F          199,800.00         ZZ
                                         360        199,487.33          1
                                       7.250          1,362.99         90
                                       7.000          1,362.99
    STOCKTON         CA   95209          1            09/25/03         14
    2767942                              05           11/01/03         30
    2767942                              N            10/01/33
    0


    8833926          286/286             F           42,300.00         ZZ
                                         360         42,235.42          1
                                       7.375            292.16         90
                                       7.125            292.16
    NEW ALBANY       IN   47150          1            09/12/03         10
    2732671                              05           11/01/03         25
    2732671                              N            10/01/33
    0


    8833930          286/286             F          149,400.00         ZZ
                                         360        149,122.50          1
                                       6.375            932.07         61
                                       6.125            932.07
    MERCED           CA   95348          1            09/11/03         00
    2754673                              05           11/01/03          0
    2754673                              N            10/01/33
    0


    8833934          286/286             F          220,000.00         ZZ
                                         360        219,591.38          1
                                       6.375          1,372.52         79
                                       6.125          1,372.52
    SAN DIEGO        CA   92114          5            09/02/03         00
    2701607                              05           11/01/03          0
    2701607                              N            10/01/33
    0


    8833936          286/286             F           65,000.00         ZZ
                                         360         64,893.13          1
                                       7.000            432.45         90
                                       6.750            432.45
    HAYES            VA   23072          1            09/26/03         11
    2798417                              05           11/01/03         25
    2798417                              N            10/01/33
    0


    8833942          286/286             F          250,000.00         ZZ
                                         360        249,557.64          1
                                       6.625          1,600.78         69
                                       6.375          1,600.78
1


    GAITHERSBURG     MD   20878          1            09/30/03         00
    2719973                              01           11/01/03          0
    2719973                              N            10/01/33
    0


    8833950          286/286             F          231,272.00         ZZ
                                         360        230,821.27          1
                                       6.125          1,405.24         80
                                       5.875          1,405.24
    BORDENTOWN       NJ   08505          1            09/30/03         00
    2823814                              05           11/01/03          0
    2823814                              N            10/01/33
    0


    8833962          286/286             F          135,000.00         ZZ
                                         360        134,749.25          1
                                       6.375            842.23         70
                                       6.125            842.23
    MANTECA          CA   95337          5            09/08/03         00
    2768987                              05           11/01/03          0
    2768987                              N            10/01/33
    0


    8833964          286/286             F           69,300.00         ZZ
                                         360         69,188.83          1
                                       7.125            466.89         90
                                       6.875            466.89
    GOOSE CREEK      SC   29445          1            09/22/03         12
    2780479                              05           11/01/03         25
    2780479                              N            10/01/33
    0


    8833972          286/286             F           65,500.00         ZZ
                                         360         65,333.97          1
                                       6.875            430.29         80
                                       6.625            430.29
    ENGLEWOOD        OH   45322          1            08/29/03         00
    2717777                              01           10/01/03          0
    2717777                              N            09/01/33
    0


    8833974          286/286             F          131,200.00         ZZ
                                         360        130,973.42          1
                                       6.750            850.97         80
                                       6.500            850.97
    CHANDLER         AZ   85248          1            09/17/03         00
    2782590                              05           11/01/03          0
    2782590                              N            10/01/33
    0
1




    8833976          286/286             F           40,000.00         ZZ
                                         360         39,937.39          1
                                       7.250            272.88         73
                                       7.000            272.88
    KANSAS CITY      MO   64123          5            09/11/03         00
    2757651                              05           11/01/03          0
    2757651                              N            10/01/33
    0


    8833984          286/286             F           63,000.00         ZZ
                                         360         62,874.25          1
                                       6.000            377.72         55
                                       5.750            377.72
    BELCAMP          MD   21017          2            09/05/03         00
    2532137                              05           11/01/03          0
    2532137                              N            10/01/33
    0


    8833990          286/286             F          255,000.00         ZZ
                                         360        254,559.66          2
                                       6.750          1,653.93         69
                                       6.500          1,653.93
    LOS ANGELES      CA   90065          5            09/04/03         00
    2752545                              05           11/01/03          0
    2752545                              N            10/01/33
    0


    8833994          286/286             F          178,000.00         ZZ
                                         360        177,669.40          1
                                       6.375          1,110.49         43
                                       6.125          1,110.49
    SAN DIEGO        CA   92126          5            09/15/03         00
    2635224                              05           11/01/03          0
    2635224                              N            10/01/33
    0


    8833998          286/286             F           56,000.00         ZZ
                                         360         55,858.01          1
                                       6.875            367.89         80
                                       6.625            367.89
    BYESVILLE        OH   43723          1            08/29/03         00
    2703522                              05           10/01/03          0
    2703522                              N            09/01/33
    0


    8834004          286/286             F          128,000.00         ZZ
                                         360        127,773.51          1
1


                                       6.625            819.60         30
                                       6.375            819.60
    SAN JOSE         CA   95132          2            08/29/03         00
    2670751                              05           11/01/03          0
    2670751                              N            10/01/33
    0


    8834006          286/286             F          132,000.00         ZZ
                                         360        131,777.56          1
                                       6.875            867.15         80
                                       6.625            867.15
    RIVERTON         NJ   08077          1            09/26/03         00
    2798334                              05           11/01/03          0
    2798334                              N            10/01/33
    0


    8834008          286/286             F          146,250.00         ZZ
                                         360        145,800.47          1
                                       5.875            865.13         65
                                       5.625            865.13
    STERLING         VA   20164          5            08/07/03         00
    2585787                              03           10/01/03          0
    2585787                              N            09/01/33
    0


    8834010          286/286             F           66,500.00         ZZ
                                         360         66,387.94          2
                                       6.875            436.86         56
                                       6.625            436.86
    GROVE CITY       OH   43123          5            09/19/03         00
    2730197                              05           11/01/03          0
    2730197                              N            10/01/33
    0


    8834012          286/286             F           55,000.00         ZZ
                                         360         54,853.60          1
                                       6.625            352.18         48
                                       6.375            352.18
    FERNLEY          NV   89408          5            08/22/03         00
    2462953                              05           10/01/03          0
    2462953                              N            09/01/33
    0


    8834016          286/286             F           79,900.00         ZZ
                                         360         79,774.96          1
                                       7.250            545.06         85
                                       7.000            545.06
    MACON            GA   31220          5            09/25/03         10
    2778981                              05           11/01/03         25
1


    2778981                              N            10/01/33
    0


    8834020          286/286             F          142,500.00         ZZ
                                         360        142,208.62          1
                                       5.875            842.95         59
                                       5.625            842.95
    GRASS VALLEY     CA   95949          5            09/17/03         00
    2679070                              05           11/01/03          0
    2679070                              N            10/01/33
    0


    8834022          286/286             F           60,300.00         ZZ
                                         360         60,200.85          1
                                       7.000            401.18         90
                                       6.750            401.18
    LOUISVILLE       KY   40208          1            09/19/03         12
    2803309                              05           11/01/03         25
    2803309                              N            10/01/33
    0


    8834024          286/286             F          200,700.00         ZZ
                                         360        200,336.13          1
                                       6.500          1,268.57         90
                                       6.250          1,268.57
    REDDING          CA   96002          1            09/24/03         12
    2703931                              05           11/01/03         25
    2703931                              N            10/01/33
    0


    8834028          286/286             F          146,925.00         ZZ
                                         360        146,514.56          1
                                       6.375            916.63         75
                                       6.125            916.63
    ATLANTA          GA   30314          1            08/29/03         00
    2721813                              05           10/01/03          0
    2721813                              N            09/01/33
    0


    8834030          286/286             F           39,750.00         ZZ
                                         360         39,684.63          1
                                       7.000            264.46         75
                                       6.750            264.46
    REEDSBURG        WI   53959          1            09/29/03         00
    2817093                              05           11/01/03          0
    2817093                              N            10/01/33
    0


1


    8834032          286/286             F          185,000.00         ZZ
                                         360        184,630.74          2
                                       6.000          1,109.17         69
                                       5.750          1,109.17
    COMMERCE         CA   90040          5            09/25/03         00
    2408936                              05           11/01/03          0
    2408936                              N            10/01/33
    0


    8834034          286/286             F          146,925.00         ZZ
                                         360        146,514.56          1
                                       6.375            916.63         75
                                       6.125            916.63
    ATLANTA          GA   30314          1            08/29/03         00
    2721725                              05           10/01/03          0
    2721725                              N            09/01/33
    0


    8834036          286/286             F           36,000.00         ZZ
                                         360         35,939.33          1
                                       6.875            236.50         67
                                       6.625            236.50
    WICHITA          KS   67217          2            09/25/03         00
    2808233                              05           11/01/03          0
    2808233                              N            10/01/33
    0


    8834044          286/286             F           53,600.00         ZZ
                                         360         53,460.77          1
                                       6.750            347.65         80
                                       6.500            347.65
    ROANOKE          VA   24012          1            08/20/03         00
    2722371                              05           10/01/03          0
    2722371                              N            09/01/33
    0


    8834046          286/286             F           56,000.00         ZZ
                                         360         55,905.61          1
                                       6.875            367.89         80
                                       6.625            367.89
    INDIANAPOLIS     IN   46241          2            09/15/03         00
    2799806                              05           11/01/03          0
    2799806                              N            10/01/33
    0


    8834050          286/286             F           81,000.00         ZZ
                                         360         80,872.41          1
                                       7.250            552.57         90
                                       7.000            552.57
1


    NOBLESVILLE      IN   46060          1            09/22/03         10
    2720971                              05           11/01/03         25
    2720971                              N            10/01/33
    0


    8834096          286/286             F           60,000.00         ZZ
                                         360         59,906.10          1
                                       7.250            409.31         80
                                       7.000            409.31
    KANSAS CITY      KS   66102          5            09/08/03         00
    2759891                              05           11/01/03          0
    2759891                              N            10/01/33
    0


    8834098          286/286             F          129,250.00         ZZ
                                         360        128,862.06          2
                                       6.000            774.92         72
                                       5.750            774.92
    SPOKANE          WA   99208          2            09/02/03         00
    2662459                              05           10/01/03          0
    2662459                              N            09/01/33
    0


    8834100          286/286             F           81,000.00         ZZ
                                         360         80,849.54          1
                                       6.375            505.34         75
                                       6.125            505.34
    DALLAS           TX   75204          1            10/03/03         00
    2819411                              01           11/01/03          0
    2819411                              N            10/01/33
    0


    8834102          286/286             F          267,750.00         ZZ
                                         360        266,927.01          1
                                       5.875          1,583.85         74
                                       5.625          1,583.85
    BALTIMORE        MD   21230          2            08/21/03         00
    2641768                              05           10/01/03          0
    2641768                              N            09/01/33
    0


    8834116          286/286             F           75,550.00         ZZ
                                         360         75,399.18          1
                                       6.000            452.97         61
                                       5.750            452.97
    DECATUR          GA   30032          2            09/10/03         00
    2627509                              05           11/01/03          0
    2627509                              N            10/01/33
    0
1




    8834118          286/286             F          322,000.00         ZZ
                                         360        321,416.24          1
                                       6.500          2,035.26         58
                                       6.250          2,035.26
    SAN DIEGO        CA   92126          1            09/09/03         00
    2698385                              05           11/01/03          0
    2698385                              N            10/01/33
    0


    8834122          286/286             F          191,200.00         ZZ
                                         360        190,861.67          1
                                       6.625          1,224.28         80
                                       6.375          1,224.28
    TEMECULA         CA   92591          1            08/29/03         00
    2759411                              05           11/01/03          0
    2759411                              N            10/01/33
    0


    8834124          286/286             F           75,000.00         ZZ
                                         360         74,870.49          1
                                       6.750            486.45         66
                                       6.500            486.45
    ESSEX JUNCTION   VT   05452          5            09/22/03         00
    2726973                              05           11/01/03          0
    2726973                              N            10/01/33
    0


    8834126          286/286             F          129,000.00         ZZ
                                         360        128,754.55          3
                                       6.250            794.28         67
                                       6.000            794.28
    SHASTA LAKE      CA   96019          2            09/04/03         00
    2602501                              05           11/01/03          0
    2602501                              N            10/01/33
    0


    8834128          286/286             F           70,500.00         ZZ
                                         360         70,288.38          1
                                       6.000            422.69         60
                                       5.750            422.69
    FAIRFAX          VA   22031          1            08/22/03         00
    2667283                              01           10/01/03          0
    2667283                              N            09/01/33
    0


    8834132          286/286             F           59,400.00         ZZ
                                         360         59,253.08          1
1


                                       7.000            395.19         90
                                       6.750            395.19
    EL PASO          TX   79925          1            08/15/03         10
    2739080                              05           10/01/03         30
    2739080                              N            09/01/33
    0


    8834136          286/286             F          255,000.00         ZZ
                                         360        254,570.31          1
                                       6.875          1,675.17         75
                                       6.625          1,675.17
    ANTIOCH          CA   94531          1            09/15/03         00
    2792442                              05           11/01/03          0
    2792442                              N            10/01/33
    0


    8834138          286/286             F          228,000.00         ZZ
                                         360        227,615.80          1
                                       6.875          1,497.80         80
                                       6.625          1,497.80
    VIRGINIA BEACH   VA   23451          1            09/24/03         00
    2776678                              05           11/01/03          0
    2776678                              N            10/01/33
    0


    8834142          286/286             F           82,400.00         ZZ
                                         360         82,205.66          2
                                       7.250            562.12         80
                                       7.000            562.12
    AKRON            OH   44303          1            08/28/03         00
    2731604                              05           10/01/03          0
    2731604                              N            09/01/33
    0


    8834144          286/286             F          192,500.00         ZZ
                                         360        192,115.76          3
                                       6.000          1,154.14         70
                                       5.750          1,154.14
    NEW ORLEANS      LA   70130          5            09/22/03         00
    2615181                              05           11/01/03          0
    2615181                              N            10/01/33
    0


    8834146          286/286             F          225,000.00         ZZ
                                         360        224,571.89          4
                                       6.250          1,385.37         75
                                       6.000          1,385.37
    SAN BERNARDINO   CA   92404          1            09/17/03         00
    2806527                              05           11/01/03          0
1


    2806527                              N            10/01/33
    0


    8834148          286/286             F          196,050.00         ZZ
                                         360        195,676.97          1
                                       6.250          1,207.12         57
                                       6.000          1,207.12
    SAN JOSE         CA   95122          2            09/17/03         00
    2714717                              05           11/01/03          0
    2714717                              N            10/01/33
    0


    8834154          286/286             F          200,000.00         ZZ
                                         360        199,619.47          1
                                       6.250          1,231.44         40
                                       6.000          1,231.44
    FOUNTAIN VALLEY  CA   92708          1            09/17/03         00
    2771835                              05           11/01/03          0
    2771835                              N            10/01/33
    0


    8834156          286/286             F           52,000.00         ZZ
                                         360         51,910.19          1
                                       6.750            337.28         47
                                       6.500            337.28
    REDDING          CA   96001          5            09/25/03         00
    2785381                              05           11/01/03          0
    2785381                              N            10/01/33
    0


    8834158          286/286             F          180,000.00         ZZ
                                         360        179,632.06          1
                                       5.875          1,064.77         79
                                       5.625          1,064.77
    SEATTLE          WA   98155          5            09/25/03         00
    2559199                              05           11/01/03          0
    2559199                              N            10/01/33
    0


    8834160          286/286             F           69,950.00         ZZ
                                         360         69,831.69          1
                                       6.875            459.53         70
                                       6.625            459.53
    QLBUQUERQUE      NM   87102          5            09/02/03         00
    2756747                              05           11/01/03          0
    2756747                              N            10/01/33
    0


1


    8834162          286/286             F           69,650.00         ZZ
                                         360         69,540.99          2
                                       7.250            475.14         90
                                       7.000            475.14
    GRAND RAPIDS     MI   49504          1            09/11/03         10
    2763715                              05           11/01/03         25
    2763715                              N            10/01/33
    0


    8834166          286/286             F           56,250.00         ZZ
                                         360         56,155.22          2
                                       6.875            369.52         75
                                       6.625            369.52
    THOMASTON        GA   30286          2            09/17/03         00
    2809275                              05           11/01/03          0
    2809275                              N            10/01/33
    0


    8834168          286/286             F          175,000.00         ZZ
                                         360        174,674.96          3
                                       6.375          1,091.78         34
                                       6.125          1,091.78
    SANTA FE         NM   87501          5            09/11/03         00
    2784427                              05           11/01/03          0
    2784427                              N            10/01/33
    0


    8834170          286/286             F           80,000.00         ZZ
                                         360         79,868.45          2
                                       7.000            532.25         68
                                       6.750            532.25
    PEORIA           IL   61614          1            09/29/03         00
    2761566                              05           11/01/03          0
    2761566                              N            10/01/33
    0


    8834176          286/286             F          136,350.00         ZZ
                                         360        136,108.73          1
                                       6.625            873.07         59
                                       6.375            873.07
    LA PUENTE        CA   91744          2            09/10/03         00
    2777992                              05           11/01/03          0
    2777992                              N            10/01/33
    0


    8834178          286/286             F          194,000.00         ZZ
                                         360        193,656.72          1
                                       6.625          1,242.21         80
                                       6.375          1,242.21
1


    AURORA           OH   44202          1            09/17/03         00
    2719790                              01           11/01/03          0
    2719790                              N            10/01/33
    0


    8834180          286/286             F          143,600.00         ZZ
                                         360        143,208.43          2
                                       6.500            907.65         69
                                       6.250            907.65
    BALTIMORE        MD   21224          2            09/04/03         00
    2671166                              05           10/01/03          0
    2671166                              N            09/01/33
    0


    8834182          286/286             F           46,350.00         ZZ
                                         360         46,277.46          1
                                       7.250            316.19         90
                                       7.000            316.19
    TYLER            TX   75701          1            09/18/03         11
    2797121                              05           11/01/03         25
    2797121                              N            10/01/33
    0


    8834184          286/286             F          165,000.00         ZZ
                                         360        164,539.07          1
                                       6.375          1,029.39         79
                                       6.125          1,029.39
    RICHMOND         VA   23233          2            08/27/03         00
    2671457                              05           10/01/03          0
    2671457                              N            09/01/33
    0


    8834188          286/286             F           71,500.00         ZZ
                                         360         71,376.53          1
                                       6.750            463.75         75
                                       6.500            463.75
    MARGATE          FL   33063          5            09/17/03         00
    2753279                              01           11/01/03          0
    2753279                              N            10/01/33
    0


    8834192          286/286             F           50,400.00         ZZ
                                         360         50,321.12          1
                                       7.250            343.82         80
                                       7.000            343.82
    INDIANPOLIS      IN   46222          2            09/25/03         00
    2794934                              05           11/01/03          0
    2794934                              N            10/01/33
    0
1




    8834198          286/286             F           53,600.00         ZZ
                                         360         53,505.16          1
                                       6.625            343.21         80
                                       6.375            343.21
    KANSAS CITY      KS   66106          1            09/05/03         00
    2757777                              05           11/01/03          0
    2757777                              N            10/01/33
    0


    8834202          286/286             F           64,350.00         ZZ
                                         360         64,244.18          1
                                       7.000            428.13         90
                                       6.750            428.13
    ALBUQUERQUE      NM   87108          2            09/09/03         21
    2715607                              05           11/01/03         25
    2715607                              N            10/01/33
    0


    8834204          286/286             F           64,350.00         ZZ
                                         360         64,244.18          1
                                       7.000            428.13         90
                                       6.750            428.13
    ALBUQUERQUE      NM   87108          2            09/09/03         04
    2715604                              05           11/01/03         25
    2715604                              N            10/01/33
    0


    8834206          286/286             F           62,400.00         ZZ
                                         360         62,289.60          1
                                       6.625            399.55         80
                                       6.375            399.55
    AUSTIN           TX   78705          1            09/19/03         00
    2823359                              01           11/01/03          0
    2823359                              N            10/01/33
    0


    8834208          286/286             F           66,600.00         ZZ
                                         360         66,490.48          1
                                       7.000            443.10         90
                                       6.750            443.10
    ALBUQUERQUE      NM   87108          2            09/09/03         04
    2715599                              05           11/01/03         25
    2715599                              N            10/01/33
    0


    8834210          286/286             F           64,000.00         ZZ
                                         360         63,886.75          1
1


                                       6.625            409.80         80
                                       6.375            409.80
    AUSTIN           TX   78705          1            09/19/03         00
    2823328                              01           11/01/03          0
    2823328                              N            10/01/33
    0


    8834214          286/286             F           50,000.00         ZZ
                                         360         49,915.74          1
                                       6.875            328.47         80
                                       6.625            328.47
    INDIANAPOLIS     IN   46218          1            09/29/03         00
    2799383                              05           11/01/03          0
    2799383                              N            10/01/33
    0


    8834216          286/286             F           66,800.00         ZZ
                                         360         66,690.16          1
                                       7.000            444.43         90
                                       6.750            444.43
    ALBUQUERQUE      NM   87108          2            09/09/03         21
    2715586                              05           11/01/03         25
    2715586                              N            10/01/33
    0


    8834220          286/286             F           66,800.00         ZZ
                                         360         66,690.16          1
                                       7.000            444.43         90
                                       6.750            444.43
    ALBUQUERQUE      NM   87108          2            09/09/03         21
    2715576                              05           11/01/03         25
    2715576                              N            10/01/33
    0


    8834222          286/286             F           83,000.00         ZZ
                                         360         82,830.33          1
                                       5.875            490.98         67
                                       5.625            490.98
    VIRGINIA BEACH   VA   23462          2            09/25/03         00
    2652085                              05           11/01/03          0
    2652085                              N            10/01/33
    0


    8834224          286/286             F           66,800.00         ZZ
                                         360         66,690.16          1
                                       7.000            444.43         90
                                       6.750            444.43
    ALBUQUERQUE      NM   87108          2            09/09/03         21
    2715570                              05           11/01/03         25
1


    2715570                              N            10/01/33
    0


    8834226          286/286             F          126,000.00         ZZ
                                         360        125,886.09          2
                                       6.500            796.41         78
                                       6.250            796.41
    TUCSON           AZ   85716          2            10/08/03         00
    2802372                              05           12/01/03          0
    2802372                              N            11/01/33
    0


    8834228          286/286             F           52,700.00         ZZ
                                         360         52,613.34          4
                                       7.000            350.62         24
                                       6.750            350.62
    BOONSBORO        MD   21713          5            09/25/03         00
    2758336                              05           11/01/03          0
    2758336                              N            10/01/33
    0


    8834230          286/286             F           44,910.00         ZZ
                                         360         44,874.08          1
                                       7.125            302.57         90
                                       6.875            302.57
    CHESAPEAKE       VA   23321          1            10/01/03         11
    2788284                              05           12/01/03         25
    2788284                              N            11/01/33
    0


    8834232          286/286             F          150,500.00         ZZ
                                         360        150,220.46          4
                                       6.375            938.93         70
                                       6.125            938.93
    EAST ORANGE      NJ   07017          5            09/15/03         00
    2693107                              05           11/01/03          0
    2693107                              N            10/01/33
    0


    8834234          286/286             F           53,910.00         ZZ
                                         360         53,823.50          1
                                       7.125            363.21         90
                                       6.875            363.21
    NORFOLK          VA   23523          1            09/24/03         12
    2782799                              05           11/01/03         25
    2782799                              N            10/01/33
    0


1


    8834238          286/286             F          222,350.00         ZZ
                                         360        221,772.44          1
                                       6.750          1,442.16         79
                                       6.500          1,442.16
    FAIRFAX          VA   22032          5            08/21/03         00
    2651786                              05           10/01/03          0
    2651786                              N            09/01/33
    0


    8834240          286/286             F           61,830.00         ZZ
                                         360         61,730.80          1
                                       7.125            416.57         90
                                       6.875            416.57
    CHESAPEAKE       VA   23321          1            09/30/03         11
    2782796                              05           11/01/03         25
    2782796                              N            10/01/33
    0


    8834244          286/286             F           78,300.00         ZZ
                                         360         78,174.38          1
                                       7.125            527.53         90
                                       6.875            527.53
    NORFOLK          VA   23523          1            10/01/03         11
    2782722                              05           11/01/03         25
    2782722                              N            10/01/33
    0


    8834246          286/286             F           40,500.00         ZZ
                                         360         40,433.41          1
                                       7.000            269.45         90
                                       6.750            269.45
    CHESAPEAKE       VA   23321          1            09/30/03         11
    2777396                              05           11/01/03         25
    2777396                              N            10/01/33
    0


    8834252          286/286             F           50,000.00         ZZ
                                         360         49,915.74          2
                                       6.875            328.47         80
                                       6.625            328.47
    ONTARIO          OR   97914          1            09/23/03         00
    2744351                              05           11/01/03          0
    2744351                              N            10/01/33
    0


    8834254          286/286             F           55,000.00         ZZ
                                         360         54,907.30          2
                                       6.875            361.32         88
                                       6.625            361.32
1


    ONTARIO          OR   97914          1            09/30/03         12
    2743886                              05           11/01/03         25
    2743886                              N            10/01/33
    0


    8834256          286/286             F           67,500.00         ZZ
                                         360         67,377.62          1
                                       6.500            426.65         72
                                       6.250            426.65
    MONTICELLO       IN   47960          2            09/25/03         00
    2675481                              05           11/01/03          0
    2675481                              N            10/01/33
    0


    8834260          286/286             F          147,000.00         ZZ
                                         360        146,752.29          1
                                       6.875            965.69         70
                                       6.625            965.69
    PHILADELPHIA     PA   19146          5            09/12/03         00
    2690939                              05           11/01/03          0
    2690939                              N            10/01/33
    0


    8834266          286/286             F          176,000.00         ZZ
                                         360        175,520.09          1
                                       6.500          1,112.44         80
                                       6.250          1,112.44
    FAIRFAX          VA   22033          1            08/27/03         00
    2682810                              01           10/01/03          0
    2682810                              N            09/01/33
    0


    8834268          286/286             F           76,000.00         ZZ
                                         360         75,868.62          1
                                       6.750            492.94         80
                                       6.500            492.94
    TACOMA           WA   98404          5            09/17/03         00
    2754672                              05           11/01/03          0
    2754672                              N            10/01/33
    0


    8834270          286/286             F           43,200.00         ZZ
                                         360         43,132.30          1
                                       7.250            294.71         80
                                       7.000            294.71
    OXON HILL        MD   20745          1            09/10/03         00
    2491200                              01           11/01/03          0
    2491200                              N            10/01/33
    0
1




    8834274          286/286             F          247,000.00         ZZ
                                         360        246,541.24          1
                                       6.375          1,540.96         67
                                       6.125          1,540.96
    SAN DIEGO        CA   92119          5            09/08/03         00
    2750051                              05           11/01/03          0
    2750051                              N            10/01/33
    0


    8834276          286/286             F          130,500.00         ZZ
                                         360        130,169.19          1
                                       6.875            857.30         75
                                       6.625            857.30
    BALTIMORE        MD   21230          2            08/21/03         00
    2642310                              05           10/01/03          0
    2642310                              N            09/01/33
    0


    8834280          286/286             F          322,700.00         ZZ
                                         360        322,100.64          1
                                       6.375          2,013.23         68
                                       6.125          2,013.23
    CHULA VISTA      CA   91911          5            09/10/03         00
    2704951                              05           11/01/03          0
    2704951                              N            10/01/33
    0


    8834282          286/286             F           50,000.00         ZZ
                                         360         49,794.58          1
                                       5.875            295.77         38
                                       5.625            295.77
    LAWRENCEVILLE    GA   30044          2            07/14/03         00
    2231539                              05           09/01/03          0
    2231539                              N            08/01/33
    0


    8834286          286/286             F          146,000.00         ZZ
                                         360        145,116.92          1
                                       6.000            875.35         80
                                       5.750            875.35
    TURLOCK          CA   95380          1            05/07/03         00
    2474883                              05           07/01/03          0
    2474883                              N            06/01/33
    0


    8834290          286/286             F          120,000.00         ZZ
                                         360        119,802.69          1
1


                                       7.000            798.37         80
                                       6.750            798.37
    LEESBURG         VA   20175          1            09/30/03         00
    2764020                              01           11/01/03          0
    2764020                              N            10/01/33
    0


    8834294          286/286             F          124,200.00         ZZ
                                         360        124,005.63          1
                                       7.250            847.27         90
                                       7.000            847.27
    WOODBRIDGE       NJ   07095          1            10/03/03         14
    2754975                              01           11/01/03         25
    2754975                              N            10/01/33
    0


    8834328          286/286             F           82,350.00         ZZ
                                         360         82,211.22          1
                                       6.875            540.99         90
                                       6.625            540.99
    GARLAND          TX   75040          1            09/15/03         11
    2735955                              05           11/01/03         25
    2735955                              N            10/01/33
    0


    8834330          286/286             F          176,800.00         TX
                                         360        176,494.68          1
                                       6.750          1,146.73         80
                                       6.500          1,146.73
    FRISCO           TX   75035          5            09/17/03         00
    2537099                              05           11/01/03          0
    2537099                              N            10/01/33
    0


    8834332          286/286             F          148,500.00         ZZ
                                         360        148,265.56          1
                                       7.250          1,013.04         90
                                       7.000          1,013.04
    WARMINSTER       PA   18974          1            09/12/03         12
    2756484                              05           11/01/03         25
    2756484                              N            10/01/33
    0


    8834334          286/286             F           66,000.00         ZZ
                                         360         65,610.14          1
                                       6.125            401.03         80
                                       5.875            401.03
    MACON            GA   31204          1            05/21/03         00
    2322593                              05           07/01/03          0
1


    2322593                              N            06/01/33
    0


    8834336          286/286             F          130,450.00         ZZ
                                         360        130,049.05          1
                                       5.875            771.66         59
                                       5.625            771.66
    COTTONTOWN       TN   37048          2            08/25/03         00
    2663679                              05           10/01/03          0
    2663679                              N            09/01/33
    0


    8834346          286/286             F          132,000.00         ZZ
                                         360        131,748.85          1
                                       6.250            812.75         80
                                       6.000            812.75
    SPOKANE          WA   99223          5            09/23/03         00
    2799678                              05           11/01/03          0
    2799678                              N            10/01/33
    0


    8834348          286/286             F          222,000.00         ZZ
                                         360        221,607.16          2
                                       6.625          1,421.50         69
                                       6.375          1,421.50
    SAN DIEGO        CA   92113          5            09/29/03         00
    2833807                              05           11/01/03          0
    2833807                              N            10/01/33
    0


    8834350          286/286             F          120,000.00         ZZ
                                         360        119,792.78          1
                                       6.750            778.32         74
                                       6.500            778.32
    INDIANAPOLIS     IN   46260          5            09/02/03         00
    2678268                              05           11/01/03          0
    2678268                              N            10/01/33
    0


    8834352          286/286             F          207,900.00         ZZ
                                         360        207,574.64          1
                                       7.250          1,418.25         80
                                       7.000          1,418.25
    DIMONDALE        MI   48821          1            09/25/03         00
    2764026                              05           11/01/03          0
    2764026                              N            10/01/33
    0


1


    8834354          286/286             F           80,000.00         ZZ
                                         360         79,865.18          1
                                       6.875            525.55         57
                                       6.625            525.55
    LAKE LILLIAN     MN   56253          5            09/25/03         00
    2808031                              05           11/01/03          0
    2808031                              N            10/01/33
    0


    8834358          286/286             F          144,000.00         ZZ
                                         360        143,757.35          1
                                       6.875            945.98         90
                                       6.625            945.98
    HOUSTON          TX   77008          1            09/22/03         12
    2832200                              05           11/01/03         25
    2832200                              N            10/01/33
    0


    8834362          286/286             F           68,000.00         ZZ
                                         360         67,888.19          1
                                       7.000            452.41         80
                                       6.750            452.41
    LAS VEGAS        NV   89106          1            09/11/03         00
    1691796                              05           11/01/03          0
    1691796                              N            10/01/33
    0


    8834366          286/286             F           50,500.00         ZZ
                                         360         50,406.19          1
                                       6.375            315.06         70
                                       6.125            315.06
    INDPLS           IN   46236          2            09/05/03         00
    2667122                              05           11/01/03          0
    2667122                              N            10/01/33
    0


    8834370          286/286             F          160,000.00         ZZ
                                         360        159,716.88          1
                                       6.625          1,024.50         64
                                       6.375          1,024.50
    SPRINGFIELD      VA   22152          5            09/16/03         00
    2780079                              03           11/01/03          0
    2780079                              N            10/01/33
    0


    8834374          286/286             F           61,200.00         ZZ
                                         360         61,108.88          1
                                       7.500            427.92         90
                                       7.250            427.92
1


    ROCKPORT         TX   78382          1            09/23/03         11
    2752958                              05           11/01/03         25
    2752958                              N            10/01/33
    0


    8834382          286/286             F          179,800.00         ZZ
                                         360        178,586.98          1
                                       6.250          1,107.06         80
                                       6.000          1,107.06
    CENTENNIAL       CO   80015          2            05/02/03         00
    2430450                              05           06/01/03          0
    2430450                              N            05/01/33
    0


    8834386          286/286             F          150,000.00         ZZ
                                         360        149,588.45          1
                                       6.500            948.11         70
                                       6.250            948.11
    CLACKAMAS        OR   97015          5            08/25/03         00
    1921634                              05           10/01/03          0
    1921634                              N            09/01/33
    0


    8834390          286/286             F          222,400.00         ZZ
                                         360        222,198.95          1
                                       6.500          1,405.72         80
                                       6.250          1,405.72
    EDMONDS          WA   98020          1            10/01/03         00
    2828845                              05           12/01/03          0
    2828845                              N            11/01/33
    0


    8834394          286/286             F          190,800.00         ZZ
                                         360        190,445.62          1
                                       6.375          1,190.35         80
                                       6.125          1,190.35
    SACRAMENTO       CA   95823          1            09/25/03         00
    2796927                              05           11/01/03          0
    2796927                              N            10/01/33
    0


    8834398          286/286             F           60,000.00         ZZ
                                         360         59,653.88          1
                                       6.250            369.44         75
                                       6.000            369.44
    VIRGINIA BEACH   VA   23464          2            05/12/03         00
    2189483                              01           07/01/03          0
    2189483                              N            06/01/33
    0
1




    8834402          286/286             F           76,500.00         ZZ
                                         360         76,371.07          1
                                       6.875            502.56         90
                                       6.625            502.56
    HOUSTON          TX   77082          1            09/12/03         11
    2750071                              05           11/01/03         25
    2750071                              N            10/01/33
    0


    8834414          286/286             F          136,000.00         ZZ
                                         360        135,787.18          1
                                       7.250            927.76         78
                                       7.000            927.76
    DIMONDALE        MI   48821          1            09/25/03         00
    2764000                              05           11/01/03          0
    2764000                              N            10/01/33
    0


    8834418          286/286             F           75,600.00         ZZ
                                         360         75,472.61          1
                                       6.875            496.64         70
                                       6.625            496.64
    TUCSON           AZ   85712          1            09/24/03         00
    2778056                              05           11/01/03          0
    2778056                              N            10/01/33
    0


    8834426          E82/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.750          2,075.51         70
                                       6.500          2,075.51
    BETHESDA         MD   20817          5            10/29/03         00
    0400892691                           05           01/01/04          0
    0400892691                           O            12/01/33
    0


    8834428          286/286             F          184,000.00         ZZ
                                         360        183,689.95          1
                                       6.875          1,208.75         80
                                       6.625          1,208.75
    HIGHLANDS RANCH  CO   80129          1            09/10/03         00
    2751964                              05           11/01/03          0
    2751964                              N            10/01/33
    0


    8834432          E82/G02             F           79,500.00         ZZ
                                         360         79,500.00          1
1


                                       6.000            476.64         55
                                       5.750            476.64
    TROUT CREEK      MT   59874          2            10/29/03         00
    0400877031                           05           01/01/04          0
    0400877031                           O            12/01/33
    0


    8834434          286/286             F           69,750.00         ZZ
                                         360         69,540.63          2
                                       6.000            418.19         90
                                       5.750            418.19
    AMHERST          NY   14226          1            09/02/03         11
    2647217                              05           10/01/03         25
    2647217                              N            09/01/33
    0


    8834440          286/286             F          170,500.00         ZZ
                                         360        170,190.89          1
                                       6.500          1,077.68         52
                                       6.250          1,077.68
    MURRIETA         CA   92562          1            09/11/03         00
    2782083                              05           11/01/03          0
    2782083                              N            10/01/33
    0


    8834450          E82/G02             F          256,600.00         ZZ
                                         360        256,600.00          1
                                       7.125          1,728.76         70
                                       6.875          1,728.76
    MAHOPAC          NY   10541          5            10/30/03         00
    0400897476                           05           01/01/04          0
    0400897476                           O            12/01/33
    0


    8834452          286/286             F          152,000.00         ZZ
                                         360        151,724.42          2
                                       6.500            960.75         80
                                       6.250            960.75
    COLLEGE STATION  TX   77845          1            09/09/03         00
    2696328                              05           11/01/03          0
    2696328                              N            10/01/33
    0


    8834462          E82/G02             F           90,700.00         ZZ
                                         360         90,700.00          1
                                       7.375            626.44         76
                                       7.125            626.44
    TAMPA            FL   33605          2            11/04/03         00
    0400903704                           05           01/01/04          0
1


    0400903704                           N            12/01/33
    0


    8834464          286/286             F           60,000.00         ZZ
                                         360         59,888.54          1
                                       6.375            374.33         54
                                       6.125            374.33
    PHOENIX          AZ   85051          5            09/29/03         00
    2735611                              05           11/01/03          0
    2735611                              N            10/01/33
    0


    8834470          286/286             F          440,000.00         ZZ
                                         360        439,202.31          1
                                       6.500          2,781.10         45
                                       6.250          2,781.10
    PRINCEVILLE      HI   96722          1            09/25/03         00
    2809492                              05           11/01/03          0
    2809492                              N            10/01/33
    0


    8834474          E82/G02             F          192,500.00         ZZ
                                         360        192,500.00          2
                                       6.875          1,264.59         70
                                       6.625          1,264.59
    LINDEN           NJ   07036          2            10/30/03         00
    0400911863                           05           01/01/04          0
    0400911863                           O            12/01/33
    0


    8834478          286/286             F           72,000.00         ZZ
                                         240         71,557.18          1
                                       6.500            536.82         56
                                       6.250            536.82
    RICHMOND         VA   23226          5            08/28/03         00
    2669623                              05           10/01/03          0
    2669623                              N            09/01/23
    0


    8834486          286/286             F           79,500.00         ZZ
                                         360         79,362.71          1
                                       6.750            515.64         75
                                       6.500            515.64
    VANCOUVER        WA   98662          1            09/23/03         00
    2809556                              01           11/01/03          0
    2809556                              N            10/01/33
    0


1


    8834494          286/286             F          270,000.00         ZZ
                                         360        269,498.53          1
                                       6.375          1,684.45         62
                                       6.125          1,684.45
    ALEXANDRIA VA    VA   22304          1            09/26/03         00
    2780199                              05           11/01/03          0
    2780199                              N            10/01/33
    0


    8834496          E82/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       7.250            579.85         57
                                       7.000            579.85
    AUSTIN           TX   78758          2            10/29/03         00
    0400901716                           05           01/01/04          0
    0400901716                           O            12/01/33
    0


    8834498          286/286             F           63,000.00         ZZ
                                         360         62,874.25          1
                                       6.000            377.72         72
                                       5.750            377.72
    HOWELL           NJ   07731          2            09/15/03         00
    2592266                              01           11/01/03          0
    2592266                              N            10/01/33
    0


    8834518          286/286             F           46,000.00         ZZ
                                         360         45,916.59          2
                                       6.500            290.76         80
                                       6.250            290.76
    KANKAKEE         IL   60901          1            09/08/03         00
    1770413                              05           11/01/03          0
    1770413                              N            10/01/33
    0


    8834526          E82/G02             F          107,450.00         ZZ
                                         360        107,450.00          4
                                       7.500            751.31         53
                                       7.250            751.31
    LAGO VISTA       TX   78645          2            11/03/03         00
    0400894077                           05           01/01/04          0
    0400894077                           N            12/01/33
    0


    8834528          286/286             F           67,800.00         ZZ
                                         360         67,685.75          1
                                       6.875            445.40         72
                                       6.625            445.40
1


    ACCOKEEK         MD   20607          2            09/29/03         00
    2792605                              05           11/01/03          0
    2792605                              N            10/01/33
    0


    8834532          E82/G02             F          253,300.00         ZZ
                                         360        253,300.00          1
                                       6.500          1,601.03         66
                                       6.250          1,601.03
    NAVARRE          FL   32566          2            10/29/03         00
    0400907739                           07           01/01/04          0
    0400907739                           O            12/01/33
    0


    8834542          286/286             F          131,200.00         ZZ
                                         360        130,962.13          1
                                       6.500            829.28         80
                                       6.250            829.28
    FAYETTEVILLE     GA   30214          1            09/30/03         00
    2778780                              05           11/01/03          0
    2778780                              N            10/01/33
    0


    8834562          286/286             F           51,300.00         ZZ
                                         360         51,179.21          1
                                       7.250            349.96         90
                                       7.000            349.96
    GALVESTON        TX   77554          1            08/29/03         10
    2769361                              05           10/01/03         25
    2769361                              N            09/01/33
    0


    8834568          286/286             F          149,800.00         ZZ
                                         360        149,528.42          4
                                       6.500            946.84         70
                                       6.250            946.84
    MESA             AZ   85204          1            09/18/03         00
    2783581                              05           11/01/03          0
    2783581                              N            10/01/33
    0


    8834576          286/286             F          149,800.00         ZZ
                                         360        149,528.42          4
                                       6.500            946.84         70
                                       6.250            946.84
    MESA             AZ   85204          1            09/18/03         00
    2783578                              05           11/01/03          0
    2783578                              N            10/01/33
    0
1




    8834580          E82/G02             F           77,000.00         ZZ
                                         360         77,000.00          1
                                       7.000            512.28         86
                                       6.750            512.28
    HARBOR BEACH     MI   48441          2            10/30/03         10
    0400911905                           05           01/01/04         25
    0400911905                           O            12/01/33
    0


    8834584          286/286             F          225,000.00         ZZ
                                         360        224,118.55          2
                                       6.125          1,367.12         68
                                       5.875          1,367.12
    STUGHTON         MA   02072          5            07/18/03         00
    2478634                              05           09/01/03          0
    2478634                              N            08/01/33
    0


    8834592          286/286             F          125,000.00         ZZ
                                         360        124,773.37          2
                                       6.500            790.09         65
                                       6.250            790.09
    OKLAHOMA CITY    OK   73119          5            09/24/03         00
    2761887                              05           11/01/03          0
    2761887                              N            10/01/33
    0


    8835078          F44/G02             F          162,450.00         ZZ
                                         240        161,734.59          1
                                       5.875          1,152.16         95
                                       5.625          1,152.16
    LAS VEGAS        NV   89130          2            09/05/03         11
    0436910376                           03           11/01/03         30
    93159067                             O            10/01/23
    0


    8835196          U05/G02             F           82,800.00         ZZ
                                         360         82,730.44          1
                                       6.875            543.94         90
                                       6.625            543.94
    TALLAHASSEE      FL   32305          1            10/28/03         10
    0437041171                           05           12/01/03         25
    3000406640                           N            11/01/33
    0


    8835200          286/286             F          268,000.00         ZZ
                                         360        267,195.60          1
1


                                       6.000          1,606.80         80
                                       5.750          1,606.80
    OLNEY            MD   20832          2            08/08/03         00
    2470451                              05           10/01/03          0
    2470451                              N            09/01/33
    0


    8835204          286/286             F           38,500.00         ZZ
                                         360         38,439.74          1
                                       7.250            262.64         70
                                       7.000            262.64
    ERIE             PA   16502          5            09/30/03         00
    2704327                              05           11/01/03          0
    2704327                              N            10/01/33
    0


    8835206          286/286             F           67,050.00         ZZ
                                         360         66,942.44          2
                                       7.125            451.73         90
                                       6.875            451.73
    SAINT LOUIS      MO   63115          1            10/03/03         14
    2849803                              05           11/01/03         25
    2849803                              N            10/01/33
    0


    8835210          286/286             F           40,500.00         ZZ
                                         360         40,436.63          1
                                       7.250            276.28         90
                                       7.000            276.28
    CLOVIS           NM   88101          1            09/30/03         11
    2834234                              05           11/01/03         25
    2834234                              N            10/01/33
    0


    8835212          286/286             F          148,500.00         ZZ
                                         360        148,224.19          2
                                       6.375            926.45         90
                                       6.125            926.45
    MINNEAPOLIS      MN   55412          1            09/30/03         12
    2815614                              05           11/01/03         25
    2815614                              N            10/01/33
    0


    8835214          286/286             F          163,000.00         ZZ
                                         360        162,697.26          1
                                       6.375          1,016.91         39
                                       6.125          1,016.91
    LAKEWOOD         CO   80232          1            09/19/03         00
    2789167                              05           11/01/03          0
1


    2789167                              N            10/01/33
    0


    8835222          286/286             F          173,600.00         ZZ
                                         360        173,314.57          1
                                       7.000          1,154.97         80
                                       6.750          1,154.97
    RANDALLSTOWN     MD   21133          1            09/26/03         00
    2815465                              05           11/01/03          0
    2815465                              N            10/01/33
    0


    8835226          286/286             F          124,000.00         ZZ
                                         360        123,764.07          1
                                       6.250            763.49         80
                                       6.000            763.49
    LITITZ           PA   17543          1            09/23/03         00
    2712505                              05           11/01/03          0
    2712505                              N            10/01/33
    0


    8835234          286/286             F          127,944.00         ZZ
                                         360        127,733.63          1
                                       7.000            851.22         90
                                       6.750            851.22
    GLENDALE HEIGHT  IL   60139          1            09/23/03         12
    2786969                              05           11/01/03         25
    2786969                              N            10/01/33
    0


    8835246          286/286             F           69,300.00         ZZ
                                         360         69,174.36          1
                                       6.500            438.03         90
                                       6.250            438.03
    LEWISPORT        KY   42351          1            09/03/03         11
    2597237                              05           11/01/03         25
    2597237                              N            10/01/33
    0


    8835270          286/286             F           73,800.00         ZZ
                                         360         73,672.56          1
                                       6.750            478.67         90
                                       6.500            478.67
    POTTSTOWN        PA   19464          1            09/17/03         11
    2757960                              05           11/01/03         25
    2757960                              N            10/01/33
    0


1


    8835276          286/286             F           61,200.00         ZZ
                                         360         61,104.21          1
                                       7.250            417.50         90
                                       7.000            417.50
    COLLEGE PARK     GA   30349          1            09/25/03         11
    2822213                              05           11/01/03         25
    2822213                              N            10/01/33
    0


    8835284          286/286             F           76,800.00         ZZ
                                         360         76,663.62          2
                                       6.750            498.13         80
                                       6.500            498.13
    ANDERSON         IN   46013          1            09/25/03         00
    2744252                              05           11/01/03          0
    2744252                              O            10/01/33
    0


    8835292          286/286             F           58,500.00         ZZ
                                         360         58,408.44          1
                                       7.250            399.08         90
                                       7.000            399.08
    HINESVILLE       GA   31313          1            09/30/03         12
    2810054                              05           11/01/03         30
    2810054                              N            10/01/33
    0


    8835298          286/286             F          120,700.00         ZZ
                                         360        120,464.76          1
                                       6.125            733.39         55
                                       5.875            733.39
    RICHMOND         VA   23233          2            09/17/03         00
    2544076                              05           11/01/03          0
    2544076                              N            10/01/33
    0


    8835302          286/286             F          189,750.00         ZZ
                                         360        189,405.99          1
                                       6.500          1,199.35         90
                                       6.250          1,199.35
    KING GEORGE      VA   22485          1            09/17/03         12
    2783386                              05           11/01/03         25
    2783386                              N            10/01/33
    0


    8835306          286/286             F           66,600.00         ZZ
                                         360         66,479.25          1
                                       6.500            420.96         90
                                       6.250            420.96
1


    DALLAS           TX   75206          1            09/22/03         04
    2858071                              01           11/01/03         25
    2858071                              N            10/01/33
    0


    8835312          286/286             F           62,850.00         ZZ
                                         360         62,751.64          1
                                       7.250            428.75         80
                                       7.000            428.75
    SEWELL           NJ   08080          1            09/30/03         00
    2744690                              05           11/01/03          0
    2744690                              N            10/01/33
    0


    8835316          286/286             F           50,000.00         ZZ
                                         360         49,921.75          1
                                       7.250            341.09         80
                                       7.000            341.09
    BROOKLAWN        NJ   08030          1            09/24/03         00
    2785076                              05           11/01/03          0
    2785076                              N            10/01/33
    0


    8835320          286/286             F           76,500.00         ZZ
                                         360         76,361.30          1
                                       6.500            483.54         90
                                       6.250            483.54
    STUART           FL   34996          1            09/03/03         10
    2702275                              05           11/01/03         25
    2702275                              N            10/01/33
    0


    8835324          286/286             F          112,000.00         ZZ
                                         360        111,824.73          2
                                       7.250            764.04         80
                                       7.000            764.04
    AKRON            OH   44319          2            09/16/03         00
    2722648                              05           11/01/03          0
    2722648                              N            10/01/33
    0


    8835332          286/286             F           82,500.00         ZZ
                                         360         82,350.43          1
                                       6.500            521.46         66
                                       6.250            521.46
    AUSTIN           TX   77664          2            09/18/03         00
    2715525                              05           11/01/03          0
    2715525                              N            10/01/33
    0
1




    8835350          286/286             F           63,000.00         ZZ
                                         360         62,898.92          1
                                       7.125            424.45         70
                                       6.875            424.45
    VISALIA          CA   93291          5            09/24/03         00
    2792715                              05           11/01/03          0
    2792715                              N            10/01/33
    0


    8835356          286/286             F           57,250.00         ZZ
                                         360         57,151.12          1
                                       6.750            371.33         75
                                       6.500            371.33
    NORFOLK          VA   23502          2            09/30/03         00
    1770679                              05           11/01/03          0
    1770679                              N            10/01/33
    0


    8835362          286/286             F           61,200.00         ZZ
                                         360         61,106.56          1
                                       7.375            422.70         80
                                       7.125            422.70
    CROWN POINT      IN   46307          1            09/24/03         00
    2722799                              05           11/01/03          0
    2722799                              N            10/01/33
    0


    8835366          286/286             F           80,000.00         ZZ
                                         360         79,851.41          2
                                       6.375            499.10         62
                                       6.125            499.10
    PLAINFIELD       CT   06374          2            09/22/03         00
    2645851                              05           11/01/03          0
    2645851                              N            10/01/33
    0


    8835370          286/286             F          246,000.00         ZZ
                                         360        245,772.16          2
                                       6.375          1,534.72         56
                                       6.125          1,534.72
    QUINCY           MA   02169          1            10/09/03         00
    2788265                              05           12/01/03          0
    2788265                              N            11/01/33
    0


    8835376          286/286             F           63,000.00         ZZ
                                         360         62,891.21          1
1


                                       6.750            408.62         80
                                       6.500            408.62
    ANDERSON         SC   29621          1            09/29/03         00
    2822283                              05           11/01/03          0
    2822283                              N            10/01/33
    0


    8835384          286/286             F          225,000.00         ZZ
                                         360        224,582.10          2
                                       6.375          1,403.71         90
                                       6.125          1,403.71
    ASHLAND          OR   97520          2            09/16/03         11
    2674939                              05           11/01/03         25
    2674939                              N            10/01/33
    0


    8835388          286/286             F           55,200.00         ZZ
                                         360         55,099.91          1
                                       6.500            348.91         80
                                       6.250            348.91
    CAMPBELLSBURG    IN   47108          1            09/12/03         00
    2744657                              05           11/01/03          0
    2744657                              N            10/01/33
    0


    8835398          286/286             F           69,600.00         ZZ
                                         360         69,482.70          1
                                       6.875            457.23         80
                                       6.625            457.23
    NORWICH          NY   13815          1            09/22/03         00
    2742322                              05           11/01/03          0
    2742322                              N            10/01/33
    0


    8835402          286/286             F           80,000.00         ZZ
                                         360         79,938.92          1
                                       7.375            552.55         73
                                       7.125            552.55
    COLLINGSWOOD     NJ   08108          5            10/09/03         00
    2791232                              05           12/01/03          0
    2791232                              N            11/01/33
    0


    8835406          286/286             F           74,500.00         ZZ
                                         360         74,443.30          1
                                       7.375            514.56         70
                                       7.125            514.56
    COLLINGSWOOD     NJ   08108          5            10/09/03         00
    2791231                              05           12/01/03          0
1


    2791231                              N            11/01/33
    0


    8835418          286/286             F          205,500.00         ZZ
                                         360        205,109.01          1
                                       6.250          1,265.30         75
                                       6.000          1,265.30
    SEATTLE          WA   98116          1            09/24/03         00
    2802897                              05           11/01/03          0
    2802897                              N            10/01/33
    0


    8835454          286/286             F           64,000.00         ZZ
                                         360         63,946.23          1
                                       6.875            420.44         73
                                       6.625            420.44
    ELWOOD           IN   46036          2            10/03/03         00
    2810249                              05           12/01/03          0
    2810249                              N            11/01/33
    0


    8835458          286/286             F           62,000.00         ZZ
                                         360         61,882.05          1
                                       6.250            381.74         28
                                       6.000            381.74
    RESTON           VA   20190          2            10/03/03         00
    2773839                              01           11/01/03          0
    2773839                              N            10/01/33
    0


    8835474          286/286             F          280,000.00         ZZ
                                         360        279,492.37          1
                                       6.500          1,769.80         80
                                       6.250          1,769.80
    RIVERSIDE        CA   92507          1            09/11/03         00
    2762237                              05           11/01/03          0
    2762237                              N            10/01/33
    0


    8835492          286/286             F          120,500.00         ZZ
                                         360        120,291.90          1
                                       6.750            781.57         90
                                       6.500            781.57
    ALPHARETTA       GA   30004          1            09/15/03         10
    2790041                              05           11/01/03         25
    2790041                              N            10/01/33
    0


1


    8835512          286/286             F           65,000.00         ZZ
                                         360         64,939.79          1
                                       6.375            405.52         25
                                       6.125            405.52
    REDMOND          WA   98052          2            10/08/03         00
    2837987                              05           12/01/03          0
    2837987                              N            11/01/33
    0


    8835518          286/286             F           36,000.00         ZZ
                                         360         35,937.83          1
                                       6.750            233.50         25
                                       6.500            233.50
    BEND             OR   97707          5            09/18/03         00
    2786881                              05           11/01/03          0
    2786881                              N            10/01/33
    0


    8835522          286/286             F           58,500.00         ZZ
                                         360         58,445.81          1
                                       6.375            364.97         90
                                       6.125            364.97
    ARLINGTON        TX   76014          1            10/02/03         14
    2834609                              05           12/01/03         25
    2834609                              N            11/01/33
    0


    8835526          286/286             F           78,637.00         ZZ
                                         360         78,507.70          1
                                       7.000            523.18         90
                                       6.750            523.18
    INDIANAPOLIS     IN   46229          1            10/02/03         12
    2801660                              05           11/01/03         25
    2801660                              N            10/01/33
    0


    8835530          286/286             F           76,800.00         ZZ
                                         360         76,679.80          1
                                       7.250            523.92         80
                                       7.000            523.92
    BRUNSWICK        OH   44212          1            09/29/03         00
    2748021                              01           11/01/03          0
    2748021                              N            10/01/33
    0


    8835534          286/286             F           65,700.00         ZZ
                                         360         65,597.19          1
                                       7.250            448.19         90
                                       7.000            448.19
1


    PETERSBURG       VA   23803          1            09/29/03         12
    2769796                              05           11/01/03         25
    2769796                              N            10/01/33
    0


    8835554          286/286             F          131,200.00         ZZ
                                         360        130,867.41          1
                                       6.875            861.90         80
                                       6.625            861.90
    PORTLAND         OR   97266          2            09/02/03         00
    2738200                              05           10/01/03          0
    2738200                              N            09/01/33
    0


    8835564          286/286             F           35,000.00         ZZ
                                         360         34,941.01          2
                                       6.875            229.93         70
                                       6.625            229.93
    SPRINGFIELD      OH   45503          5            09/24/03         00
    2684455                              05           11/01/03          0
    2684455                              N            10/01/33
    0


    8835566          286/286             F          149,900.00         ZZ
                                         360        149,670.96          1
                                       7.375          1,035.33         66
                                       7.125          1,035.33
    LAKE FOREST      CA   92630          5            09/17/03         00
    2756212                              01           11/01/03          0
    2756212                              N            10/01/33
    0


    8835572          286/286             F          330,000.00         ZZ
                                         360        329,387.07          4
                                       6.375          2,058.78         75
                                       6.125          2,058.78
    LONG BEACH       CA   90805          1            09/26/03         00
    2778617                              05           11/01/03          0
    2778617                              N            10/01/33
    0


    8835592          286/286             F          216,000.00         ZZ
                                         360        215,626.99          2
                                       6.750          1,400.98         90
                                       6.500          1,400.98
    LINDEN           NJ   07036          1            09/15/03         21
    2673010                              05           11/01/03         25
    2673010                              N            10/01/33
    0
1




    8835602          286/286             F           44,000.00         ZZ
                                         360         43,769.44          1
                                       6.750            285.39         68
                                       6.500            285.39
    KANSAS CITY      MO   64126          2            05/13/03         00
    2217981                              05           07/01/03          0
    2217981                              N            06/01/33
    0


    8835612          286/286             F           74,400.00         ZZ
                                         360         74,211.39          2
                                       6.875            488.76         80
                                       6.625            488.76
    ZEBULON          GA   30295          2            08/22/03         00
    2797004                              05           10/01/03          0
    2797004                              N            09/01/33
    0


    8835620          286/286             F           74,400.00         ZZ
                                         360         74,211.39          2
                                       6.875            488.76         80
                                       6.625            488.76
    ZEBULON          GA   30295          2            08/22/03         00
    2796993                              05           10/01/03          0
    2796993                              N            09/01/33
    0


    8835624          286/286             F          203,000.00         ZZ
                                         360        202,613.76          3
                                       6.250          1,249.91         70
                                       6.000          1,249.91
    VA BEACH         VA   23451          5            09/05/03         00
    2517715                              05           11/01/03          0
    2517715                              N            10/01/33
    0


    8835630          286/286             F          125,000.00         ZZ
                                         360        124,767.83          1
                                       6.375            779.84         67
                                       6.125            779.84
    ORLANDO          FL   32837          2            09/25/03         00
    2379767                              05           11/01/03          0
    2379767                              N            10/01/33
    0


    8835634          286/286             F           65,600.00         ZZ
                                         360         65,486.70          1
1


                                       6.750            425.49         80
                                       6.500            425.49
    NEWPORT RICHEY   FL   34625          1            09/15/03         00
    2799574                              05           11/01/03          0
    2799574                              N            10/01/33
    0


    8835638          286/286             F           80,100.00         ZZ
                                         360         79,974.64          1
                                       7.250            546.43         90
                                       7.000            546.43
    OXFORD           MI   48371          1            09/25/03         12
    2810982                              05           11/01/03         25
    2810982                              N            10/01/33
    0


    8835642          286/286             F           37,800.00         ZZ
                                         360         37,742.29          1
                                       7.375            261.08         90
                                       7.125            261.08
    PEORIA           IL   61603          1            09/29/03         14
    2780823                              05           11/01/03         25
    2780823                              N            10/01/33
    0


    8835646          286/286             F           76,000.00         ZZ
                                         360         75,871.93          1
                                       6.875            499.27         80
                                       6.625            499.27
    TOLEDO           OH   43609          2            09/17/03         00
    2677889                              05           11/01/03          0
    2677889                              N            10/01/33
    0


    8835650          286/286             F          160,000.00         ZZ
                                         360        159,672.92          1
                                       5.875            946.47         64
                                       5.625            946.47
    POLK CITY        IA   50226          5            09/04/03         00
    2698148                              05           11/01/03          0
    2698148                              N            10/01/33
    0


    8835654          286/286             F           54,000.00         ZZ
                                         360         53,889.60          2
                                       5.875            319.44         27
                                       5.625            319.44
    ADDYSTON         OH   45001          2            09/22/03         00
    2638121                              05           11/01/03          0
1


    2638121                              N            10/01/33
    0


    8835664          286/286             F           78,400.00         ZZ
                                         360         78,264.60          1
                                       6.750            508.51         70
                                       6.500            508.51
    ST LOUIS         MO   63123          5            09/24/03         00
    2813230                              05           11/01/03          0
    2813230                              N            10/01/33
    0


    8835670          286/286             F          166,000.00         ZZ
                                         360        165,536.29          1
                                       6.375          1,035.63         43
                                       6.125          1,035.63
    COROLLA          NC   27927          2            08/26/03         00
    2690224                              05           10/01/03          0
    2690224                              N            09/01/33
    0


    8835694          286/286             F          130,000.00         ZZ
                                         360        129,764.32          2
                                       6.500            821.69         73
                                       6.250            821.69
    HENDERSONVILLE   NC   28739          2            09/15/03         00
    2749183                              05           11/01/03          0
    2749183                              N            10/01/33
    0


    8835696          286/286             F           46,300.00         ZZ
                                         360         46,259.14          1
                                       6.625            296.47         69
                                       6.375            296.47
    WHITE SULPHUR S  MT   59645          5            10/02/03         00
    2831526                              05           12/01/03          0
    2831526                              N            11/01/33
    0


    8835700          286/286             F          185,000.00         ZZ
                                         360        184,648.01          1
                                       6.250          1,139.08         63
                                       6.000          1,139.08
    WEST COVINA      CA   91790          5            09/25/03         00
    2759670                              05           11/01/03          0
    2759670                              N            10/01/33
    0


1


    8835704          286/286             F           68,000.00         ZZ
                                         360         67,805.42          2
                                       6.250            418.69         34
                                       6.000            418.69
    NEW BEDFORD      MA   02740          5            08/26/03         00
    2658272                              05           10/01/03          0
    2658272                              N            09/01/33
    0


    8835708          286/286             F          155,000.00         ZZ
                                         360        154,718.98          1
                                       6.500            979.71         62
                                       6.250            979.71
    SURPRISE         AZ   85374          1            09/10/03         00
    2806076                              05           11/01/03          0
    2806076                              N            10/01/33
    0


    8835712          286/286             F           46,400.00         ZZ
                                         360         46,329.16          1
                                       7.375            320.48         80
                                       7.125            320.48
    OLATHE           KS   66062          1            09/12/03         00
    2768101                              05           11/01/03          0
    2768101                              N            10/01/33
    0


    8835716          286/286             F           71,250.00         ZZ
                                         360         71,069.37          1
                                       6.875            468.07         75
                                       6.625            468.07
    CHICAGO          IL   60651          1            08/27/03         00
    2744233                              05           10/01/03          0
    2744233                              N            09/01/33
    0


    8835740          286/286             F          126,750.00         ZZ
                                         360        126,514.56          2
                                       6.375            790.76         75
                                       6.125            790.76
    OLYMPIA          WA   98502          1            09/12/03         00
    2771676                              05           11/01/03          0
    2771676                              N            10/01/33
    0


    8835744          286/286             F           76,500.00         ZZ
                                         360         76,374.21          1
                                       7.000            508.96         90
                                       6.750            508.96
1


    VIRGINIA BEACH   VA   23452          1            09/26/03         11
    2767244                              05           11/01/03         25
    2767244                              N            10/01/33
    0


    8835746          286/286             F           54,000.00         ZZ
                                         360         53,695.87          1
                                       6.375            336.89         90
                                       6.125            336.89
    CEDAR CITY       UT   84720          1            05/23/03         21
    2454240                              05           07/01/03         30
    2454240                              N            06/01/33
    0


    8835756          286/286             F          154,800.00         ZZ
                                         360        154,653.11          1
                                       6.250            953.14         90
                                       6.000            953.14
    FRISCO           TX   75034          1            10/01/03         14
    2846070                              05           12/01/03         25
    2846070                              N            11/01/33
    0


    8835758          286/286             F          163,200.00         ZZ
                                         360        162,938.21          2
                                       7.125          1,099.51         80
                                       6.875          1,099.51
    PITTSBURGH       PA   15241          1            09/18/03         00
    2729664                              05           11/01/03          0
    2729664                              N            10/01/33
    0


    8835760          286/286             F           66,100.00         ZZ
                                         360         65,974.23          1
                                       6.250            406.99         57
                                       6.000            406.99
    GARLAND          TX   75043          2            09/29/03         00
    2735731                              05           11/01/03          0
    2735731                              N            10/01/33
    0


    8835806          286/286             F           40,400.00         TX
                                         360         40,326.75          1
                                       6.500            255.36         63
                                       6.250            255.36
    GARLAND          TX   75040          5            09/29/03         00
    2735722                              05           11/01/03          0
    2735722                              N            10/01/33
    0
1




    8835810          286/286             F           81,000.00         ZZ
                                         360         80,860.12          1
                                       6.750            525.37         69
                                       6.500            525.37
    KALAMAZOO        MI   49006          2            09/16/03         00
    2636737                              05           11/01/03          0
    2636737                              N            10/01/33
    0


    8835816          286/286             F           60,000.00         ZZ
                                         360         59,893.83          1
                                       6.625            384.19         80
                                       6.375            384.19
    PHILADELPHIA     PA   19115          1            09/19/03         00
    2746427                              01           11/01/03          0
    2746427                              N            10/01/33
    0


    8835818          286/286             F           39,533.00         ZZ
                                         360         39,471.15          1
                                       7.250            269.68         90
                                       7.000            269.68
    MULBERRY         FL   33860          1            09/12/03         21
    2804792                              05           11/01/03         30
    2804792                              N            10/01/33
    0


    8835820          286/286             F          218,000.00         ZZ
                                         360        217,623.54          1
                                       6.750          1,413.95         67
                                       6.500          1,413.95
    GILBERT          AZ   85296          2            09/16/03         00
    2783509                              05           11/01/03          0
    2783509                              N            10/01/33
    0


    8835822          286/286             F          126,750.00         ZZ
                                         360        126,229.30          1
                                       5.875            749.77         75
                                       5.625            749.77
    SCHAUMBURG       IL   60193          2            07/02/03         00
    2674430                              01           09/01/03          0
    2674430                              N            08/01/33
    0


    8835828          286/286             F           46,800.00         ZZ
                                         360         46,721.13          1
1


                                       6.875            307.45         90
                                       6.625            307.45
    ALTON            IL   62002          1            09/02/03         12
    2716773                              05           11/01/03         25
    2716773                              N            10/01/33
    0


    8835830          286/286             F          197,370.00         ZZ
                                         360        197,029.18          1
                                       6.750          1,280.14         90
                                       6.500          1,280.14
    STAFFORD         VA   22554          1            09/15/03         21
    2679726                              05           11/01/03         25
    2679726                              N            10/01/33
    0


    8835832          286/286             F          127,928.00         ZZ
                                         360        127,684.59          1
                                       6.250            787.68         51
                                       6.000            787.68
    TUCSON           AZ   85712          2            09/26/03         00
    2805943                              03           11/01/03          0
    2805943                              N            10/01/33
    0


    8835836          286/286             F           71,200.00         ZZ
                                         360         71,080.01          1
                                       6.875            467.74         80
                                       6.625            467.74
    MIAMI            FL   33183          1            09/10/03         00
    2779259                              01           11/01/03          0
    2779259                              N            10/01/33
    0


    8835838          286/286             F          178,500.00         ZZ
                                         360        178,176.38          3
                                       6.500          1,128.25         65
                                       6.250          1,128.25
    BERWYN           IL   60402          5            09/22/03         00
    2736201                              05           11/01/03          0
    2736201                              N            10/01/33
    0


    8835842          286/286             F           45,250.00         ZZ
                                         360         45,163.91          1
                                       6.250            278.61         80
                                       6.000            278.61
    BROWNWOOD        TX   76801          2            09/04/03         00
    2696257                              05           11/01/03          0
1


    2696257                              N            10/01/33
    0


    8835850          286/286             F           64,000.00         ZZ
                                         360         63,825.47          2
                                       6.500            404.53         75
                                       6.250            404.53
    NEW ORLEANS      LA   70116          2            08/08/03         00
    2479732                              05           10/01/03          0
    2479732                              N            09/01/33
    0


    8835852          286/286             F           66,000.00         ZZ
                                         360         65,820.02          1
                                       6.500            417.17         77
                                       6.250            417.17
    NEW ORLEANS      LA   70117          2            08/08/03         00
    2479769                              05           10/01/03          0
    2479769                              N            09/01/33
    0


    8835856          286/286             F          268,000.00         ZZ
                                         360        267,502.22          1
                                       6.375          1,671.98         80
                                       6.125          1,671.98
    SALEM            MA   01970          2            09/23/03         00
    2742532                              05           11/01/03          0
    2742532                              N            10/01/33
    0


    8835860          286/286             F          325,000.00         ZZ
                                         360        324,396.36          3
                                       6.375          2,027.58         66
                                       6.125          2,027.58
    BEVERLY          MA   01915          5            09/23/03         00
    2742463                              05           11/01/03          0
    2742463                              N            10/01/33
    0


    8835870          286/286             F           70,000.00         ZZ
                                         360         69,860.27          1
                                       6.000            419.69         49
                                       5.750            419.69
    LAKEWOOD         NJ   08701          5            09/26/03         00
    2686429                              05           11/01/03          0
    2686429                              N            10/01/33
    0


1


    8835882          286/286             F           76,200.00         ZZ
                                         360         76,044.22          1
                                       5.875            450.76         79
                                       5.625            450.76
    KELLER           TX   76248          2            09/23/03         00
    2574168                              05           11/01/03          0
    2574168                              N            10/01/33
    0


    8835886          286/286             F           50,850.00         ZZ
                                         360         50,770.42          1
                                       7.250            346.89         90
                                       7.000            346.89
    EASTON           PA   18042          1            09/25/03         04
    2780453                              05           11/01/03         25
    2780453                              N            10/01/33
    0


    8835890          286/286             F          123,200.00         ZZ
                                         360        122,954.09          2
                                       6.000            738.65         66
                                       5.750            738.65
    CLAWSON          MI   48017          2            09/15/03         00
    2667509                              05           11/01/03          0
    2667509                              N            10/01/33
    0


    8835894          286/286             F          120,000.00         ZZ
                                         360        119,792.78          1
                                       6.750            778.32         70
                                       6.500            778.32
    WOODLAND PARK    CO   80863          5            09/16/03         00
    2783215                              05           11/01/03          0
    2783215                              N            10/01/33
    0


    8835904          286/286             F          202,710.00         ZZ
                                         360        202,157.24          4
                                       6.500          1,281.27         70
                                       6.250          1,281.27
    MESA             AZ   85201          1            08/22/03         00
    2701752                              05           10/01/03          0
    2701752                              N            09/01/33
    0


    8835916          286/286             F           52,000.00         ZZ
                                         360         51,914.49          1
                                       7.000            345.96         80
                                       6.750            345.96
1


    ROELAND PARK     KS   66205          1            09/10/03         00
    2758483                              05           11/01/03          0
    2758483                              N            10/01/33
    0


    8835918          286/286             F          134,000.00         ZZ
                                         360        133,768.59          2
                                       6.750            869.13         65
                                       6.500            869.13
    MANCHESTER       NH   03104          2            09/29/03         00
    2529212                              05           11/01/03          0
    2529212                              N            10/01/33
    0


    8835922          286/286             F           75,375.00         ZZ
                                         360         75,259.92          2
                                       7.375            520.60         90
                                       7.125            520.60
    WATERBURY        CT   06704          1            09/24/03         12
    911057                               05           11/01/03         25
    911057                               N            10/01/33
    0


    8835926          286/286             F          171,000.00         ZZ
                                         360        170,841.62          2
                                       6.375          1,066.82         53
                                       6.125          1,066.82
    ELIZABETH        NJ   07202          5            10/09/03         00
    2626922                              05           12/01/03          0
    2626922                              N            11/01/33
    0


    8835930          286/286             F          171,000.00         ZZ
                                         360        170,841.62          2
                                       6.375          1,066.82         56
                                       6.125          1,066.82
    ELIZABETH        NJ   07202          5            10/09/03         00
    2626899                              05           12/01/03          0
    2626899                              N            11/01/33
    0


    8835934          286/286             F          155,000.00         ZZ
                                         360        154,738.81          1
                                       6.875          1,018.24         59
                                       6.625          1,018.24
    TUCSON           AZ   85745          5            09/30/03         00
    2819540                              05           11/01/03          0
    2819540                              N            10/01/33
    0
1




    8835942          286/286             F          179,000.00         ZZ
                                         360        178,634.09          3
                                       5.875          1,058.86         60
                                       5.625          1,058.86
    LOWELL           MA   01852          5            09/17/03         00
    2638237                              05           11/01/03          0
    2638237                              N            10/01/33
    0


    8835946          286/286             F           72,400.00         ZZ
                                         360         72,274.97          1
                                       6.750            469.59         80
                                       6.500            469.59
    PEORIA           AZ   85381          1            09/30/03         00
    2804723                              01           11/01/03          0
    2804723                              N            10/01/33
    0


    8835964          286/286             F           82,800.00         ZZ
                                         360         82,660.48          1
                                       6.875            543.94         90
                                       6.625            543.94
    WARREN           MI   48089          1            09/19/03         11
    2782056                              05           11/01/03         25
    2782056                              N            10/01/33
    0


    8835968          286/286             F           45,900.00         ZZ
                                         360         45,829.93          1
                                       7.375            317.02         90
                                       7.125            317.02
    SHARON HILL      PA   19079          1            09/12/03         04
    2769861                              05           11/01/03         25
    2769861                              N            10/01/33
    0


    8835974          286/286             F          156,500.00         ZZ
                                         360        156,180.10          2
                                       5.875            925.76         87
                                       5.625            925.76
    GIG HARBOR       WA   98335          2            09/22/03         12
    2733519                              05           11/01/03         25
    2733519                              N            10/01/33
    0


    8836006          286/286             F           56,997.00         ZZ
                                         360         56,909.98          1
1


                                       7.375            393.67         90
                                       7.125            393.67
    NEW LEBANON      OH   45345          1            09/26/03         10
    2723283                              05           11/01/03         25
    2723283                              N            10/01/33
    0


    8836010          286/286             F           64,800.00         TX
                                         360         64,623.18          1
                                       6.500            409.58         60
                                       6.250            409.58
    ROUND ROCK       TX   78664          5            08/27/03         00
    2709386                              05           10/01/03          0
    2709386                              N            09/01/33
    0


    8836014          286/286             F           74,700.00         ZZ
                                         360         74,641.72          2
                                       7.250            509.59         90
                                       7.000            509.59
    BLOOMINGTON      IL   61701          1            10/01/03         04
    2790721                              05           12/01/03         25
    2790721                              N            11/01/33
    0


    8836018          286/286             F           55,600.00         ZZ
                                         360         55,512.97          1
                                       7.250            379.30         80
                                       7.000            379.30
    CANTON           OH   44709          1            09/10/03         00
    2711805                              05           11/01/03          0
    2711805                              N            10/01/33
    0


    8836022          286/286             F          119,000.00         ZZ
                                         360        118,813.78          1
                                       7.250            811.79         80
                                       7.000            811.79
    HESPERIA         CA   92345          5            09/19/03         00
    2792739                              05           11/01/03          0
    2792739                              N            10/01/33
    0


    8836026          286/286             F          247,050.00         ZZ
                                         360        246,623.38          2
                                       6.750          1,602.37         90
                                       6.500          1,602.37
    DENVER           CO   80205          1            09/19/03         10
    2715847                              05           11/01/03         25
1


    2715847                              N            10/01/33
    0


    8836036          286/286             F          138,000.00         ZZ
                                         360        137,755.81          1
                                       6.625            883.63         80
                                       6.375            883.63
    TOMBALL          TX   77377          1            09/30/03         00
    2824905                              05           11/01/03          0
    2824905                              N            10/01/33
    0


    8836040          286/286             F           65,820.00         ZZ
                                         360         65,709.07          3
                                       6.875            432.40         75
                                       6.625            432.40
    LEWISTON         ME   04240          1            09/11/03         00
    2345404                              05           11/01/03          0
    2345404                              N            10/01/33
    0


    8836048          286/286             F           61,600.00         ZZ
                                         360         61,493.62          1
                                       6.750            399.54         80
                                       6.500            399.54
    RICHMOND         VA   23231          1            09/29/03         00
    2750805                              05           11/01/03          0
    2750805                              N            10/01/33
    0


    8836058          286/286             F          200,000.00         ZZ
                                         360        199,600.78          1
                                       6.000          1,199.11         64
                                       5.750          1,199.11
    WHEAT RIDGE      CO   80033          5            10/01/03         00
    2833921                              05           11/01/03          0
    2833921                              N            10/01/33
    0


    8836064          286/286             F           78,300.00         ZZ
                                         360         78,177.45          1
                                       7.250            534.15         90
                                       7.000            534.15
    VIRGINIA BEACH   VA   23452          1            09/30/03         11
    2787983                              05           11/01/03         25
    2787983                              N            10/01/33
    0


1


    8836084          286/286             F          236,000.00         ZZ
                                         360        235,550.97          1
                                       6.250          1,453.10         80
                                       6.000          1,453.10
    OLNEY            MD   20832          1            09/23/03         00
    2717346                              03           11/01/03          0
    2717346                              N            10/01/33
    0


    8836088          286/286             F          130,000.00         ZZ
                                         360        129,780.94          2
                                       6.875            854.01         67
                                       6.625            854.01
    CLEVELAND HTS    OH   44118          2            09/08/03         00
    2752015                              05           11/01/03          0
    2752015                              N            10/01/33
    0


    8836092          286/286             F          208,000.00         ZZ
                                         360        207,666.33          2
                                       7.125          1,401.34         80
                                       6.875          1,401.34
    OAKLAND PARK     FL   33334          1            10/01/03         00
    2801082                              05           11/01/03          0
    2801082                              N            10/01/33
    0


    8836096          286/286             F          272,000.00         ZZ
                                         360        271,494.80          1
                                       6.375          1,696.93         75
                                       6.125          1,696.93
    COSTA MESA       CA   92627          5            09/18/03         00
    2802960                              01           11/01/03          0
    2802960                              N            10/01/33
    0


    8836102          286/286             F           65,700.00         ZZ
                                         360         65,597.19          1
                                       7.250            448.19         90
                                       7.000            448.19
    CANTON           OH   44714          1            09/26/03         12
    2762959                              05           11/01/03         25
    2762959                              N            10/01/33
    0


    8836106          286/286             F          190,000.00         ZZ
                                         360        189,481.92          1
                                       6.500          1,200.93         64
                                       6.250          1,200.93
1


    OSTERVILLE       MA   02655          5            08/28/03         00
    2683837                              05           10/01/03          0
    2683837                              N            09/01/33
    0


    8836110          286/286             F          168,000.00         TX
                                         360        167,695.42          2
                                       6.500          1,061.88         68
                                       6.250          1,061.88
    SAN ANTONIO      TX   78217          5            09/15/03         00
    2690771                              05           11/01/03          0
    2690771                              N            10/01/33
    0


    8836114          286/286             F          175,000.00         TX
                                         360        174,682.74          2
                                       6.500          1,106.12         65
                                       6.250          1,106.12
    SAN ANTONIO      TX   78212          5            09/15/03         00
    2473658                              05           11/01/03          0
    2473658                              N            10/01/33
    0


    8836132          286/286             F           69,000.00         ZZ
                                         360         68,883.71          1
                                       6.875            453.29         88
                                       6.625            453.29
    BROOKVILLE       OH   45309          2            09/22/03         11
    2678906                              05           11/01/03         25
    2678906                              N            10/01/33
    0


    8836140          286/286             F          158,700.00         ZZ
                                         360        158,412.28          1
                                       6.500          1,003.10         46
                                       6.250          1,003.10
    MISSION VIEJO    CA   92692          2            09/24/03         00
    2675820                              01           11/01/03          0
    2675820                              N            10/01/33
    0


    8836146          286/286             F          299,700.00         ZZ
                                         360        299,194.98          1
                                       6.875          1,968.82         90
                                       6.625          1,968.82
    WEST HYANNIS PO  MA   02630          1            09/15/03         11
    2706387                              05           11/01/03         25
    2706387                              N            10/01/33
    0
1




    8836338          313/G02             F          187,048.00         ZZ
                                         360        186,725.01          1
                                       6.750          1,213.19         80
                                       6.500          1,213.19
    IRVING           TX   75062          1            09/19/03         00
    0436916167                           05           11/01/03          0
    9895202                              O            10/01/33
    0


    8836346          313/G02             F           84,000.00         ZZ
                                         360         83,927.67          1
                                       6.750            544.83         75
                                       6.500            544.83
    WHITEFISH BAY    WI   53217          1            10/15/03         00
    0436890297                           01           12/01/03          0
    9920802                              O            11/01/33
    0


    8836350          313/G02             F           80,000.00         ZZ
                                         360         79,927.67          1
                                       6.500            505.66         72
                                       6.250            505.66
    PORT SAINT LUCI  FL   34983          1            10/16/03         00
    0436916605                           05           12/01/03          0
    9568049                              O            11/01/33
    0


    8836378          313/G02             F          457,500.00         ZZ
                                         360        456,690.47          1
                                       6.625          2,929.43         75
                                       6.375          2,929.43
    ARLINGTON        VA   22205          5            09/24/03         00
    0436892657                           09           11/01/03          0
    9812983                              O            10/01/33
    0


    8836384          313/G02             F          204,720.00         ZZ
                                         360        204,357.76          1
                                       6.625          1,310.85         80
                                       6.375          1,310.85
    ONTARIO          CA   91761          1            09/30/03         00
    0436892673                           03           11/01/03          0
    9915372                              O            10/01/33
    0


    8836386          313/G02             F           68,760.00         ZZ
                                         360         68,710.23          4
1


                                       7.625            486.68         90
                                       7.375            486.68
    SAINT LOUIS      MO   63116          1            10/08/03         11
    0436890545                           05           12/01/03         25
    9931619                              N            11/01/33
    0


    8836390          313/G02             F          132,000.00         ZZ
                                         360        131,874.75          1
                                       6.250            812.75         80
                                       6.000            812.75
    HIALEAH          FL   33014          5            10/08/03         00
    0436892541                           05           12/01/03          0
    9921669                              O            11/01/33
    0


    8836394          313/G02             F          360,000.00         ZZ
                                         360        359,666.56          2
                                       6.375          2,245.94         76
                                       6.125          2,245.94
    WOLLASTON        MA   02170          5            10/09/03         00
    0436890099                           05           12/01/03          0
    9884883                              O            11/01/33
    0


    8836398          313/G02             F          114,300.00         ZZ
                                         360        114,213.02          4
                                       7.375            789.45         90
                                       7.125            789.45
    SAINT LOUIS      MO   63111          1            10/17/03         11
    0436890941                           05           12/01/03         25
    9941543                              N            11/01/33
    0


    8837980          B23/G02             F          268,000.00         ZZ
                                         360        267,751.78          1
                                       6.375          1,671.97         82
                                       6.125          1,671.97
    RESEDA           CA   91335          2            10/28/03         10
    0436897433                           05           12/01/03         12
    80003891                             O            11/01/33
    0


    8838532          R84/G02             F          189,600.00         ZZ
                                         360        189,432.72          1
                                       6.625          1,214.03         80
                                       6.375          1,214.03
    BONNEY LAKE      WA   98390          5            10/23/03         00
    0436894828                           05           12/01/03          0
1


    WA310043                             O            11/01/33
    0


    8838566          K60/G02             F          135,000.00         ZZ
                                         360        134,877.96          1
                                       6.500            853.29         63
                                       6.250            853.29
    TOWNSEND STATIO  DE   19734          1            10/29/03         00
    0436891576                           05           12/01/03          0
    0001058004                           O            11/01/33
    0


    8838578          G34/G02             F          197,600.00         ZZ
                                         360        197,421.36          1
                                       6.500          1,248.97         90
                                       6.250          1,248.97
    NORTH LAS VEGAS  NV   89084          1            10/29/03         10
    0436895262                           05           12/01/03         25
    77309218                             N            11/01/33
    0


    8838626          E82/G02             F           79,200.00         ZZ
                                         360         79,200.00          2
                                       7.250            540.28         84
                                       7.000            540.28
    WOORUFF          SC   29388          2            11/05/03         04
    0400901476                           05           01/01/04         12
    0400901476                           N            12/01/33
    0


    8838628          E82/G02             F          155,650.00         ZZ
                                         360        155,650.00          1
                                       6.750          1,009.54         92
                                       6.500          1,009.54
    JACKSONVILLE     NC   28540          2            10/31/03         10
    0400904017                           05           01/01/04         30
    0400904017                           O            12/01/33
    0


    8838892          X13/G02             F          274,000.00         ZZ
                                         360        274,000.00          1
                                       6.000          1,642.77         84
                                       5.750          1,642.77
    WEST PALM BEACH  FL   33412          5            10/30/03         04
    0436893952                           05           01/01/04         12
    109207956                            O            12/01/33
    0


1


    8839006          U35/G02             F          197,100.00         T
                                         360        196,946.24          1
                                       7.250          1,344.57         90
                                       7.000          1,344.57
    LEXINGTON        SC   29073          1            10/31/03         04
    0436888275                           05           12/01/03         25
    13864509                             O            11/01/33
    0


    8839136          N67/G02             F           50,100.00         ZZ
                                         360         50,055.79          1
                                       6.625            320.80         69
                                       6.375            320.80
    PORT CHARLOTTE   FL   33952          5            10/31/03         00
    0436937718                           05           12/01/03          0
    1161006149                           N            11/01/33
    0


    8839152          N67/G02             F           94,400.00         ZZ
                                         360         94,326.36          1
                                       7.250            643.97         80
                                       7.000            643.97
    ALBUQUERQUE      NM   87114          1            10/14/03         00
    0436937791                           05           12/01/03          0
    1161006185                           O            11/01/33
    0


    8839464          N67/G02             F           40,800.00         ZZ
                                         360         40,769.72          1
                                       7.500            285.28         80
                                       7.250            285.28
    SUNRISE          FL   33322          1            10/30/03         00
    0436938500                           01           12/01/03          0
    3254008665                           O            11/01/33
    0


    8839502          N67/G02             F          114,800.00         ZZ
                                         360        114,691.08          1
                                       6.250            706.84         80
                                       6.000            706.84
    NASHVILLE        TN   37221          1            10/31/03         00
    0436938708                           05           12/01/03          0
    3254009282                           O            11/01/33
    0


    8839700          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          2
                                       6.625            640.31         33
                                       6.375            640.31
1


    BROOKLYN         NY   11207          5            11/05/03         00
    0418289708                           05           01/01/04          0
    0418289708                           N            12/01/33
    0


    8839752          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          2
                                       6.375            814.15         90
                                       6.125            814.15
    CHICAGO          IL   60636          1            11/05/03         04
    0418496170                           05           01/01/04         25
    0418496170                           N            12/01/33
    0


    8839892          E22/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.125          2,381.83         80
                                       5.875          2,381.83
    GRANADA HILLS    CA   91344          1            10/30/03         00
    0418552030                           05           01/01/04          0
    0418552030                           O            12/01/33
    0


    8839906          N67/G02             F          396,000.00         ZZ
                                         360        395,282.08          1
                                       6.500          2,502.99         80
                                       6.250          2,502.99
    SANTA CRUZ       CA   95062          1            09/25/03         00
    0436939920                           05           11/01/03          0
    1165002868                           O            10/01/33
    0


    8839926          E22/G02             F          127,500.00         ZZ
                                         360        127,400.54          3
                                       7.250            869.77         75
                                       7.000            869.77
    FORT LAUDERDALE  FL   33311          1            11/05/03         00
    0418599650                           05           12/01/03          0
    0418599650                           N            11/01/33
    0


    8839928          N67/G02             F           75,600.00         ZZ
                                         360         75,459.58          1
                                       6.375            471.65         80
                                       6.125            471.65
    LYNNWOOD         WA   98036          1            09/30/03         00
    0436940027                           01           11/01/03          0
    1165002881                           O            10/01/33
    0
1




    8839948          K15/G02             F          235,000.00         ZZ
                                         240        234,491.39          1
                                       6.000          1,683.61         50
                                       5.750          1,683.61
    WANTAGH          NY   11793          5            10/27/03         00
    0436900153                           05           12/01/03          0
    011205523331                         O            11/01/23
    0


    8839986          N67/G02             F          103,840.00         ZZ
                                         360        103,759.00          1
                                       7.250            708.37         80
                                       7.000            708.37
    WARREN           MI   48092          1            10/17/03         00
    0436940332                           05           12/01/03          0
    1165002922                           O            11/01/33
    0


    8840170          N67/G02             F          117,900.00         T
                                         360        117,691.38          1
                                       6.625            754.93         80
                                       6.375            754.93
    FORT MYERS       FL   33912          1            09/29/03         00
    0436941447                           01           11/01/03          0
    3255004643                           O            10/01/33
    0


    8840188          E22/G02             F           54,000.00         ZZ
                                         360         53,951.18          1
                                       6.500            341.32        100
                                       6.250            341.32
    MONTGOMERY       AL   36108          1            11/05/03         10
    0418679676                           05           12/01/03         35
    0418679676                           O            11/01/33
    0


    8840446          N67/G02             F          251,000.00         ZZ
                                         360        250,737.94          2
                                       5.750          1,464.77         52
                                       5.500          1,464.77
    FOUNTAIN VALLEY  CA   92708          5            10/15/03         00
    0436942643                           05           12/01/03          0
    1781007513                           O            11/01/33
    0


    8840470          N67/G02             F           54,000.00         ZZ
                                         360         53,951.18          1
1


                                       6.500            341.32         75
                                       6.250            341.32
    TAMARAC          FL   33319          1            10/24/03         00
    0436942742                           01           12/01/03          0
    3254008824                           O            11/01/33
    0


    8840482          N67/G02             F          290,300.00         ZZ
                                         360        289,989.65          1
                                       5.625          1,671.13         55
                                       5.375          1,671.13
    SEATTLE          WA   98103          5            10/21/03         00
    0436942817                           05           12/01/03          0
    1781007560                           O            11/01/33
    0


    8840504          N67/G02             F          300,000.00         ZZ
                                         360        299,663.84          1
                                       5.375          1,679.91         80
                                       5.125          1,679.91
    LAKE FOREST PAR  WA   98155          1            10/21/03         00
    0436942890                           05           12/01/03          0
    1781007566                           O            11/01/33
    0


    8840554          N67/G02             F          101,500.00         ZZ
                                         360        101,420.82          1
                                       7.250            692.41         50
                                       7.000            692.41
    MARICOPA         AZ   85239          1            10/24/03         00
    0436943179                           03           12/01/03          0
    1781007591                           O            11/01/33
    0


    8840560          E22/G02             F          122,400.00         ZZ
                                         360        122,286.63          1
                                       6.375            763.62         80
                                       6.125            763.62
    TEMPE            AZ   85281          1            10/30/03         00
    0418841144                           05           12/01/03          0
    0418841144                           O            11/01/33
    0


    8840608          E22/G02             F          134,400.00         ZZ
                                         360        134,259.68          1
                                       5.750            784.32         77
                                       5.500            784.32
    EDWARDSVILLE     AL   36261          5            10/31/03         00
    0418750543                           05           12/01/03          0
1


    0418750543                           O            11/01/33
    0


    8840748          N67/G02             F          107,300.00         ZZ
                                         360        107,218.36          1
                                       7.375            741.09         70
                                       7.125            741.09
    GROVELAND        FL   34736          1            10/31/03         00
    0436944045                           03           12/01/03          0
    3254009019                           N            11/01/33
    0


    8840762          E22/G02             F          333,000.00         ZZ
                                         360        332,698.96          1
                                       6.500          2,104.79         72
                                       6.250          2,104.79
    AURORA           CO   80016          2            10/31/03         00
    0418768933                           03           12/01/03          0
    0418768933                           O            11/01/33
    0


    8840810          E22/G02             F          100,000.00         ZZ
                                         360         99,915.99          2
                                       6.875            656.93         67
                                       6.625            656.93
    SHAKER HEIGHTS   OH   44120          5            10/31/03         00
    0418775110                           05           12/01/03          0
    0418775110                           N            11/01/33
    0


    8840828          E22/G02             F          130,000.00         ZZ
                                         360        129,831.29          1
                                       6.625            832.40         58
                                       6.375            832.40
    GLADWIN          MI   48624          5            10/31/03         00
    0418778411                           05           12/01/03          0
    0418778411                           O            11/01/33
    0


    8840834          E22/G02             F          327,750.00         ZZ
                                         360        327,446.44          1
                                       6.375          2,044.73         95
                                       6.125          2,044.73
    ATLANTA          GA   30317          1            11/04/03         01
    0418778718                           05           12/01/03         30
    0418778718                           O            11/01/33
    0


1


    8840868          E22/G02             F           52,250.00         ZZ
                                         360         52,209.24          1
                                       7.250            356.44         95
                                       7.000            356.44
    SCIENCE HILL     KY   42553          5            10/31/03         01
    0418786398                           05           12/01/03         30
    0418786398                           O            11/01/33
    0


    8840898          L20/G02             F          618,750.00         ZZ
                                         360        618,217.27          1
                                       6.750          4,013.20         75
                                       6.500          4,013.20
    CHANDLER         AZ   85249          2            10/10/03         00
    0436897169                           05           12/01/03          0
    1181060104                           O            11/01/33
    0


    8840900          N67/G02             F           54,600.00         ZZ
                                         360         54,558.45          1
                                       7.375            377.11         70
                                       7.125            377.11
    PHOENIX          AZ   85041          1            10/30/03         00
    0436945059                           05           12/01/03          0
    1781007851                           N            11/01/33
    0


    8840946          E22/G02             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       6.500          1,251.49         90
                                       6.250          1,251.49
    VACAVILLE        CA   95687          1            10/31/03         04
    0418803607                           03           01/01/04         30
    0418803607                           N            12/01/33
    0


    8841030          N67/G02             F          482,000.00         ZZ
                                         360        481,434.11          1
                                       5.125          2,624.43         57
                                       4.875          2,624.43
    RANCHO PALOS VE  CA   90275          2            10/10/03         00
    0436945687                           05           12/01/03          0
    1785004774                           O            11/01/33
    0


    8841040          N67/G02             F          425,600.00         ZZ
                                         360        425,328.61          1
                                       8.250          3,197.39         80
                                       8.000          3,197.39
1


    SUNNY ISLES      FL   33160          1            10/31/03         00
    0436945745                           01           12/01/03          0
    3254009176                           N            11/01/33
    0


    8841044          N67/G02             F          128,000.00         T
                                         360        127,859.90          1
                                       5.500            726.77         34
                                       5.250            726.77
    CARLSBAD         CA   92009          2            10/10/03         00
    0436945760                           01           12/01/03          0
    1785004794                           O            11/01/33
    0


    8841068          N67/G02             F          181,500.00         ZZ
                                         360        181,296.62          1
                                       5.375          1,016.35         58
                                       5.125          1,016.35
    BILLERICA        MA   01821          5            10/07/03         00
    0436945950                           05           12/01/03          0
    1785004811                           O            11/01/33
    0


    8841074          N67/G02             F          130,000.00         ZZ
                                         360        129,843.80          1
                                       5.000            697.87         39
                                       4.750            697.87
    DANBURY          CT   06811          2            10/09/03         00
    0436945992                           05           12/01/03          0
    1785004833                           O            11/01/33
    0


    8841092          N67/G02             F          343,000.00         ZZ
                                         360        342,633.31          2
                                       5.625          1,974.50         50
                                       5.375          1,974.50
    HARRISON         NY   10528          5            10/15/03         00
    0436946115                           05           12/01/03          0
    1785004864                           O            11/01/33
    0


    8841282          N67/G02             F          181,500.00         ZZ
                                         360        181,347.51          1
                                       6.875          1,192.33         80
                                       6.625          1,192.33
    CARY             NC   27511          1            10/30/03         00
    0436947030                           05           12/01/03          0
    3252006067                           O            11/01/33
    0
1




    8841352          N67/G02             F           59,500.00         ZZ
                                         360         59,452.42          1
                                       7.125            400.86         70
                                       6.875            400.86
    WARREN           MI   48089          5            10/27/03         00
    0436947329                           05           12/01/03          0
    3264002796                           N            11/01/33
    0


    8841368          E22/G02             F           71,200.00         ZZ
                                         360         71,138.70          1
                                       6.750            461.80         80
                                       6.500            461.80
    NEW IBERIA       LA   70560          5            10/31/03         00
    0418980744                           05           12/01/03          0
    0418980744                           O            11/01/33
    0


    8841398          N67/G02             F           90,000.00         ZZ
                                         360         89,926.23          3
                                       7.000            598.77         75
                                       6.750            598.77
    PHILADELPHIA     PA   19147          1            10/30/03         00
    0436947477                           05           12/01/03          0
    3264002825                           N            11/01/33
    0


    8841408          E22/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       6.375          1,796.75         80
                                       6.125          1,796.75
    HAYWARD          CA   94544          5            10/30/03         00
    0419005186                           05           01/01/04          0
    0419005186                           O            12/01/33
    0


    8841416          M18/G02             F          328,000.00         ZZ
                                         360        328,000.00          2
                                       6.750          2,127.40         80
                                       6.500          2,127.40
    GLENDALE         CA   91205          1            10/24/03         00
    0436912950                           05           01/01/04          0
    980102707                            O            12/01/33
    0


    8841974          N67/G02             F           89,900.00         ZZ
                                         360         89,816.73          1
1


                                       6.375            560.86         73
                                       6.125            560.86
    CHESAPEAKE       VA   23325          5            10/24/03         00
    0436948897                           05           12/01/03          0
    3274013166                           O            11/01/33
    0


    8842134          N67/G02             F          110,000.00         ZZ
                                         360        109,887.85          1
                                       5.875            650.69         49
                                       5.625            650.69
    NEPTUNE          NJ   07753          5            10/24/03         00
    0436949150                           01           12/01/03          0
    3261005741                           O            11/01/33
    0


    8842140          N67/G02             F          226,000.00         ZZ
                                         360        225,758.40          3
                                       5.625          1,300.98         50
                                       5.375          1,300.98
    BROOKLYN         NY   11214          2            10/20/03         00
    0436949176                           05           12/01/03          0
    3261005742                           O            11/01/33
    0


    8842210          N67/G02             F          363,600.00         ZZ
                                         360        363,255.00          2
                                       6.250          2,238.75         80
                                       6.000          2,238.75
    OZONE PARK       NY   11416          1            10/24/03         00
    0436949382                           05           12/01/03          0
    3274013298                           O            11/01/33
    0


    8842414          N67/G02             F          264,000.00         ZZ
                                         360        263,778.21          1
                                       6.875          1,734.29         80
                                       6.625          1,734.29
    ROOSEVELT        NY   11575          1            10/31/03         00
    0436950166                           05           12/01/03          0
    3274013493                           O            11/01/33
    0


    8842422          N67/G02             F          115,200.00         ZZ
                                         360        115,098.36          1
                                       6.625            737.64         80
                                       6.375            737.64
    ROMEOVILLE       IL   60446          1            10/30/03         00
    0436950216                           03           12/01/03          0
1


    3262007409                           O            11/01/33
    0


    8842478          N67/G02             F           79,950.00         ZZ
                                         360         79,887.63          1
                                       7.250            545.40         80
                                       7.000            545.40
    PLAINVILLE       CT   06062          1            10/24/03         00
    0436950448                           05           12/01/03          0
    3274013538                           O            11/01/33
    0


    8842552          N67/G02             F          195,500.00         ZZ
                                         360        195,309.98          2
                                       6.125          1,187.88         55
                                       5.875          1,187.88
    REVERE           MA   02151          5            10/17/03         00
    0436950760                           05           12/01/03          0
    3274013581                           O            11/01/33
    0


    8842652          N67/G02             F          105,000.00         ZZ
                                         360        104,913.93          2
                                       7.000            698.57         57
                                       6.750            698.57
    LAKEWOOD         OH   44107          5            10/30/03         00
    0436951149                           05           12/01/03          0
    3262007651                           N            11/01/33
    0


    8842660          N67/G02             F           84,800.00         ZZ
                                         360         84,733.84          1
                                       7.250            578.49         80
                                       7.000            578.49
    WYANDOTTE        MI   48192          1            10/31/03         00
    0436951180                           05           12/01/03          0
    3262007679                           O            11/01/33
    0


    8843192          408/G02             F          116,900.00         ZZ
                                         360        116,819.55          2
                                       7.875            847.61         70
                                       7.625            847.61
    BLUE SPRINGS     MO   64015          5            10/31/03         00
    0436980403                           05           12/01/03          0
    703039293                            N            11/01/33
    0


1


    8843766          408/G02             F          133,950.00         ZZ
                                         360        133,845.50          1
                                       7.250            913.78         95
                                       7.000            913.78
    BLUE SPRINGS     MO   64015          2            10/16/03         10
    0436934244                           05           12/01/03         30
    703039409                            O            11/01/33
    0


    8844498          H58/G02             F          612,000.00         ZZ
                                         360        610,290.46          1
                                       6.375          3,818.08         80
                                       6.125          3,818.08
    DANA POINT       CA   92624          1            08/25/03         00
    0436887384                           01           10/01/03          0
    186357                               O            09/01/33
    0


    8844534          H58/G02             F          136,000.00         ZZ
                                         360        135,629.03          1
                                       6.500            859.61         80
                                       6.250            859.61
    PALMDALE         CA   93550          5            08/25/03         00
    0436902134                           05           10/01/03          0
    183373                               O            09/01/33
    0


    8844536          H58/G02             F          411,850.00         ZZ
                                         360        411,266.77          1
                                       7.750          2,950.54         90
                                       7.500          2,950.54
    SALINAS          CA   93906          1            09/25/03         01
    0436990808                           05           11/01/03         25
    192586                               O            10/01/33
    0


    8844538          H58/G02             F          121,000.00         ZZ
                                         360        120,810.65          1
                                       7.250            825.43         73
                                       7.000            825.43
    CHILCOOT         CA   96105          2            09/24/03         00
    0436894679                           05           11/01/03          0
    165041                               O            10/01/33
    0


    8844546          H58/G02             F          152,000.00         ZZ
                                         360        151,762.13          1
                                       7.250          1,036.91         95
                                       7.000          1,036.91
1


    FRESNO           CA   93722          1            09/24/03         01
    0436887798                           05           11/01/03         30
    191630                               O            10/01/33
    0


    8844550          H58/G02             F          111,000.00         ZZ
                                         360        110,817.49          1
                                       7.000            738.49         61
                                       6.750            738.49
    PORTLAND         OR   97217          5            09/24/03         00
    0436890990                           05           11/01/03          0
    191843                               O            10/01/33
    0


    8844554          H58/G02             F          115,000.00         ZZ
                                         360        114,801.41          1
                                       6.750            745.89         55
                                       6.500            745.89
    CERES            CA   95307          1            09/22/03         00
    0436887442                           05           11/01/03          0
    190303                               O            10/01/33
    0


    8844560          H58/G02             F          300,000.00         ZZ
                                         360        299,481.97          1
                                       6.750          1,945.79         69
                                       6.500          1,945.79
    TACOMA           WA   98407          5            09/05/03         00
    0436894752                           05           11/01/03          0
    186876                               O            10/01/33
    0


    8844572          H58/G02             F          264,000.00         ZZ
                                         360        263,521.39          1
                                       6.500          1,668.66         51
                                       6.250          1,668.66
    LOS ANGELES      CA   90291          2            09/22/03         00
    0436894521                           05           11/01/03          0
    181705                               N            10/01/33
    0


    8844580          H58/G02             F          231,200.00         ZZ
                                         360        230,790.91          1
                                       6.625          1,480.40         80
                                       6.375          1,480.40
    POLLOCK PINES    CA   95726          1            09/22/03         00
    0436888051                           05           11/01/03          0
    191149                               O            10/01/33
    0
1




    8844606          H58/G02             F          650,000.00         ZZ
                                         360        648,821.60          1
                                       6.500          4,108.44         78
                                       6.250          4,108.44
    ORINDA           CA   94563          1            09/23/03         00
    0436887988                           05           11/01/03          0
    191182                               O            10/01/33
    0


    8844612          H58/G02             F           73,600.00         ZZ
                                         360         73,469.76          1
                                       6.625            471.27         80
                                       6.375            471.27
    VISALIA          CA   93292          1            09/25/03         00
    0436894489                           03           11/01/03          0
    193369                               O            10/01/33
    0


    8844902          E22/G02             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       6.250          2,881.56         76
                                       6.000          2,881.56
    SAN BRUNO        CA   94066          2            10/29/03         00
    0417928496                           05           01/01/04          0
    0417928496                           O            12/01/33
    0


    8844904          E22/G02             F           74,700.00         ZZ
                                         360         74,634.10          1
                                       6.625            478.31         90
                                       6.375            478.31
    AUGUSTA          GA   30906          2            10/24/03         10
    0418032694                           05           12/01/03         25
    0418032694                           N            11/01/33
    0


    8844906          E22/G02             F          329,000.00         ZZ
                                         360        329,000.00          1
                                       6.750          2,133.89         75
                                       6.500          2,133.89
    DENVER           CO   80209          2            11/06/03         00
    0418044319                           05           01/01/04          0
    0418044319                           N            12/01/33
    0


    8844930          E22/G02             F           74,000.00         ZZ
                                         360         73,793.13          1
1


                                       6.375            461.66         79
                                       6.125            461.66
    DANDRIDGE        TN   37725          5            10/31/03         00
    0418429858                           05           12/01/03          0
    0418429858                           O            11/01/33
    0


    8845018          E22/G02             F          103,500.00         ZZ
                                         360        103,500.00          2
                                       6.875            679.92         90
                                       6.625            679.92
    ASHEVILLE        NC   28806          1            11/06/03         01
    0418722336                           05           01/01/04         25
    0418722336                           N            12/01/33
    0


    8845034          E22/G02             F          311,000.00         ZZ
                                         360        310,697.73          1
                                       6.125          1,889.67         78
                                       5.875          1,889.67
    CHULA VISTA      CA   91913          5            10/20/03         00
    0418755328                           03           12/01/03          0
    0418755328                           O            11/01/33
    0


    8845044          E22/G02             F          218,500.00         ZZ
                                         360        218,302.47          1
                                       6.500          1,381.07         95
                                       6.250          1,381.07
    CITRUS HEIGHTS   CA   95821          1            10/30/03         01
    0418765574                           05           12/01/03         35
    0418765574                           O            11/01/33
    0


    8845048          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.625            819.60         77
                                       6.375            819.60
    SUMNER           WA   98390          2            10/29/03         00
    0418780748                           03           01/01/04          0
    0418780748                           N            12/01/33
    0


    8845118          E22/G02             F          288,000.00         ZZ
                                         360        287,733.25          1
                                       6.375          1,796.75         77
                                       6.125          1,796.75
    SIMI VALLEY      CA   93063          5            10/24/03         00
    0418884235                           05           12/01/03          0
1


    0418884235                           O            11/01/33
    0


    8845156          E22/G02             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       6.500          1,997.33         80
                                       6.250          1,997.33
    SHARON           CT   06039          1            11/06/03         00
    0418945259                           05           01/01/04          0
    0418945259                           O            12/01/33
    0


    8845334          E82/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       6.625          1,306.23         51
                                       6.375          1,306.23
    SAN FRANCISCO    CA   94112          2            10/29/03         00
    0400915120                           05           01/01/04          0
    0400915120                           O            12/01/33
    0


    8845426          Y40/G02             F          300,000.00         ZZ
                                         360        299,701.35          1
                                       6.000          1,798.65         78
                                       5.750          1,798.65
    CORONA           CA   92880          1            10/16/03         00
    0436980148                           05           12/01/03          0
    51104311                             O            11/01/33
    0


    8845516          196/G02             F          228,000.00         ZZ
                                         360        227,788.25          1
                                       6.375          1,422.43         80
                                       6.125          1,422.43
    TRUMBULL         CT   06611          1            10/24/03         00
    0437021389                           05           12/01/03          0
    1699032                              O            11/01/33
    0


    8845518          196/G02             F          135,200.00         ZZ
                                         360        135,080.71          1
                                       6.625            865.71         80
                                       6.375            865.71
    CANTERBURY       NH   03224          5            10/27/03         00
    0437021041                           05           12/01/03          0
    1699316                              O            11/01/33
    0


1


    8845520          196/G02             F          450,000.00         ZZ
                                         360        449,541.20          1
                                       5.875          2,661.93         75
                                       5.625          2,661.93
    BREA             CA   92821          5            10/06/03         00
    0437020928                           05           12/01/03          0
    1704252                              O            11/01/33
    0


    8845522          196/G02             F          331,050.00         ZZ
                                         360        330,798.09          1
                                       7.375          2,286.49         95
                                       7.125          2,286.49
    HUNTINGTON STAT  NY   11746          1            10/15/03         10
    0437021124                           05           12/01/03         30
    1715612                              O            11/01/33
    0


    8845524          196/G02             F          480,250.00         ZZ
                                         360        479,794.31          1
                                       6.250          2,956.99         85
                                       6.000          2,956.99
    HAMDEN           CT   06518          1            10/22/03         12
    0437013048                           05           12/01/03         12
    1721818                              O            11/01/33
    0


    8845526          196/G02             F          532,000.00         ZZ
                                         360        531,482.93          1
                                       6.125          3,232.49         76
                                       5.875          3,232.49
    WASHINGTON       DC   20015          2            10/29/03         00
    0437021199                           05           12/01/03          0
    1722479                              O            11/01/33
    0


    8845806          U37/U37             F          437,500.00         ZZ
                                         360        437,123.32          1
                                       6.750          2,837.62         76
                                       6.500          2,837.62
    ATASCADERO       CA   93422          5            10/15/03         00
    8900012398                           05           12/01/03          0
    8900012398                           O            11/01/33
    0


    8846326          758/G02             F          120,000.00         TX
                                         360        119,894.13          1
                                       6.625            768.37         79
                                       6.375            768.37
1


    MONTGOMERY       TX   77356          5            10/27/03         00
    0436922918                           09           12/01/03          0
    331369                               O            11/01/33
    0


    8847542          G34/G02             F          138,800.00         ZZ
                                         360        138,689.01          2
                                       7.125            935.12         80
                                       6.875            935.12
    BEDFORD          TX   76021          1            10/30/03         00
    0436978357                           05           12/01/03          0
    47010908                             N            11/01/33
    0


    8847692          P34/G02             F          205,200.00         ZZ
                                         360        205,014.49          1
                                       6.500          1,297.01         85
                                       6.250          1,297.01
    HAMILTON         NJ   08610          5            10/16/03         11
    0437005531                           05           12/01/03         12
    16667                                O            11/01/33
    0


    8848126          P44/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       6.250          1,182.18         80
                                       6.000          1,182.18
    MASHPEE          MA   02649          5            10/28/03         00
    0436899546                           05           01/01/04          0
    1                                    O            12/01/33
    0


    8848202          T23/G02             F           65,600.00         ZZ
                                         360         65,554.85          1
                                       7.875            475.65         80
                                       7.625            475.65
    CHILLICOTHE      OH   45601          2            11/05/03         00
    0436896120                           01           12/05/03          0
    6998                                 N            11/05/33
    0


    8848258          S27/G02             F          183,750.00         ZZ
                                         360        183,750.00          1
                                       6.625          1,176.57         75
                                       6.375          1,176.57
    LAKE MARY        FL   32746          5            10/30/03         00
    0436916639                           03           01/01/04          0
    1010034150                           O            12/01/33
    0
1




    8848446          T23/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.750            389.16         72
                                       6.500            389.16
    CANTON           OH   44708          2            11/05/03         00
    0436926430                           05           01/01/04          0
    7033                                 N            12/01/33
    0


    8848764          Q87/G02             F           70,400.00         TX
                                         360         70,342.18          1
                                       6.990            467.90         73
                                       6.740            467.90
    KAUFMAN          TX   75142          5            10/30/03         00
    0437065105                           05           12/04/03          0
    BOJA01                               O            11/04/33
    0


    8849564          Y21/G02             F          350,000.00         ZZ
                                         360        349,683.59          1
                                       6.500          2,212.24         80
                                       6.250          2,212.24
    BOWIE            MD   20715          5            10/08/03         00
    0436936405                           03           12/01/03          0
    203712561                            O            11/01/33
    0


    8849748          W93/G02             F          419,000.00         ZZ
                                         360        418,621.21          1
                                       6.500          2,648.37         80
                                       6.250          2,648.37
    SAN DIEGO        CA   92128          5            10/17/03         00
    0436928931                           03           12/01/03          0
    28485784                             O            11/01/33
    0


    8849752          W93/G02             F          225,000.00         ZZ
                                         360        224,820.07          1
                                       7.125          1,515.87         75
                                       6.875          1,515.87
    LAKEWOOD         CO   80228          5            10/23/03         00
    0436935332                           05           12/01/03          0
    30508542                             O            11/01/33
    0


    8849774          W93/G02             F          116,400.00         ZZ
                                         360        116,309.19          1
1


                                       7.250            794.06         80
                                       7.000            794.06
    SCOTTSDALE       AZ   85251          1            10/22/03         00
    0436935209                           05           12/01/03          0
    35493323                             N            11/01/33
    0


    8849812          W93/G02             F          283,200.00         ZZ
                                         360        282,943.98          1
                                       6.500          1,790.02         80
                                       6.250          1,790.02
    SANTA FE         NM   87508          2            10/23/03         00
    0436931323                           03           12/01/03          0
    35513198                             O            11/01/33
    0


    8849824          W93/G02             F          199,500.00         T
                                         360        199,344.37          1
                                       7.250          1,360.94         70
                                       7.000          1,360.94
    BANDON           OR   97411          1            10/13/03         00
    0436909188                           05           12/01/03          0
    37505039                             O            11/01/33
    0


    8849836          W93/G02             F          206,150.00         T
                                         360        205,976.81          1
                                       6.875          1,354.26         75
                                       6.625          1,354.26
    VAIL             AZ   85641          1            10/27/03         00
    0437048309                           05           12/01/03          0
    55508668                             O            11/01/33
    0


    8849848          W93/G02             F           82,500.00         ZZ
                                         360         82,423.58          1
                                       6.375            514.70         75
                                       6.125            514.70
    BOULEVARD        CA   91905          1            10/21/03         00
    0436934665                           05           12/01/03          0
    72507461                             N            11/01/33
    0


    8849852          W93/G02             F           55,250.00         ZZ
                                         360         55,203.58          1
                                       6.875            362.96         74
                                       6.625            362.96
    BOULEVARD        CA   91905          1            10/17/03         00
    0436920029                           05           12/01/03          0
1


    72507462                             N            11/01/33
    0


    8850006          H49/G02             F           44,650.00         ZZ
                                         360         44,618.48          1
                                       7.750            319.88         95
                                       7.500            319.88
    TOPEKA           KS   66606          5            10/21/03         11
    0437032931                           05           12/01/03         30
    533128                               O            11/01/33
    0


    8850008          K15/G02             F          152,000.00         ZZ
                                         360        151,862.59          1
                                       6.500            960.74         83
                                       6.250            960.74
    SHIRLEY          NY   11967          5            10/21/03         41
    0436916803                           05           12/01/03         12
    020805523013                         O            11/01/33
    0


    8850012          K15/G02             F          115,200.00         ZZ
                                         360        115,112.34          1
                                       7.375            795.66         90
                                       7.125            795.66
    O'FALLON         MO   63366          5            10/27/03         41
    0437019573                           05           12/01/03         25
    001405523516                         O            11/01/33
    0


    8850052          K15/G02             F          128,000.00         ZZ
                                         360        127,905.01          1
                                       7.500            894.99         90
                                       7.250            894.99
    ARLINGTON        VT   05250          5            10/27/03         41
    0437019391                           05           12/01/03         25
    037105512905                         O            11/01/33
    0


    8850134          S43/G02             F          161,405.00         ZZ
                                         360        161,259.09          1
                                       6.500          1,020.19         95
                                       6.250          1,020.19
    ALBUQUERQUE      NM   87120          1            10/30/03         04
    0436916951                           05           12/01/03         30
    181030039800                         O            11/01/33
    0


1


    8850136          K60/G02             F           59,200.00         ZZ
                                         360         59,149.03          1
                                       6.750            383.97         80
                                       6.500            383.97
    SILVIS           IL   61282          5            10/27/03         00
    0436927990                           05           12/01/03          0
    0001069061                           O            11/01/33
    0


    8850238          U05/G02             F          395,950.00         T
                                         360        395,592.06          1
                                       6.500          2,502.67         90
                                       6.250          2,502.67
    RIVERSIDE        CA   92504          1            10/13/03         04
    0436966311                           05           12/01/03         25
    3406738                              O            11/01/33
    0


    8850290          Q14/G02             F          167,000.00         ZZ
                                         360        167,000.00          1
                                       6.875          1,097.07         95
                                       6.625          1,097.07
    CEDAR RAPIDS     IA   52402          2            11/04/03         01
    0436903553                           05           01/01/04         30
    00003-16471                          O            12/01/33
    0


    8850330          N47/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       6.750            441.05         80
                                       6.500            441.05
    TACOMA           WA   98418          1            11/03/03         00
    0437003585                           05           01/01/04          0
    60500655                             N            12/01/33
    0


    8850410          E82/G02             F          110,200.00         ZZ
                                         360        110,200.00          2
                                       6.875            723.94         85
                                       6.625            723.94
    EL PASO          TX   79935          2            11/06/03         04
    0400917837                           05           01/01/04         20
    0400917837                           N            12/01/33
    0


    8850688          738/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.375          2,013.23         24
                                       6.125          2,013.23
1


    ATLANTA          GA   30339          5            10/28/03         00
    0436910731                           05           01/01/04          0
    41481789                             O            12/01/33
    0


    8850710          Q30/G02             F          275,000.00         ZZ
                                         360        274,751.39          1
                                       6.500          1,738.19         78
                                       6.250          1,738.19
    RONKONKOMA       NY   11779          5            10/28/03         00
    0436978662                           05           12/01/03          0
    32012809                             O            11/01/33
    0


    8850746          738/G02             F          100,000.00         ZZ
                                         360         99,907.38          1
                                       6.375            623.87         63
                                       6.125            623.87
    SAN ANTONIO      TX   78230          1            10/30/03         00
    0436910574                           05           12/01/03          0
    41539343                             O            11/01/33
    0


    8850754          Y44/G02             F          207,100.00         ZZ
                                         360        206,938.44          1
                                       7.250          1,412.79         95
                                       7.000          1,412.79
    POMONA           CA   91767          5            10/21/03         10
    0436954713                           05           12/01/03         30
    122834601                            O            11/01/33
    0


    8850774          E22/G02             F          116,910.00         ZZ
                                         360        116,787.93          1
                                       5.750            682.26         88
                                       5.500            682.26
    BOZEMAN          MT   59718          2            11/04/03         01
    0417747979                           01           12/01/03         25
    0417747979                           O            11/01/33
    0


    8850778          E22/G02             F          205,000.00         ZZ
                                         360        205,000.00          1
                                       6.625          1,312.64         69
                                       6.375          1,312.64
    WESTPORT         MA   02790          5            11/03/03         00
    0417974342                           05           01/01/04          0
    0417974342                           O            12/01/33
    0
1




    8850806          E22/G02             F           61,640.00         ZZ
                                         360         61,590.71          1
                                       7.125            415.28         80
                                       6.875            415.28
    HARVEY           LA   70058          1            11/07/03         00
    0418369344                           05           12/01/03          0
    0418369344                           N            11/01/33
    0


    8850842          E22/G02             F          476,800.00         ZZ
                                         360        476,800.00          1
                                       6.500          3,013.70         80
                                       6.250          3,013.70
    GOLD BAR         WA   98251          1            10/28/03         00
    0418889150                           05           01/01/04          0
    0418889150                           O            12/01/33
    0


    8850858          E22/G02             F          286,200.00         ZZ
                                         360        286,200.00          1
                                       6.875          1,880.13         90
                                       6.625          1,880.13
    CARTERET         NJ   07008          1            11/07/03         04
    0418899019                           05           01/01/04         25
    0418899019                           O            12/01/33
    0


    8850860          E22/G02             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       6.750          1,076.67         83
                                       6.500          1,076.67
    LAKEWOOD         CO   80226          5            11/03/03         01
    0418899506                           05           01/01/04         12
    0418899506                           O            12/01/33
    0


    8850870          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       6.250            307.86         35
                                       6.000            307.86
    ARDMORE          OK   73401          1            11/07/03         00
    0418914198                           05           01/01/04          0
    0418914198                           O            12/01/33
    0


    8850898          E22/G02             F           51,600.00         ZZ
                                         360         51,600.00          1
1


                                       6.750            334.68         80
                                       6.500            334.68
    KANSAS CITY      MO   64131          2            11/07/03         00
    0418541132                           05           01/01/04          0
    0418541132                           N            12/01/33
    0


    8850902          E22/G02             F          159,200.00         ZZ
                                         360        159,200.00          1
                                       6.000            954.48         80
                                       5.750            954.48
    GILBERT          AZ   85233          1            11/04/03         00
    0418552287                           03           01/01/04          0
    0418552287                           O            12/01/33
    0


    8850918          E22/G02             F          117,200.00         ZZ
                                         360        117,091.45          1
                                       6.375            731.18         80
                                       6.125            731.18
    FERNDALE         MI   48220          1            11/07/03         00
    0418600938                           05           12/01/03          0
    0418600938                           O            11/01/33
    0


    8850970          E22/G02             F           93,750.00         ZZ
                                         360         93,750.00          1
                                       6.500            592.56         75
                                       6.250            592.56
    CHARLOTTE        NC   28226          2            11/07/03         00
    0418696399                           05           01/01/04          0
    0418696399                           N            12/01/33
    0


    8850974          E22/G02             F          491,200.00         ZZ
                                         360        491,200.00          1
                                       6.250          3,024.40         80
                                       6.000          3,024.40
    VENICE(LA)       CA   90291          1            11/03/03         00
    0418705695                           05           01/01/04          0
    0418705695                           O            12/01/33
    0


    8850996          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          3
                                       6.750          1,167.48         75
                                       6.500          1,167.48
    WEST HARTFORD    CT   06119          1            11/07/03         00
    0418722435                           05           01/01/04          0
1


    0418722435                           N            12/01/33
    0


    8850998          E22/G02             F           55,200.00         ZZ
                                         360         55,200.00          1
                                       6.500            348.90         80
                                       6.250            348.90
    NATIONAL CITY    MI   48748          5            11/03/03         00
    0418724118                           05           01/01/04          0
    0418724118                           O            12/01/33
    0


    8851000          Y21/G02             F          431,500.00         ZZ
                                         360        431,090.58          1
                                       6.250          2,656.82         80
                                       6.000          2,656.82
    CARLSBAD         CA   92008          5            10/14/03         00
    0436933774                           05           12/01/03          0
    203833295                            O            11/01/33
    0


    8851060          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.750            389.16         60
                                       6.500            389.16
    BATON ROUGE      LA   70806          5            11/07/03         00
    0418740684                           05           01/01/04          0
    0418740684                           N            12/01/33
    0


    8851064          E22/G02             F          167,000.00         ZZ
                                         360        166,841.54          1
                                       6.250          1,028.25         78
                                       6.000          1,028.25
    FORT LAUDERDALE  FL   33308          5            11/03/03         00
    0418744496                           08           12/01/03          0
    0418744496                           O            11/01/33
    0


    8851072          E22/G02             F           85,250.00         ZZ
                                         360         85,250.00          1
                                       6.250            524.90         78
                                       6.000            524.90
    SUGAR LAND       TX   77478          2            11/04/03         00
    0418750030                           03           01/01/04          0
    0418750030                           N            12/01/33
    0


1


    8851130          E22/G02             F          284,000.00         ZZ
                                         360        284,000.00          4
                                       6.500          1,795.07         80
                                       6.250          1,795.07
    FERNLEY          NV   89408          1            10/31/03         00
    0418811402                           05           01/01/04          0
    0418811402                           N            12/01/33
    0


    8851142          E22/G02             F           78,800.00         ZZ
                                         360         78,800.00          1
                                       6.500            498.07         80
                                       6.250            498.07
    BIRMINGHAM       AL   35215          1            11/07/03         00
    0418817755                           05           01/01/04          0
    0418817755                           N            12/01/33
    0


    8851170          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          2
                                       6.000            539.60         90
                                       5.750            539.60
    SAINT LOUIS      MO   63118          1            11/07/03         01
    0418837456                           05           01/01/04         30
    0418837456                           N            12/01/33
    0


    8851174          E22/G02             F           54,000.00         ZZ
                                         360         53,961.89          1
                                       7.750            386.86         90
                                       7.500            386.86
    CHUNCHULA        AL   36521          5            11/03/03         10
    0418839742                           05           12/01/03         25
    0418839742                           O            11/01/33
    0


    8851192          E22/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       6.750            373.59         80
                                       6.500            373.59
    CALDWELL         ID   83605          2            11/04/03         00
    0418849824                           05           01/01/04          0
    0418849824                           N            12/01/33
    0


    8851278          E22/G02             F          104,300.00         ZZ
                                         360        104,300.00          1
                                       6.875            685.18         90
                                       6.625            685.18
1


    ROUND LAKE BEAC  IL   60073          1            11/07/03         04
    0418881637                           05           01/01/04         25
    0418881637                           N            12/01/33
    0


    8851326          E22/G02             F          387,250.00         TX
                                         360        387,250.00          1
                                       6.375          2,415.94         80
                                       6.125          2,415.94
    AUSTIN           TX   78731          5            11/07/03         00
    0418926960                           03           01/01/04          0
    0418926960                           O            12/01/33
    0


    8851372          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
                                       6.250            529.52         86
                                       6.000            529.52
    CLEBURNE         TX   76033          1            11/07/03         01
    0418945275                           05           01/01/04         25
    0418945275                           O            12/01/33
    0


    8851390          E22/G02             F           86,400.00         TX
                                         360         86,400.00          1
                                       6.500            546.11         80
                                       6.250            546.11
    DALLAS           TX   75228          5            11/03/03         00
    0418954236                           05           01/01/04          0
    0418954236                           O            12/01/33
    0


    8851414          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       5.875            399.29         90
                                       5.625            399.29
    SAN BERNARDINO   CA   92404          1            10/30/03         11
    0418979225                           01           01/01/04         25
    0418979225                           N            12/01/33
    0


    8851422          E22/G02             F          148,300.00         ZZ
                                         360        148,300.00          1
                                       6.000            889.13         79
                                       5.750            889.13
    AURORA           CO   80011          5            11/03/03         00
    0418997383                           05           01/01/04          0
    0418997383                           O            12/01/33
    0
1




    8851540          758/G02             F          176,000.00         ZZ
                                         360        175,828.94          1
                                       6.125          1,069.39         80
                                       5.875          1,069.39
    FORT COLLINS     CO   80526          5            10/29/03         00
    0437019763                           05           12/01/03          0
    613875                               O            11/01/33
    0


    8851542          Y21/G02             F          625,000.00         ZZ
                                         360        624,421.12          1
                                       6.375          3,899.19         70
                                       6.125          3,899.19
    SAN MATEO        CA   94402          2            10/16/03         00
    0436915854                           03           12/01/03          0
    203857721                            O            11/01/33
    0


    8851574          N74/G02             F          179,000.00         ZZ
                                         360        178,821.80          1
                                       6.000          1,073.20         80
                                       5.750          1,073.20
    HIGH POINT       NC   27265          1            10/30/03         00
    0436962880                           03           12/01/03          0
    0033661011                           O            11/01/33
    0


    8851595          R68/G02             F          234,000.00         ZZ
                                         360        233,783.27          1
                                       6.375          1,459.86         90
                                       6.125          1,459.86
    DANIA            FL   33004          1            10/31/03         04
    0436891303                           05           12/01/03         25
    8460435                              O            11/01/33
    0


    8851662          Y21/G02             F          132,000.00         ZZ
                                         360        131,880.67          1
                                       6.500            834.33         80
                                       6.250            834.33
    ST PAUL          MN   55116          1            10/17/03         00
    0436917363                           05           12/01/03          0
    203839412                            O            11/01/33
    0


    8851674          W08/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
1


                                       6.750            454.02         26
                                       6.500            454.02
    MIAMI            FL   33018          5            11/05/03         00
    0436932586                           03           01/01/04          0
    034246MG                             O            12/01/33
    0


    8851706          944/G02             F          215,000.00         ZZ
                                         360        214,810.31          1
                                       6.625          1,376.67         80
                                       6.375          1,376.67
    CARMICHAEL       CA   95608          5            10/28/03         00
    0436918866                           05           12/01/03          0
    W03035166                            O            11/01/33
    0


    8851726          Y21/G02             F          380,000.00         ZZ
                                         360        379,656.47          1
                                       6.500          2,401.86         80
                                       6.250          2,401.86
    RIVERVALE TOWNS  NJ   07675          1            10/10/03         00
    0436927313                           05           12/01/03          0
    203779801                            O            11/01/33
    0


    8851736          R84/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.125          3,949.47         69
                                       5.875          3,949.47
    CONROE           TX   77302          2            11/03/03         00
    0437037823                           03           01/01/04          0
    783711                               O            12/01/33
    0


    8851874          Y21/G02             F          419,000.00         ZZ
                                         360        418,611.92          1
                                       6.375          2,614.02         80
                                       6.125          2,614.02
    BURBANK          CA   91506          5            10/01/03         00
    0436933568                           05           12/01/03          0
    203718445                            O            11/01/33
    0


    8852104          U85/G02             F           46,500.00         ZZ
                                         360         46,500.00          1
                                       6.750            301.60         75
                                       6.500            301.60
    MILWAUKEE        WI   53209          5            11/07/03         00
    0436933642                           05           01/01/04          0
1


    TQS104                               N            12/01/33
    0


    8852146          U85/G02             F          232,100.00         ZZ
                                         360        232,100.00          1
                                       7.375          1,603.06         90
                                       7.125          1,603.06
    PARDEEVILLE      WI   53954          1            11/07/03         26
    0436966196                           05           01/01/04         25
    TQS292                               O            12/01/33
    0


    8852244          Y21/G02             F          160,000.00         ZZ
                                         360        159,858.83          1
                                       6.625          1,024.50         40
                                       6.375          1,024.50
    WEEHAWKIN TOWNS  NJ   07086          5            10/22/03         00
    0436914121                           05           12/01/03          0
    203815955                            O            11/01/33
    0


    8852278          X81/G02             F          124,000.00         ZZ
                                         360        123,895.83          3
                                       6.875            814.59         53
                                       6.625            814.59
    MINNEAPOLIS      MN   55413          5            10/16/03         00
    0436932347                           05           12/01/03          0
    9537511273                           O            11/01/33
    0


    8852290          Y21/G02             F          529,600.00         ZZ
                                         360        529,072.78          1
                                       6.000          3,175.22         63
                                       5.750          3,175.22
    MOUNTAIN VIEW    CA   94040          5            10/15/03         00
    0436912794                           03           12/01/03          0
    203800133                            O            11/01/33
    0


    8852782          K15/G02             F           80,000.00         ZZ
                                         240         79,826.86          1
                                       6.000            573.14         80
                                       5.750            573.14
    CANFIELD         OH   44406          5            10/27/03         00
    0437019771                           05           12/01/03          0
    028005513430                         O            11/01/23
    0


1


    8852820          P44/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       6.250          1,446.94         42
                                       6.000          1,446.94
    BUZZARDS BAY     MA   02532          5            11/03/03         00
    0436916217                           05           01/01/04          0
    1                                    O            12/01/33
    0


    8852856          K15/G02             F          117,000.00         ZZ
                                         360        116,904.10          1
                                       7.000            778.40         65
                                       6.750            778.40
    ARBUCKLE         CA   95912          5            10/27/03         00
    0437019839                           05           12/01/03          0
    038905514683                         O            11/01/33
    0


    8852862          W77/G02             F           63,650.00         ZZ
                                         360         63,602.76          1
                                       7.500            445.05         95
                                       7.250            445.05
    FORT WORTH       TX   76112          1            10/30/03         01
    0436968101                           05           12/01/03         30
    W0310109                             O            11/01/33
    0


    8852877          N16/G02             F          320,000.00         ZZ
                                         360        319,002.37          1
                                       5.800          1,877.61         57
                                       5.550          1,877.61
    HUNTINGTON BEAC  CA   92646          5            09/24/03         00
    0436674246                           05           10/29/03          0
    546393358                            O            09/29/33
    0


    8852910          758/G02             F           80,350.00         ZZ
                                         360         80,270.01          1
                                       6.000            481.74         84
                                       5.750            481.74
    MISSOURI CITY    TX   77459          1            10/28/03         11
    0436961189                           07           12/01/03         12
    303707                               O            11/01/33
    0


    8852932          E86/G02             F          140,800.00         ZZ
                                         360        140,675.77          1
                                       6.625            901.56         80
                                       6.375            901.56
1


    LAS VEGAS        NV   89147          1            10/14/03         00
    0437028533                           05           12/01/03          0
    415201                               O            11/01/33
    0


    8852958          U05/G02             F          117,200.00         ZZ
                                         360        117,101.54          1
                                       6.875            769.92         80
                                       6.625            769.92
    PEORIA           AZ   85345          1            11/12/03         00
    0436977508                           03           12/01/03          0
    3436016                              N            11/01/33
    0


    8852964          758/G02             F          193,400.00         ZZ
                                         360        193,074.11          1
                                       6.875          1,270.50         90
                                       6.625          1,270.50
    HOUSTON          TX   77008          1            09/29/03         04
    0437011737                           05           11/01/03         25
    103827                               N            10/01/33
    0


    8852978          U85/G02             F          110,700.00         ZZ
                                         360        110,700.00          1
                                       7.000            736.49         90
                                       6.750            736.49
    DES MOINES       IA   50313          1            11/07/03         11
    0436925168                           05           01/01/04         25
    TQSRINDELSPAUL                       N            12/01/33
    0


    8853002          U05/G02             F          188,800.00         ZZ
                                         360        188,629.33          1
                                       6.500          1,193.34         77
                                       6.250          1,193.34
    PORTLAND         OR   97223          5            10/24/03         00
    0436936538                           05           12/01/03          0
    3434938                              O            11/01/33
    0


    8853094          X78/G02             F          139,000.00         ZZ
                                         360        139,000.00          1
                                       7.250            948.23         76
                                       7.000            948.23
    DECATUR          GA   30034          2            11/06/03         00
    0436968788                           05           01/01/04          0
    990655                               O            12/01/33
    0
1




    8853218          U05/G02             F           84,000.00         TX
                                         360         83,924.06          1
                                       6.500            530.94         80
                                       6.250            530.94
    ALLEN            TX   75002          5            10/29/03         00
    0437017262                           05           12/01/03          0
    3000380022                           O            11/01/33
    0


    8853510          E86/G02             F          264,000.00         ZZ
                                         360        263,509.66          1
                                       6.375          1,647.02         79
                                       6.125          1,647.02
    NANUET           NY   10954          5            09/26/03         00
    0437020449                           01           11/01/03          0
    421644                               O            10/01/33
    0


    8853560          U05/G02             F          126,700.00         ZZ
                                         360        126,570.82          1
                                       5.875            749.48         80
                                       5.625            749.48
    SAN ANTONIO      TX   78247          2            10/24/03         00
    0436968879                           05           12/01/03          0
    3362497                              O            11/01/33
    0


    8853828          E86/G02             F          115,000.00         ZZ
                                         360        114,900.99          1
                                       6.750            745.89         79
                                       6.500            745.89
    HENDERSON        NV   89015          1            10/23/03         00
    0437015704                           05           12/01/03          0
    435116                               N            11/01/33
    0


    8855126          T44/G02             F           96,800.00         T
                                         360         96,701.31          1
                                       5.875            572.61         80
                                       5.625            572.61
    TEHACHAPI        CA   93561          1            10/22/03         00
    0436901490                           05           12/01/03          0
    1094879                              O            11/01/33
    0


    8855372          E22/G02             F           58,400.00         ZZ
                                         360         58,400.00          1
1


                                       7.000            388.54         80
                                       6.750            388.54
    PUEBLO           CO   81004          2            11/10/03         00
    0418626487                           05           01/01/04          0
    0418626487                           N            12/01/33
    0


    8855402          E22/G02             F           84,600.00         ZZ
                                         360         84,600.00          1
                                       6.250            520.90         89
                                       6.000            520.90
    LINCOLN          NE   68521          2            11/05/03         01
    0418670956                           07           01/01/04         25
    0418670956                           O            12/01/33
    0


    8855406          E22/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       6.000          1,510.87         80
                                       5.750          1,510.87
    SANTA ROSA       CA   95401          5            11/05/03         00
    0418671970                           05           01/01/04          0
    0418671970                           O            12/01/33
    0


    8855410          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       7.000          1,011.26         83
                                       6.750          1,011.26
    CHESTERFIELD     VA   23838          5            11/05/03         10
    0418675955                           05           01/01/04         12
    0418675955                           O            12/01/33
    0


    8855436          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       6.500          1,074.52         68
                                       6.250          1,074.52
    MISSOULA         MT   59802          5            11/04/03         00
    0418776183                           05           01/01/04          0
    0418776183                           O            12/01/33
    0


    8855456          E22/G02             F           74,400.00         ZZ
                                         360         74,400.00          1
                                       6.500            470.26         80
                                       6.250            470.26
    PUEBLO           CO   81004          2            11/10/03         00
    0418798591                           05           01/01/04          0
1


    0418798591                           N            12/01/33
    0


    8855470          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.500            707.92         80
                                       6.250            707.92
    TUPELO           MS   38801          5            11/04/03         00
    0418842951                           05           01/01/04          0
    0418842951                           O            12/01/33
    0


    8855474          E22/G02             F          238,000.00         ZZ
                                         360        238,000.00          1
                                       6.125          1,446.11         77
                                       5.875          1,446.11
    CHESTERFIELD     VA   23832          5            11/04/03         00
    0418848180                           05           01/01/04          0
    0418848180                           O            12/01/33
    0


    8855482          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.000          2,098.43         72
                                       5.750          2,098.43
    MOORPARK         CA   93021          5            10/31/03         00
    0418849832                           05           01/01/04          0
    0418849832                           O            12/01/33
    0


    8855496          E22/G02             F          131,000.00         ZZ
                                         360        131,000.00          1
                                       6.500            828.01         57
                                       6.250            828.01
    MIAMI            FL   33165          2            11/05/03         00
    0418860326                           05           01/01/04          0
    0418860326                           O            12/01/33
    0


    8855516          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.000            598.77         83
                                       6.750            598.77
    SIMPSONVILLE     SC   29680          5            11/05/03         04
    0418884193                           03           01/01/04         12
    0418884193                           O            12/01/33
    0


1


    8855532          E22/G02             F          357,000.00         ZZ
                                         360        357,000.00          2
                                       6.250          2,198.11         74
                                       6.000          2,198.11
    ASTORIA          NY   11103          5            11/05/03         00
    0418896890                           05           01/01/04          0
    0418896890                           O            12/01/33
    0


    8855538          E22/G02             F          303,700.00         ZZ
                                         360        303,404.83          1
                                       6.125          1,845.31         75
                                       5.875          1,845.31
    SAN FRANCISCO    CA   94134          1            10/23/03         00
    0418897864                           05           12/01/03          0
    0418897864                           O            11/01/33
    0


    8855546          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.625            384.19         48
                                       6.375            384.19
    GRANTS PASS      OR   97526          1            11/03/03         00
    0418902680                           05           01/01/04          0
    0418902680                           O            12/01/33
    0


    8855558          E22/G02             F          144,000.00         ZZ
                                         360        143,879.02          1
                                       6.875            945.98         88
                                       6.625            945.98
    CLEVELAND        GA   30528          2            10/31/03         10
    0437070774                           05           12/01/03         25
    0418956371                           O            11/01/33
    0


    8855568          E22/G02             F          144,800.00         ZZ
                                         360        144,800.00          1
                                       6.250            891.56         80
                                       6.000            891.56
    RENO             NV   89506          1            11/05/03         00
    0418963187                           05           01/01/04          0
    0418963187                           N            12/01/33
    0


    8855574          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.500            632.07         80
                                       6.250            632.07
1


    HILLSIDE         IL   60162          5            11/06/03         00
    0418978300                           05           01/01/04          0
    0418978300                           O            12/01/33
    0


    8855582          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          3
                                       6.250            892.79         38
                                       6.000            892.79
    BOSTON           MA   02128          2            11/05/03         00
    0418987988                           05           01/01/04          0
    0418987988                           O            12/01/33
    0


    8855592          E22/G02             F          106,500.00         ZZ
                                         360        106,500.00          1
                                       6.250            655.74         71
                                       6.000            655.74
    WEST PALM BEACH  FL   33415          2            11/05/03         00
    0418998845                           05           01/01/04          0
    0418998845                           O            12/01/33
    0


    8855622          E22/G02             F           24,375.00         ZZ
                                         360         24,375.00          1
                                       7.500            170.43         75
                                       7.250            170.43
    BALTIMORE        MD   21224          1            11/10/03         00
    0418589107                           07           01/01/04          0
    0418589107                           N            12/01/33
    0


    8855638          E22/G02             F          142,650.00         ZZ
                                         360        142,650.00          1
                                       6.750            925.23         90
                                       6.500            925.23
    GREER            SC   29651          5            11/05/03         10
    0418599783                           05           01/01/04         25
    0418599783                           O            12/01/33
    0


    8855688          E22/G02             F          195,200.00         TX
                                         360        195,200.00          1
                                       6.500          1,233.80         80
                                       6.250          1,233.80
    CARROLLTON       TX   75010          5            11/05/03         00
    0418726444                           03           01/01/04          0
    0418726444                           O            12/01/33
    0
1




    8855714          E22/G02             F          279,750.00         ZZ
                                         360        279,750.00          4
                                       7.000          1,861.18         75
                                       6.750          1,861.18
    LOWELL           MA   01852          1            11/10/03         00
    0418749925                           05           01/01/04          0
    0418749925                           N            12/01/33
    0


    8855718          E22/G02             F           53,900.00         ZZ
                                         360         53,900.00          3
                                       6.625            345.13         90
                                       6.375            345.13
    SPOKANE          WA   99201          1            11/04/03         04
    0418752465                           05           01/01/04         25
    0418752465                           O            12/01/33
    0


    8855740          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.625          1,126.95         80
                                       6.375          1,126.95
    MATTAPAN         MA   02126          5            11/04/03         00
    0418813804                           01           01/01/04          0
    0418813804                           O            12/01/33
    0


    8855744          E22/G02             F          123,500.00         ZZ
                                         360        123,500.00          1
                                       6.875            811.31         95
                                       6.625            811.31
    GASTONIA         NC   28054          2            11/04/03         01
    0418815544                           05           01/01/04         30
    0418815544                           O            12/01/33
    0


    8855746          E22/G02             F           47,405.00         ZZ
                                         360         47,405.00          1
                                       7.500            331.46         95
                                       7.250            331.46
    CHESTER          SC   29706          1            11/11/03         01
    0418817540                           05           01/01/04         30
    0418817540                           O            12/01/33
    0


    8855754          E22/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
1


                                       6.375            658.81         80
                                       6.125            658.81
    PASCO            WA   99301          1            11/06/03         00
    0418823894                           05           01/01/04          0
    0418823894                           N            12/01/33
    0


    8855782          E22/G02             F          172,800.00         ZZ
                                         360        172,800.00          1
                                       6.625          1,106.46         90
                                       6.375          1,106.46
    EVERETT          WA   98208          1            10/30/03         04
    0418866018                           05           01/01/04         30
    0418866018                           O            12/01/33
    0


    8855784          E22/G02             F           76,724.00         ZZ
                                         240         76,724.00          1
                                       6.750            583.38         83
                                       6.500            583.38
    HOUSTON          TX   77040          2            11/04/03         01
    0418866604                           03           01/01/04         12
    0418866604                           O            12/01/23
    0


    8855796          E22/G02             F          147,200.00         ZZ
                                         240        147,200.00          1
                                       6.500          1,097.48         78
                                       6.250          1,097.48
    CONYERS          GA   30094          2            11/10/03         00
    0418870788                           05           01/01/04          0
    0418870788                           N            12/01/23
    0


    8855836          E22/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
                                       7.375            241.74         75
                                       7.125            241.74
    MEMPHIS          TN   38127          5            11/10/03         00
    0418927935                           05           01/01/04          0
    0418927935                           N            12/01/33
    0


    8855852          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.125          1,336.74         80
                                       5.875          1,336.74
    BOTHELL          WA   98011          5            11/03/03         00
    0418941043                           05           01/01/04          0
1


    0418941043                           O            12/01/33
    0


    8855876          E22/G02             F          101,650.00         ZZ
                                         360        101,650.00          1
                                       6.875            667.77         95
                                       6.625            667.77
    HOUSTON          TX   77088          1            11/06/03         01
    0418357927                           03           01/01/04         30
    0418357927                           O            12/01/33
    0


    8855890          E22/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
                                       6.625          1,210.19         84
                                       6.375          1,210.19
    HULL             GA   30646          2            11/04/03         04
    0418413746                           05           01/01/04         12
    0418413746                           O            12/01/33
    0


    8855942          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          1
                                       6.875            898.68         95
                                       6.625            898.68
    PALM BEACH GARD  FL   33410          5            11/04/03         11
    0418684023                           05           01/01/04         30
    0418684023                           O            12/01/33
    0


    8855946          E22/G02             F          289,500.00         ZZ
                                         360        289,500.00          1
                                       5.875          1,712.50         73
                                       5.625          1,712.50
    MAYNARD          MA   01754          2            11/05/03         00
    0418693297                           05           01/01/04          0
    0418693297                           O            12/01/33
    0


    8855956          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.250          1,132.92         73
                                       6.000          1,132.92
    STAMFORD         CT   06905          2            11/05/03         00
    0418712220                           01           01/01/04          0
    0418712220                           O            12/01/33
    0


1


    8855968          E22/G02             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       6.375          1,840.42         74
                                       6.125          1,840.42
    PALATINE         IL   60067          2            11/06/03         00
    0418715850                           01           01/01/04          0
    0418715850                           O            12/01/33
    0


    8855972          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.500            707.92         89
                                       6.250            707.92
    FRANKLIN         NH   03235          5            11/05/03         10
    0418716932                           05           01/01/04         25
    0418716932                           O            12/01/33
    0


    8855976          E22/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       6.125            887.11         78
                                       5.875            887.11
    BOCA RATON       FL   33428          5            11/05/03         00
    0418998902                           03           01/01/04          0
    0418998902                           O            12/01/33
    0


    8855978          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.750            908.04         90
                                       6.500            908.04
    JACKSONVILLE     FL   32259          5            11/05/03         04
    0418999462                           03           01/01/04         25
    0418999462                           O            12/01/33
    0


    8855986          E22/G02             F          274,500.00         ZZ
                                         360        274,500.00          1
                                       6.500          1,735.03         90
                                       6.250          1,735.03
    BOYNTON BEACH    FL   33435          1            11/10/03         11
    0419015003                           05           01/01/04         30
    0419015003                           O            12/01/33
    0


    8856024          W35/G02             F          106,500.00         ZZ
                                         360        106,410.53          1
                                       6.875            699.63         74
                                       6.625            699.63
1


    FORT WAYNE       IN   46825          5            10/24/03         00
    0436999288                           05           12/01/03          0
    26102                                O            11/01/33
    0


    8856080          W68/G02             F           65,334.00         ZZ
                                         360         65,236.73          1
                                       7.500            456.82         90
                                       7.250            456.82
    CLEVELAND        TX   77328          1            10/01/03         04
    0436965958                           05           11/01/03         25
    3091678                              N            10/01/33
    0


    8856104          X67/G02             F          124,000.00         ZZ
                                         360        123,887.91          2
                                       6.500            783.76         73
                                       6.250            783.76
    HIGHLAND         CA   92346          5            10/22/03         00
    0437029200                           05           12/01/03          0
    0000423601                           O            11/01/33
    0


    8856258          M07/G02             F          248,000.00         ZZ
                                         360        247,796.72          1
                                       7.000          1,649.95         80
                                       6.750          1,649.95
    MIRA LOMA        CA   91752          1            10/31/03         00
    0437005390                           05           12/01/03          0
    02310177                             O            11/01/33
    0


    8856274          L49/G02             F          875,000.00         ZZ
                                         360        874,149.55          1
                                       6.125          5,316.60         69
                                       5.875          5,316.60
    SANTA CRUZ       CA   95060          1            10/24/03         00
    0436923809                           03           12/01/03          0
    10016892                             O            11/01/33
    0


    8856408          U42/G02             F          191,000.00         ZZ
                                         360        190,827.33          1
                                       6.500          1,207.25         46
                                       6.250          1,207.25
    NORTHPORT        NY   11768          5            10/24/03         00
    0437005341                           05           12/01/03          0
    12303982                             O            11/01/33
    0
1




    8856448          U42/G02             F           99,386.00         ZZ
                                         360         99,386.00          1
                                       6.750            644.62         80
                                       6.500            644.62
    FARMERSVILLE     TX   75442          1            11/05/03         00
    0436961502                           05           01/01/04          0
    12303172                             O            12/01/33
    0


    8856466          L49/G02             F          590,000.00         ZZ
                                         360        589,440.18          1
                                       6.250          3,632.74         62
                                       6.000          3,632.74
    IRVINE           CA   92603          1            10/10/03         00
    0436933030                           03           12/01/03          0
    10016008                             O            11/01/33
    0


    8856572          L49/G02             F          496,000.00         ZZ
                                         360        495,540.60          1
                                       6.375          3,094.40         80
                                       6.125          3,094.40
    ESCONDIDO        CA   92026          1            10/17/03         00
    0436933188                           05           12/01/03          0
    10016818                             O            11/01/33
    0


    8856688          L49/G02             F          528,000.00         ZZ
                                         360        527,534.15          1
                                       6.625          3,380.85         80
                                       6.375          3,380.85
    LAS FLORES       CA   92688          1            10/02/03         00
    0436933352                           03           12/01/03          0
    10016769                             O            11/01/33
    0


    8856932          642/G02             F           88,200.00         ZZ
                                         360         88,134.54          2
                                       7.500            616.71         90
                                       7.250            616.71
    DETROIT          MI   48227          1            10/24/03         11
    0436965115                           05           12/01/03         30
    09113303                             N            11/01/33
    0


    8857014          E86/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
1


                                       6.750          2,464.67         80
                                       6.500          2,464.67
    HARTSDALE        NY   10530          1            11/04/03         00
    0437017304                           05           01/01/04          0
    424987                               O            12/01/33
    0


    8857094          E86/G02             F          160,000.00         ZZ
                                         360        159,855.36          1
                                       6.500          1,011.31         73
                                       6.250          1,011.31
    CARMICHAEL       CA   95608          5            10/24/03         00
    0437004377                           05           12/01/03          0
    429431                               O            11/01/33
    0


    8857096          E86/G02             F           76,350.00         ZZ
                                         360         76,279.29          1
                                       6.375            476.32         46
                                       6.125            476.32
    PORTLAND         OR   97230          5            10/24/03         00
    0437006497                           05           12/01/03          0
    433224                               O            11/01/33
    0


    8857320          Y21/G02             F          390,915.00         ZZ
                                         360        390,543.62          1
                                       6.250          2,407.40         85
                                       6.000          2,407.40
    PHILLIPSBURG     NJ   08865          1            10/31/03         04
    0436918239                           05           12/01/03         12
    203797931                            O            11/01/33
    0


    8857472          N47/G02             F          157,250.00         ZZ
                                         360        157,250.00          1
                                       6.500            993.93         39
                                       6.250            993.93
    WESTMINSTER      CA   92655          5            11/04/03         00
    0437004781                           05           01/01/04          0
    30509996                             O            12/01/33
    0


    8857478          M12/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       7.000            625.38         80
                                       6.750            625.38
    TUCSON           AZ   85730          5            11/06/03         00
    0437016181                           05           01/01/04          0
1


    00000200038                          N            12/01/33
    0


    8857578          U45/G02             F           60,000.00         ZZ
                                         360         59,950.82          1
                                       7.000            399.18         55
                                       6.750            399.18
    GARFIELD HEIGHT  OH   44125          5            10/31/03         00
    0436928360                           05           12/01/03          0
    02300159                             O            11/01/33
    0


    8857618          E86/G02             F          135,000.00         ZZ
                                         360        134,749.27          1
                                       6.375            842.22         70
                                       6.125            842.22
    VERNON           CT   06066          5            09/29/03         00
    0437007271                           05           11/01/03          0
    410769                               O            10/01/33
    0


    8857626          S27/G02             F          199,920.00         T
                                         360        199,920.00          1
                                       6.625          1,280.11         80
                                       6.375          1,280.11
    JUPITER          FL   33458          1            11/03/03         00
    0437043359                           09           01/01/04          0
    10100033782                          O            12/01/33
    0


    8857670          X52/G02             F          828,750.00         ZZ
                                         360        828,750.00          1
                                       6.625          5,306.58         65
                                       6.375          5,306.58
    KEY WEST         FL   33040          1            11/05/03         00
    0437010614                           05           01/01/04          0
    8530170                              O            12/01/33
    0


    8857706          P01/G02             F          129,600.00         ZZ
                                         360        129,506.20          2
                                       7.625            917.30         90
                                       7.375            917.30
    ALBANY           NY   12208          1            10/28/03         10
    0436967442                           05           12/01/03         25
    03005292                             N            11/01/33
    0


1


    8857738          U05/G02             F          143,000.00         ZZ
                                         360        142,885.64          4
                                       7.125            963.42         90
                                       6.875            963.42
    SAN MARCOS       TX   78666          1            10/24/03         10
    0436969794                           05           12/01/03         25
    3000390442                           N            11/01/33
    0


    8858378          G34/G02             F          222,000.00         ZZ
                                         360        222,000.00          1
                                       6.500          1,403.19         73
                                       6.250          1,403.19
    CARMICHAEL       CA   95608          5            10/30/03         00
    0437005176                           05           01/01/04          0
    47011217                             O            12/01/33
    0


    8858390          U05/G02             F          359,100.00         ZZ
                                         360        358,798.31          1
                                       6.875          2,359.03         90
                                       6.625          2,359.03
    LOS ANGELES      CA   90065          1            10/21/03         04
    0436940936                           05           12/01/03         25
    3426001                              O            11/01/33
    0


    8858392          P59/G02             F          120,000.00         ZZ
                                         360        119,648.32          1
                                       6.125            729.13         30
                                       5.875            729.13
    PASO ROBLES      CA   93446          5            08/11/03         00
    0437021652                           05           10/01/03          0
    AT006117                             O            09/01/33
    0


    8858488          758/G02             F          121,600.00         ZZ
                                         360        121,497.84          1
                                       6.875            798.83         95
                                       6.625            798.83
    ELLENWOOD        GA   30294          5            10/31/03         04
    0436987655                           05           12/01/03         30
    1                                    O            11/01/33
    0


    8858498          U05/G02             F          151,000.00         ZZ
                                         360        150,856.73          1
                                       6.250            929.73         69
                                       6.000            929.73
1


    INGLEWOOD AREA   CA   90304          5            10/22/03         00
    0436968333                           05           12/01/03          0
    3431823                              O            11/01/33
    0


    8858550          A52/G02             F          129,200.00         ZZ
                                         360        129,200.00          1
                                       6.500            816.63         95
                                       6.250            816.63
    JACKSONVILLE     AL   36265          2            11/07/03         11
    0436902274                           05           01/01/04         30
    27590                                O            12/01/33
    0


    8858616          408/G02             F           75,950.00         ZZ
                                         360         75,890.73          1
                                       7.250            518.13         73
                                       7.000            518.13
    COATSVILLE       IN   46121          2            11/06/03         00
    0437009350                           05           12/01/03          0
    703039379                            N            11/01/33
    0


    8858696          738/G02             F          140,800.00         ZZ
                                         360        140,692.85          1
                                       7.375            972.48         80
                                       7.125            972.48
    HIALEAH          FL   33013          1            11/03/03         00
    0436970297                           05           12/01/03          0
    41524125                             N            11/01/33
    0


    8858768          477/G02             F          220,000.00         ZZ
                                         360        219,810.58          1
                                       6.750          1,426.92         68
                                       6.500          1,426.92
    CLAREMONT        CA   91711          5            10/23/03         00
    0436923569                           05           12/01/03          0
    206381                               O            11/01/33
    0


    8859529          E23/G02             F          200,000.00         ZZ
                                         360        199,819.19          1
                                       6.500          1,264.14         80
                                       6.250          1,264.14
    SAN DIEGO        CA   92119          1            10/08/03         00
    0436879399                           01           12/01/03          0
    51037223                             O            11/01/33
    0
1




    8859871          U66/G02             F          187,600.00         ZZ
                                         360        187,408.74          1
                                       5.875          1,109.72         80
                                       5.625          1,109.72
    KATY             TX   77450          2            10/27/03         00
    0437001225                           03           12/01/03          0
    0795681                              O            11/01/33
    0


    8859899          R68/G02             F          280,000.00         T
                                         360        280,000.00          1
                                       6.875          1,839.40         80
                                       6.625          1,839.40
    HILLSBORO BEACH  FL   33062          1            11/14/03         00
    0437043227                           06           01/01/04          0
    8569714                              O            12/01/33
    0


    8862340          758/G02             F          135,200.00         ZZ
                                         360        135,077.77          1
                                       6.500            854.56         80
                                       6.250            854.56
    RICHMOND         TX   77469          1            10/28/03         00
    0437024409                           03           12/01/03          0
    361964                               O            11/01/33
    0


    8862370          Q87/G02             F           62,400.00         ZZ
                                         360         62,346.27          1
                                       6.750            404.73         80
                                       6.500            404.73
    GAINESVILLE      GA   30507          5            10/23/03         00
    0437004716                           05           12/01/03          0
    CAJU02                               O            11/01/33
    0


    8862456          G27/G02             F           83,500.00         ZZ
                                         360         83,424.51          1
                                       6.500            527.78         76
                                       6.250            527.78
    MADERA           CA   93638          5            10/28/03         00
    0437029010                           05           12/01/03          0
    23503176                             N            11/01/33
    0


    8862566          Q87/G02             F           76,000.00         ZZ
                                         300         75,908.02          1
1


                                       7.125            543.23         95
                                       6.875            543.23
    CHAPEL HILL      TN   37034          5            10/27/03         10
    0437005002                           05           12/01/03         30
    LAHA01                               O            11/01/28
    0


    8862978          N34/G02             F          114,300.00         ZZ
                                         360        114,300.00          2
                                       7.500            799.20         90
                                       7.250            799.20
    CROWN POINT      IN   46307          5            11/06/03         10
    0437016843                           05           01/01/04         25
    123782401                            O            12/01/33
    0


    8863008          642/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       7.000            389.20         90
                                       6.750            389.20
    LANCASTER        CA   93535          5            11/05/03         11
    0437000227                           01           01/01/04         25
    10239303                             O            12/01/33
    0


    8863034          642/G02             F           58,500.00         ZZ
                                         360         58,456.59          1
                                       7.500            409.04         75
                                       7.250            409.04
    MARRERO          LA   70072          5            10/31/03         00
    0436974521                           05           12/01/03          0
    10194103                             N            11/01/33
    0


    8863192          T29/G02             F          152,800.00         ZZ
                                         360        152,677.81          1
                                       7.125          1,029.44         90
                                       6.875          1,029.44
    GLENDALE         AZ   85308          2            10/23/03         12
    0436956189                           03           12/01/03         25
    1593165                              N            11/01/33
    0


    8864674          A52/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       7.250            573.03         68
                                       7.000            573.03
    GRAYSON          GA   30017          5            11/10/03         00
    0436983225                           05           01/01/04          0
1


    28001                                N            12/01/33
    0


    8864970          S27/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       6.750            927.50         90
                                       6.500            927.50
    TAMARAC          FL   33321          2            11/05/03         01
    0437039514                           05           01/01/04         25
    1980000996                           O            12/01/33
    0


    8865300          X89/G02             F          129,000.00         ZZ
                                         360        128,880.51          1
                                       6.375            804.80         31
                                       6.125            804.80
    CHINO HILLS      CA   91709          2            10/23/03         00
    0437017445                           03           12/01/03          0
    2022186                              O            11/01/33
    0


    8865706          U85/G02             F          122,311.00         ZZ
                                         360        122,311.00          1
                                       7.625            865.71         90
                                       7.375            865.71
    JANESVILLE       WI   53545          1            11/12/03         11
    0437017023                           05           01/01/04         25
    TQS512                               O            12/01/33
    0


    8865754          U85/G02             F           87,975.00         ZZ
                                         360         87,975.00          1
                                       7.125            592.70         90
                                       6.875            592.70
    FORT ATKINSON    WI   53538          1            11/12/03         26
    0436984561                           05           01/01/04         25
    TQS384                               N            12/01/33
    0


    8865866          E47/G02             F          220,000.00         ZZ
                                         360        219,836.73          1
                                       7.500          1,538.27         80
                                       7.250          1,538.27
    WASHINGTON       DC   20001          5            10/24/03         00
    0437029598                           07           12/01/03          0
    7338511513                           N            11/01/33
    0


1


    8865892          N74/G02             F          145,600.00         ZZ
                                         360        145,600.00          1
                                       6.000            872.95         80
                                       5.750            872.95
    CHESAPEAKE       VA   23323          5            10/29/03         00
    0436939367                           05           01/01/04          0
    0033641010                           O            12/01/33
    0


    8866132          E47/G02             F          120,000.00         ZZ
                                         360        119,901.64          1
                                       7.000            798.36         80
                                       6.750            798.36
    STOCKTON         CA   95206          5            10/21/03         00
    0436979843                           05           12/01/03          0
    7333013850                           O            11/01/33
    0


    8866250          E11/G02             F          106,300.00         T
                                         360        106,196.68          1
                                       6.125            645.89         74
                                       5.875            645.89
    SCOTTSDALE       AZ   85260          2            11/03/03         00
    0437019300                           01           12/01/03          0
    0003001058520                        O            11/01/33
    0


    8866570          N74/G02             F          101,600.00         ZZ
                                         360        101,503.60          1
                                       6.250            625.57         87
                                       6.000            625.57
    NORTH LITTLE RO  AR   72116          5            10/27/03         10
    0436982623                           05           12/01/03         25
    0033616010                           O            11/01/33
    0


    8866806          U05/G02             F           53,400.00         ZZ
                                         360         53,360.37          1
                                       7.500            373.38         72
                                       7.250            373.38
    SAN ANTONIO      TX   78244          2            10/28/03         00
    0437045073                           05           12/01/03          0
    3382684                              N            11/01/33
    0


    8867262          X67/G02             F          226,000.00         ZZ
                                         360        225,832.28          3
                                       7.500          1,580.22         72
                                       7.250          1,580.22
1


    HUNTINGTON PARK  CA   90255          2            10/17/03         00
    0437029085                           05           12/01/03          0
    0000426434                           O            11/01/33
    0


    8867264          E47/G02             F          126,400.00         ZZ
                                         360        126,306.19          1
                                       7.500            883.81         80
                                       7.250            883.81
    WASHINGTON       DC   20019          5            10/24/03         00
    0437041361                           05           12/01/03          0
    7338511510                           N            11/01/33
    0


    8867330          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       6.500            625.75         77
                                       6.250            625.75
    PORT SAINT LUCI  FL   34983          2            11/12/03         00
    0418024600                           05           01/01/04          0
    0418024600                           N            12/01/33
    0


    8867336          E22/G02             F          138,350.00         ZZ
                                         360        138,350.00          1
                                       6.625            885.87         80
                                       6.375            885.87
    LAS VEGAS        NV   89129          1            10/28/03         00
    0418206322                           03           01/01/04          0
    0418206322                           N            12/01/33
    0


    8867362          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       6.625            893.23         90
                                       6.375            893.23
    WASILLA          AK   99654          1            11/07/03         10
    0418496303                           05           01/01/04         25
    0418496303                           O            12/01/33
    0


    8867370          E22/G02             F          138,750.00         ZZ
                                         360        138,750.00          1
                                       7.125            934.78         75
                                       6.875            934.78
    SACRAMENTO       CA   95817          5            11/03/03         00
    0418524708                           05           01/01/04          0
    0418524708                           N            12/01/33
    0
1




    8867382          E22/G02             F          243,000.00         ZZ
                                         360        243,000.00          3
                                       7.500          1,699.09         90
                                       7.250          1,699.09
    CHICAGO          IL   60619          1            11/12/03         01
    0418570487                           05           01/01/04         25
    0418570487                           N            12/01/33
    0


    8867402          E22/G02             F           69,600.00         TX
                                         360         69,600.00          1
                                       6.500            439.92         80
                                       6.250            439.92
    AUSTIN           TX   78745          5            11/04/03         00
    0418625406                           03           01/01/04          0
    0418625406                           O            12/01/33
    0


    8867412          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       6.000            593.56         90
                                       5.750            593.56
    LOUISVILLE       KY   40206          5            11/06/03         01
    0418650339                           07           01/01/04         25
    0418650339                           O            12/01/33
    0


    8867454          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       6.500            379.24         75
                                       6.250            379.24
    ORLANDO          KY   40460          1            11/07/03         00
    0418674636                           05           01/01/04          0
    0418674636                           O            12/01/33
    0


    8867500          E22/G02             F          366,925.00         ZZ
                                         360        366,925.00          1
                                       6.125          2,229.47         80
                                       5.875          2,229.47
    DUBLIN           CA   94568          1            11/05/03         00
    0418738662                           01           01/01/04          0
    0418738662                           O            12/01/33
    0


    8867508          E22/G02             F          200,000.00         TX
                                         360        200,000.00          1
1


                                       5.875          1,183.08         80
                                       5.625          1,183.08
    HOUSTON          TX   77063          5            11/05/03         00
    0418745956                           03           01/01/04          0
    0418745956                           O            12/01/33
    0


    8867510          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.250            615.72         70
                                       6.000            615.72
    HENDERSONVILLE   NC   28792          5            11/06/03         00
    0418746293                           05           01/01/04          0
    0418746293                           O            12/01/33
    0


    8867528          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.250          1,724.01         80
                                       6.000          1,724.01
    JEFFERSON TOWNS  NJ   07438          5            11/06/03         00
    0418767422                           05           01/01/04          0
    0418767422                           O            12/01/33
    0


    8867552          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       7.000            731.83         71
                                       6.750            731.83
    NORTH BERGEN     NJ   07047          5            11/12/03         00
    0418797577                           01           01/01/04          0
    0418797577                           N            12/01/33
    0


    8867554          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.375            848.46         80
                                       6.125            848.46
    PORTLAND         OR   97213          1            11/06/03         00
    0418797759                           05           01/01/04          0
    0418797759                           O            12/01/33
    0


    8867562          E22/G02             F          441,000.00         ZZ
                                         360        441,000.00          1
                                       6.125          2,679.56         90
                                       5.875          2,679.56
    COTTAGE GROVE    OR   97424          1            11/05/03         04
    0418808788                           05           01/01/04         25
1


    0418808788                           O            12/01/33
    0


    8867580          E22/G02             F          371,000.00         ZZ
                                         360        371,000.00          3
                                       6.875          2,437.21         60
                                       6.625          2,437.21
    SEATTLE          WA   98115          2            11/03/03         00
    0418828299                           05           01/01/04          0
    0418828299                           N            12/01/33
    0


    8867588          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       7.375            725.21         63
                                       7.125            725.21
    NAMPA            ID   83686          5            11/10/03         00
    0418835120                           03           01/01/04          0
    0418835120                           N            12/01/33
    0


    8867592          E22/G02             F          127,200.00         ZZ
                                         360        127,200.00          1
                                       6.875            835.61         80
                                       6.625            835.61
    FRESNO           CA   93726          1            10/31/03         00
    0418837100                           05           01/01/04          0
    0418837100                           N            12/01/33
    0


    8867604          E22/G02             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       7.000          2,827.54         80
                                       6.750          2,827.54
    ALEXANDRIA       VA   22310          5            11/06/03         00
    0418852398                           05           01/01/04          0
    0418852398                           O            12/01/33
    0


    8867614          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.500          1,643.38         80
                                       6.250          1,643.38
    SAN JOSE         CA   95121          2            11/03/03         00
    0418862124                           09           01/01/04          0
    0418862124                           O            12/01/33
    0


1


    8867634          E22/G02             F          422,400.00         ZZ
                                         360        422,400.00          2
                                       6.250          2,600.79         80
                                       6.000          2,600.79
    WATERTOWN        MA   02472          5            11/06/03         00
    0418868410                           05           01/01/04          0
    0418868410                           O            12/01/33
    0


    8867654          E22/G02             F          157,250.00         ZZ
                                         360        157,250.00          1
                                       6.250            968.22         86
                                       6.000            968.22
    AURORA           CO   80011          5            11/06/03         01
    0418878336                           05           01/01/04         25
    0418878336                           O            12/01/33
    0


    8867664          E22/G02             F           70,500.00         TX
                                         360         70,500.00          1
                                       7.750            505.07         75
                                       7.500            505.07
    MISSOURI CITY    TX   77459          5            11/12/03         00
    0418883740                           03           01/01/04          0
    0418883740                           N            12/01/33
    0


    8867670          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
                                       6.500            973.38         94
                                       6.250            973.38
    WILLINGBORO      NJ   08046          5            11/07/03         04
    0418886107                           05           01/01/04         30
    0418886107                           O            12/01/33
    0


    8867674          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.375          1,091.77         41
                                       6.125          1,091.77
    SAN DIEGO        CA   92111          5            10/29/03         00
    0418891206                           01           01/01/04          0
    0418891206                           O            12/01/33
    0


    8867688          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.625            576.28         78
                                       6.375            576.28
1


    FLORISSANT       MO   63033          5            11/06/03         00
    0418896809                           05           01/01/04          0
    0418896809                           O            12/01/33
    0


    8867712          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.375          2,495.48         69
                                       6.125          2,495.48
    KEY WEST         FL   33040          1            11/12/03         00
    0418913604                           05           01/01/04          0
    0418913604                           O            12/01/33
    0


    8867720          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       5.750          1,021.25         47
                                       5.500          1,021.25
    SUISUN CITY      CA   94585          5            11/03/03         00
    0418915955                           05           01/01/04          0
    0418915955                           O            12/01/33
    0


    8867760          E22/G02             F           84,550.00         ZZ
                                         360         84,550.00          1
                                       6.625            541.38         95
                                       6.375            541.38
    NEW ALBANY       IN   47150          1            11/11/03         01
    0418934766                           05           01/01/04         30
    0418934766                           O            12/01/33
    0


    8867768          E22/G02             F           24,375.00         ZZ
                                         360         24,375.00          1
                                       7.875            176.74         75
                                       7.625            176.74
    BALTIMORE        MD   21224          1            11/12/03         00
    0418940144                           07           01/01/04          0
    0418940144                           N            12/01/33
    0


    8867806          E22/G02             F          119,600.00         ZZ
                                         360        119,600.00          1
                                       6.500            755.95         80
                                       6.250            755.95
    COLORADO SPRING  CO   80915          1            11/11/03         00
    0418961017                           05           01/01/04          0
    0418961017                           N            12/01/33
    0
1




    8867816          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.125            437.48         90
                                       5.875            437.48
    LOUISVILLE       KY   40213          2            11/11/03         01
    0418974192                           05           01/01/04         25
    0418974192                           N            12/01/33
    0


    8867820          E22/G02             F          415,200.00         ZZ
                                         360        415,200.00          1
                                       6.125          2,522.80         80
                                       5.875          2,522.80
    BERKELEY         CA   94702          1            10/31/03         00
    0418981072                           05           01/01/04          0
    0418981072                           O            12/01/33
    0


    8867824          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.750          1,063.70         80
                                       6.500          1,063.70
    YOUNGSVILLE      NC   27596          1            11/12/03         00
    0418981460                           05           01/01/04          0
    0418981460                           O            12/01/33
    0


    8867852          E22/G02             F          229,500.00         ZZ
                                         360        229,500.00          1
                                       6.250          1,413.07         90
                                       6.000          1,413.07
    SACRAMENTO       CA   95823          5            11/05/03         04
    0419007471                           05           01/01/04         25
    0419007471                           O            12/01/33
    0


    8867864          E22/G02             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       6.250          2,204.27         77
                                       6.000          2,204.27
    CAMARILLO        CA   93012          5            11/03/03         00
    0419016639                           05           01/01/04          0
    0419016639                           O            12/01/33
    0


    8867878          E22/G02             F          648,750.00         ZZ
                                         360        648,750.00          1
1


                                       6.125          3,941.87         75
                                       5.875          3,941.87
    NEWCASTLE        WA   98059          1            11/03/03         00
    0419031836                           03           01/01/04          0
    0419031836                           O            12/01/33
    0


    8867884          E22/G02             F          246,000.00         ZZ
                                         360        246,000.00          1
                                       6.250          1,514.66         79
                                       6.000          1,514.66
    ROHNERT PARK     CA   94928          2            11/05/03         00
    0419037841                           09           01/01/04          0
    0419037841                           O            12/01/33
    0


    8867888          E22/G02             F          137,600.00         ZZ
                                         360        137,600.00          1
                                       6.375            858.44         80
                                       6.125            858.44
    DEXTER           MI   48130          1            11/12/03         00
    0419040860                           05           01/01/04          0
    0419040860                           O            12/01/33
    0


    8867904          E22/G02             F          365,800.00         ZZ
                                         360        365,800.00          1
                                       6.750          2,372.57         90
                                       6.500          2,372.57
    SACRAMENTO       CA   95835          1            11/06/03         04
    0419053483                           03           01/01/04         30
    0419053483                           O            12/01/33
    0


    8867920          S43/G02             F           75,600.00         ZZ
                                         360         75,600.00          1
                                       6.500            477.84         90
                                       6.250            477.84
    ALBUQUERQUE      NM   87110          2            11/11/03         01
    0437012834                           05           01/01/04         25
    181030020700                         N            12/01/33
    0


    8867968          E82/G02             F          274,450.00         ZZ
                                         360        274,450.00          2
                                       7.250          1,872.23         69
                                       7.000          1,872.23
    BAYONNE          NJ   07002          5            11/07/03         00
    0400912127                           05           01/01/04          0
1


    0400912127                           O            12/01/33
    0


    8868092          E82/G02             F          138,450.00         ZZ
                                         360        138,450.00          1
                                       6.625            886.51         87
                                       6.375            886.51
    PHOENIX          AZ   85051          2            11/07/03         04
    0400921391                           05           01/01/04         25
    0400921391                           O            12/01/33
    0


    8868372          G33/G02             F          118,150.00         ZZ
                                         360        118,150.00          1
                                       6.625            756.53         78
                                       6.375            756.53
    COLLEYVILLE      TX   76031          2            11/06/03         00
    0437028780                           05           01/01/04          0
    816039                               O            12/01/33
    0


    8868434          E47/G02             F          136,800.00         ZZ
                                         360        136,698.47          1
                                       7.500            956.53         80
                                       7.250            956.53
    UPPER MARLBORO   MD   20774          5            10/24/03         00
    0437048002                           05           12/01/03          0
    7338511515                           N            11/01/33
    0


    8868966          U05/G02             F          448,000.00         TX
                                         360        448,000.00          1
                                       6.750          2,905.72         80
                                       6.500          2,905.72
    FRIENDSWOOD      TX   77546          5            11/05/03         00
    0437018898                           03           01/01/04          0
    3440409                              O            12/01/33
    0


    8869048          196/G02             F          106,207.00         ZZ
                                         360        106,115.55          1
                                       6.750            688.86         95
                                       6.500            688.86
    HUNTSVILLE       AL   35803          5            10/27/03         01
    0437009129                           05           12/01/03         35
    1596814                              O            11/01/33
    0


1


    8869094          T79/G02             F          241,425.00         ZZ
                                         360        241,425.00          1
                                       7.375          1,667.46         90
                                       7.125          1,667.46
    FORT LAUDERDALE  FL   33305          1            11/10/03         11
    0437043755                           05           01/01/04         25
    5010311000                           N            12/01/33
    0


    8869494          G75/G02             F          360,050.00         ZZ
                                         360        359,716.52          1
                                       6.375          2,246.25         80
                                       6.125          2,246.25
    LAUREL           MD   20723          1            10/24/03         00
    0437011455                           05           12/01/03          0
    5160243                              O            11/01/33
    0


    8869530          X67/G02             F          213,800.00         ZZ
                                         360        213,606.72          2
                                       6.500          1,351.36         80
                                       6.250          1,351.36
    LYNWOOD          CA   90262          2            10/27/03         00
    0437020407                           05           12/01/03          0
    0000429197                           N            11/01/33
    0


    8869568          X51/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.375          4,055.15         67
                                       6.125          4,055.15
    SIMI VALLEY      CA   93065          5            11/08/03         00
    0436936785                           05           01/01/04          0
    0030924003                           O            12/01/33
    0


    8869618          L20/G02             F          144,427.00         ZZ
                                         360        144,427.00          1
                                       6.000            865.91         80
                                       5.750            865.91
    SPARKS           NV   89431          1            11/12/03         00
    0436988521                           03           01/01/04          0
    1141050080                           O            12/01/33
    0


    8870114          H93/G02             F          313,000.00         ZZ
                                         360        313,000.00          1
                                       6.375          1,952.71         72
                                       6.125          1,952.71
1


    FORT MEYERS      FL   33912          2            11/05/03         00
    0436969356                           05           01/01/04          0
    2003001348                           O            12/01/33
    0


    8870456          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          2
                                       6.375            623.87         80
                                       6.125            623.87
    GRANTS PASS      OR   97526          1            11/07/03         00
    0418571568                           05           01/01/04          0
    0418571568                           N            12/01/33
    0


    8870464          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.500          1,137.72         79
                                       6.250          1,137.72
    SAN JOSE         CA   95111          2            11/07/03         00
    0418593406                           01           01/01/04          0
    0418593406                           N            12/01/33
    0


    8870466          E22/G02             F          200,000.00         TX
                                         360        200,000.00          1
                                       6.750          1,297.20         80
                                       6.500          1,297.20
    GRANBURY         TX   76049          5            11/06/03         00
    0418615548                           03           01/01/04          0
    0418615548                           O            12/01/33
    0


    8870472          E22/G02             F          109,600.00         TX
                                         360        109,600.00          1
                                       6.625            701.78         80
                                       6.375            701.78
    DEER PARK        TX   77536          5            11/07/03         00
    0418618625                           05           01/01/04          0
    0418618625                           O            12/01/33
    0


    8870486          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.750            648.60         74
                                       6.500            648.60
    HARRISON         ID   83833          5            10/22/03         00
    0418620597                           05           01/01/04          0
    0418620597                           O            12/01/33
    0
1




    8870492          E22/G02             F          292,500.00         ZZ
                                         360        292,500.00          3
                                       7.875          2,120.83         90
                                       7.625          2,120.83
    NEW HAVEN        CT   06511          1            11/13/03         04
    0418635066                           05           01/01/04         25
    0418635066                           N            12/01/33
    0


    8870494          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       6.250          1,182.18         80
                                       6.000          1,182.18
    MIAMI BEACH      FL   33140          5            11/07/03         00
    0418636890                           08           01/01/04          0
    0418636890                           O            12/01/33
    0


    8870518          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       6.250            858.93         90
                                       6.000            858.93
    SAN ANTONIO      TX   78216          1            11/13/03         01
    0418793345                           05           01/01/04         25
    0418793345                           O            12/01/33
    0


    8870524          E22/G02             F          182,633.00         ZZ
                                         360        182,633.00          1
                                       6.500          1,154.36         61
                                       6.250          1,154.36
    WINNETKA         CA   91306          5            11/07/03         00
    0418798799                           05           01/01/04          0
    0418798799                           O            12/01/33
    0


    8870566          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          4
                                       7.375            745.93         90
                                       7.125            745.93
    CLEVELAND        OH   44106          1            11/13/03         01
    0418907572                           05           01/01/04         25
    0418907572                           N            12/01/33
    0


    8870568          E22/G02             F          198,000.00         ZZ
                                         360        198,000.00          3
1


                                       6.875          1,300.72         90
                                       6.625          1,300.72
    IRVINGTON        NJ   07111          1            11/13/03         01
    0418908448                           05           01/01/04         25
    0418908448                           N            12/01/33
    0


    8870592          E22/G02             F          218,500.00         ZZ
                                         360        218,500.00          1
                                       6.125          1,327.63         77
                                       5.875          1,327.63
    SANTA FE         NM   87505          5            11/06/03         00
    0418922696                           03           01/01/04          0
    0418922696                           O            12/01/33
    0


    8870618          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       6.500            783.76         80
                                       6.250            783.76
    NORTH PROVIDENC  RI   02911          5            11/07/03         00
    0419018262                           05           01/01/04          0
    0419018262                           O            12/01/33
    0


    8870712          E22/G02             F           94,950.00         ZZ
                                         360         94,950.00          1
                                       6.250            584.62         90
                                       6.000            584.62
    ROSEBURG         OR   97470          1            11/04/03         10
    0418823514                           05           01/01/04         25
    0418823514                           N            12/01/33
    0


    8870740          E22/G02             F          200,700.00         ZZ
                                         360        200,700.00          1
                                       6.375          1,252.11         90
                                       6.125          1,252.11
    THORTON          CO   80229          5            11/07/03         01
    0418839130                           05           01/01/04         25
    0418839130                           O            12/01/33
    0


    8870750          E22/G02             F          267,750.00         ZZ
                                         360        267,750.00          1
                                       7.000          1,781.35         85
                                       6.750          1,781.35
    KENDRICK         ID   83537          5            11/07/03         04
    0418847729                           05           01/01/04         12
1


    0418847729                           O            12/01/33
    0


    8870754          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.250            923.58         72
                                       6.000            923.58
    SALT LAKE CITY   UT   84124          5            11/05/03         00
    0418848693                           05           01/01/04          0
    0418848693                           O            12/01/33
    0


    8870758          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.000          1,079.19         65
                                       5.750          1,079.19
    ARVADA           CO   80005          2            11/07/03         00
    0418850442                           03           01/01/04          0
    0418850442                           O            12/01/33
    0


    8870902          E22/G02             F          158,850.00         ZZ
                                         360        158,850.00          1
                                       6.000            952.39         90
                                       5.750            952.39
    CAMAS            WA   98607          2            11/01/03         04
    0418889978                           05           01/01/04         25
    0418889978                           O            12/01/33
    0


    8870926          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       7.375            372.96         89
                                       7.125            372.96
    OKLAHOMA CITY    OK   73119          5            11/07/03         01
    0418975348                           05           01/01/04         25
    0418975348                           O            12/01/33
    0


    8870980          E22/G02             F          183,000.00         ZZ
                                         360        183,000.00          1
                                       6.500          1,156.68         80
                                       6.250          1,156.68
    BELLEVUE         WA   98006          5            11/05/03         00
    0418983516                           05           01/01/04          0
    0418983516                           O            12/01/33
    0


1


    8871000          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
                                       6.125            243.04         80
                                       5.875            243.04
    EAST LIVERPOOL   OH   43920          5            11/07/03         00
    0418990040                           05           01/01/04          0
    0418990040                           O            12/01/33
    0


    8871020          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.125            820.27         75
                                       5.875            820.27
    PHOENIX          OR   97535          2            11/04/03         00
    0418296836                           05           01/01/04          0
    0418296836                           N            12/01/33
    0


    8871032          E22/G02             F           79,800.00         ZZ
                                         360         79,800.00          1
                                       7.875            578.61         95
                                       7.625            578.61
    OKLAHOMA CITY    OK   73159          5            11/07/03         01
    0418480174                           05           01/01/04         30
    0418480174                           O            12/01/33
    0


    8871054          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
                                       6.250            948.20         80
                                       6.000            948.20
    GRAND JUNCTION   CO   81504          2            11/07/03         00
    0418559993                           05           01/01/04          0
    0418559993                           O            12/01/33
    0


    8871062          E22/G02             F           91,400.00         ZZ
                                         360         91,400.00          1
                                       6.875            600.43         89
                                       6.625            600.43
    VERNAL           UT   84078          5            11/05/03         04
    0418707774                           05           01/01/04         25
    0418707774                           O            12/01/33
    0


    8871070          E22/G02             F          142,000.00         ZZ
                                         360        141,877.74          1
                                       6.750            921.01         95
                                       6.500            921.01
1


    FRESNO           CA   93702          1            10/06/03         11
    0418730925                           05           12/01/03         30
    0418730925                           O            11/01/33
    0


    8871100          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          2
                                       6.625            576.28         90
                                       6.375            576.28
    CINCINNATI       OH   45211          1            11/13/03         01
    0418772760                           05           01/01/04         25
    0418772760                           N            12/01/33
    0


    8871194          E22/G02             F           61,000.00         ZZ
                                         360         61,000.00          1
                                       6.500            385.56         80
                                       6.250            385.56
    MACKINAW         MI   49701          1            11/14/03         00
    0418934691                           05           01/01/04          0
    0418934691                           N            12/01/33
    0


    8871210          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       6.625            576.28         90
                                       6.375            576.28
    COLUMBUS         OH   43223          5            11/07/03         01
    0418945291                           05           01/01/04         25
    0418945291                           O            12/01/33
    0


    8871214          E22/G02             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       6.125          1,968.66         80
                                       5.875          1,968.66
    MIRAMAR          FL   33027          1            11/13/03         00
    0418953857                           03           01/01/04          0
    0418953857                           O            12/01/33
    0


    8871230          E22/G02             F          137,200.00         ZZ
                                         360        137,200.00          2
                                       7.000            912.80         90
                                       6.750            912.80
    VISALIA          CA   93277          1            11/06/03         01
    0418969556                           05           01/01/04         25
    0418969556                           N            12/01/33
    0
1




    8871236          E22/G02             F          401,000.00         ZZ
                                         360        401,000.00          1
                                       6.000          2,404.20         80
                                       5.750          2,404.20
    GLENVIEW         IL   60025          2            11/07/03         00
    0418974630                           05           01/01/04          0
    0418974630                           O            12/01/33
    0


    8871252          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       6.750          1,089.64         70
                                       6.500          1,089.64
    GARDNERVILLE     NV   89410          1            11/07/03         00
    0419113584                           05           01/01/04          0
    0419113584                           N            12/01/33
    0


    8871282          E82/G02             F          178,300.00         ZZ
                                         360        178,300.00          1
                                       6.500          1,126.98         80
                                       6.250          1,126.98
    LONG BEACH       CA   90804          2            11/07/03         00
    0400908380                           01           01/01/04          0
    0400908380                           O            12/01/33
    0


    8871346          E22/G02             F          236,000.00         ZZ
                                         360        236,000.00          3
                                       6.750          1,530.69         24
                                       6.500          1,530.69
    CHICAGO          IL   60614          2            11/13/03         00
    0418579637                           05           01/01/04          0
    0418579637                           N            12/01/33
    0


    8871416          738/G02             F          106,300.00         ZZ
                                         360        106,300.00          1
                                       7.625            752.39         80
                                       7.375            752.39
    PORT SAINT LUCI  FL   34953          1            11/07/03         00
    0436981682                           05           01/01/04          0
    41524167                             N            12/01/33
    0


    8871526          X05/G02             F          438,000.00         ZZ
                                         360        437,574.30          1
1


                                       6.125          2,661.33         77
                                       5.875          2,661.33
    SEATTLE          WA   98199          2            10/27/03         00
    0437039092                           05           12/01/03          0
    09310006                             O            11/01/33
    0


    8871584          X05/G02             F          550,000.00         ZZ
                                         360        549,452.47          1
                                       6.000          3,297.53         55
                                       5.750          3,297.53
    NOVATO           CA   94945          5            10/16/03         00
    0437039241                           05           12/01/03          0
    07309122                             O            11/01/33
    0


    8871656          A39/G02             F          225,000.00         ZZ
                                         360        224,801.49          1
                                       6.625          1,440.70         61
                                       6.375          1,440.70
    PALM DESERT      CA   92211          5            10/23/03         00
    0437018815                           03           12/01/03          0
    2302368RFC                           O            11/01/33
    0


    8871946          T29/G02             F          148,000.00         ZZ
                                         360        147,859.57          1
                                       6.250            911.26         80
                                       6.000            911.26
    LAS VEGAS        NV   89142          1            10/31/03         00
    0437020712                           05           12/01/03          0
    1594255                              O            11/01/33
    0


    8871952          X05/G02             F          458,000.00         ZZ
                                         360        457,554.85          1
                                       6.125          2,782.86         75
                                       5.875          2,782.86
    CONCORD          CA   94521          2            10/17/03         00
    0437039282                           03           12/01/03          0
    07309127                             O            11/01/33
    0


    8872060          G27/G02             F          219,450.00         ZZ
                                         360        219,450.00          1
                                       6.625          1,405.16         95
                                       6.375          1,405.16
    LAS VEGAS        NV   89123          5            11/01/03         11
    0437023195                           03           01/01/04         30
1


    25903051                             O            12/01/33
    0


    8872098          X89/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.250          2,216.59         76
                                       6.000          2,216.59
    OXNARD           CA   93036          1            11/07/03         00
    0437034689                           05           01/01/04          0
    2021994                              O            12/01/33
    0


    8872108          X89/G02             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       6.625          2,913.41         80
                                       6.375          2,913.41
    PURCELLVILLE     VA   20132          5            11/03/03         00
    0437007156                           05           01/01/04          0
    2023190                              O            12/01/33
    0


    8872128          X89/G02             F           76,420.00         ZZ
                                         360         76,420.00          1
                                       6.625            489.33         55
                                       6.375            489.33
    SALEM            OR   97301          5            11/04/03         00
    0437005010                           05           01/01/04          0
    2022873                              O            12/01/33
    0


    8872144          G75/G02             F          150,000.00         ZZ
                                         360        149,728.05          1
                                       6.500            948.11         75
                                       6.250            948.11
    BRIDGEPORT BORO  PA   19405          5            09/25/03         00
    0437018914                           05           11/01/03          0
    5229338                              O            10/01/33
    0


    8872168          G75/G02             F          300,000.00         ZZ
                                         360        299,701.34          1
                                       6.000          1,798.66         50
                                       5.750          1,798.66
    MIDDLE TOWNSHIP  NJ   08260          5            10/01/03         00
    0437019995                           05           12/01/03          0
    5313692                              O            11/01/33
    0


1


    8872226          G75/G02             F          148,500.00         ZZ
                                         360        148,255.83          1
                                       7.000            987.98         90
                                       6.750            987.98
    KNOXVILLE        TN   37921          1            10/03/03         10
    0437018203                           05           11/01/03         25
    05318440                             O            10/01/33
    0


    8872240          G75/G02             F          152,000.00         ZZ
                                         360        151,762.13          1
                                       7.250          1,036.91         80
                                       7.000          1,036.91
    CROZET           VA   22932          1            09/30/03         00
    0437023948                           05           11/01/03          0
    5303007                              O            10/01/33
    0


    8872466          E86/G02             F           75,000.00         ZZ
                                         360         74,928.83          1
                                       6.250            461.79         66
                                       6.000            461.79
    REEDLEY          CA   93654          5            10/06/03         00
    0437010846                           05           12/01/03          0
    421662                               N            11/01/33
    0


    8872514          E86/G02             F           98,400.00         T
                                         360         98,234.19          1
                                       6.875            646.42         80
                                       6.625            646.42
    LAS VEGAS        NV   89101          1            09/23/03         00
    0437000466                           05           11/01/03          0
    418637                               O            10/01/33
    0


    8872652          E86/G02             F          148,500.00         ZZ
                                         360        148,352.17          1
                                       6.000            890.33         90
                                       5.750            890.33
    FORT LAUDERDALE  FL   33312          2            10/10/03         04
    0437012776                           05           12/01/03         25
    428084                               O            11/01/33
    0


    8872678          W96/G02             F           77,600.00         ZZ
                                         360         77,475.51          1
                                       7.125            522.81         80
                                       6.875            522.81
1


    TALLAHASSEE      FL   32303          5            09/29/03         00
    0436957229                           05           11/01/03          0
    23080624                             O            10/01/33
    0


    8872744          W96/G02             F          250,000.00         ZZ
                                         360        249,535.68          1
                                       6.375          1,559.67         67
                                       6.125          1,559.67
    TAMPA            FL   33606          1            09/30/03         00
    0436957427                           05           11/01/03          0
    23090423                             O            10/01/33
    0


    8872840          W96/G02             F           79,000.00         ZZ
                                         360         78,779.32          1
                                       6.375            492.86         66
                                       6.125            492.86
    ANDERSON         IN   46011          5            08/25/03         00
    0436957732                           05           10/01/03          0
    23070253                             N            09/01/33
    0


    8873186          601/G02             F          496,000.00         T
                                         360        494,833.38          1
                                       6.125          3,013.75         80
                                       5.875          3,013.75
    SANTA FE         NM   87501          1            09/29/03         00
    0437032352                           05           11/01/03          0
    63600118                             O            10/01/33
    0


    8873190          601/G02             F          492,000.00         ZZ
                                         360        491,086.20          1
                                       6.375          3,069.44         80
                                       6.125          3,069.44
    READING          MA   01867          1            09/30/03         00
    0437028434                           05           11/01/03          0
    63586945                             O            10/01/33
    0


    8873234          601/G02             F          429,000.00         ZZ
                                         360        427,542.22          1
                                       6.000          2,572.07         80
                                       5.750          2,572.07
    DULUTH           GA   30097          1            09/30/03         00
    0437019219                           03           11/01/03          0
    8207382                              O            10/01/33
    0
1




    8873382          601/G02             F          478,475.00         T
                                         360        475,975.43          1
                                       5.750          2,792.26         80
                                       5.500          2,792.26
    FRISCO           CO   80443          1            10/01/03         00
    0437019193                           05           12/01/03          0
    63336069                             O            11/01/33
    0


    8873464          W96/G02             F           94,000.00         ZZ
                                         360         93,915.03          1
                                       6.500            594.14         72
                                       6.250            594.14
    SUNRISE          FL   33313          5            10/16/03         00
    0436959514                           05           12/01/03          0
    23100020                             O            11/01/33
    0


    8873538          W96/G02             F          393,800.00         ZZ
                                         360        393,398.50          1
                                       5.875          2,329.48         65
                                       5.625          2,329.48
    WESTON           FL   33327          2            10/27/03         00
    0436959811                           03           12/01/03          0
    23100095                             O            11/01/33
    0


    8873572          W96/G02             F          148,000.00         ZZ
                                         360        147,881.65          1
                                       7.125            997.10         80
                                       6.875            997.10
    ORLANDO          FL   32825          1            10/30/03         00
    0436960009                           03           12/01/03          0
    23100153                             O            11/01/33
    0


    8873614          W96/G02             F          134,400.00         ZZ
                                         360        134,256.32          1
                                       5.625            773.68         80
                                       5.375            773.68
    CLERMONT         FL   34711          1            10/17/03         00
    0436960280                           03           12/01/03          0
    23090085                             O            11/01/33
    0


    8874896          E22/G02             F           92,800.00         ZZ
                                         360         92,800.00          1
1


                                       6.250            571.39         74
                                       6.000            571.39
    LAKELAND         FL   33813          1            11/14/03         00
    0418438982                           03           01/01/04          0
    0418438982                           O            12/01/33
    0


    8874928          E22/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       6.750            447.53        100
                                       6.500            447.53
    SUFFOLK          VA   23324          1            11/14/03         04
    0418472577                           05           01/01/04         35
    0418472577                           O            12/01/33
    0


    8874932          E22/G02             F          170,400.00         ZZ
                                         360        170,400.00          1
                                       7.250          1,162.43         80
                                       7.000          1,162.43
    WEST WINDSOR TW  NJ   08540          1            11/14/03         00
    0418496618                           01           01/01/04          0
    0418496618                           N            12/01/33
    0


    8874972          E22/G02             F          205,000.00         ZZ
                                         360        205,000.00          1
                                       6.375          1,278.93         67
                                       6.125          1,278.93
    VISTA            CA   92083          5            11/06/03         00
    0418686523                           05           01/01/04          0
    0418686523                           O            12/01/33
    0


    8874976          E22/G02             F           74,920.00         ZZ
                                         360         74,920.00          1
                                       7.000            498.44         80
                                       6.750            498.44
    DELTONA          FL   32738          1            11/14/03         00
    0418725644                           05           01/01/04          0
    0418725644                           N            12/01/33
    0


    8874984          E22/G02             F           78,500.00         ZZ
                                         360         78,500.00          2
                                       7.250            535.51         99
                                       7.000            535.51
    HINSDALE         NH   03451          1            11/14/03         04
    0418747846                           05           01/01/04         35
1


    0418747846                           O            12/01/33
    0


    8874996          E22/G02             F           63,200.00         ZZ
                                         360         63,200.00          1
                                       6.750            409.91         80
                                       6.500            409.91
    PUEBLO           CO   81003          2            11/14/03         00
    0418795027                           05           01/01/04          0
    0418795027                           N            12/01/33
    0


    8875008          E22/G02             F           65,600.00         ZZ
                                         360         65,600.00          2
                                       6.875            430.95         80
                                       6.625            430.95
    NEW ORLEANS      LA   70119          2            11/14/03         00
    0418817425                           05           01/01/04          0
    0418817425                           N            12/01/33
    0


    8875050          E22/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
                                       7.125            424.44         80
                                       6.875            424.44
    JACKSON          MI   49202          1            11/14/03         00
    0418834453                           05           01/01/04          0
    0418834453                           N            12/01/33
    0


    8875056          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.375            748.64         80
                                       6.125            748.64
    ELLENSBURG       WA   98926          1            10/30/03         00
    0418845368                           05           01/01/04          0
    0418845368                           N            12/01/33
    0


    8875058          E22/G02             F           34,900.00         ZZ
                                         360         34,900.00          1
                                       6.250            214.89         47
                                       6.000            214.89
    TULSA            OK   74129          1            11/14/03         00
    0418846606                           05           01/01/04          0
    0418846606                           O            12/01/33
    0


1


    8875062          E22/G02             F          112,000.00         TX
                                         360        112,000.00          1
                                       6.375            698.73         80
                                       6.125            698.73
    SAN ANTONIO      TX   78209          5            11/08/03         00
    0418852547                           05           01/01/04          0
    0418852547                           O            12/01/33
    0


    8875086          E22/G02             F           56,700.00         ZZ
                                         360         56,700.00          1
                                       6.625            363.06         90
                                       6.375            363.06
    EL PASO          TX   79912          1            11/13/03         01
    0418876082                           05           01/01/04         25
    0418876082                           N            12/01/33
    0


    8875094          E22/G02             F          265,500.00         ZZ
                                         360        265,500.00          3
                                       7.250          1,811.18         90
                                       7.000          1,811.18
    WORCESTER        MA   01605          1            11/14/03         04
    0418880381                           05           01/01/04         25
    0418880381                           N            12/01/33
    0


    8875122          E22/G02             F          266,475.00         ZZ
                                         360        266,475.00          4
                                       7.375          1,840.48         75
                                       7.125          1,840.48
    CRANSTON         RI   02910          1            11/14/03         00
    0418912481                           05           01/01/04          0
    0418912481                           N            12/01/33
    0


    8875124          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       6.375          1,547.20         80
                                       6.125          1,547.20
    WEST SACRAMENTO  CA   95691          2            11/03/03         00
    0418912739                           05           01/01/04          0
    0418912739                           O            12/01/33
    0


    8875132          E22/G02             F           81,450.00         ZZ
                                         360         81,450.00          1
                                       7.250            555.63         90
                                       7.000            555.63
1


    RIVERDALE        GA   30274          1            11/14/03         10
    0418921888                           05           01/01/04         25
    0418921888                           N            12/01/33
    0


    8875138          E22/G02             F           63,920.00         ZZ
                                         360         63,920.00          1
                                       7.500            446.94         80
                                       7.250            446.94
    LOUISVILLE       KY   40215          2            11/14/03         00
    0418925541                           05           01/01/04          0
    0418925541                           N            12/01/33
    0


    8875146          E22/G02             F           51,750.00         ZZ
                                         360         51,750.00          2
                                       6.500            327.10         90
                                       6.250            327.10
    BROUSSARD        LA   70518          1            11/14/03         01
    0418933362                           05           01/01/04         25
    0418933362                           N            12/01/33
    0


    8875162          E22/G02             F          114,300.00         ZZ
                                         360        114,300.00          1
                                       6.625            731.88         90
                                       6.375            731.88
    FOREST           VA   24551          1            11/14/03         04
    0418944179                           05           01/01/04         25
    0418944179                           N            12/01/33
    0


    8875184          E22/G02             F          123,300.00         ZZ
                                         360        123,300.00          1
                                       7.250            841.12         90
                                       7.000            841.12
    COLORADO SPRING  CO   80904          2            11/14/03         01
    0418981619                           05           01/01/04         25
    0418981619                           N            12/01/33
    0


    8875194          E22/G02             F           55,200.00         ZZ
                                         360         55,200.00          1
                                       6.500            348.90         80
                                       6.250            348.90
    LAKE WORTH       FL   33461          1            11/14/03         00
    0418987178                           01           01/01/04          0
    0418987178                           N            12/01/33
    0
1




    8875256          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       6.125          1,604.09         80
                                       5.875          1,604.09
    SOUTH LAKE TAHO  CA   96150          1            11/01/03         00
    0419002860                           05           01/01/04          0
    0419002860                           O            12/01/33
    0


    8875274          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       6.625          1,459.91         95
                                       6.375          1,459.91
    FRAMINGHAM       MA   01701          1            11/14/03         01
    0419011838                           05           01/01/04         30
    0419011838                           O            12/01/33
    0


    8875288          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.750          1,070.19         75
                                       6.500          1,070.19
    SEATTLE          WA   98118          5            11/10/03         00
    0419021050                           05           01/01/04          0
    0419021050                           N            12/01/33
    0


    8875292          E22/G02             F           79,200.00         ZZ
                                         360         79,200.00          1
                                       7.000            526.92         80
                                       6.750            526.92
    RALEIGH          NC   27606          2            11/14/03         00
    0419024211                           05           01/01/04          0
    0419024211                           N            12/01/33
    0


    8875320          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          4
                                       7.875            978.84         90
                                       7.625            978.84
    ORLANDO          FL   32805          1            11/14/03         04
    0419049390                           05           01/01/04         25
    0419049390                           N            12/01/33
    0


    8875340          E22/G02             F          158,950.00         ZZ
                                         360        158,950.00          1
1


                                       6.875          1,044.19         85
                                       6.625          1,044.19
    CHARLOTTE        NC   28213          1            11/14/03         01
    0419076195                           03           01/01/04         12
    0419076195                           O            12/01/33
    0


    8875498          N74/G02             F           99,000.00         ZZ
                                         360         98,901.44          1
                                       6.000            593.56         90
                                       5.750            593.56
    MORGANTON        NC   28655          5            10/30/03         10
    0437017429                           04           12/04/03         25
    0033648030                           O            11/04/33
    0


    8875528          E82/G02             F          275,600.00         ZZ
                                         360        275,600.00          1
                                       6.500          1,741.98         75
                                       6.250          1,741.98
    CARSON           CA   90746          2            11/07/03         00
    0400906343                           05           01/01/04          0
    0400906343                           O            12/01/33
    0


    8875654          H58/G02             F          452,000.00         ZZ
                                         360        451,180.55          1
                                       6.500          2,856.95         73
                                       6.250          2,856.95
    RIVERSIDE        CA   92504          1            09/17/03         00
    0437043847                           05           11/01/03          0
    0000181786                           O            10/01/33
    0


    8876406          M18/G02             F          311,000.00         ZZ
                                         360        311,000.00          1
                                       6.375          1,940.24         68
                                       6.125          1,940.24
    TUSTIN           CA   92780          2            11/06/03         00
    0437022015                           05           01/01/04          0
    980102738                            O            12/01/33
    0


    8876658          742/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.500          2,085.82         69
                                       6.250          2,085.82
    NORTH SALEM      NY   10560          5            11/07/03         00
    0437012461                           05           01/01/04          0
1


    10060911                             O            12/01/33
    0


    8876710          E86/G02             F           59,850.00         ZZ
                                         360         59,800.94          1
                                       7.000            398.18         90
                                       6.750            398.18
    GLENDALE         AZ   85301          1            10/15/03         04
    0437012727                           09           12/01/03         25
    415098                               N            11/01/33
    0


    8876886          A35/G02             F          264,000.00         ZZ
                                         360        263,772.70          1
                                       6.750          1,712.29         80
                                       6.500          1,712.29
    AMITY HARBOR     NY   11701          1            10/09/03         00
    0437088321                           05           12/01/03          0
    1                                    O            11/01/33
    0


    8877024          H58/G02             F          540,000.00         ZZ
                                         360        536,089.01          1
                                       5.875          3,194.31         64
                                       5.625          3,194.31
    GLEN ELLEN       CA   95442          5            04/15/03         00
    0437031222                           05           06/01/03          0
    148004                               O            05/01/33
    0


    8877378          N74/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       6.125            753.44         80
                                       5.875            753.44
    LEHI             UT   84043          2            10/31/03         00
    0437019987                           05           01/01/04          0
    0033691011                           O            12/01/33
    0


    8877488          P34/G02             F          135,000.00         ZZ
                                         360        134,865.60          1
                                       6.000            809.40         73
                                       5.750            809.40
    GREENFIELD       MA   01301          5            10/27/03         00
    0437024292                           05           12/01/03          0
    16721                                O            11/01/33
    0


1


    8877532          N47/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.125          1,579.79         67
                                       5.875          1,579.79
    SAN DIEGO        CA   92126          1            11/07/03         00
    0437029051                           05           01/01/04          0
    30510005                             O            12/01/33
    0


    8877534          N47/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.250          2,216.58         80
                                       6.000          2,216.58
    SALINAS          CA   93907          1            11/05/03         00
    0437028400                           03           01/01/04          0
    20512539                             O            12/01/33
    0


    8877568          N47/G02             F          296,400.00         ZZ
                                         360        296,400.00          4
                                       6.875          1,947.14         65
                                       6.625          1,947.14
    VALLEJO          CA   94590          5            11/06/03         00
    0437029374                           05           01/01/04          0
    20512639                             N            12/01/33
    0


    8877768          X31/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.875            558.39         85
                                       6.625            558.39
    SPRINGFIELD      OR   97477          5            11/06/03         19
    0437012347                           05           01/01/04         12
    59001347                             O            12/01/33
    0


    8877770          E47/G02             F          296,000.00         ZZ
                                         360        295,705.33          2
                                       6.000          1,774.67         68
                                       5.750          1,774.67
    NORWALK          CT   06850          2            10/30/03         00
    0437049810                           05           12/01/03          0
    7359010171                           O            11/01/33
    0


    8877812          E22/G02             F          142,100.00         ZZ
                                         360        142,100.00          1
                                       6.375            886.52         85
                                       6.125            886.52
1


    ANNISTON         AL   36207          5            11/12/03         01
    0417578648                           05           01/01/04         12
    0417578648                           O            12/01/33
    0


    8877818          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.375            948.28         95
                                       6.125            948.28
    BIRMINGHAM       AL   35209          1            11/17/03         11
    0418134953                           05           01/01/04         35
    0418134953                           O            12/01/33
    0


    8877842          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       6.500          1,137.72         80
                                       6.250          1,137.72
    WALLA WALLA      WA   99362          1            11/04/03         00
    0418372934                           05           01/01/04          0
    0418372934                           O            12/01/33
    0


    8877850          R84/G02             F          110,400.00         ZZ
                                         360        110,400.00          1
                                       6.500            697.80         80
                                       6.250            697.80
    LAS VEGAS        NV   89107          1            11/12/03         00
    0437010796                           05           01/01/04          0
    LVW7208                              N            12/01/33
    0


    8877856          E22/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       5.875            485.06         34
                                       5.625            485.06
    DANBURY          CT   06811          2            11/12/03         00
    0418441630                           01           01/01/04          0
    0418441630                           O            12/01/33
    0


    8877906          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          2
                                       7.750          1,088.95         95
                                       7.500          1,088.95
    SPEEDWAY         IN   46224          5            11/12/03         04
    0418583480                           05           01/01/04         30
    0418583480                           O            12/01/33
    0
1




    8877926          E22/G02             F          120,200.00         ZZ
                                         360        120,200.00          1
                                       6.500            759.75         73
                                       6.250            759.75
    COLORADO SPRING  CO   80911          2            11/10/03         00
    0418633004                           05           01/01/04          0
    0418633004                           O            12/01/33
    0


    8877982          E22/G02             F           93,000.00         ZZ
                                         360         93,000.00          1
                                       7.625            658.25         89
                                       7.375            658.25
    MARRERO          LA   70072          2            11/17/03         01
    0418723300                           05           01/01/04         25
    0418723300                           N            12/01/33
    0


    8877984          E22/G02             F           75,700.00         ZZ
                                         360         75,700.00          1
                                       6.000            453.86         64
                                       5.750            453.86
    SCHERTZ          TX   78154          2            11/11/03         00
    0418728408                           03           01/01/04          0
    0418728408                           O            12/01/33
    0


    8877988          E22/G02             F          256,500.00         TX
                                         360        256,500.00          1
                                       6.125          1,558.52         74
                                       5.875          1,558.52
    KINGSLAND        TX   78639          5            11/10/03         00
    0418735288                           03           01/01/04          0
    0418735288                           O            12/01/33
    0


    8877992          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       6.625          1,088.53         78
                                       6.375          1,088.53
    WELLINGTON       FL   33414          5            11/12/03         00
    0418750196                           03           01/01/04          0
    0418750196                           O            12/01/33
    0


    8878022          E22/G02             F          216,000.00         TX
                                         360        216,000.00          1
1


                                       6.625          1,383.07         80
                                       6.375          1,383.07
    LAGO VISTA       TX   78645          5            11/10/03         00
    0418878022                           03           01/01/04          0
    0418776589                           O            12/01/33
    0


    8878050          E22/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.375          2,994.58         80
                                       6.125          2,994.58
    ELK GROVE        CA   95758          1            11/10/03         00
    0418788741                           05           01/01/04          0
    0418788741                           O            12/01/33
    0


    8878100          E22/G02             F          168,000.00         TX
                                         360        168,000.00          1
                                       6.750          1,089.64         80
                                       6.500          1,089.64
    HOUSTON          TX   77090          5            11/06/03         00
    0418821203                           03           01/01/04          0
    0418821203                           O            12/01/33
    0


    8878126          E22/G02             F          203,400.00         ZZ
                                         360        203,400.00          1
                                       6.250          1,252.37         90
                                       6.000          1,252.37
    HENDERSON        NV   89052          1            11/07/03         01
    0418854212                           03           01/01/04         25
    0418854212                           O            12/01/33
    0


    8878134          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.500            910.18         90
                                       6.250            910.18
    KINGFISHER       OK   73750          2            11/11/03         01
    0418856894                           03           01/01/04         25
    0418856894                           O            12/01/33
    0


    8878152          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          4
                                       6.750            758.86         71
                                       6.500            758.86
    WENATCHEE        WA   98801          2            11/10/03         00
    0418865812                           05           01/01/04          0
1


    0418865812                           N            12/01/33
    0


    8878172          E22/G02             F          134,425.00         ZZ
                                         360        134,425.00          1
                                       7.375            928.44         95
                                       7.125            928.44
    TUSCALOOSA       AL   35405          5            11/10/03         11
    0418875605                           05           01/01/04         30
    0418875605                           O            12/01/33
    0


    8878174          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       6.375            973.24         80
                                       6.125            973.24
    LAKE ARROWHEAD   CA   92352          1            11/06/03         00
    0418875944                           05           01/01/04          0
    0418875944                           N            12/01/33
    0


    8878204          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.625            864.42         75
                                       6.375            864.42
    MATHESON         CO   80830          5            11/10/03         00
    0418891131                           05           01/01/04          0
    0418891131                           O            12/01/33
    0


    8878236          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.500          1,011.31         72
                                       6.250          1,011.31
    WELLINGTON       FL   33414          5            11/12/03         00
    0418901138                           03           01/01/04          0
    0418901138                           O            12/01/33
    0


    8878244          E22/G02             F           81,000.00         ZZ
                                         360         81,000.00          3
                                       6.875            532.11         90
                                       6.625            532.11
    KNOXVILLE        TN   37921          1            11/17/03         10
    0418908166                           05           01/01/04         25
    0418908166                           N            12/01/33
    0


1


    8878254          E22/G02             F          447,000.00         ZZ
                                         360        447,000.00          1
                                       6.125          2,716.02         75
                                       5.875          2,716.02
    SAN DIEGO        CA   92131          2            11/03/03         00
    0418913976                           05           01/01/04          0
    0418913976                           O            12/01/33
    0


    8878272          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       6.625            870.82         80
                                       6.375            870.82
    PORTLAND         OR   97206          5            11/11/03         00
    0418918314                           05           01/01/04          0
    0418918314                           O            12/01/33
    0


    8878284          E22/G02             F           63,800.00         ZZ
                                         360         63,800.00          1
                                       7.125            429.83         90
                                       6.875            429.83
    WICHITA          KS   67211          5            11/11/03         01
    0418920021                           05           01/01/04         25
    0418920021                           O            12/01/33
    0


    8878340          E22/G02             F          151,920.00         ZZ
                                         360        151,920.00          1
                                       6.500            960.24         80
                                       6.250            960.24
    HILLSBORO        OR   97124          1            11/03/03         00
    0418925244                           03           01/01/04          0
    0418925244                           O            12/01/33
    0


    8878370          E22/G02             F          174,400.00         ZZ
                                         360        174,400.00          1
                                       6.375          1,088.03         80
                                       6.125          1,088.03
    MILFORD          MI   48380          2            11/10/03         00
    0418936506                           05           01/01/04          0
    0418936506                           O            12/01/33
    0


    8878382          E22/G02             F          249,500.00         ZZ
                                         360        249,500.00          1
                                       6.375          1,556.56         80
                                       6.125          1,556.56
1


    ATLANTA          GA   30307          2            11/12/03         00
    0418940979                           05           01/01/04          0
    0418940979                           O            12/01/33
    0


    8878394          952/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       6.500            404.52         80
                                       6.250            404.52
    HOLIDAY          FL   34690          5            11/05/03         00
    0437018476                           05           01/01/04          0
    03531673                             O            12/01/33
    0


    8878410          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       7.000            691.91         90
                                       6.750            691.91
    FLINT            MI   48507          5            11/10/03         01
    0418947602                           05           01/01/04         25
    0418947602                           O            12/01/33
    0


    8878420          E22/G02             F          340,000.00         TX
                                         360        340,000.00          1
                                       6.375          2,121.16         80
                                       6.125          2,121.16
    SAN ANTONIO      TX   78218          5            11/07/03         00
    0418951968                           05           01/01/04          0
    0418951968                           O            12/01/33
    0


    8878424          E22/G02             F          156,800.00         ZZ
                                         360        156,800.00          1
                                       6.625          1,004.01         80
                                       6.375          1,004.01
    RICHMOND         TX   77469          1            11/17/03         00
    0418954939                           03           01/01/04          0
    0418954939                           O            12/01/33
    0


    8878442          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.250          1,600.86         80
                                       6.000          1,600.86
    DELTA            CO   81416          5            11/10/03         00
    0418963229                           05           01/01/04          0
    0418963229                           O            12/01/33
    0
1




    8878464          E22/G02             F          189,500.00         ZZ
                                         360        189,500.00          1
                                       6.250          1,166.78         73
                                       6.000          1,166.78
    BURKE            VA   22015          2            11/11/03         00
    0418968814                           09           01/01/04          0
    0418968814                           O            12/01/33
    0


    8878500          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.500            699.21         47
                                       7.250            699.21
    COMMERCE TOWNSH  MI   48382          5            11/17/03         00
    0418976932                           05           01/01/04          0
    0418976932                           N            12/01/33
    0


    8878560          E22/G02             F          207,000.00         ZZ
                                         360        207,000.00          1
                                       6.375          1,291.41         90
                                       6.125          1,291.41
    FRESNO           CA   93722          5            11/07/03         04
    0418984183                           05           01/01/04         25
    0418984183                           O            12/01/33
    0


    8878666          E22/G02             F          148,950.00         ZZ
                                         360        148,950.00          1
                                       6.750            966.09         90
                                       6.500            966.09
    PORT ST. LUCIE   FL   34986          1            11/17/03         04
    0419010988                           03           01/01/04         25
    0419010988                           N            12/01/33
    0


    8878698          K15/G02             F          278,400.00         ZZ
                                         360        278,160.30          1
                                       6.750          1,805.70         85
                                       6.500          1,805.70
    NORTH BABYLON    NY   11703          5            10/25/03         41
    0437028343                           05           12/01/03         12
    011205523494                         O            11/01/33
    0


    8878724          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
1


                                       6.500          1,011.31         80
                                       6.250          1,011.31
    SANDY            UT   84094          5            11/10/03         00
    0419036488                           05           01/01/04          0
    0419036488                           O            12/01/33
    0


    8878760          E22/G02             F           89,250.00         ZZ
                                         360         89,250.00          1
                                       6.500            564.12         70
                                       6.250            564.12
    ARLINGTON        TN   38002          5            11/12/03         00
    0419060280                           05           01/01/04          0
    0419060280                           O            12/01/33
    0


    8878786          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.250            613.96         86
                                       7.000            613.96
    BAKERSFIELD      CA   93306          5            11/11/03         04
    0419086814                           05           01/01/04         25
    0419086814                           O            12/01/33
    0


    8878796          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.625            614.70         72
                                       6.375            614.70
    COLORADO SPRING  CO   80915          2            11/17/03         00
    0419093059                           05           01/01/04          0
    0419093059                           N            12/01/33
    0


    8878858          K15/G02             F           76,000.00         ZZ
                                         360         75,942.17          1
                                       7.375            524.91         34
                                       7.125            524.91
    PICO RIVERA      CA   90660          5            10/27/03         00
    0437020217                           05           12/01/03          0
    024805514779                         O            11/01/33
    0


    8878896          K15/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       6.125          1,956.51         78
                                       5.875          1,956.51
    SALISBURY        NH   03268          5            11/07/03         00
    0437028350                           05           01/01/04          0
1


    032005523402                         O            12/01/33
    0


    8878904          K15/G02             F           77,900.00         ZZ
                                         360         77,843.62          1
                                       7.625            551.37         95
                                       7.375            551.37
    CANTON           OH   44705          5            10/27/03         41
    0437038631                           05           12/01/03         30
    036905513410                         O            11/01/33
    0


    8879016          G75/G02             F          143,100.00         ZZ
                                         360        142,991.11          1
                                       7.375            988.36         90
                                       7.125            988.36
    CHANNAHON        IL   60410          1            10/31/03         10
    0437013063                           05           12/01/03         25
    5314810                              O            11/01/33
    0


    8879288          T44/G02             F          182,000.00         ZZ
                                         360        181,858.02          4
                                       7.250          1,241.56         70
                                       7.000          1,241.56
    VISALIA          CA   93277          2            10/29/03         00
    0437051337                           05           12/01/03          0
    1095706                              N            11/01/33
    0


    8879324          F89/G02             F          152,910.00         ZZ
                                         360        152,910.00          1
                                       6.750            991.77         90
                                       6.500            991.77
    HEMET            CA   92545          1            11/06/03         12
    0437029929                           03           01/01/04         25
    14036611                             N            12/01/33
    0


    8879398          U05/G02             F           43,100.00         ZZ
                                         360         43,068.02          1
                                       7.500            301.36         65
                                       7.250            301.36
    KIRBY            TX   78219          2            10/28/03         00
    0437020514                           05           12/01/03          0
    3382722                              N            11/01/33
    0


1


    8879544          967/G02             F           83,250.00         ZZ
                                         360         83,250.00          2
                                       7.500            582.10         90
                                       7.250            582.10
    BREMERTON        WA   98312          1            10/29/03         26
    0437047814                           05           01/01/04         25
    10059343                             N            12/01/33
    0


    8879584          U05/G02             F           56,550.00         ZZ
                                         360         56,550.00          1
                                       6.000            339.05         74
                                       5.750            339.05
    MESQUITE         TX   75150          2            11/07/03         00
    0437020274                           07           01/01/04          0
    3390264                              O            12/01/33
    0


    8880486          U05/G02             F          109,600.00         TX
                                         360        109,510.16          1
                                       7.000            729.17         80
                                       6.750            729.17
    PIPE CREEK       TX   78063          5            10/24/03         00
    0437020043                           05           12/01/03          0
    3000378647                           O            11/01/33
    0


    8880818          G75/G02             F           60,000.00         ZZ
                                         360         59,945.75          1
                                       6.500            379.25         73
                                       6.250            379.25
    BELL CUCKLE      TN   37020          1            10/24/03         00
    0437012537                           05           12/01/03          0
    5281895                              O            11/01/33
    0


    8880914          E47/G02             F           82,500.00         T
                                         360         82,428.97          1
                                       6.750            535.09         75
                                       6.500            535.09
    SAINT PETERSBUR  FL   33710          5            10/28/03         00
    0437015787                           05           12/01/03          0
    7361015687                           O            11/01/33
    0


    8880976          E47/G02             F          125,000.00         ZZ
                                         360        124,902.49          1
                                       7.250            852.72         80
                                       7.000            852.72
1


    WESLEY CHAPEL    FL   33543          1            10/27/03         00
    0437015803                           05           12/01/03          0
    7361015659                           O            11/01/33
    0


    8880978          T23/G02             F           61,500.00         ZZ
                                         360         61,500.00          1
                                       6.950            407.10         79
                                       6.700            407.10
    NEWARK           OH   43055          2            11/14/03         00
    0437028277                           05           01/01/04          0
    7052                                 O            12/01/33
    0


    8881052          U42/G02             F          252,200.00         ZZ
                                         360        252,200.00          1
                                       6.750          1,635.76         47
                                       6.500          1,635.76
    COLORADO SPRING  CO   80919          5            11/10/03         00
    0437021736                           05           01/01/04          0
    32300663                             O            12/01/33
    0


    8881238          601/G02             F          457,600.00         ZZ
                                         360        457,165.81          1
                                       6.250          2,817.52         80
                                       6.000          2,817.52
    MEDFORD          OR   97504          1            09/30/03         00
    0437032477                           05           12/01/03          0
    83371203                             O            11/01/33
    0


    8881250          601/G02             F          419,200.00         T
                                         360        418,383.06          1
                                       6.125          2,547.10         80
                                       5.875          2,547.10
    FRIDAY HARBOR    WA   98250          1            09/19/03         00
    0437017973                           03           11/01/03          0
    83194738                             O            10/01/33
    0


    8881266          601/G02             F          453,990.00         ZZ
                                         360        416,828.88          1
                                       5.500          2,577.71         70
                                       5.250          2,577.71
    NORTH LIBERTY    IA   52317          5            09/26/03         00
    0437031388                           03           11/01/03          0
    82607979                             O            10/01/33
    0
1




    8881278          601/G02             F          580,000.00         ZZ
                                         360        578,785.98          1
                                       5.750          3,384.73         74
                                       5.500          3,384.73
    EDINA            MN   55424          2            09/05/03         00
    0437033491                           05           11/01/03          0
    82694308                             O            10/01/33
    0


    8881282          601/G02             F          401,450.00         ZZ
                                         360        400,186.56          1
                                       5.750          2,342.75         77
                                       5.500          2,342.75
    FAIRFAX STATION  VA   22039          2            08/14/03         00
    0437015621                           03           10/01/03          0
    82693979                             O            09/01/33
    0


    8881430          E22/G02             F          357,300.00         ZZ
                                         360        357,300.00          1
                                       6.750          2,317.44         90
                                       6.500          2,317.44
    BRIGHTON         MA   02135          1            11/18/03         01
    0419113188                           05           01/01/04         30
    0419113188                           O            12/01/33
    0


    8881442          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.250            591.09         79
                                       6.000            591.09
    SPRINGDALE       WA   99173          5            11/10/03         00
    0418039137                           05           01/01/04          0
    0418039137                           O            12/01/33
    0


    8881516          E22/G02             F           62,000.00         TX
                                         360         62,000.00          1
                                       6.375            386.80         73
                                       6.125            386.80
    BURLESON         TX   76028          5            11/12/03         00
    0418675393                           05           01/01/04          0
    0418675393                           O            12/01/33
    0


    8881526          E22/G02             F          468,000.00         ZZ
                                         360        468,000.00          2
1


                                       6.125          2,843.62         77
                                       5.875          2,843.62
    DANA POINT       CA   92624          2            11/10/03         00
    0418740601                           05           01/01/04          0
    0418740601                           O            12/01/33
    0


    8881590          E22/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       6.375          1,310.13         75
                                       6.125          1,310.13
    FRUITA           CO   81521          5            11/13/03         00
    0418869863                           05           01/01/04          0
    0418869863                           O            12/01/33
    0


    8881646          E22/G02             F          399,200.00         ZZ
                                         360        399,200.00          1
                                       6.375          2,490.49         80
                                       6.125          2,490.49
    CAMARILLO        CA   93010          1            11/13/03         00
    0418900676                           05           01/01/04          0
    0418900676                           O            12/01/33
    0


    8881650          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       6.625          1,066.12         90
                                       6.375          1,066.12
    LOS BANOS        CA   93635          2            11/10/03         11
    0418903209                           05           01/01/04         25
    0418903209                           N            12/01/33
    0


    8881704          E22/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.125          3,189.96         77
                                       5.875          3,189.96
    PLEASANTON       CA   94588          1            11/06/03         00
    0418984480                           05           01/01/04          0
    0418984480                           O            12/01/33
    0


    8881760          E22/G02             F          105,660.00         ZZ
                                         360        105,660.00          1
                                       6.750            685.31         90
                                       6.500            685.31
    NORTH OGDEN      UT   84414          1            11/13/03         10
    0419021498                           05           01/01/04         30
1


    0419021498                           O            12/01/33
    0


    8881788          E22/G02             F           99,500.00         ZZ
                                         240         99,500.00          1
                                       6.250            727.27         53
                                       6.000            727.27
    FRANKLIN PARK    IL   60131          2            11/13/03         00
    0419060074                           05           01/01/04          0
    0419060074                           O            12/01/23
    0


    8881856          H81/G02             F           80,850.00         ZZ
                                         360         80,850.00          1
                                       6.625            517.69         55
                                       6.375            517.69
    CHICAGO          IL   60651          5            11/14/03         00
    0437034044                           05           01/01/04          0
    WH21636                              O            12/01/33
    0


    8881922          S43/G02             F          147,250.00         ZZ
                                         360        147,250.00          1
                                       6.500            930.72         79
                                       6.250            930.72
    BELEN            NM   87002          2            11/14/03         00
    0437032204                           05           01/01/04          0
    181030055700                         O            12/01/33
    0


    8882106          A52/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       6.875            739.04         90
                                       6.625            739.04
    FAIRFIELD        AL   35064          5            11/13/03         11
    0437025141                           05           01/01/04         25
    27939                                O            12/01/33
    0


    8882180          G51/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       6.500            707.92         80
                                       6.250            707.92
    MANITOU SPRINGS  CO   80829          5            11/07/03         00
    0437021173                           05           01/01/04          0
    04000910                             O            12/01/33
    0


1


    8882374          N74/G02             F          139,050.00         ZZ
                                         360        138,924.30          1
                                       6.500            878.89         90
                                       6.250            878.89
    GREENSBORO       NC   27403          1            10/31/03         10
    0437051097                           05           12/01/03         25
    0033686010                           N            11/01/33
    0


    8882526          X84/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       6.500          1,744.52         65
                                       6.250          1,744.52
    WESTMINSTER      MD   21157          5            11/10/03         00
    0437039696                           05           01/01/04          0
    1                                    O            12/01/33
    0


    8883414          313/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.500          1,048.83         80
                                       7.250          1,048.83
    GILBERT          AZ   85233          1            11/11/03         00
    0437022304                           05           01/01/04          0
    0009929282                           N            12/01/33
    0


    8883598          T44/G02             F           92,000.00         ZZ
                                         360         91,935.07          1
                                       7.750            659.10         80
                                       7.500            659.10
    LAS VEGAS        NV   89118          1            10/23/03         00
    0437027808                           01           12/01/03          0
    1095959                              N            11/01/33
    0


    8884308          L20/G02             F          295,650.00         ZZ
                                         360        295,650.00          1
                                       6.550          1,878.44         70
                                       6.300          1,878.44
    SANDY            UT   84093          2            11/12/03         00
    0437032006                           05           01/01/04          0
    1271000023                           O            12/01/33
    0


    8885546          N74/G02             F           72,000.00         ZZ
                                         360         71,930.02          1
                                       6.125            437.48         80
                                       5.875            437.48
1


    PORTSMOUTH       VA   23702          2            10/31/03         00
    0437038334                           05           12/05/03          0
    0033669010                           N            11/05/33
    0


    8888856          F36/G02             F           56,250.00         ZZ
                                         360         56,203.89          1
                                       7.000            374.23         75
                                       6.750            374.23
    CENTRALIA        WA   98531          5            10/29/03         00
    0437030489                           05           12/01/03          0
    06407585                             N            11/01/33
    0


    8888998          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.375            499.10         80
                                       6.125            499.10
    FLORENCE         NJ   08518          5            11/14/03         00
    0418969994                           05           01/01/04          0
    0418969994                           O            12/01/33
    0


    8889008          E22/G02             F          377,500.00         ZZ
                                         360        377,500.00          1
                                       6.375          2,355.11         78
                                       6.125          2,355.11
    SACRAMENTO       CA   95819          5            11/13/03         00
    0418980553                           05           01/01/04          0
    0418980553                           O            12/01/33
    0


    8889016          E22/G02             F           58,300.00         ZZ
                                         360         58,300.00          1
                                       7.125            392.78         80
                                       6.875            392.78
    MESQUITE         TX   75149          1            11/19/03         00
    0418982963                           05           01/01/04          0
    0418982963                           N            12/01/33
    0


    8889024          E22/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.500          2,199.60         71
                                       6.250          2,199.60
    HOLTSVILLE       NY   11742          5            11/14/03         00
    0418989364                           05           01/01/04          0
    0418989364                           O            12/01/33
    0
1




    8889038          E22/G02             F          295,468.00         ZZ
                                         360        295,468.00          1
                                       6.375          1,843.34         80
                                       6.125          1,843.34
    DACULA           GA   30019          1            11/19/03         00
    0419000070                           05           01/01/04          0
    0419000070                           O            12/01/33
    0


    8889048          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.750          1,426.92         89
                                       6.500          1,426.92
    WARRENTON        VA   20187          5            11/14/03         10
    0419004445                           05           01/01/04         25
    0419004445                           O            12/01/33
    0


    8889052          E22/G02             F          302,000.00         ZZ
                                         360        302,000.00          2
                                       6.250          1,859.47         79
                                       6.000          1,859.47
    REVERE           MA   02151          2            11/14/03         00
    0419011341                           05           01/01/04          0
    0419011341                           O            12/01/33
    0


    8889088          E22/G02             F          203,000.00         ZZ
                                         360        203,000.00          1
                                       6.250          1,249.91         70
                                       6.000          1,249.91
    VENTURA          CA   93003          1            11/13/03         00
    0419033238                           01           01/01/04          0
    0419033238                           N            12/01/33
    0


    8889096          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       6.500          1,365.27         80
                                       6.250          1,365.27
    SONORA           CA   95370          1            11/13/03         00
    0419034863                           05           01/01/04          0
    0419034863                           O            12/01/33
    0


    8889102          E22/G02             F          219,600.00         ZZ
                                         360        219,600.00          4
1


                                       7.000          1,461.00         90
                                       6.750          1,461.00
    WEST VALLEY CIT  UT   84119          1            11/14/03         04
    0419046891                           05           01/01/04         25
    0419046891                           N            12/01/33
    0


    8889152          E22/G02             F           79,200.00         ZZ
                                         360         79,200.00          1
                                       6.500            500.60         80
                                       6.250            500.60
    ZEBULON          NC   27597          2            11/19/03         00
    0419071824                           05           01/01/04          0
    0419071824                           N            12/01/33
    0


    8889154          E22/G02             F          107,200.00         TX
                                         360        107,200.00          1
                                       6.375            668.79         80
                                       6.125            668.79
    CARROLLTON       TX   75007          5            11/14/03         00
    0419071873                           05           01/01/04          0
    0419071873                           O            12/01/33
    0


    8889238          E22/G02             F           40,500.00         ZZ
                                         360         40,500.00          1
                                       7.250            276.28         75
                                       7.000            276.28
    SPARTANBURG      SC   29301          5            11/19/03         00
    0418565537                           05           01/01/04          0
    0418565537                           N            12/01/33
    0


    8889248          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.125          2,187.40         80
                                       5.875          2,187.40
    STOW             MA   01775          5            11/14/03         00
    0418587820                           05           01/01/04          0
    0418587820                           O            12/01/33
    0


    8889258          E22/G02             F          310,800.00         ZZ
                                         360        310,800.00          1
                                       6.250          1,913.65         78
                                       6.000          1,913.65
    FORNEY           TX   75126          2            11/14/03         00
    0418614186                           03           01/01/04          0
1


    0418614186                           O            12/01/33
    0


    8889310          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       6.500            625.75         74
                                       6.250            625.75
    PHILO            OH   43771          5            11/14/03         00
    0418736526                           05           01/01/04          0
    0418736526                           O            12/01/33
    0


    8889320          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.250          4,002.16         74
                                       6.000          4,002.16
    SHELBY           AL   35143          5            11/14/03         00
    0418752267                           05           01/01/04          0
    0418752267                           O            12/01/33
    0


    8889382          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.500            910.18         85
                                       6.250            910.18
    DAPHNE           AL   36526          5            11/14/03         10
    0418857173                           05           01/01/04         12
    0418857173                           O            12/01/33
    0


    8889392          E22/G02             F          147,250.00         ZZ
                                         360        147,250.00          1
                                       7.500          1,029.59         95
                                       7.250          1,029.59
    BOYNTON BEACH    FL   33437          5            11/14/03         01
    0418880076                           05           01/01/04         30
    0418880076                           O            12/01/33
    0


    8889440          E22/G02             F          515,000.00         ZZ
                                         360        515,000.00          1
                                       6.250          3,170.94         74
                                       6.000          3,170.94
    FRESNO           CA   93711          1            11/14/03         00
    0418913570                           05           01/01/04          0
    0418913570                           O            12/01/33
    0


1


    8889454          E22/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       6.875          1,891.95         80
                                       6.625          1,891.95
    NOTTINGHAM       MD   21236          5            11/14/03         00
    0418923389                           05           01/01/04          0
    0418923389                           O            12/01/33
    0


    8889808          U05/G02             F          143,200.00         ZZ
                                         360        143,200.00          1
                                       6.375            893.38         80
                                       6.125            893.38
    DILLON           CO   80435          1            11/07/03         00
    0437030885                           05           01/01/04          0
    3000412134                           O            12/01/33
    0


    8889824          K15/G02             F          248,000.00         TX
                                         360        248,000.00          1
                                       6.500          1,567.53         80
                                       6.250          1,567.53
    KINGWOOD         TX   77346          5            11/03/03         00
    0437037138                           03           01/01/04          0
    031705513235                         O            12/01/33
    0


    8889888          K15/G02             F           61,000.00         ZZ
                                         240         61,000.00          1
                                       6.875            468.37         68
                                       6.625            468.37
    GLENDALE         AZ   85302          5            11/06/03         00
    0437038508                           05           01/01/04          0
    021705514974                         O            12/01/23
    0


    8889976          N34/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       7.250          1,255.20         80
                                       7.000          1,255.20
    CHICAGO          IL   60618          1            11/18/03         00
    0437048283                           05           01/01/04          0
    123334401                            N            12/01/33
    0


    8890328          E82/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.625            566.23         77
                                       7.375            566.23
1


    HUMMELSTOWN      PA   17036          5            11/13/03         00
    0400907796                           05           01/01/04          0
    0400907796                           N            12/01/33
    0


    8890330          E82/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.750          2,283.07         80
                                       6.500          2,283.07
    FAIRFIELD        CA   94534          2            11/13/03         00
    0400916268                           05           01/01/04          0
    0400916268                           O            12/01/33
    0


    8890360          E82/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       7.500            503.43         27
                                       7.250            503.43
    OLYMPIC VALLEY   CA   96146          2            11/14/03         00
    0400911277                           01           01/01/04          0
    0400911277                           N            12/01/33
    0


    8890378          144/144             F          166,500.00         ZZ
                                         360        166,198.16          4
                                       6.500          1,052.39         90
                                       6.250          1,052.39
    KERHONKSON       NY   12404          1            09/03/03         11
    160738682                            05           11/01/03         25
    160738682                            N            10/01/33
    0


    8890412          144/144             F          313,500.00         ZZ
                                         360        312,181.31          4
                                       5.750          1,829.50         55
                                       5.500          1,829.50
    NYACK            NY   10960          5            07/08/03         00
    160730408                            05           09/01/03          0
    160730408                            N            08/01/33
    0


    8890490          U05/G02             F          141,000.00         ZZ
                                         360        141,000.00          1
                                       6.500            891.22         67
                                       6.250            891.22
    MANTECA          CA   95336          5            11/03/03         00
    0437037666                           05           01/01/04          0
    3435528                              O            12/01/33
    0
1




    8890500          144/144             F           57,000.00         ZZ
                                         360         57,000.00          1
                                       6.375            355.61         30
                                       6.125            355.61
    HOPEWELL JUNCTI  NY   12533          5            11/07/03         00
    1                                    05           01/01/04          0
    1                                    O            12/01/33
    0


    8890648          U05/G02             F          374,000.00         ZZ
                                         360        374,000.00          2
                                       6.500          2,363.93         85
                                       6.250          2,363.93
    TUSTIN           CA   92780          1            11/07/03         14
    0437034465                           05           01/01/04         12
    3431731                              O            12/01/33
    0


    8890992          P44/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.375          1,147.92         80
                                       6.125          1,147.92
    LAS VEGAS        NV   89123          1            11/14/03         00
    0437031412                           05           01/01/04          0
    0310140000                           O            12/01/33
    0


    8891172          T08/G02             F          286,950.00         ZZ
                                         360        286,690.59          1
                                       6.500          1,813.72         80
                                       6.250          1,813.72
    GAINESVILLE      VA   20155          1            10/28/03         00
    0437023187                           03           12/01/03          0
    31201082                             O            11/01/33
    0


    8891210          408/G02             F           75,950.00         ZZ
                                         360         75,890.74          1
                                       7.250            518.12         79
                                       7.000            518.12
    COATSVILLE       IN   46121          2            11/06/03         00
    0437044811                           05           12/01/03          0
    703039378                            N            11/01/33
    0


    8891406          950/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
1


                                       6.625            960.47         79
                                       6.375            960.47
    WESTLAKE         OR   97439          2            10/30/03         00
    0437040124                           05           01/01/04          0
    EW39012                              O            12/01/33
    0


    8891458          F62/F62             F          134,000.00         T
                                         360        134,000.00          1
                                       6.500            846.97         80
                                       6.250            846.97
    NORTH PORT       FL   34287          1            11/14/03         00
    1                                    09           01/01/04          0
    1                                    O            12/01/33
    0


    8891504          E47/G02             F           65,000.00         T
                                         360         65,000.00          1
                                       6.500            410.84         27
                                       6.250            410.84
    OCEAN CITY       MD   21842          5            11/06/03         00
    0437039118                           01           01/01/04          0
    7338511535                           O            12/01/33
    0


    8891576          A52/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       7.375            870.25         90
                                       7.125            870.25
    UNION CITY       GA   30291          2            11/18/03         11
    0437037591                           03           01/01/04         25
    28032                                N            12/01/33
    0


    8891614          U05/G02             F          112,800.00         ZZ
                                         360        112,800.00          1
                                       6.875            741.02         80
                                       6.625            741.02
    DALLAS           TX   75229          1            11/12/03         00
    0437039050                           05           01/01/04          0
    3000410993                           N            12/01/33
    0


    8891625          W98/G02             F          189,600.00         ZZ
                                         360        189,415.72          1
                                       6.125          1,152.03         80
                                       5.875          1,152.03
    MANASSAS         VA   20110          2            10/21/03         00
    0436964548                           09           12/01/03          0
1


    F0300409                             O            11/01/33
    0


    8891640          Y69/G02             F          137,700.00         ZZ
                                         360        137,581.44          1
                                       6.750            893.12         90
                                       6.500            893.12
    LAND O LAKES     FL   34639          1            10/14/03         11
    0437042054                           03           12/01/03         25
    6033359                              N            11/01/33
    0


    8891642          Y69/G02             F           75,000.00         ZZ
                                         240         74,847.07          1
                                       6.500            559.18         72
                                       6.250            559.18
    WAGGAMAN         LA   70094          5            10/03/03         00
    0437042153                           05           12/01/03          0
    6032773                              O            11/01/23
    0


    8891645          W98/G02             F          156,800.00         ZZ
                                         360        156,658.25          1
                                       6.500            991.08         71
                                       6.250            991.08
    LEESBURG         VA   20176          2            10/31/03         00
    0436956239                           09           12/01/03          0
    L0310024                             O            11/01/33
    0


    8891652          Y69/G02             F           81,450.00         ZZ
                                         360         81,450.00          1
                                       6.625            521.53         90
                                       6.375            521.53
    MIDLOTHIAN       TX   76065          1            11/03/03         01
    0437045479                           05           01/01/04         25
    6032099                              N            12/01/33
    0


    8891656          Y69/G02             F           73,600.00         T
                                         360         73,533.47          1
                                       6.500            465.20         80
                                       6.250            465.20
    ORLANDO          FL   32826          1            10/17/03         00
    0437041627                           05           12/01/03          0
    6034535                              O            11/01/33
    0


1


    8891660          Y69/G02             F          138,200.00         ZZ
                                         360        138,068.87          1
                                       6.250            850.92         80
                                       6.000            850.92
    GLENDALE         AZ   85303          1            10/21/03         00
    0437041601                           03           12/01/03          0
    6034578                              O            11/01/33
    0


    8891662          Y69/G02             F          104,958.00         T
                                         360        104,865.40          1
                                       6.625            672.06         90
                                       6.375            672.06
    FOUNTAIN HILLS   AZ   85268          1            10/29/03         12
    0437045495                           05           12/01/03         25
    6034608                              O            11/01/33
    0


    8891690          Y69/G02             F          180,000.00         ZZ
                                         360        179,841.19          1
                                       6.625          1,152.56         90
                                       6.375          1,152.56
    TAMPA            FL   33629          1            10/17/03         11
    0437038540                           05           12/01/03         25
    6033550                              N            11/01/33
    0


    8891713          Q51/G02             F          300,000.00         ZZ
                                         360        300,000.00          2
                                       6.500          1,896.20         75
                                       6.250          1,896.20
    ROSEMEAD         CA   91770          1            11/04/03         00
    0437031750                           05           01/01/04          0
    123720401W31103                      O            12/01/33
    0


    8891725          E23/G02             F          252,000.00         ZZ
                                         360        251,783.03          1
                                       6.750          1,634.47         70
                                       6.500          1,634.47
    BORING           OR   97009          5            10/20/03         00
    0437024151                           05           12/01/03          0
    11024297                             N            11/01/33
    0


    8891768          G27/G02             F          147,600.00         ZZ
                                         360        147,600.00          1
                                       6.750            957.33         90
                                       6.500            957.33
1


    VISALIA          CA   93277          2            11/11/03         04
    0437059017                           05           01/01/04         25
    20503284                             O            12/01/33
    0


    8891794          A46/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.875          1,708.02         80
                                       6.625          1,708.02
    ALBUQUERQUE      NM   87107          1            11/14/03         00
    0437035249                           05           01/01/04          0
    0983206                              O            12/01/33
    0


    8891846          W68/G02             F          153,475.00         TX
                                         360        153,475.00          1
                                       6.250            944.97         63
                                       6.000            944.97
    AMARILLO         TX   79121          5            11/06/03         00
    0437044480                           05           01/01/04          0
    3071919                              O            12/01/33
    0


    8891892          H58/G02             F          343,600.00         ZZ
                                         360        343,600.00          1
                                       6.625          2,200.11         80
                                       6.375          2,200.11
    EL DORADO HILLS  CA   95762          1            11/10/03         00
    0437040181                           05           01/01/04          0
    0000198087                           O            12/01/33
    0


    8892056          N74/G02             F           66,800.00         ZZ
                                         360         66,739.61          1
                                       6.500            422.22         86
                                       6.250            422.22
    CRESTVIEW        FL   32536          5            11/07/03         10
    0437081474                           05           12/13/03         25
    0033712010                           O            11/13/33
    0


    8892092          K60/G02             F           59,578.00         ZZ
                                         360         59,578.00          3
                                       7.750            426.82         90
                                       7.500            426.82
    ALLENTOWN        PA   18102          1            11/10/03         04
    0437038151                           05           01/01/04         25
    85713                                N            12/01/33
    0
1




    8892094          K15/G02             F           51,000.00         ZZ
                                         360         51,000.00          1
                                       6.625            326.56         85
                                       6.375            326.56
    HICKORY          NC   28601          2            10/28/03         41
    0437043326                           01           01/01/04         12
    017405523315                         O            12/01/33
    0


    8892128          M07/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.000            824.98         80
                                       6.750            824.98
    RIALTO           CA   92376          1            11/11/03         00
    0437051295                           03           01/01/04          0
    02310199                             N            12/01/33
    0


    8892167          E23/G02             F          270,000.00         ZZ
                                         360        269,784.09          4
                                       7.125          1,819.04         90
                                       6.875          1,819.04
    LOS ANGELES      CA   90047          1            10/09/03         04
    0437036247                           05           12/01/03         25
    51036834                             N            11/01/33
    0


    8892338          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       6.625            374.58         90
                                       6.375            374.58
    FORT WAYNE       IN   46804          1            11/20/03         04
    0418904504                           05           01/01/04         25
    0418904504                           N            12/01/33
    0


    8892370          E22/G02             F          144,500.00         ZZ
                                         360        144,500.00          1
                                       6.500            913.34         75
                                       6.250            913.34
    SPARKS           NV   89436          2            10/29/03         00
    0418929444                           05           01/01/04          0
    0418929444                           N            12/01/33
    0


    8892408          E22/G02             F           71,250.00         ZZ
                                         360         71,250.00          1
1


                                       6.750            462.13         95
                                       6.500            462.13
    VINTON           VA   24179          1            11/20/03         10
    0418981239                           05           01/01/04         30
    0418981239                           O            12/01/33
    0


    8892412          E22/G02             F          129,600.00         ZZ
                                         360        129,600.00          3
                                       6.875            851.38         80
                                       6.625            851.38
    FRESNO           CA   93706          1            11/13/03         00
    0418986006                           05           01/01/04          0
    0418986006                           N            12/01/33
    0


    8892414          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.125            850.65         80
                                       5.875            850.65
    SPOKANE          WA   99223          1            11/14/03         00
    0419014089                           05           01/01/04          0
    0419014089                           O            12/01/33
    0


    8892570          253/253             F          142,400.00         ZZ
                                         360        142,400.00          1
                                       6.625            911.81         80
                                       6.375            911.81
    LYNCHBURG        VA   24502          5            11/12/03         00
    333847                               05           01/01/04          0
    333847                               O            12/01/33
    0


    8892580          E22/G02             F          196,000.00         T
                                         360        196,000.00          1
                                       5.875          1,159.41         80
                                       5.625          1,159.41
    PALM SPRINGS     CA   92262          1            11/17/03         00
    0419179973                           05           01/01/04          0
    0419179973                           O            12/01/33
    0


    8892951          X31/G02             F          115,120.00         ZZ
                                         360        115,120.00          1
                                       6.250            708.81         80
                                       6.000            708.81
    EL MIRAGE        AZ   85335          1            11/03/03         00
    0437018336                           03           01/01/04          0
1


    70001600                             O            12/01/33
    0


    8893323          E23/G02             F          223,000.00         ZZ
                                         360        222,808.01          4
                                       6.750          1,446.37         80
                                       6.500          1,446.37
    POMONA           CA   91766          2            10/20/03         00
    0437029622                           05           12/01/03          0
    51036975                             N            11/01/33
    0


    8893457          E23/G02             F          172,000.00         ZZ
                                         360        171,851.91          1
                                       6.750          1,115.59         80
                                       6.500          1,115.59
    MORENO VALLEY    CA   92557          1            10/24/03         00
    0437037583                           05           12/01/03          0
    51037626                             N            11/01/33
    0


    8893753          E23/G02             F          180,000.00         ZZ
                                         360        179,845.02          1
                                       6.750          1,167.48         80
                                       6.500          1,167.48
    MORENO VALLEY    CA   92557          1            10/24/03         00
    0437044415                           03           12/01/03          0
    510373624                            N            11/01/33
    0


    8893755          E23/G02             F          320,000.00         ZZ
                                         360        319,703.62          1
                                       6.375          1,996.38         80
                                       6.125          1,996.38
    HEALDSBURG       CA   95448          1            10/24/03         00
    0437038383                           05           12/01/03          0
    62010985                             O            11/01/33
    0


    8894009          E23/G02             F          645,000.00         ZZ
                                         360        645,000.00          1
                                       6.500          4,076.84         75
                                       6.250          4,076.84
    LOS ANGELES      CA   91344          5            11/01/03         00
    0437073299                           05           01/01/04          0
    51037810                             O            12/01/33
    0


1


    8894051          E23/G02             F          377,000.00         ZZ
                                         360        376,650.82          1
                                       6.375          2,351.99         74
                                       6.125          2,351.99
    SANTA ROSA       CA   95407          5            10/29/03         00
    0437047806                           05           12/01/03          0
    51038166                             O            11/01/33
    0


    8894079          E23/G02             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       6.250          2,924.66         76
                                       6.000          2,924.66
    CERRITOS         CA   90703          2            11/17/03         00
    0437063399                           05           01/01/04          0
    51038753                             O            12/01/33
    0


    8894705          E23/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       6.375          1,746.84         74
                                       6.125          1,746.84
    HERCULES         CA   94547          5            11/04/03         00
    0437057813                           03           01/01/04          0
    64003069                             O            12/01/33
    0


    8894806          U45/G02             F          158,650.00         ZZ
                                         360        158,650.00          1
                                       5.750            925.84         95
                                       5.500            925.84
    SALT LAKE CITY   UT   84108          1            11/14/03         04
    0437050131                           05           01/01/04         30
    00205111                             O            12/01/33
    0


    8894928          Q14/G02             F          105,000.00         T
                                         360        105,000.00          1
                                       7.000            698.57         73
                                       6.750            698.57
    DEEPWATER        MO   64740          2            11/17/03         00
    0437041049                           05           01/01/04          0
    0000316640                           O            12/01/33
    0


    8894932          313/G02             F          164,000.00         T
                                         360        164,000.00          1
                                       6.750          1,063.71         80
                                       6.500          1,063.71
1


    VENICE           FL   34293          1            11/14/03         00
    0437040876                           01           01/01/04          0
    0009954447                           O            12/01/33
    0


    8894974          144/144             F           64,710.00         ZZ
                                         360         64,495.57          1
                                       6.000            387.97         90
                                       5.750            387.97
    PORT JERVIS      NY   12771          1            07/31/03         01
    160733857                            05           09/01/03         25
    160733857                            N            08/01/33
    0


    8895012          P59/G02             F          425,000.00         ZZ
                                         360        424,596.74          1
                                       6.250          2,616.80         67
                                       6.000          2,616.80
    SAN LUIS OBISPO  CA   93401          1            10/03/03         00
    0437043458                           05           12/01/03          0
    AT006485                             O            11/01/33
    0


    8895017          N16/G02             F          198,750.00         ZZ
                                         360        198,574.65          1
                                       6.625          1,272.62         75
                                       6.375          1,272.62
    BOULDER          CO   80301          5            11/05/03         00
    0437070477                           01           12/15/03          0
    N16                                  N            11/15/33
    0


    8895021          X31/G02             F           81,250.00         ZZ
                                         360         81,250.00          1
                                       6.750            526.99         59
                                       6.500            526.99
    SAN BERNARDINO   CA   92407          5            11/04/03         00
    0437062490                           05           01/01/04          0
    1222684                              O            12/01/33
    0


    8895298          F89/G02             F          204,300.00         ZZ
                                         360        204,300.00          1
                                       6.750          1,325.09         90
                                       6.500          1,325.09
    HEMET            CA   92545          1            11/13/03         10
    0437041270                           05           01/01/04         25
    37331                                N            12/01/33
    0
1




    8895330          U85/G02             F          168,000.00         ZZ
                                         360        167,293.35          1
                                       5.750            980.40         80
                                       5.500            980.40
    GLENDALE         WI   53217          1            07/31/03         00
    0437030422                           05           09/01/03          0
    TQS388                               O            08/01/33
    0


    8895408          Q87/G02             F           69,000.00         TX
                                         360         68,937.62          1
                                       6.500            436.13         75
                                       6.250            436.13
    COLLEGE STATION  TX   77840          5            10/30/03         00
    0437039670                           05           12/04/03          0
    SEWI02                               O            11/04/33
    0


    8896241          E23/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.375            823.51         57
                                       6.125            823.51
    SOUTH GATE       CA   90280          2            11/06/03         00
    0437077472                           05           01/01/04          0
    51036635                             N            12/01/33
    0


    8896363          E23/G02             F          127,500.00         ZZ
                                         360        127,500.00          1
                                       6.375            795.43         54
                                       6.125            795.43
    SOUTH GATE       CA   90280          2            11/06/03         00
    0437065469                           05           01/01/04          0
    51036636                             N            12/01/33
    0


    8896886          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.625          1,056.51         66
                                       6.375          1,056.51
    CHICAGO          IL   60639          5            11/17/03         00
    0418861472                           05           01/01/04          0
    0418861472                           O            12/01/33
    0


    8896890          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
1


                                       6.625            896.44         80
                                       6.375            896.44
    OLDSMAR          FL   34677          5            11/17/03         00
    0418865960                           03           01/01/04          0
    0418865960                           O            12/01/33
    0


    8896940          E22/G02             F          132,800.00         TX
                                         360        132,800.00          1
                                       6.250            817.67         80
                                       6.000            817.67
    WYLIE            TX   75098          5            11/17/03         00
    0418911442                           05           01/01/04          0
    0418911442                           O            12/01/33
    0


    8896946          E22/G02             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       5.875          2,531.78         73
                                       5.625          2,531.78
    DANA POINT       CA   92629          5            11/13/03         00
    0418925418                           05           01/01/04          0
    0418925418                           O            12/01/33
    0


    8896970          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.250            935.89         43
                                       6.000            935.89
    CORNWALL BRIDGE  CT   06754          5            11/17/03         00
    0418945879                           05           01/01/04          0
    0418945879                           O            12/01/33
    0


    8897064          E22/G02             F          216,000.00         ZZ
                                         360        215,822.95          4
                                       7.000          1,437.05         80
                                       6.750          1,437.05
    SPOKANE          WA   99202          1            10/10/03         00
    0418699369                           05           12/01/03          0
    0418699369                           N            11/01/33
    0


    8897078          E22/G02             F          216,000.00         ZZ
                                         360        215,822.95          4
                                       7.000          1,437.05         80
                                       6.750          1,437.05
    SPOKANE          WA   99202          1            10/10/03         00
    0418734638                           05           12/01/03          0
1


    0418734638                           N            11/01/33
    0


    8897106          E22/G02             F          211,200.00         ZZ
                                         360        211,026.88          4
                                       7.000          1,405.12         80
                                       6.750          1,405.12
    SPOKANE          WA   99202          1            10/10/03         00
    0418810461                           05           12/01/03          0
    0418810461                           N            11/01/33
    0


    8897150          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       6.625            461.02         80
                                       6.375            461.02
    EASTON           PA   18042          1            11/21/03         00
    0418858379                           07           01/01/04          0
    0418858379                           N            12/01/33
    0


    8897154          E22/G02             F           61,600.00         ZZ
                                         360         61,600.00          1
                                       6.625            394.43         80
                                       6.375            394.43
    SPOKANE          WA   99205          2            11/14/03         00
    0418860821                           05           01/01/04          0
    0418860821                           N            12/01/33
    0


    8897162          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.125          2,065.88         68
                                       5.875          2,065.88
    BOULDER CREEK    CA   95006          2            11/12/03         00
    0418953204                           05           01/01/04          0
    0418953204                           N            12/01/33
    0


    8897176          E22/G02             F          495,200.00         ZZ
                                         360        495,200.00          1
                                       6.125          3,008.89         80
                                       5.875          3,008.89
    EL DORADO HILLS  CA   95762          1            11/19/03         00
    0418962312                           05           01/01/04          0
    0418962312                           O            12/01/33
    0


1


    8897200          E22/G02             F          307,500.00         ZZ
                                         360        307,500.00          1
                                       6.000          1,843.62         75
                                       5.750          1,843.62
    MILPITAS         CA   95035          1            11/18/03         00
    0418978078                           05           01/01/04          0
    0418978078                           N            12/01/33
    0


    8897218          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       5.875            331.26         80
                                       5.625            331.26
    MEDFORD          OR   97504          1            11/19/03         00
    0418989190                           01           01/01/04          0
    0418989190                           N            12/01/33
    0


    8897278          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       7.000            498.98         75
                                       6.750            498.98
    TAMPA            FL   33617          2            11/21/03         00
    0419019211                           05           01/01/04          0
    0419019211                           N            12/01/33
    0


    8897324          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.500            910.18         80
                                       6.250            910.18
    PALM BEACH GARD  FL   33410          5            11/17/03         00
    0419055421                           05           01/01/04          0
    0419055421                           O            12/01/33
    0


    8897406          E22/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
                                       6.500            347.64         36
                                       6.250            347.64
    HAYDEN           ID   83835          1            11/18/03         00
    0419105754                           05           01/01/04          0
    0419105754                           N            12/01/33
    0


    8897490          A46/G02             F           41,250.00         ZZ
                                         360         41,250.00          1
                                       6.625            264.13         75
                                       6.375            264.13
1


    MORIARTY         NM   87035          1            11/14/03         00
    0437040587                           05           01/01/04          0
    0983212                              N            12/01/33
    0


    8897658          A21/G02             F          468,000.00         ZZ
                                         360        467,576.92          1
                                       6.500          2,958.08         80
                                       6.250          2,958.08
    DUMONT           NJ   07628          5            10/31/03         00
    0437041783                           05           12/01/03          0
    3330000086                           O            11/01/33
    0


    8897730          883/G02             F          361,250.00         ZZ
                                         360        361,250.00          1
                                       6.875          2,373.16         85
                                       6.625          2,373.16
    ELKRIDGE         MD   21075          1            11/14/03         11
    0437042849                           05           01/01/04         12
    12002011                             O            12/01/33
    0


    8897948          E82/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       6.750            531.85         78
                                       6.500            531.85
    EDMOND           OK   73003          2            11/18/03         00
    0400915450                           09           01/01/04          0
    0400915450                           O            12/01/33
    0


    8898850          R84/G02             F          198,400.00         ZZ
                                         360        198,400.00          4
                                       7.000          1,319.96         80
                                       6.750          1,319.96
    LAS VEGAS        NV   89108          1            11/19/03         00
    0437058431                           05           01/01/04          0
    123217301                            N            12/01/33
    0


    8899092          G33/G02             F          132,000.00         TX
                                         360        132,000.00          1
                                       6.625            845.21         80
                                       6.375            845.21
    HOUSTON          TX   77056          5            11/19/03         00
    0437045826                           01           01/01/04          0
    814359                               O            12/01/33
    0
1




    8899430          967/G02             F          248,000.00         ZZ
                                         360        248,000.00          2
                                       7.125          1,670.82         78
                                       6.875          1,670.82
    ARLINGTON        WA   98223          2            11/13/03         00
    0437045834                           05           01/01/04          0
    10077592                             N            12/01/33
    0


    8900486          U05/G02             F          120,000.00         ZZ
                                         360        120,000.00          2
                                       7.500            839.06         80
                                       7.250            839.06
    RIGBY            ID   83442          2            11/17/03         00
    0437054158                           05           01/01/04          0
    3423268                              N            12/01/33
    0


    8900808          975/G02             F          400,000.00         ZZ
                                         360        400,000.00          4
                                       6.750          2,594.39         75
                                       6.500          2,594.39
    ROSEMEAD         CA   91770          1            11/12/03         00
    0437077308                           05           01/01/04          0
    2036153                              O            12/01/33
    0


    8901178          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       6.000          1,271.05         80
                                       5.750          1,271.05
    MIAMI            FL   33186          1            11/24/03         00
    0418291787                           05           01/01/04          0
    0418291787                           O            12/01/33
    0


    8901306          E22/G02             F          650,000.00         TX
                                         360        650,000.00          1
                                       6.375          4,055.15         72
                                       6.125          4,055.15
    AUSTIN           TX   78746          5            11/19/03         00
    0418995213                           03           01/01/04          0
    0418995213                           O            12/01/33
    0


    8901442          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
1


                                       6.250          1,034.40         80
                                       6.000          1,034.40
    DENVER           CO   80239          2            11/18/03         00
    0418997417                           05           01/01/04          0
    0418997417                           O            12/01/33
    0


    8901490          E22/G02             F           72,800.00         ZZ
                                         360         72,800.00          1
                                       6.375            454.18         80
                                       6.125            454.18
    OAK PARK         IL   60304          2            11/19/03         00
    0419028568                           01           01/01/04          0
    0419028568                           O            12/01/33
    0


    8901496          F89/G02             F          104,900.00         T
                                         360        104,900.00          1
                                       6.500            663.04         73
                                       6.250            663.04
    LAS VEGAS        NV   89149          1            11/11/03         00
    0437041585                           05           01/01/04          0
    36927                                O            12/01/33
    0


    8901642          E22/G02             F           57,040.00         ZZ
                                         360         57,040.00          1
                                       6.750            369.96         80
                                       6.500            369.96
    DENVER           CO   80247          1            11/24/03         00
    0419118526                           01           01/01/04          0
    0419118526                           N            12/01/33
    0


    8901792          E22/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.375          2,445.57         80
                                       6.125          2,445.57
    SAN MATEO        CA   94401          1            11/20/03         00
    0418884540                           05           01/01/04          0
    0418884540                           O            12/01/33
    0


    8901818          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.125          2,187.40         80
                                       5.875          2,187.40
    ISLAND HEIGHTS   NJ   08732          5            11/19/03         00
    0418910154                           05           01/01/04          0
1


    0418910154                           O            12/01/33
    0


    8901822          E22/G02             F           80,750.00         ZZ
                                         360         80,750.00          1
                                       6.875            530.47         95
                                       6.625            530.47
    TUSCALOOSA       AL   35401          2            11/18/03         10
    0418912184                           05           01/01/04         30
    0418912184                           O            12/01/33
    0


    8901836          E22/G02             F          146,400.00         TX
                                         360        146,400.00          1
                                       6.750            949.55         80
                                       6.500            949.55
    CARROLLTON       TX   75006          5            11/19/03         00
    0418924874                           05           01/01/04          0
    0418924874                           O            12/01/33
    0


    8901872          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       6.375          1,622.06         80
                                       6.125          1,622.06
    LITCHFIELD       NH   03052          5            11/19/03         00
    0418958112                           05           01/01/04          0
    0418958112                           O            12/01/33
    0


    8901898          E22/G02             F          166,400.00         ZZ
                                         360        166,400.00          1
                                       6.500          1,051.76         80
                                       6.250          1,051.76
    MANASSAS         VA   20111          5            11/19/03         00
    0418972154                           05           01/01/04          0
    0418972154                           O            12/01/33
    0


    8901908          E22/G02             F          142,800.00         ZZ
                                         360        142,800.00          1
                                       6.125            867.67         79
                                       5.875            867.67
    LOVELAND         CO   80538          5            11/19/03         00
    0418976643                           05           01/01/04          0
    0418976643                           O            12/01/33
    0


1


    8901940          E22/G02             F          319,500.00         ZZ
                                         360        319,500.00          1
                                       5.875          1,889.96         33
                                       5.625          1,889.96
    SAINT AUGUSTINE  FL   32080          2            11/19/03         00
    0418717641                           05           01/01/04          0
    0418717641                           O            12/01/33
    0


    8902054          E82/G02             F           68,400.00         ZZ
                                         360         68,400.00          1
                                       6.875            449.34         92
                                       6.625            449.34
    SHERMAN          TX   75090          2            11/18/03         10
    0400919031                           05           01/01/04         25
    0400919031                           O            12/01/33
    0


    8902104          E82/G02             F           70,300.00         ZZ
                                         360         70,300.00          1
                                       7.500            491.55         62
                                       7.250            491.55
    STONEHAM         MA   02180          2            11/19/03         00
    0400915161                           08           01/01/04          0
    0400915161                           N            12/01/33
    0


    8902122          E82/G02             F           59,450.00         ZZ
                                         360         59,450.00          1
                                       6.750            385.59         83
                                       6.500            385.59
    GREENWOOD        IN   46142          5            11/21/03         10
    0400914057                           09           01/01/04         12
    0400914057                           O            12/01/33
    0


    8902136          E82/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       6.625            851.61         86
                                       6.375            851.61
    ROY              UT   84067          2            11/21/03         04
    0400912564                           05           01/01/04         25
    0400912564                           O            12/01/33
    0


    8902252          T79/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.375          2,541.68         80
                                       7.125          2,541.68
1


    WILTON MANORS    FL   33305          1            11/18/03         00
    0437067572                           05           01/01/04          0
    5010311001                           N            12/01/33
    0


    8902254          X89/G02             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.250          1,986.92         79
                                       6.000          1,986.92
    SANTA ANA        CA   92704          5            11/19/03         00
    0437043177                           05           01/01/04          0
    2025343                              O            12/01/33
    0


    8902330          H49/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.500          1,036.59         80
                                       6.250          1,036.59
    FORT COLLINS     CO   80521          1            11/14/03         00
    0437052459                           05           01/01/04          0
    53959549                             N            12/01/33
    0


    8902370          S43/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       6.375            424.23         80
                                       6.125            424.23
    ALBUQUERQUE      NM   87104          1            11/21/03         00
    0437042526                           05           01/01/04          0
    181030057300                         N            12/01/33
    0


    8902626          F89/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       6.750            441.05         80
                                       6.500            441.05
    WALLA WALLA      WA   99362          1            11/11/03         00
    0437049299                           05           01/01/04          0
    14237038                             N            12/01/33
    0


    8902852          S27/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       6.625            518.66         78
                                       6.375            518.66
    ROCKMART         GA   30153          2            11/21/03         00
    0437059991                           05           01/01/04          0
    1900007529                           N            12/01/33
    0
1




    8903052          U05/G02             F          134,100.00         ZZ
                                         240        134,100.00          1
                                       6.750          1,019.65         90
                                       6.500          1,019.65
    PORTLAND         OR   97230          1            11/19/03         10
    0437052954                           01           01/01/04         25
    3444423                              O            12/01/23
    0


    8903822          E85/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.125          3,949.47         65
                                       5.875          3,949.47
    BODEGA BAY       CA   94923          1            11/17/03         00
    0437045651                           05           01/01/04          0
    1007921                              N            12/01/33
    0


    8903828          E85/G02             F          506,250.00         ZZ
                                         360        506,250.00          1
                                       6.125          3,076.03         75
                                       5.875          3,076.03
    SAN RAFAEL       CA   94903          2            11/14/03         00
    0437043045                           05           01/01/04          0
    1007934                              O            12/01/33
    0


    8903840          E85/G02             F          581,250.00         ZZ
                                         360        581,250.00          1
                                       6.250          3,578.86         75
                                       6.000          3,578.86
    SAN ANSELMO      CA   94960          5            11/17/03         00
    0437042963                           05           01/01/04          0
    1007738                              O            12/01/33
    0


    8903886          E22/G02             F           64,000.00         TX
                                         360         64,000.00          1
                                       6.625            409.80         80
                                       6.375            409.80
    SAN ANTONIO      TX   78233          5            11/17/03         00
    0418100988                           05           01/01/04          0
    0418100988                           O            12/01/33
    0


    8903892          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
1


                                       6.875            735.76         80
                                       6.625            735.76
    GLEN ALLEN       VA   23060          2            11/25/03         00
    0418175675                           05           01/01/04          0
    0418175675                           N            12/01/33
    0


    8903984          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         80
                                       6.625          2,627.72
    CLOVIS           CA   93611          5            11/18/03         00
    0418734539                           05           01/01/04          0
    0418734539                           O            12/01/33
    0


    8903994          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.375          2,745.03         80
                                       6.125          2,745.03
    MANSON           WA   98831          1            11/17/03         00
    0418755526                           05           01/01/04          0
    0418755526                           O            12/01/33
    0


    8903996          E22/G02             F          150,160.00         ZZ
                                         360        150,160.00          1
                                       6.125            912.39         80
                                       5.875            912.39
    VANCOUVER        WA   98662          1            11/19/03         00
    0418755823                           05           01/01/04          0
    0418755823                           O            12/01/33
    0


    8904022          E22/G02             F          155,000.00         ZZ
                                         360        155,000.00          1
                                       6.375            967.00         84
                                       6.125            967.00
    GARDEN GROVE     CA   92840          5            11/18/03         04
    0418798906                           01           01/01/04         12
    0418798906                           O            12/01/33
    0


    8904024          E22/G02             F          137,700.00         ZZ
                                         360        137,700.00          1
                                       6.750            893.12         90
                                       6.500            893.12
    KIHEI            HI   96753          1            11/11/03         01
    0418799722                           01           01/01/04         25
1


    0418799722                           O            12/01/33
    0


    8904028          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.000          1,888.58         59
                                       5.750          1,888.58
    ALTA LOMA        CA   91737          5            11/17/03         00
    0418812145                           05           01/01/04          0
    0418812145                           O            12/01/33
    0


    8904038          E22/G02             F          312,645.00         ZZ
                                         360        312,645.00          1
                                       6.750          2,027.81         95
                                       6.500          2,027.81
    BOURNE           MA   02559          1            11/25/03         01
    0418820056                           05           01/01/04         35
    0418820056                           O            12/01/33
    0


    8904346          E22/G02             F           61,000.00         ZZ
                                         360         61,000.00          1
                                       6.750            395.64         83
                                       6.500            395.64
    GADSDEN          AL   35903          1            11/25/03         04
    0418979555                           05           01/01/04         12
    0418979555                           O            12/01/33
    0


    8904366          E22/G02             F          164,500.00         ZZ
                                         360        164,500.00          1
                                       6.000            986.26         84
                                       5.750            986.26
    GREELEY          CO   80634          2            11/20/03         01
    0418996096                           05           01/01/04         12
    0418996096                           O            12/01/33
    0


    8904392          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.750            908.04         80
                                       6.500            908.04
    GARDEN CITY      MI   48135          1            11/25/03         00
    0419012869                           05           01/01/04          0
    0419012869                           O            12/01/33
    0


1


    8904396          E22/G02             F           52,800.00         ZZ
                                         360         52,800.00          2
                                       6.375            329.40         80
                                       6.125            329.40
    PUEBLO           CO   81004          1            11/25/03         00
    0419015219                           05           01/01/04          0
    0419015219                           N            12/01/33
    0


    8904442          E22/G02             F          292,500.00         TX
                                         360        292,500.00          1
                                       6.250          1,800.97         75
                                       6.000          1,800.97
    DALLAS           TX   75225          5            11/20/03         00
    0419032008                           05           01/01/04          0
    0419032008                           O            12/01/33
    0


    8904518          E22/G02             F          125,800.00         T
                                         360        125,800.00          1
                                       6.375            784.83         80
                                       6.125            784.83
    PORT SAINT LUCI  FL   34986          1            11/25/03         00
    0419054424                           03           01/01/04          0
    0419054424                           O            12/01/33
    0


    8904572          E22/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       6.500          1,415.83         80
                                       6.250          1,415.83
    SALIDA           CA   95368          1            11/17/03         00
    0419081740                           05           01/01/04          0
    0419081740                           N            12/01/33
    0


    8904666          E22/G02             F           79,110.00         ZZ
                                         360         79,110.00          1
                                       6.750            513.11         90
                                       6.500            513.11
    MILLBROOK        AL   36054          1            11/25/03         11
    0419136726                           07           01/01/04         25
    0419136726                           N            12/01/33
    0


    8905046          W68/G02             F           81,900.00         ZZ
                                         360         81,837.68          1
                                       7.375            565.66         90
                                       7.125            565.66
1


    HOUSTON          TX   77063          1            10/31/03         04
    0437047921                           05           12/01/03         25
    3101202                              N            11/01/33
    0


    8905566          W68/G02             F          433,600.00         TX
                                         360        433,600.00          1
                                       6.625          2,776.39         80
                                       6.375          2,776.39
    HOUSTON          TX   77505          2            11/14/03         00
    0437080146                           05           01/01/04          0
    3101398                              O            12/01/33
    0


    8905590          W68/G02             F          276,000.00         TX
                                         360        276,000.00          1
                                       6.500          1,744.51         80
                                       6.250          1,744.51
    SANGER           TX   76266          5            11/03/03         00
    0437047285                           05           01/01/04          0
    3081830                              O            12/01/33
    0


    8905736          588/G02             F          543,300.00         ZZ
                                         360        543,300.00          1
                                       6.625          3,478.81         80
                                       6.375          3,478.81
    BIRMINGHAM TOWN  PA   19382          1            11/14/03         00
    0437073091                           05           01/01/04          0
    00011078317                          O            12/01/33
    0


    8905816          P44/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.500            884.90         54
                                       6.250            884.90
    WEST YARMOUTH    MA   02673          5            11/13/03         00
    0437057201                           05           01/01/04          0
    1                                    O            12/01/33
    0


    8905822          588/G02             F           67,900.00         ZZ
                                         360         67,900.00          1
                                       6.625            434.77         80
                                       6.375            434.77
    EASTON CITY      PA   18042          1            11/18/03         00
    0437056898                           05           01/01/04          0
    1109913                              N            12/01/33
    0
1




    8906206          S27/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       6.625            409.80         80
                                       6.375            409.80
    CHICKAMAUGA      GA   30707          2            11/21/03         00
    0437065113                           05           01/01/04          0
    1900007520                           N            12/01/33
    0


    8906408          562/G02             F          210,000.00         ZZ
                                         360        210,000.00          3
                                       6.875          1,379.55         60
                                       6.625          1,379.55
    YONKERS          NY   10705          2            11/11/03         00
    0437050370                           05           01/01/04          0
    297085517                            O            12/01/33
    0


    8906446          U05/G02             F          280,000.00         TX
                                         360        280,000.00          1
                                       6.500          1,769.79         79
                                       6.250          1,769.79
    HOUSTON          TX   77030          5            11/06/03         00
    0437052517                           03           01/01/04          0
    3415254                              O            12/01/33
    0


    8907166          B23/G02             F          235,500.00         ZZ
                                         360        235,500.00          2
                                       5.875          1,393.07         78
                                       5.625          1,393.07
    MAYWOOD          CA   90270          2            11/12/03         00
    0437051667                           05           01/01/04          0
    80004034                             O            12/01/33
    0


    8907258          P44/G02             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       6.375          3,044.49         80
                                       6.125          3,044.49
    NANTUCKET        MA   02554          1            11/21/03         00
    0437062334                           05           01/01/04          0
    0310020001                           O            12/01/33
    0


    8907366          P01/G02             F          265,050.00         ZZ
                                         360        265,050.00          4
1


                                       7.750          1,898.85         95
                                       7.500          1,898.85
    ALBANY           NY   12206          1            11/18/03         04
    0437065477                           05           01/01/04         30
    799814                               O            12/01/33
    0


    8907400          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          2
                                       6.625          1,280.62         64
                                       6.375          1,280.62
    DUNELLEN BOROUG  NJ   08812          5            11/26/03         00
    0419086319                           05           01/01/04          0
    0419086319                           N            12/01/33
    0


    8907572          642/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
                                       6.375            397.72         71
                                       6.125            397.72
    COLLINGDALE      PA   19023          2            11/18/03         00
    0437055791                           07           01/01/04          0
    10225403                             N            12/01/33
    0


    8907638          E22/G02             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       6.125          2,503.36         80
                                       5.875          2,503.36
    OCEANSIDE        CA   92054          5            11/14/03         00
    0418763249                           05           01/01/04          0
    0418763249                           O            12/01/33
    0


    8907696          E22/G02             F          315,200.00         ZZ
                                         360        315,200.00          3
                                       6.250          1,940.74         80
                                       6.000          1,940.74
    BROCKTON         MA   02301          5            11/21/03         00
    0418820486                           05           01/01/04          0
    0418820486                           O            12/01/33
    0


    8907810          H49/G02             F          145,600.00         ZZ
                                         360        145,600.00          1
                                       6.500            920.29         80
                                       6.250            920.29
    MESA             AZ   85212          1            11/06/03         00
    0437050040                           03           01/01/04          0
1


    53236073                             N            12/01/33
    0


    8907958          E22/G02             F          322,700.00         TX
                                         360        322,700.00          1
                                       6.250          1,986.92         80
                                       6.000          1,986.92
    AUSTIN           TX   78746          5            11/21/03         00
    0418907564                           05           01/01/04          0
    0418907564                           O            12/01/33
    0


    8908284          E22/G02             F           77,350.00         ZZ
                                         360         77,350.00          1
                                       6.625            495.28         90
                                       6.375            495.28
    ALBANY           OR   97321          1            11/21/03         04
    0418983102                           05           01/01/04         25
    0418983102                           N            12/01/33
    0


    8908422          944/G02             F          490,000.00         ZZ
                                         360        490,000.00          1
                                       6.875          3,218.96         73
                                       6.625          3,218.96
    STOCKTON         CA   95215          5            11/19/03         00
    0437072978                           05           01/01/04          0
    548876844                            O            12/01/33
    0


    8908612          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.250            886.63         80
                                       6.000            886.63
    ALBERTVILLE      AL   35950          5            11/21/03         00
    0419025408                           05           01/01/04          0
    0419025408                           O            12/01/33
    0


    8908740          E22/G02             F           52,925.00         ZZ
                                         360         52,925.00          1
                                       6.750            343.27         76
                                       6.500            343.27
    SAINT PETERSBUR  FL   33712          2            11/26/03         00
    0419055405                           05           01/01/04          0
    0419055405                           N            12/01/33
    0


1


    8908746          E22/G02             F          161,500.00         ZZ
                                         360        161,500.00          1
                                       6.500          1,020.79         95
                                       6.250          1,020.79
    SPRINGVILLE      UT   84663          1            11/19/03         04
    0419057518                           05           01/01/04         30
    0419057518                           O            12/01/33
    0


    8908920          E22/G02             F          122,400.00         ZZ
                                         360        122,400.00          1
                                       6.875            804.08         80
                                       6.625            804.08
    FRESNO           CA   93726          1            11/14/03         00
    0419094719                           05           01/01/04          0
    0419094719                           N            12/01/33
    0


    8909046          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.250            492.57         30
                                       6.000            492.57
    CARSON CITY      NV   89706          1            11/18/03         00
    0419114947                           05           01/01/04          0
    0419114947                           O            12/01/33
    0


    8913878          E22/G02             F          149,600.00         ZZ
                                         360        149,600.00          1
                                       6.125            908.99         80
                                       5.875            908.99
    CROOKED RIVER R  OR   97760          5            11/20/03         00
    0419124524                           03           01/01/04          0
    0419124524                           O            12/01/33
    0


    8913944          E22/G02             F          343,800.00         ZZ
                                         360        343,800.00          1
                                       6.500          2,173.05         90
                                       6.250          2,173.05
    GEORGETOWN       TX   78628          1            12/01/03         01
    0419145842                           05           01/01/04         25
    0419145842                           O            12/01/33
    0


    8913986          E22/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       6.250          1,650.12         80
                                       6.000          1,650.12
1


    SEATTLE          WA   98178          5            11/20/03         00
    0419202585                           05           01/01/04          0
    0419202585                           O            12/01/33
    0


    8914010          E22/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.000          2,374.22         69
                                       5.750          2,374.22
    SAN JOSE         CA   95132          2            11/17/03         00
    0417544723                           05           01/01/04          0
    0417544723                           O            12/01/33
    0


    8914016          E22/G02             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       5.875          2,354.32         57
                                       5.625          2,354.32
    SAN FRANCISCO    CA   94122          2            11/20/03         00
    0417962297                           05           01/01/04          0
    0417962297                           O            12/01/33
    0


    8914112          E22/G02             F           71,249.00         ZZ
                                         360         71,249.00          1
                                       6.375            444.50         95
                                       6.125            444.50
    CAMDEN           SC   29020          5            11/24/03         10
    0418799003                           05           01/01/04         30
    0418799003                           O            12/01/33
    0


    8914178          E22/G02             F          297,600.00         ZZ
                                         360        297,600.00          1
                                       6.750          1,930.23         79
                                       6.500          1,930.23
    FREDERICK        CO   80504          5            11/24/03         00
    0418864393                           05           01/01/04          0
    0418864393                           O            12/01/33
    0


    8914198          E22/G02             F          236,700.00         ZZ
                                         360        236,700.00          1
                                       6.875          1,554.95         90
                                       6.625          1,554.95
    R. SANTA MARGAR  CA   92688          1            11/26/03         04
    0418906939                           01           01/01/04         25
    0418906939                           N            12/01/33
    0
1




    8914250          E22/G02             F          178,000.00         T
                                         360        178,000.00          1
                                       6.750          1,154.50         52
                                       6.500          1,154.50
    LAHAINA          HI   96761          2            11/17/03         00
    0418980611                           20           01/01/04          0
    0418980611                           O            12/01/33
    0


    8914278          E22/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       6.000            857.36         36
                                       5.750            857.36
    SANTA ROSA       CA   95404          2            11/12/03         00
    0419027180                           05           01/01/04          0
    0419027180                           O            12/01/33
    0


    8914286          E22/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       6.125            868.88         69
                                       5.875            868.88
    PUEBLO WEST      CO   81007          2            11/24/03         00
    0419029640                           05           01/01/04          0
    0419029640                           O            12/01/33
    0


    8914398          G34/G02             F          143,150.00         ZZ
                                         360        143,150.00          1
                                       6.500            904.81         90
                                       6.250            904.81
    LAS VEGAS        NV   89123          1            11/14/03         10
    0437064306                           01           01/01/04         25
    77301630                             N            12/01/33
    0


    8914626          Y72/G02             F          163,750.00         ZZ
                                         360        163,750.00          1
                                       7.500          1,144.96         90
                                       7.250          1,144.96
    AVENTURA         FL   33180          5            11/19/03         14
    0437073257                           06           01/01/04         25
    10015556                             O            12/01/33
    0


    8914674          975/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
1


                                       6.375          1,896.56         80
                                       6.125          1,896.56
    TEMPLE CITY ARE  CA   91780          5            11/01/03         00
    0437071830                           05           01/01/04          0
    2033902                              O            12/01/33
    0


    8915086          S27/G02             F           50,800.00         ZZ
                                         360         50,800.00          1
                                       7.000            337.98         80
                                       6.750            337.98
    PORTSMOUTH       VA   23702          1            11/21/03         00
    0437053937                           05           01/01/04          0
    1130017139                           N            12/01/33
    0


    8916090          G51/G02             F          208,120.00         ZZ
                                         360        208,120.00          2
                                       6.375          1,298.40         80
                                       6.125          1,298.40
    COLORADO SPRING  CO   80910          2            11/21/03         00
    0437063589                           05           01/01/04          0
    04000930                             N            12/01/33
    0


    8916102          E47/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.500          1,011.31         80
                                       6.250          1,011.31
    STOCKTON         CA   95207          5            11/11/03         00
    0437094808                           05           01/01/04          0
    7359516856                           O            12/01/33
    0


    8919048          U05/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       6.750            862.64         84
                                       6.500            862.64
    HAGERSTOWN       MD   21742          5            11/21/03         10
    0437076391                           05           01/01/04         12
    3437137                              O            12/01/33
    0


    8919144          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       6.500            916.50         75
                                       6.250            916.50
    HUDSON           FL   34669          5            11/26/03         00
    0418738324                           05           01/01/04          0
1


    0418738324                           O            12/01/33
    0


    8919160          E22/G02             F           55,650.00         ZZ
                                         360         55,650.00          1
                                       6.625            356.33         70
                                       6.375            356.33
    LEWISTON         ID   83501          1            11/24/03         00
    0418800215                           05           01/01/04          0
    0418800215                           N            12/01/33
    0


    8919338          E22/G02             F          161,500.00         ZZ
                                         360        161,500.00          1
                                       6.250            994.38         88
                                       6.000            994.38
    LAS VEGAS        NV   89108          2            11/19/03         04
    0419003033                           05           01/01/04         25
    0419003033                           O            12/01/33
    0


    8919380          E22/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       6.250          1,015.93         69
                                       6.000          1,015.93
    NARRAGANSETT     RI   02882          5            11/26/03         00
    0419041470                           05           01/01/04          0
    0419041470                           O            12/01/33
    0


    8919522          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       7.000            389.20         90
                                       6.750            389.20
    SALT LAKE CITY   UT   84102          1            11/24/03         04
    0419200415                           05           01/01/04         25
    0419200415                           N            12/01/33
    0


    8919692          Q30/G02             F           80,900.00         ZZ
                                         360         80,900.00          1
                                       7.125            545.04         64
                                       6.875            545.04
    POUGHKEEPSIE     NY   12601          2            11/19/03         00
    0437064439                           05           01/01/04          0
    32012835                             N            12/01/33
    0


1


    8919730          N47/G02             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       6.500          2,243.84         90
                                       6.250          2,243.84
    SAN DIEGO        CA   92126          5            11/18/03         11
    0437066228                           05           01/01/04         25
    30510127                             O            12/01/33
    0


    8919978          B39/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       6.625            864.42         59
                                       6.375            864.42
    MAPLE GROVE      MN   55369          5            11/21/03         00
    0437061583                           05           01/01/04          0
    20034409F                            O            12/01/33
    0


    8922860          X89/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.500          2,174.32         80
                                       6.250          2,174.32
    SAN DIEGO        CA   92117          5            11/22/03         00
    0437068596                           05           01/01/04          0
    2026471                              O            12/01/33
    0


    8923012          P44/G02             F          144,500.00         ZZ
                                         360        144,500.00          1
                                       6.875            949.26         85
                                       6.625            949.26
    WINCHESTER       NH   03470          5            11/20/03         10
    0437070329                           05           01/01/04         12
    0311030004                           O            12/01/33
    0


    8923126          A46/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.875            762.04         80
                                       6.625            762.04
    SEABROOK         TX   77586          1            11/24/03         00
    0437063712                           05           01/01/04          0
    0295531                              N            12/01/33
    0


    8923336          G27/G02             F          161,000.00         ZZ
                                         360        161,000.00          1
                                       6.625          1,030.90         63
                                       6.375          1,030.90
1


    LONG BEACH       CA   90805          5            11/21/03         00
    0437071863                           05           01/01/04          0
    29303155                             O            12/01/33
    0


    8923964          P44/G02             F           65,600.00         ZZ
                                         360         65,600.00          1
                                       7.500            458.68         80
                                       7.250            458.68
    LEHIGH ACRES     FL   33972          1            11/26/03         00
    0437069529                           05           01/01/04          0
    0311180000                           N            12/01/33
    0


    8924040          N74/G02             F          187,000.00         ZZ
                                         360        187,000.00          2
                                       6.875          1,228.46         57
                                       6.625          1,228.46
    LOS ANGELES      CA   90044          5            11/18/03         00
    0437075310                           05           01/01/04          0
    4400001041                           N            12/01/33
    0


    8924166          K15/G02             F           80,700.00         ZZ
                                         360         80,700.00          1
                                       7.750            578.14         95
                                       7.500            578.14
    CEDAR FALLS      IA   50613          5            11/10/03         41
    0437080682                           05           01/01/04         30
    009905514758                         O            12/01/33
    0


    8924298          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       6.750            729.67         75
                                       6.500            729.67
    PORTLAND         OR   97217          2            11/25/03         00
    0418924437                           05           01/01/04          0
    0418924437                           N            12/01/33
    0


    8924308          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.750          2,594.39         77
                                       6.500          2,594.39
    SAUGUS           CA   91350          5            11/19/03         00
    0418947503                           05           01/01/04          0
    0418947503                           O            12/01/33
    0
1




    8924330          E22/G02             F          399,500.00         ZZ
                                         360        399,500.00          1
                                       6.125          2,427.40         58
                                       5.875          2,427.40
    OAKLAND          CA   94611          5            11/20/03         00
    0418970448                           05           01/01/04          0
    0418970448                           O            12/01/33
    0


    8924352          E22/G02             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       6.000          2,434.18         80
                                       5.750          2,434.18
    CAVE CREEK       AZ   85331          2            11/21/03         00
    0419001896                           03           01/01/04          0
    0419001896                           O            12/01/33
    0


    8924550          E22/G02             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.125          2,339.30         70
                                       5.875          2,339.30
    SAN FRANCISCO    CA   94112          1            11/19/03         00
    0419185335                           07           01/01/04          0
    0419185335                           O            12/01/33
    0


    8924658          313/G02             F          136,000.00         ZZ
                                         360        136,000.00          3
                                       7.500            950.94         80
                                       7.250            950.94
    MESA             AZ   85208          1            11/19/03         00
    0437070196                           05           01/01/04          0
    0009972761                           N            12/01/33
    0


    8924770          E11/G02             F          131,200.00         ZZ
                                         360        131,200.00          1
                                       6.375            818.52         80
                                       6.125            818.52
    APPLE VALLEY     MN   55124          1            11/26/03         00
    0437077787                           09           01/01/04          0
    0010001066264                        N            12/01/33
    0


    8925090          B39/G02             F          572,000.00         ZZ
                                         360        572,000.00          1
1


                                       6.990          3,801.69         80
                                       6.740          3,801.69
    SHAKOPEE         MN   55379          5            11/21/03         00
    0437067549                           05           01/01/04          0
    20034307F                            O            12/01/33
    0


    8925128          M18/G02             F          460,000.00         ZZ
                                         360        460,000.00          4
                                       6.500          2,907.51         80
                                       6.250          2,907.51
    BURBANK          CA   91504          2            11/10/03         00
    0437072283                           05           01/01/04          0
    980102666                            O            12/01/33
    0


    8928616          E22/G02             F          122,400.00         ZZ
                                         360        122,400.00          1
                                       6.875            804.08         90
                                       6.625            804.08
    FERNLEY          NV   89408          1            11/21/03         01
    0419046081                           05           01/01/04         25
    0419046081                           N            12/01/33
    0


    8928826          P01/G02             F          261,250.00         ZZ
                                         360        261,250.00          1
                                       7.500          1,826.70         91
                                       7.250          1,826.70
    SCHODACK LANDIN  NY   12156          5            11/19/03         10
    0437066426                           05           01/01/04         30
    03000940                             O            12/01/33
    0


    8929270          U05/G02             F           58,410.00         ZZ
                                         360         58,410.00          1
                                       7.000            388.60         90
                                       6.750            388.60
    PHILADELPHIA     PA   19124          1            11/26/03         10
    0437080773                           05           01/01/04         25
    3000423318                           N            12/01/33
    0


    8930152          738/G02             F           54,900.00         ZZ
                                         360         54,900.00          1
                                       6.500            347.01         79
                                       6.250            347.01
    SAN ANTONIO      TX   78216          1            11/18/03         00
    0437079114                           01           01/01/04          0
1


    41538289                             O            12/01/33
    0


    8936658          X81/G02             F          132,500.00         T
                                         360        132,500.00          1
                                       6.750            859.39         80
                                       6.500            859.39
    BEMIDJI          MN   56601          5            11/26/03         00
    0437082241                           05           01/01/04          0
    9540271546                           O            12/01/33
    0


    8936806          E47/G02             F          131,750.00         ZZ
                                         360        131,750.00          1
                                       6.125            800.53         80
                                       5.875            800.53
    MOORESVILLE      NC   28115          1            11/24/03         00
    0437094717                           05           01/01/04          0
    7350511251                           O            12/01/33
    0

   TOTAL NUMBER OF LOANS   :      2,112

   TOTAL ORIGINAL BALANCE  :   374,084,970.00

   TOTAL PRINCIPAL BALANCE :   372,894,608.72

   TOTAL ORIGINAL P+I      :     2,358,454.72

   TOTAL CURRENT P+I       :     2,358,454.72


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


<PAGE>
<TABLE>
<CAPTION>


                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS


                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>            <C>
      8381250         $422,812.13           5.595%             2.6957%        $11,397.54
      8386898         $293,359.80           5.595%             2.6957%         $7,907.96
      8426592         $373,225.27           5.345%             7.0435%        $26,288.04
      8428866         $211,730.16           5.720%             0.5217%         $1,104.68
      8431414         $59,628.43            5.595%             2.6957%         $1,607.38
      8459970         $473,549.60           5.595%             2.6957%        $12,765.25
      8462118         $278,849.68           5.595%             2.6957%         $7,516.82
      8472478         $113,531.68           5.595%             2.6957%         $3,060.42
      8491545         $160,596.98           5.595%             2.6957%         $4,329.14
      8504118         $58,092.18            5.470%             4.8696%         $2,828.84
      8504430         $188,795.42           5.470%             4.8696%         $9,193.52
      8535546         $190,376.59           5.345%             7.0435%        $13,409.13
      8552065         $66,655.34            5.720%             0.5217%          $347.77
      8564806         $119,057.21           5.345%             7.0435%         $8,385.77
      8667054         $217,245.99           5.720%             0.5217%         $1,133.46
      8676150         $630,223.97           5.470%             4.8696%        $30,689.17
      8676374         $358,446.11           5.720%             0.5217%         $1,870.15
      8676738         $349,816.83           5.595%             2.6957%         $9,429.85
      8686414         $368,101.24           5.470%             4.8696%        $17,924.93
      8693686         $164,322.13           5.595%             2.6957%         $4,429.55
      8721631         $68,674.84            5.345%             7.0435%         $4,837.10
      8732774         $498,953.42           5.470%             4.8696%        $24,296.86
      8732778         $372,727.24           5.595%             2.6957%        $10,047.43
      8732784         $275,026.44           5.720%             0.5217%         $1,434.92
      8732796         $648,671.34           5.595%             2.6957%        $17,485.92
      8732804         $364,868.35           5.345%             7.0435%        $25,699.42
      8732812         $997,805.85           5.220%             9.2174%        $91,971.67
      8732816         $410,672.45           5.345%             7.0435%        $28,925.62
      8732820         $390,200.75           5.595%             2.6957%        $10,518.46
      8732828         $422,696.75           5.595%             2.6957%        $11,394.43
      8732834         $394,782.84           5.595%             2.6957%        $10,641.97
      8732840         $528,043.01           5.345%             7.0435%        $37,192.59
      8732846         $337,943.57           5.720%             0.5217%         $1,763.18
      8732852         $596,877.43           5.595%             2.6957%        $16,089.74
      8732870         $613,681.96           5.345%             7.0435%        $43,224.56
      8732880         $408,102.59           5.220%             9.2174%        $37,616.41
      8732930         $359,264.12           5.595%             2.6957%         $9,684.51
      8732994         $526,338.28           5.470%             4.8696%        $25,630.39
      8733030         $747,639.58           5.470%             4.8696%        $36,406.80
      8733034         $347,236.43           5.220%             9.2174%        $32,006.14
      8733048         $594,683.92           5.595%             2.6957%        $16,030.61
      8733066         $558,152.71           5.220%             9.2174%        $51,447.12
      8733074         $299,099.57           5.720%             0.5217%         $1,560.52
      8733082         $647,954.28           5.470%             4.8696%        $31,552.56
      8733108         $477,445.10           5.720%             0.5217%         $2,491.02
      8733110         $375,364.91           5.470%             4.8696%        $18,278.64
      8733120         $365,695.84           5.220%             9.2174%        $33,707.62
      8733124         $383,788.31           5.470%             4.8696%        $18,688.82
      8733130         $557,773.46           5.220%             9.2174%        $51,412.16
      8733166         $579,420.68           5.470%             4.8696%        $28,215.27
      8733178         $321,558.55           4.845%            15.7391%        $50,610.52
      8733194         $704,667.79           5.220%             9.2174%        $64,951.99
      8733200         $390,311.87           5.345%             7.0435%        $27,491.53


 Monday, December 22, 2003                                                      Page 1 of 6


      8733216         $371,663.31           5.095%            11.3913%        $42,337.30
      8733232         $386,826.94           5.345%             7.0435%        $27,246.07
      8733324         $769,654.32           5.720%             0.5217%         $4,015.59
      8733366         $405,189.62           5.720%             0.5217%         $2,114.03
      8733434         $449,012.62           5.220%             9.2174%        $41,387.25
      8733472         $177,714.17           5.720%             0.5217%          $927.20
      8744094         $151,390.16           5.720%             0.5217%          $789.86
      8745244         $49,799.38            5.720%             0.5217%          $259.82
      8753208         $139,382.80           5.220%             9.2174%        $12,847.46
      8756044         $125,621.79           5.720%             0.5217%          $655.42
      8756090         $63,728.12            5.720%             0.5217%          $332.49
      8756100         $130,524.58           5.595%             2.6957%         $3,518.49
      8756122         $79,754.09            5.595%             2.6957%         $2,149.89
      8756136         $81,498.71            5.595%             2.6957%         $2,196.92
      8756146         $124,498.49           5.720%             0.5217%          $649.56
      8756156         $79,754.09            5.595%             2.6957%         $2,149.89
      8756160         $79,754.09            5.595%             2.6957%         $2,149.89
      8756164         $174,474.72           5.720%             0.5217%          $910.30
      8756172         $122,630.81           5.720%             0.5217%          $639.81
      8756178         $229,639.61           5.720%             0.5217%         $1,198.12
      8756250         $76,413.86            5.720%             0.5217%          $398.68
      8756260         $258,956.90           5.720%             0.5217%         $1,351.08
      8756262         $113,250.83           5.595%             2.6957%         $3,052.85
      8756268         $126,809.03           5.595%             2.6957%         $3,418.33
      8756274         $151,782.03           5.595%             2.6957%         $4,091.52
      8756300         $71,778.69            5.595%             2.6957%         $1,934.90
      8756306         $320,804.77           5.345%             7.0435%        $22,595.81
      8756308         $110,858.18           5.595%             2.6957%         $2,988.35
      8756366         $120,303.72           5.595%             2.6957%         $3,242.97
      8756368         $139,424.83           5.595%             2.6957%         $3,758.41
      8756374         $63,942.44            5.720%             0.5217%          $333.61
      8756378         $49,301.40            5.720%             0.5217%          $257.22
      8756396         $174,626.81           5.470%             4.8696%         $8,503.57
      8756412         $58,237.06            5.595%             2.6957%         $1,569.87
      8756424         $169,369.41           5.720%             0.5217%          $883.67
      8756454         $216,457.81           5.720%             0.5217%         $1,129.35
      8756456         $230,806.39           5.595%             2.6957%         $6,221.74
      8756460         $126,101.60           5.720%             0.5217%          $657.92
      8756464         $184,680.59           5.595%             2.6957%         $4,978.35
      8756506         $135,482.29           5.595%             2.6957%         $3,652.13
      8756518         $64,035.83            5.595%             2.6957%         $1,726.18
      8756622         $166,164.54           5.595%             2.6957%         $4,479.22
      8756698         $49,967.54            5.720%             0.5217%          $260.70
      8756736         $358,687.56           5.720%             0.5217%         $1,871.41
      8756766         $264,445.32           5.470%             4.8696%        $12,877.34
      8756774         $122,898.27           5.595%             2.6957%         $3,312.91
      8756812         $131,201.61           5.720%             0.5217%          $684.53
      8756868         $123,378.54           5.720%             0.5217%          $643.71
      8756936         $114,845.89           5.595%             2.6957%         $3,095.85
      8756940         $107,657.13           5.595%             2.6957%         $2,902.06
      8756942         $52,685.54            5.595%             2.6957%         $1,420.22
      8757102         $71,734.03            5.720%             0.5217%          $374.26
      8757258         $356,252.75           5.470%             4.8696%        $17,347.96
      8757290         $232,881.99           5.595%             2.6957%         $6,277.69
      8757292         $75,771.88            5.720%             0.5217%          $395.33
      8757298         $80,667.21            5.595%             2.6957%         $2,174.51
      8757302         $214,111.42           5.595%             2.6957%         $5,771.70


 Monday, December 22, 2003                                                      Page 2 of 6

      8757344         $127,606.58           5.595%             2.6957%         $3,439.83
      8757350         $146,548.15           5.595%             2.6957%         $3,950.43
      8757362         $44,861.66            5.595%             2.6957%         $1,209.31
      8757428         $245,495.48           5.595%             2.6957%         $6,617.70
      8757460         $121,268.21           5.595%             2.6957%         $3,268.97
      8757480         $133,896.89           5.720%             0.5217%          $698.59
      8757596         $84,287.96            5.720%             0.5217%          $439.76
      8757608         $143,318.75           5.595%             2.6957%         $3,863.38
      8757700         $305,389.22           5.720%             0.5217%         $1,593.34
      8757756         $133,825.87           5.595%             2.6957%         $3,607.48
      8757766         $121,769.86           5.595%             2.6957%         $3,282.49
      8757776         $126,809.03           5.595%             2.6957%         $3,418.33
      8757822         $119,760.46           5.720%             0.5217%          $624.84
      8757860         $159,654.31           5.595%             2.6957%         $4,303.72
      8757966         $179,640.70           5.720%             0.5217%          $937.26
      8757978         $178,725.81           5.720%             0.5217%          $932.48
      8758064         $61,374.28            5.595%             2.6957%         $1,654.44
      8758106         $82,107.13            5.595%             2.6957%         $2,213.32
      8758258         $304,772.32           5.720%             0.5217%         $1,590.12
      8758260         $127,601.37           5.720%             0.5217%          $665.75
      8758296         $219,323.81           5.595%             2.6957%         $5,912.21
      8758572         $49,897.79            5.595%             2.6957%         $1,345.07
      8758612         $113,431.86           5.720%             0.5217%          $591.82
      8758684         $60,812.51            5.595%             2.6957%         $1,639.29
      8758714         $123,618.85           5.595%             2.6957%         $3,332.33
      8758766         $282,599.22           5.720%             0.5217%         $1,474.43
      8758772         $159,580.82           5.720%             0.5217%          $832.60
      8758796         $138,582.78           5.720%             0.5217%          $723.04
      8758830         $208,141.36           5.595%             2.6957%         $5,610.77
      8758840         $199,178.35           5.595%             2.6957%         $5,369.16
      8758982         $124,744.48           5.595%             2.6957%         $3,362.68
      8759106         $48,525.36            5.595%             2.6957%         $1,308.07
      8759150         $132,341.96           5.595%             2.6957%         $3,567.48
      8759170         $138,143.53           5.720%             0.5217%          $720.75
      8759184         $189,415.99           5.595%             2.6957%         $5,106.00
      8759246         $80,252.56            5.595%             2.6957%         $2,163.33
      8759372         $122,894.00           5.720%             0.5217%          $641.19
      8759440         $163,740.39           5.720%             0.5217%          $854.30
      8759464         $179,277.84           5.720%             0.5217%          $935.36
      8759516         $179,689.13           5.595%             2.6957%         $4,843.79
      8759536         $81,820.00            5.595%             2.6957%         $2,205.58
      8759600         $112,929.55           5.595%             2.6957%         $3,044.19
      8759676         $133,398.25           5.720%             0.5217%          $695.99
      8759700         $228,608.90           5.720%             0.5217%         $1,192.74
      8759726         $55,827.86            5.595%             2.6957%         $1,504.92
      8759746         $79,759.85            5.720%             0.5217%          $416.14
      8759794         $119,631.15           5.595%             2.6957%         $3,224.84
      8759816         $109,548.06           5.595%             2.6957%         $2,953.03
      8759818         $181,440.59           5.595%             2.6957%         $4,891.01
      8759864         $116,292.38           5.720%             0.5217%          $606.74
      8759876         $264,434.81           5.720%             0.5217%         $1,379.66
      8759882         $156,318.03           5.595%             2.6957%         $4,213.79
      8759886         $214,937.31           5.595%             2.6957%         $5,793.96
      8759894         $113,033.70           5.595%             2.6957%         $3,047.00
      8759898         $167,309.79           5.595%             2.6957%         $4,510.09
      8760094         $148,542.01           5.595%             2.6957%         $4,004.18
      8760188         $179,446.74           5.595%             2.6957%         $4,837.26


 Monday, December 22, 2003                                                      Page 3 of 6
      8760212         $262,403.10           5.720%             0.5217%         $1,369.06
      8760240         $166,498.75           5.720%             0.5217%          $868.69
      8760274         $75,695.08            5.720%             0.5217%          $394.93
      8760284         $44,811.75            5.595%             2.6957%         $1,207.97
      8760288         $234,294.63           5.720%             0.5217%         $1,222.41
      8760290         $175,276.95           5.595%             2.6957%         $4,724.86
      8760300         $118,710.27           5.595%             2.6957%         $3,200.02
      8760308         $75,168.25            5.595%             2.6957%         $2,026.27
      8760324         $206,727.64           5.720%             0.5217%         $1,078.58
      8760328         $201,842.32           5.720%             0.5217%         $1,053.09
      8760330         $183,946.20           5.720%             0.5217%          $959.72
      8760374         $187,725.59           5.595%             2.6957%         $5,060.43
      8760376         $110,928.16           5.720%             0.5217%          $578.76
      8760398         $82,866.19            5.720%             0.5217%          $432.35
      8760410         $79,759.85            5.720%             0.5217%          $416.14
      8760428         $149,383.75           5.595%             2.6957%         $4,026.87
      8760462         $56,081.16            5.720%             0.5217%          $292.60
      8760496         $191,423.70           5.720%             0.5217%          $998.73
      8760498         $229,708.44           5.720%             0.5217%         $1,198.48
      8760502         $198,153.45           5.720%             0.5217%         $1,033.84
      8760524         $130,806.18           5.720%             0.5217%          $682.47
      8760530         $243,993.48           5.595%             2.6957%         $6,577.22
      8760552         $147,391.96           5.595%             2.6957%         $3,973.17
      8760562         $131,993.04           5.595%             2.6957%         $3,558.07
      8760572         $132,596.99           5.720%             0.5217%          $691.81
      8760582         $142,061.98           5.595%             2.6957%         $3,829.50
      8760604         $139,338.68           5.720%             0.5217%          $726.98
      8760678         $71,790.80            5.720%             0.5217%          $374.56
      8760766         $66,326.37            5.595%             2.6957%         $1,787.93
      8760848         $114,347.43           5.595%             2.6957%         $3,082.41
      8760978         $117,637.30           5.595%             2.6957%         $3,171.09
      8760988         $138,572.76           5.595%             2.6957%         $3,735.44
      8760996         $71,711.12            5.720%             0.5217%          $374.15
      8761094         $83,243.34            5.595%             2.6957%         $2,243.95
      8761170         $55,831.91            5.720%             0.5217%          $291.30
      8761180         $321,405.33           5.720%             0.5217%         $1,676.90
      8761182         $321,374.25           5.595%             2.6957%         $8,663.13
      8761276         $210,351.45           5.595%             2.6957%         $5,670.34
      8777250         $578,780.66           5.220%             9.2174%        $53,348.48
      8784898         $338,569.84           5.470%             4.8696%        $16,486.88
      8784904         $547,740.46           5.595%             2.6957%        $14,765.18
      8798468         $450,340.39           5.595%             2.6957%        $12,139.61
      8798562         $351,614.71           5.220%             9.2174%        $32,409.70
      8798830         $179,816.48           5.595%             2.6957%         $4,847.23
      8807928         $439,540.61           5.470%             4.8696%        $21,403.72
      8811802         $106,768.42           5.720%             0.5217%          $557.05
      8814592         $234,766.06           5.720%             0.5217%         $1,224.87
      8816440         $649,321.36           5.470%             4.8696%        $31,619.13
      8816452         $99,900.45            5.720%             0.5217%          $521.22
      8816456         $649,246.74           5.470%             4.8696%        $31,615.49
      8818832         $142,174.90           5.595%             2.6957%         $3,832.54
      8818914         $152,847.69           5.720%             0.5217%          $797.47
      8819694         $365,278.61           5.720%             0.5217%         $1,905.80
      8827814         $156,000.00           5.720%             0.5217%          $813.91
      8827930         $129,500.00           5.595%             2.6957%         $3,490.87
      8828470         $115,881.74           5.595%             2.6957%         $3,123.77
      8829488         $638,848.01           5.595%             2.6957%        $17,221.12


 Monday, December 22, 2003                                                      Page 4 of 6
      8831182         $144,500.00           5.595%             2.6957%         $3,895.22
      8831602         $336,000.00           5.720%             0.5217%         $1,753.04
      8831866         $154,081.16           5.220%             9.2174%        $14,202.26
      8833560         $126,609.63           5.595%             2.6957%         $3,412.96
      8833602         $118,878.67           5.595%             2.6957%         $3,204.56
      8833610         $149,700.59           5.720%             0.5217%          $781.05
      8833762         $71,856.28            5.720%             0.5217%          $374.90
      8833858         $224,550.90           5.720%             0.5217%         $1,171.57
      8833864         $69,161.68            5.720%             0.5217%          $360.84
      8833984         $62,874.25            5.720%             0.5217%          $328.04
      8834008         $145,800.47           5.595%             2.6957%         $3,930.27
      8834020         $142,208.62           5.595%             2.6957%         $3,833.45
      8834032         $184,630.74           5.720%             0.5217%          $963.29
      8834098         $128,862.06           5.720%             0.5217%          $672.32
      8834102         $266,927.01           5.595%             2.6957%         $7,195.42
      8834116         $75,399.18            5.720%             0.5217%          $393.39
      8834128         $70,288.38            5.720%             0.5217%          $366.72
      8834144         $192,115.76           5.720%             0.5217%         $1,002.34
      8834158         $179,632.06           5.595%             2.6957%         $4,842.26
      8834222         $82,830.33            5.595%             2.6957%         $2,232.82
      8834282         $49,794.58            5.595%             2.6957%         $1,342.29
      8834286         $145,116.92           5.720%             0.5217%          $757.13
      8834336         $130,049.05           5.595%             2.6957%         $3,505.67
      8834432         $79,500.00            5.720%             0.5217%          $414.78
      8834434         $69,540.63            5.720%             0.5217%          $362.82
      8834498         $62,874.25            5.720%             0.5217%          $328.04
      8835078         $161,734.59           5.595%             2.6957%         $4,359.80
      8835200         $267,195.60           5.720%             0.5217%         $1,394.06
      8835650         $159,672.92           5.595%             2.6957%         $4,304.23
      8835654         $53,889.60            5.595%             2.6957%         $1,452.68
      8835822         $126,229.30           5.595%             2.6957%         $3,402.70
      8835870         $69,860.27            5.720%             0.5217%          $364.49
      8835882         $76,044.22            5.595%             2.6957%         $2,049.89
      8835890         $122,954.09           5.720%             0.5217%          $641.50
      8835942         $178,634.09           5.595%             2.6957%         $4,815.35
      8835974         $156,180.10           5.595%             2.6957%         $4,210.07
      8836058         $199,600.78           5.720%             0.5217%         $1,041.40
      8838892         $274,000.00           5.720%             0.5217%         $1,429.57
      8839948         $234,491.39           5.720%             0.5217%         $1,223.43
      8840446         $250,737.94           5.470%             4.8696%        $12,209.85
      8840482         $289,989.65           5.345%             7.0435%        $20,425.36
      8840504         $299,663.84           5.095%            11.3913%        $34,135.62
      8840608         $134,259.68           5.470%             4.8696%         $6,537.86
      8841030         $481,434.11           4.845%            15.7391%        $75,773.54
      8841044         $127,859.90           5.220%             9.2174%        $11,785.35
      8841068         $181,296.62           5.095%            11.3913%        $20,652.05
      8841074         $129,843.80           4.720%            17.9130%        $23,258.98
      8841092         $342,633.31           5.345%             7.0435%        $24,133.30
      8842134         $109,887.85           5.595%             2.6957%         $2,962.19
      8842140         $225,758.40           5.345%             7.0435%        $15,901.24
      8845426         $299,701.35           5.720%             0.5217%         $1,563.66
      8845520         $449,541.20           5.595%             2.6957%        $12,118.07
      8850774         $116,787.93           5.470%             4.8696%         $5,687.06
      8850902         $159,200.00           5.720%             0.5217%          $830.61
      8851170         $90,000.00            5.720%             0.5217%          $469.57
      8851414         $67,500.00            5.595%             2.6957%         $1,819.57
      8851422         $148,300.00           5.720%             0.5217%          $773.74


 Monday, December 22, 2003                                                      Page 5 of 6
      8851574         $178,821.80           5.720%             0.5217%          $932.98
      8852290         $529,072.78           5.720%             0.5217%         $2,760.38
      8852782         $79,826.86            5.720%             0.5217%          $416.49
      8852877         $319,002.37           5.520%             4.0000%        $12,760.09
      8852910         $80,270.01            5.720%             0.5217%          $418.80
      8853560         $126,570.82           5.595%             2.6957%         $3,411.91
      8855126         $96,701.31            5.595%             2.6957%         $2,606.73
      8855406         $252,000.00           5.720%             0.5217%         $1,314.78
      8855482         $350,000.00           5.720%             0.5217%         $1,826.09
      8855946         $289,500.00           5.595%             2.6957%         $7,803.91
      8859871         $187,408.74           5.595%             2.6957%         $5,051.89
      8865892         $145,600.00           5.720%             0.5217%          $759.65
      8867412         $99,000.00            5.720%             0.5217%          $516.52
      8867508         $200,000.00           5.595%             2.6957%         $5,391.30
      8867720         $175,000.00           5.470%             4.8696%         $8,521.74
      8869618         $144,427.00           5.720%             0.5217%          $753.53
      8870758         $180,000.00           5.720%             0.5217%          $939.13
      8870902         $158,850.00           5.720%             0.5217%          $828.78
      8871236         $401,000.00           5.720%             0.5217%         $2,092.17
      8871584         $549,452.47           5.720%             0.5217%         $2,866.71
      8872168         $299,701.34           5.720%             0.5217%         $1,563.66
      8872652         $148,352.17           5.720%             0.5217%          $774.01
      8873234         $427,542.22           5.720%             0.5217%         $2,230.66
      8873382         $475,975.43           5.470%             4.8696%        $23,177.93
      8873538         $393,398.50           5.595%             2.6957%        $10,604.66
      8873614         $134,256.32           5.345%             7.0435%         $9,456.31
      8875498         $98,901.44            5.720%             0.5217%          $516.01
      8877024         $536,089.01           5.595%             2.6957%        $14,451.10
      8877488         $134,865.60           5.720%             0.5217%          $703.65
      8877770         $295,705.33           5.720%             0.5217%         $1,542.81
      8877856         $82,000.00            5.595%             2.6957%         $2,210.43
      8877984         $75,700.00            5.720%             0.5217%          $394.96
      8879584         $56,550.00            5.720%             0.5217%          $295.04
      8881266         $416,828.88           5.220%             9.2174%        $38,420.75
      8881278         $578,785.98           5.470%             4.8696%        $28,184.36
      8881282         $400,186.56           5.470%             4.8696%        $19,487.35
      8890412         $312,181.31           5.470%             4.8696%        $15,201.87
      8892580         $196,000.00           5.595%             2.6957%         $5,283.48
      8894806         $158,650.00           5.470%             4.8696%         $7,725.57
      8894974         $64,495.57            5.720%             0.5217%          $336.50
      8895330         $167,293.35           5.470%             4.8696%         $8,146.46
      8896946         $428,000.00           5.595%             2.6957%        $11,537.39
      8897200         $307,500.00           5.720%             0.5217%         $1,604.35
      8897218         $56,000.00            5.595%             2.6957%         $1,509.57
      8901178         $212,000.00           5.720%             0.5217%         $1,106.09
      8901940         $319,500.00           5.595%             2.6957%         $8,612.61
      8904028         $315,000.00           5.720%             0.5217%         $1,643.48
      8904366         $164,500.00           5.720%             0.5217%          $858.26
      8907166         $235,500.00           5.595%             2.6957%         $6,348.26
      8914010         $396,000.00           5.720%             0.5217%         $2,066.09
      8914016         $398,000.00           5.595%             2.6957%        $10,728.70
      8914278         $143,000.00           5.720%             0.5217%          $746.09
      8924352         $406,000.00           5.720%             0.5217%         $2,118.26






 Monday, December 22, 2003                                                      Page 6 of 6
</TABLE>


<PAGE>






                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

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

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

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

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

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

(vi)    the   aggregate   Certificate   Principal   Balance  of  each  Class  of
        Certificates  and each of the Senior  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,  (a) the  number  and  aggregate  principal  balances  of
        Mortgage  Loans that are  Delinquent  (1) 30-59 days, (2) 60-89 days and
        (3) 90 or more days and the number and  aggregate  principal  balance of
        Mortgage  Loans that are in  foreclosure,  (b) the number and  aggregate
        principal  balances  of  Reportable  Modified  Mortgage  Loans  that are
        Delinquent  (1) 30-59  days,  (2) 60-89 days and (3) 90 or more days and
        the number  and  aggregate  principal  balance  of  Reportable  Modified
        Mortgage Loans that are in foreclosure and are REO Property,  indicating
        in each case capitalized  Mortgage Loans, other Servicing  Modifications
        and totals,  and (c) for all Reportable  Modified  Mortgage  Loans,  the
        number and aggregate  Stated  Principal  Balance of Reportable  Modified
        Mortgage  Loans that have been  liquidated,  the subject of pay-offs and
        that have been repurchased by the Master Servicer or Seller;

(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;

<PAGE>

(xi)    the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of
        the close of business on such Distribution Date and a description of any
        change in the calculation of such amounts;

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

(xiii)  the  Notional  Amount  with  respect  to each  class  of  Interest  Only
        Certificates and each Subclass Notional Amount;

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

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

(xvi)   the related Senior Percentage for such Distribution Date;

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

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

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

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The Trustee's internet website, and assistance in using the website, can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.



<PAGE>






                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003





                                 EXECUTION COPY


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



                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT



                            Dated as of March 1, 2003



                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates




================================================================================
<PAGE>
<TABLE>
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                                TABLE OF CONTENTS

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<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................32

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........33

        Section 2.01. Conveyance of Mortgage Loans.........................................33

        Section 2.02. Acceptance by Trustee................................................39

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................40

        Section 2.04. Representations and Warranties of Sellers............................42

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                Certificates Evidencing Interests in REMIC I Certificates..................44

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                Acceptance by the Trustee..................................................44

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............44

        Section 2.08. Purposes and Powers of the Trust.....................................44

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................45

        Section 3.01. Master Servicer to Act as Servicer...................................45

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                Enforcement of Subservicers' and Sellers' Obligations......................46
        Section 3.03. Successor Subservicers...............................................47

        Section 3.04. Liability of the Master Servicer.....................................48

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                Certificateholders ........................................................48

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 48

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                Account ...................................................................49

        Section 3.08. Subservicing Accounts; Servicing Accounts............................51

        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                Loans .....................................................................53

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................53

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        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder55

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...56

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................57

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................59

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................63

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............64

        Section 3.17. Reports to the Trustee and the Company...............................65

        Section 3.18. Annual Statement as to Compliance....................................65

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............66

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............66

        Section 3.21. Administration of Buydown Funds......................................67

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................68

        Section 4.01. Certificate Account..................................................68

        Section 4.02. Distributions........................................................68

        Section 4.03. Statements to Certificateholders; Statements to Rating Agencies;
                Exchange Act Reporting.....................................................68

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances
                by the Master Servicer.............. ......................................70

        Section 4.05. Allocation of Realized Losses........................................72

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........72

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................72

        Section 4.08. Surety Bond..........................................................72

Article V         THE CERTIFICATES.........................................................74

        Section 5.01. The Certificates.....................................................74

        Section 5.02. Registration of Transfer and Exchange of Certificates................76

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................81

        Section 5.04. Persons Deemed Owners................................................82

        Section 5.05. Appointment of Paying Agent..........................................82

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Article VI        THE COMPANY AND THE MASTER SERVICER......................................83

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........83

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................83

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 84

        Section 6.04. Company and Master Servicer Not to Resign............................85

Article VII       DEFAULT..................................................................86

        Section 7.01. Events of Default....................................................86

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................88

        Section 7.03. Notification to Certificateholders...................................89

        Section 7.04. Waiver of Events of Default..........................................89

Article VIII      CONCERNING THE TRUSTEE...................................................90

        Section 8.01. Duties of Trustee....................................................90

        Section 8.02. Certain Matters Affecting the Trustee................................91

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................93

        Section 8.04. Trustee May Own Certificates.........................................93

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.93

        Section 8.06. Eligibility Requirements for Trustee.................................94

        Section 8.07. Resignation and Removal of the Trustee...............................95

        Section 8.08. Successor Trustee....................................................95

        Section 8.09. Merger or Consolidation of Trustee...................................96

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................96

        Section 8.11. Appointment of Custodians............................................97

        Section 8.12. Appointment of Office or Agency......................................98

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................99

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
                Termination Upon Purchase by the Master Servicer or Liquidation of All
                Mortgage Loans........ ....................................................99

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        Section 9.02. Additional Termination Requirements.................................102

        Section 9.03. Termination of Multiple REMICs......................................103

Article X         REMIC PROVISIONS........................................................104

        Section 10.01.REMIC Administration................................................104

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....107

        Section 10.03.Designation of REMIC(s).............................................108

Article XI        MISCELLANEOUS PROVISIONS................................................109

        Section 11.01.Amendment...........................................................109

        Section 11.02.Recordation of Agreement; Counterparts..............................111

        Section 11.03.Limitation on Rights of Certificateholders..........................112

        Section 11.04.Governing Law.......................................................112

        Section 11.05.Notices.............................................................113

        Section 11.06.Required Notices to Rating Agency and Subservicer...................114

        Section 11.07.Severability of Provisions..........................................114

        Section 11.08.Supplemental Provisions for Resecuritization........................114

        Section 11.09.Allocation of Voting Rights.........................................114

        Section 11.10.No Petition.........................................................114


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                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of 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:            Form of Investor Representation Letter
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
Exhibit O:            Form of Form 10-K Certification
Exhibit P:            Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:            Information to be Provided by the Master Servicer to the Rating Agencies Relating to
                      Reportable Modified Mortgage Loans

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        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (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:

                                       1
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                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        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 and (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                       2
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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,  payment
rights,  instruments,  documents,  deposit  accounts,  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,  payment rights, instruments,  documents, deposit accounts,
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.

                                       3
<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, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
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 Principal Prepayments in Full made after the related
Prepayment  Period, 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


                                       4
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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, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (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 connection with Principal  Prepayments in Full and Curtailments made in
the prior calendar month, 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 such  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.

                                       5
<PAGE>

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

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

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance of the Mortgage  Loans during the prior calendar month and reimbursed to
the  Master  Servicer  or  Subservicer  on or  prior to such  Distribution  Date
pursuant  to  Section  3.10(a)(vii),   plus  the  Capitalization   Reimbursement
Shortfall Amount remaining  unreimbursed  from any prior  Distribution  Date and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        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,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  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.

                                       6
<PAGE>

        Certificate Insurer: As defined in the Series Supplement.

        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)  any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

        (iii)  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

         (iv)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

        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.

                                       7
<PAGE>

     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.

        Commission:  The Securities and Exchange Commission.

        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 and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, 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 and 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; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced  pursuant to Section  7.02(a) except as may be required  pursuant to the
last sentence of such Section.

        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,


                                       8
<PAGE>

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.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

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

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

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        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 (or due during the month of
the Cut-off Date), whether or not received.

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

        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.

                                       9
<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

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

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

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

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

        Determination Date: As defined in the Series Supplement.

        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.

                                       10
<PAGE>

        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
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

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

        Due Date: With respect to any  Distribution  Date and any Mortgage Loan,
the day during the related Due Period on which the Monthly Payment is due.

        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


                                       11
<PAGE>

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 pplicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Exchange Act:  The Securities and Exchange Act of 1934, as amended.
        ------------

        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

                                       12
<PAGE>

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.

        Fannie Mae: 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.

        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.
        ----

        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:  Fitch Ratings or its successor in interest.
        -----

        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.

        Form 10-K Certification:  As defined in Section 4.03(e).

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

                                       13
<PAGE>

        Freddie  Mac:  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.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

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

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

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        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.

                                       14
<PAGE>

        Interim Certification:  As defined in Section 2.02.

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

        Junior  Certificateholder:  The  Holder  of  not  less  than  95% of the
Percentage Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

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

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

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

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

        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 a Certificate  Principal Balance
greater than zero,  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.

                                       15
<PAGE>

     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).

        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


                                       16
<PAGE>

Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

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

        Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.

        Mortgage  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

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

        Mortgagor:  The obligor on a Mortgage Note.
        ---------

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

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

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

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

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer or Subservicer 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.  To the extent that
any Mortgagor is not obligated  under the related  Mortgage  documents to pay or
reimburse  any  portion of any  Servicing  Advances  that are  outstanding  with
respect  to the  related  Mortgage  Loan as a result of a  modification  of such
Mortgage Loan by the Master  Servicer,  which forgives  amounts which the Master
Servicer  or  Subservicer  had  previously  advanced,  and the  Master  Servicer
determines that no other source of payment or reimbursement for such advances is
available to it, such Servicing  Advances  shall be deemed to be  Nonrecoverable
Advances.  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, the Trustee and any Certificate Insurer.

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

                                       17
<PAGE>

        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.

        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;

                                       18
<PAGE>

(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;

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

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

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

                                       19
<PAGE>

        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,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

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

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

        Pool  Stated  Principal  Balance:  As  to  any  Distribution  Date,  the
aggregate of the Stated Principal Balances of each Mortgage Loan.

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

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, 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


                                       20
<PAGE>

(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 month 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 and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

        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 that is made by the Mortgagor.

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

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate


                                       21
<PAGE>

               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

          (v)  comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-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


                                       22
<PAGE>

               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,  Servicing Advances
               or other 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) (1) the
               amount by which the interest  portion of a Monthly Payment or the
               principal  balance of such  Mortgage  Loan was reduced or (2) the
               sum of any other  amounts owing under the Mortgage Loan that were
               forgiven  and  that  constitute   Servicing   Advances  that  are
               reimbursable  to the Master  Servicer or a Subservicer,  and (ii)
               any such amount  with  respect to a Monthly  Payment  that was or
               would have been due in the month immediately  following the month
               in which a Principal  Prepayment  or the  Purchase  Price of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

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

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

                                       23
<PAGE>

        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.

        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.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such


                                       24
<PAGE>

Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        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  with  particular
responsibility  for  this  transaction,  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.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with


                                       25
<PAGE>

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

                                       26
<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  or a  Subservicer  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,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.11, 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.

                                       27
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which, in the judgment of the Master Servicer, default is reasonably foreseeable
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 Ratings  Services,  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 sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance  of the  Mortgage  Loan  has  been  increased  pursuant  to a  Servicing
Modification,  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).

                                       28
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

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

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (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)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

        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.

                                       29
<PAGE>

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

        Surety:  Ambac,  or its successors in interest,  or such other surety as
may be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

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

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

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

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

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)     the  Mortgage  Loans  and the  related  Mortgage  Files  and  collateral
        securing such Mortgage Loans,

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  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,

                                       30
<PAGE>

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

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

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

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

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

        United  States Person 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.

                                       31
<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  in the  month  of  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 with  evidence of recording  indicated
        thereon;

(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 with evidence
        of recording indicated thereon;

(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  with  evidence  of
        recording indicated thereon; and

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

                                       32
<PAGE>

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

(c)     The Company may, in lieu of delivering the original of the documents set
        forth  in  Section  2.01(b)(I)(ii),  (iii),  (iv)  and (v)  and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted


                                       33
<PAGE>

        by Section  2.01(b))  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 in
        the next sentence.  Within thirty Business Days following the earlier of
        (i) the receipt of the original of all of the  documents or  instruments
        set forth in Section  2.01(b)(I)(ii),  (iii),  (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)     Notwithstanding  the provisions of Section  2.01(c),  in connection with
        any Mortgage  Loan,  if the Company  cannot  deliver the original of the
        Mortgage,   any  assignment,   modification,   assumption  agreement  or
        preferred  loan  agreement  (or copy  thereof  as  permitted  by Section
        2.01(b))  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 copy 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 as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage


                                       34
<PAGE>

in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (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,  within 30 Business Days after 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 in the field which identifies the specific Trustee and (b) the code
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.  Nonetheless,  (a) this Agreement is intended to be and hereby is 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,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,


                                       35
<PAGE>

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, payment intangibles, negotiable documents, goods,
deposit accounts,  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 as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

                                       36
<PAGE>

(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  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, 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)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, 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 secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.
               ---------------------

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section


                                       37
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed 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, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. 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.

        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
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


                                       38
<PAGE>

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;

(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;

                                       39
<PAGE>

(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.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       40
<PAGE>

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  rights 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
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


                                       41
<PAGE>

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.

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.

                                       42
<PAGE>

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.  Purposes and Powers of the Trust.
               --------------------------------

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b) to enter into and perform its obligations under this Agreement;

(c) to engage in those activities that are necessary,  suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       43
<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.


                                       44
<PAGE>

The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  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


                                       45
<PAGE>

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

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
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 Seller's  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


                                       46
<PAGE>

made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.
               --------------------------------

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

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

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

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.

                                       47
<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),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance 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;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off  Date,  but not  less  than the sum of the  rates  at which  the
        Servicing  Fee and the  Subservicing  Fee with respect to such  Mortgage
        Loan accrues plus the rate at which the premium paid to the  Certificate
        Insurer,  if any, accrues,  (2) the final maturity date for any Mortgage
        Loan shall not be  extended  beyond the  Maturity  Date,  (3) the Stated
        Principal  Balance of all Reportable  Modified Mortgage Loans subject to
        Servicing   Modifications   (measured  at  the  time  of  the  Servicing
        Modification and after giving effect to any Servicing  Modification) can
        be no more than five percent of the aggregate  principal  balance of the
        Mortgage  Loans as of the Cut-off  Date,  unless such limit is increased
        from  time to time  with the  consent  of the  Rating  Agencies  and the
        Certificate  Insurer,  if any.  In  addition,  any  amounts  owing  on a
        Mortgage  Loan  added  to the  outstanding  principal  balance  of  such
        Mortgage  Loan must be fully  amortized  over the term of such  Mortgage
        Loan, and such amounts may be added to the outstanding principal balance
        of a  Mortgage  Loan only once  during the life of such  Mortgage  Loan.
        Also, the addition of such amounts  described in the preceding  sentence


                                       48
<PAGE>

        shall be  implemented  in  accordance  with the Program Guide and may be
        implemented  only by Subservicers  that have been approved by the Master
        Servicer for such  purpose.  In  connection  with any  Curtailment  of a
        Mortgage Loan, the Master Servicer,  to the extent not inconsistent with
        the terms of the Mortgage  Note and local law and  practice,  may permit
        the Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
        recalculated as an amount that will fully amortize the remaining  Stated
        Principal  Balance  thereof by the original  Maturity  Date based on the
        original Mortgage Rate; provided, that such re-amortization shall not be
        permitted if it would  constitute a reissuance  of the Mortgage Loan for
        federal income tax purposes,  except if such  reissuance is described in
        Treasury Regulation Section 1.860G-2(b)(3).

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

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

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

(iii)   Insurance Proceeds,  Subsequent Recoveries 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


                                       49
<PAGE>

the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

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

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

(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


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<PAGE>

shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

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

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   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.

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<PAGE>

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

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

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

Section 3.10.  Permitted Withdrawals from the Custodial Account.
               --------------------------------------------------

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

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

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     Advances,  Servicing  Advances or other  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 the related 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


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<PAGE>

     (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,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection  (c) below,  and any  Advance or  Servicing  Advance  made in
        connection  with a modified  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 or
        Servicing  Advance  was added to the  Stated  Principal  Balance  of the
        Mortgage Loan in the prior calendar month,  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.

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<PAGE>

(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 relating to an Advance pursuant to Section
        4.04 on any such Certificate Account Deposit Date shall be limited to an
        amount not  exceeding  the portion of such  advance  previously  paid to
        Certificateholders   (and  not  theretofore  reimbursed  to  the  Master
        Servicer or the related Subservicer).

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

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
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.

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<PAGE>

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

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

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  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).

                                       55
<PAGE>

        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 Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  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.

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<PAGE>

(b)     Subject to the Master Servicer's duty to enforce any due-on-sale  clause
        to the  extent  set  forth in  Section  3.13(a),  in any case in which a
        Mortgaged  Property is to be conveyed  to a Person by a  Mortgagor,  and
        such Person is to enter into an assumption or modification  agreement or
        supplement to the Mortgage Note or Mortgage which requires the signature
        of the Trustee,  or if an instrument of release signed by the Trustee is
        required  releasing the Mortgagor  from  liability on the Mortgage Loan,
        the Master  Servicer is authorized,  subject to the  requirements of the
        sentence  next  following,  to  execute  and  deliver,  on behalf of the
        Trustee,  the assumption agreement with the Person to whom the Mortgaged
        Property is to be conveyed and such modification agreement or supplement
        to the Mortgage Note or Mortgage or other  instruments as are reasonable
        or necessary to carry out the terms of the Mortgage  Note or Mortgage or
        otherwise to comply with any applicable  laws  regarding  assumptions or
        the  transfer  of the  Mortgaged  Property  to  such  Person;  provided,
        however,  none of such terms and requirements  shall either (i) both (A)
        constitute  a  "significant   modification"  effecting  an  exchange  or
        reissuance  of such  Mortgage  Loan under the REMIC  Provisions  and (B)
        cause any portion of any REMIC  formed  under the Series  Supplement  to
        fail to  qualify  as a REMIC  under  the  Code or  (subject  to  Section
        10.01(f)),   result  in  the   imposition  of  any  tax  on  "prohibited
        transactions" or (ii) constitute "contributions" after the start-up date
        under the REMIC  Provisions.  The  Master  Servicer  shall  execute  and
        deliver such  documents  only if it reasonably  determines  that (i) its
        execution  and delivery  thereof  will not conflict  with or violate any
        terms of this  Agreement or cause the unpaid balance and interest on the
        Mortgage Loan to be uncollectible in whole or in part, (ii) any required
        consents of insurers  under any Required  Insurance  Policies  have been
        obtained  and  (iii)  subsequent  to  the  closing  of  the  transaction
        involving the assumption or transfer (A) the Mortgage Loan will continue
        to be  secured by a first  mortgage  lien  pursuant  to the terms of the
        Mortgage,  (B) such  transaction  will not adversely affect the coverage
        under any Required Insurance Policies,  (C) the Mortgage Loan will fully
        amortize  over the remaining  term thereof,  (D) no material term of the
        Mortgage Loan (including the interest rate on the Mortgage Loan) will be
        altered nor will the term of the Mortgage Loan be changed and (E) if the
        seller/transferor  of the  Mortgaged  Property  is to be  released  from
        liability  on the  Mortgage  Loan,  such  release will not (based on the
        Master Servicer's or Subservicer's good faith  determination)  adversely
        affect  the  collectability  of  the  Mortgage  Loan.  Upon  receipt  of
        appropriate instructions from the Master Servicer in accordance with the
        foregoing,  the Trustee shall execute any necessary instruments for such
        assumption  or  substitution  of liability 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


                                       57
<PAGE>

        related  Cooperative  Apartment)  without any right of  reimbursement or
        other similar  matters if it has  determined,  exercising its good faith
        business judgment in the same manner as it would if it were the owner of
        the related  Mortgage  Loan,  that the security  for, and the timely and
        full  collectability  of,  such  Mortgage  Loan  would not be  adversely
        affected  thereby  and that any  portion of any REMIC  formed  under the
        Series Supplement would not fail to continue to qualify as a REMIC under
        the Code as a result  thereof and (subject to Section  10.01(f)) that no
        tax on "prohibited  transactions" or  "contributions"  after the startup
        day would be  imposed  on any such  REMIC as a result  thereof.  Any fee
        collected  by  the  Master  Servicer  or  the  related  Subservicer  for
        processing  such a request  will be retained  by the Master  Servicer or
        such Subservicer as additional servicing compensation.

(d)     Subject to any other  applicable terms and conditions of this Agreement,
        the  Trustee  and  Master  Servicer  shall be  entitled  to  approve  an
        assignment in lieu of  satisfaction  with respect to any Mortgage  Loan,
        provided the obligee with respect to such Mortgage Loan  following  such
        proposed  assignment  provides  the Trustee and Master  Servicer  with a
        "Lender  Certification  for  Assignment  of  Mortgage  Loan" in the form
        attached hereto as Exhibit M, in form and substance  satisfactory to the
        Trustee  and Master  Servicer,  providing  the  following:  (i) that the
        substance of the  assignment is, and is intended to be, a refinancing of
        such  Mortgage;  (ii) that the  Mortgage  Loan  following  the  proposed
        assignment  will have a rate of interest at least 0.25 percent  below or
        above the rate of interest on such  Mortgage Loan prior to such proposed
        assignment;  and (iii)  that such  assignment  is at the  request of the
        borrower under the related Mortgage Loan. Upon approval of an assignment
        in lieu of  satisfaction  with respect to any Mortgage  Loan, the Master
        Servicer  shall receive cash in an amount equal to the unpaid  principal
        balance of and  accrued  interest on such  Mortgage  Loan and the Master
        Servicer shall treat such amount as a Principal  Prepayment in Full with
        respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.
               -----------------------------------------

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant to Section  3.07.  Alternatively,  the Master  Servicer  may take other
actions in respect of a defaulted Mortgage Loan, which may include (i) accepting
a short sale (a payoff of the  Mortgage  Loan for an amount  less than the total
amount  contractually  owed in  order  to  facilitate  a sale  of the  Mortgaged
Property by the  Mortgagor) or permitting a short  refinancing  (a payoff of the
Mortgage  Loan for an amount less than the total  amount  contractually  owed in
order to facilitate  refinancing  transactions  by the Mortgagor not involving a
sale of the Mortgaged  Property),  (ii)  arranging for a repayment plan or (iii)
agreeing to a modification  in accordance  with 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


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<PAGE>

attempted foreclosure which is not completed,  or towards the restoration of any
property unless it shall determine (i) that such restoration  and/or foreclosure
will  increase the proceeds of  liquidation  of the Mortgage  Loan to Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to 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


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<PAGE>

conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

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

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be 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.

                                       60
<PAGE>

(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 as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property
acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  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.

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<PAGE>

(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
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


                                       62
<PAGE>

Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

Section 3.16.  Servicing and Other Compensation; Compensating Interest.
               ---------------------------------------------------------

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

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

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not 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.

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<PAGE>

(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), and 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. 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),  and (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).

Section 3.17.  Reports to the Trustee and the Company.
               --------------------------------------

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

Section 3.18.  Annual Statement as to Compliance.
               ---------------------------------

        The Master  Servicer  will  deliver to the Company and the Trustee on or
before the earlier of (a) March 31 of each year,  beginning with the first March
31 that occurs at least six months after the Cut-off Date or (b) with respect to
any  calendar  year during  which the  Company's  annual  report on Form 10-K is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the date on which the annual report on Form 10-K
is required to be filed in  accordance  with the  Exchange Act and the rules and
regulations of the  Commission,  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


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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 the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months  after the Cut-off  Date,  or
(b) with respect to any calendar year during which the  Company's  annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the Master Servicer at its expense shall cause a
firm of independent public  accountants,  which shall be members of the American
Institute of Certified  Public  Accountants,  to furnish a report to the Company
and the  Trustee  stating  its  opinion  that,  on the  basis of an  examination
conducted by such firm substantially in accordance with standards established by
the American  Institute of Certified  Public  Accountants,  the assertions  made
pursuant  to  Section  3.18  regarding  compliance  with the  minimum  servicing
standards  set forth in the Uniform  Single  Attestation  Program  for  Mortgage
Bankers  during the  preceding  calendar  year are fairly stated in all material
respects,  subject to such  exceptions  and other  qualifications  that,  in the
opinion of such  firm,  such  accounting  standards  require  it to  report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

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

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


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liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

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

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

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<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.  The Trustee or its Affiliates are permitted to receive
compensation that could be deemed to be in the Trustee's economic  self-interest
for (i) serving as investment  adviser (with respect to investments made through
its  Affiliates),  administrator,  shareholder  servicing  agent,  custodian  or
sub-custodian with respect to certain of the Permitted  Investments,  (ii) using
Affiliates to effect  transactions  in certain  Permitted  Investments and (iii)
effecting transactions in certain Permitted Investments.

Section 4.02.  Distributions.
               -------------

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03. Statements to  Certificateholders;  Statements to Rating Agencies;
     Exchange Act Reporting.

               (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 either  forward by


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<PAGE>

mail or make  available  to each  Holder  and  the  Company,  via the  Trustee's
internet  website,  a  statement  (and  at  its  option,  any  additional  files
containing  the  same  information  in  an  alternative  format)  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.  Such exhibit  shall set forth the  Trustee's
internet website address together with a phone number. The Trustee shall mail to
each Holder that requests a paper copy by telephone a paper copy via first class
mail.  The  Trustee  may modify the  distribution  procedures  set forth in this
Section   provided  that  such   procedures  are  no  less  convenient  for  the
Certificateholders. The Trustee shall provide prior notification to the Company,
the Master Servicer and the Certificateholders  regarding any such modification.
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.  Also,  at the  request of a Rating
Agency,  the Master  Servicer  shall  provide  the  information  relating to the
Reportable  Modified Mortgage Loans substantially in the form attached hereto as
Exhibit Q to such Rating  Agency within a reasonable  period of time;  provided,
however,  that the  Master  Servicer  shall  not be  required  to  provide  such
information more than four times in a calendar year to any Rating Agency.

               (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 the exhibit to the Series Supplement referred to in 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.

               (e) The Master  Servicer shall, on behalf of the Depositor and in
respect of the Trust Fund,  sign and cause to be filed with the  Commission  any
periodic  reports required to be filed under the provisions of the Exchange Act,


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<PAGE>

and the rules and regulations of the Commission  thereunder.  In connection with
the  preparation and filing of such periodic  reports,  the Trustee shall timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution  to the  Certificateholders  as  required  pursuant  to the  Series
Supplement. Neither the Master Servicer nor the Trustee shall have any liability
with respect to the Master  Servicer's  failure to properly prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection  with this Section 4.03(e) shall include a  certification,  signed by
the senior officer in charge of the servicing  functions of the Master Servicer,
in the form  attached  as Exhibit O hereto or such other form as may be required
or permitted by the Commission  (the "Form 10-K  Certification"),  in compliance
with  Rules  13a-14  and  15d-14  under  the  Exchange  Act and  any  additional
directives of the Commission.  In connection  with the Form 10-K  Certification,
the Trustee  shall  provide  the Master  Servicer  with a back-up  certification
substantially in the form attached hereto as Exhibit P. This Section 4.03(e) may
be  amended  in  accordance  with this  Agreement  without  the  consent  of the
Certificateholders.

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  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  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


                                       69
<PAGE>

Monthly Payments were not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

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

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<PAGE>

Section 4.05.  Allocation of Realized Losses.
               -----------------------------

                             As   provided   in  Section   4.05  of  the  Series
Supplement.

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

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

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.
               ----------------------------------------------

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.
               -----------

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment


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<PAGE>

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.

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<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


                                       73
<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.

                                       74
<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 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 of the Trustee, the Company or the Master Servicer;
               provided,  however, that such representation  letters will not be


                                       75
<PAGE>

               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 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 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 (with  respect  to any  Class B  Certificate)  or  paragraph
          fifteen of  Exhibit  G-1 (with  respect  to any Class R  Certificate),
          which  the  Trustee  may  rely  upon   without   further   inquiry  or
          investigation,  or such other  certifications  as the Trustee may deem
          desirable or necessary in order to establish  that such  Transferee or
          the Person in whose name such  registration is requested either (a) is
          not an employee  benefit plan or other plan subject to the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case  of  any  Class  B  Certificate,  the  following  conditions  are
          satisfied:  (i) such  Transferee  is an  insurance  company,  (ii) the


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<PAGE>

          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) Any  Transferee of a Class M  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,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  PTE 2000-58,  65
               Fed. Reg.  67765  (November 13, 2000),  and PTE 2002-41,  67 Fed.
               Reg. 54487 (August 22, 2002) (the "RFC  Exemption"),  and that it
               understands that there are certain conditions to the availability
               of the RFC  Exemption  including  that such  Certificate  must be
               rated,  at the time of  purchase,  not lower than  "BBB-" (or its
               equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c) such
               Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) 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 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 Class M  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,  the Underwriters and the Trust
               Fund from and against any and all liabilities,  claims,  costs or
               expenses incurred by such parties as a result of such acquisition
               or holding.

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

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

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

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

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

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

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

                                       78
<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
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

                                       79
<PAGE>

(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


                                       80
<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,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer 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, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer 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.

                                       81
<PAGE>

ARTICLE VI

<PAGE>




                       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 Fannie Mae or Freddie
Mac; 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  Fannie  Mae  or  Freddie  Mac,  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


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<PAGE>

prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

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

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

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

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<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.

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<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

                                       85
<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.

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<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  Fannie  Mae-  or  Freddie  Mac-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


                                       87
<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.

                                       88
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.
               -----------------

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

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

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

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

     (i)  Prior to the  occurrence of an Event of Default,  and after the curing
          or waiver of all such Events of Default which may have  occurred,  the
          duties and  obligations  of the Trustee shall be determined  solely by
          the express  provisions  of this  Agreement,  the Trustee shall not be
          liable except for the  performance  of such duties and  obligations as
          are specifically set forth in this Agreement,  no implied covenants or
          obligations shall be read into this Agreement against the Trustee and,
          in the  absence of bad faith on the part of the  Trustee,  the Trustee
          may  conclusively  rely,  as to the  truth of the  statements  and the
          correctness of the opinions expressed  therein,  upon any certificates
          or  opinions  furnished  to the  Trustee by the  Company or the Master


                                       89
<PAGE>

          Servicer and which on their face, do not contradict  the  requirements
          of this Agreement;

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

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

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

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

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

Section 8.02.  Certain Matters Affecting the Trustee.
               -------------------------------------

(a)     Except as otherwise provided in Section 8.01:

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

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

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

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

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

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

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


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     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.

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(b)     The Master Servicer agrees to indemnify the Trustee for, and to hold the
        Trustee  harmless  against,  any loss,  liability  or  expense  incurred
        without  negligence or willful misconduct on the Trustee's part, arising
        out of, or in connection with, the acceptance and  administration of the
        Trust Fund, including the costs and expenses (including reasonable legal
        fees and expenses) of defending  itself  against any claim in connection
        with the  exercise or  performance  of any of its powers or duties under
        this Agreement and the Custodial Agreement, provided that:

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

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

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

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

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

Section 8.06.  Eligibility Requirements for Trustee.
               ------------------------------------

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.
               --------------------------------------

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by


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<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


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successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

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

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

Section 8.09.  Merger or Consolidation of Trustee.
               ----------------------------------

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

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

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

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<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

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<PAGE>

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.


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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

Section 9.01.  Optional  Purchase by the Master  Servicer  of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer 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 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 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 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  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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<PAGE>

        In addition to the foregoing, 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,  the Master Servicer 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.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b)     The Master  Servicer shall give the Trustee not less than 60 days' prior
        notice of the Distribution Date on which the Master Servicer anticipates
        that the final distribution will be made to Certificateholders  (whether
        as a result  of the  exercise  by the  Master  Servicer  of its right to
        purchase  the  assets of the Trust  Fund or  otherwise)  or on which the
        Master Servicer  anticipates that the Certificates will be purchased (as
        a  result  of the  exercise  by the  Master  Servicer  to  purchase  the
        outstanding  Certificates).  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 or notice
        of  any  purchase  of  the  outstanding  Certificates,   specifying  the
        Distribution   Date  upon  which  the   Holders  may   surrender   their
        Certificates to the Trustee for payment,  shall be given promptly by the
        Master Servicer (if it is exercising its right to purchase the assets of
        the Trust Fund or to purchase the outstanding  Certificates),  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 where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, 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,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the 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 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  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to


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Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  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 provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), 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  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  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).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(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
benefit of such Certificateholders, and the Master Servicer (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  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

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Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer 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  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer 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 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  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer 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  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 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 until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

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;

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<PAGE>

(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.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.


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<PAGE>


                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.
               --------------------

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

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

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

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

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<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
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


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<PAGE>

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.


                                      105
<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.


                                      106
<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.

                                      107
<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


                                      108
<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
        with a Certificate  Principal Balance greater than zero 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


                                      109
<PAGE>

        income tax  purposes,  (i) any reserve fund so  established  shall be an
        outside  reserve fund and not an asset of the Trust Fund,  (ii) any such
        reserve  fund  shall  be  owned  by  the  Company,   and  (iii)  amounts
        transferred  by the Trust Fund to any such reserve fund shall be treated
        as  amounts  distributed  by  the  Trust  Fund  to  the  Company  or any
        successor,  all  within  the  meaning of  Treasury  Regulations  Section
        1.860G-2(h)  as it reads as of the Cut-off Date. In connection  with the
        provision  of any  such  instrument  or  fund,  this  Agreement  and any
        provision hereof may be modified, added to, deleted or otherwise amended
        in any manner that is related or incidental  to such  instrument or fund
        or the  establishment or  administration  thereof,  such amendment to be
        made by written  instrument  executed or consented to by the Company but
        without the consent of any  Certificateholder and without the consent of
        the  Master  Servicer  or the  Trustee  being  required  unless any such
        amendment  would  impose  any  additional  obligation  on, or  otherwise
        adversely  affect the  interests of the 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.

                                      110
<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.

                                      111
<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,  (i)
shall  notify  each  Rating  Agency  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,  (ii)
shall notify 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)(1),  (g)(1),  or (i) below, or (iii) 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)     (1) the termination or appointment of a successor Master Servicer or (2)
        the termination or appointment of a successor 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)     (1) a change in the location of the Custodial Account or (2) a change in
        the location of 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,  if applicable,
of any such event known to the Master Servicer.

                                      112
<PAGE>

Section 11.07. Severability of Provisions.
               --------------------------

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

Section 11.08. Supplemental Provisions for Resecuritization.
               ---------------------------------------------

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

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



                                      113
<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.]



                                       1
<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


                                       2
<PAGE>

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 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


                                       3
<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


                                       4
<PAGE>

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
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
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.


                                       5
<PAGE>



               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee




                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.



                                            [---------------------------],
                                                 as Certificate Registrar





                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                                       6
<PAGE>


                                              A-1





                                   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.



                                       7
<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.


        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 an investment  manager, a named fiduciary or a
trustee of any Plan, OR ANY OTHER PERSON,  acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate  with "plan assets" of any Plan (a "plan
investor"),  (B) it has acquired and is holding such  Certificate in reliance on
Prohibited  Transaction  Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29,


                                       1
<PAGE>

1994), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58,
65 Fed. Reg.  67765  (November 13, 2000),  AND PTE 2002-41,  67 Fed. Reg.  54487
(August 22, 2002) (the "RFC Exemption"),  and that it understands that there are
certain conditions to the availability of the RFC Exemption  including that such
Certificate  must be rated,  at the time of purchase,  not lower than "BBB-" (or
its equivalent) by Standard & Poor's, Fitch or Moody's or (C) (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
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 (C), A "cOMPLYING  INSURANCE
COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) 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.

                                       2
<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
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


                                       3
<PAGE>

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").

               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


                                       4
<PAGE>

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.

               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


                                       5
<PAGE>

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
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
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.

                                       6
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee




                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.




                                            [-------------------------],
                                                  as Certificate Registrar



                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                                       7
<PAGE>


                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:



                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor




                                           _______________________________
                                                 Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.


     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.


                                       8
<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.

                                       1
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

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

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

               This  certifies  that  Residential  Accredit  Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate  Principal Balance of all Class B- Certificates,  both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined


                                       2
<PAGE>

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


                                       3
<PAGE>

letter,  in the form as described by Section  5.02(e) of 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


                                       4
<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
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
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.


                                       5
<PAGE>


               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                   as Trustee



                                            By:
                                               ---------------------------------
                                                 Authorized Signatory



                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.



                                            [---------------------------],
                                                 as Certificate Registrar


                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>


                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:



                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor




                                           _______________________________
                                                 Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.


     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.


                                       7
<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 FREDDIE  MAC, 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


                                       1
<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.                                   [      ]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                                 %
                                                  --------------

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

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

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

                                       2
<PAGE>

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

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the


                                       3
<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.

                                       4
<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
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
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       5
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee




                                            By:
                                               ---------------------------------
                                                 Authorized Signatory


                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.




                                            [----------------------------],
                                                 as Certificate Registrar



                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>


                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:



                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor




                                           _______________________________
                                                 Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.


     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.


                                       7
<PAGE>

                                    EXHIBIT E


                        FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified from time to time, this "Contract") is made this day of , 20
, by and between  Residential  Funding  Corporation,  its successors and assigns
("Residential   Funding")  and  (the   "Seller/Servicer,"   and,  together  with
Residential Funding, the "parties" and each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

                                  1
<PAGE>

(1)                   Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

(2)                   This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

(3)                   There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

(4)                   Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

b.                    Seller/Servicer's    Representations,    Warranties    and
                      Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

                                      2
<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:




      Attention:
      Telefacsimile Number:  (      )       -
                              ------  ------
9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                       3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.


                                       4
<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= ========================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------


                                       5
<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
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:
     ------------------------



                                       1
<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of
                                    ] [the United States], on behalf of which he
makes this affidavit and
agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes


                                      1
<PAGE>

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 Code or 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 either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. 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.

8. 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.

9. 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.

10. The Owner's Taxpayer Identification Number is .

11. 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.

                                       2
<PAGE>

12. 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; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

14. 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.

15. 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 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.


                                       3
<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of , 200 .




                                            [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 _____, 200___.




                                  NOTARY PUBLIC



                        COUNTY OF
                                 ---------------------------
                        STATE OF
                                ----------------------------
                         My Commission  expires the ____ day of _____,20 .


                                       4
<PAGE>


                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98


Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.


                                       5
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;
    The accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
    How the quality, utility, and clarity of the information to be
collected may be enhanced;
    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.
    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.
    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the


                                       6
<PAGE>

REMIC's taxable income.
    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.
    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the


                                       7
<PAGE>

restrictions on subsequent transfers of the residual interest.
    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term


                                       8
<PAGE>

rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
    It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev.  Proc.  2001-12  (2001-3  I.R.B.  335) is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *



                                       9
<PAGE>

                                   EXHIBIT G-2


                         FORM OF TRANSFEROR CERTIFICATE


                                           __________   , 20    ____


Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
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  (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 Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to


                                       10
<PAGE>

indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.


                                Very truly yours,


                                            (Seller)



                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       11
<PAGE>

                                    EXHIBIT H


                     FORM OF INVESTOR REPRESENTATION LETTER


                                  ______________, 20 ____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
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.

                                       1
<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
          ______________, 20___, 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


                                       2
<PAGE>

          (as to any of (a) through (e) above) would  constitute a  distribution
          of any Certificate under the Act, that would render the disposition of
          any  Certificate  a  violation  of  Section  5 of the Act or any state
          securities law, or that would require  registration  or  qualification
          pursuant  thereto.  The Purchaser will not sell or otherwise  transfer
          any of the  Certificates,  except in compliance with the provisions of
          the Pooling and Servicing Agreement.

6.             The Purchaser

(a)            is  not  an  employee  benefit  or  other  plan  subject  to  the
               prohibited  transaction  provisions  of the  Employee  Retirement
               Income  Security Act of 1974,  as amended  ("ERISA"),  or Section
               4975 of the Internal Revenue Code of 1986, as amended (a "Plan"),
               or any other person  (including  an investment  manager,  a named
               fiduciary  or  a  trustee  of  any  Plan)  acting,   directly  or
               indirectly, on behalf of or purchasing any Certificate with "plan
               assets" of any Plan within the meaning of the Department of Labor
               ("DOL") regulation at 29 C.F.R. ss.2510.3-101; or

(b)            is an insurance company,  the source of funds to be used by it to
               purchase  the  Certificates  is  an  "insurance  company  general
               account" (within the meaning of DOL Prohibited  Transaction Class
               Exemption  ("PTCE")  95-60),  and the  purchase  is being made in
               reliance upon the  availability of the exemptive  relief afforded
               under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.


                                Very truly yours,





                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------


                                       3
<PAGE>

                                    EXHIBIT I


                    FORM OF TRANSFEROR REPRESENTATION LETTER


                                                ___________, 20  ___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
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.

                                       1
<PAGE>


                                Very truly yours,


                                            (Seller)



                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       2
<PAGE>

                                    EXHIBIT J


                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                            Description  of  Rule  144A  Securities,   including
numbers:


____________________________________________________________________________


               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1.      In connection  with such transfer and in accordance  with the agreements
        pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller
        hereby  certifies  the  following  facts:  Neither the Seller nor anyone
        acting  on  its  behalf  has  offered,  transferred,  pledged,  sold  or
        otherwise disposed of the Rule 144A Securities, any interest in the Rule
        144A Securities or any other similar security to, or solicited any offer
        to buy or accept a  transfer,  pledge or other  disposition  of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar  security  from,  or otherwise  approached  or  negotiated  with
        respect  to the Rule  144A  Securities,  any  interest  in the Rule 144A
        Securities or any other similar security with, any person in any manner,
        or made any general  solicitation by means of general  advertising or in
        any other  manner,  or taken any other action,  that would  constitute a
        distribution  of the Rule 144A  Securities  under the  Securities Act of
        1933, as amended (the "1933 Act"),  or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  and that the  Seller  has not
        offered the Rule 144A  Securities  to any person other than the Buyer or
        another  "qualified  institutional  buyer" as defined in Rule 144A under
        the 1933 Act.

2.      The Buyer warrants and  represents  to, and covenants  with, the Seller,
        the  Trustee  and the Master  Servicer  (as  defined in the  Pooling and
        Servicing  Agreement (the "Agreement"),  dated as of ___________ 1, ____
        among Residential  Funding  Corporation as Master Servicer,  Residential
        Accredit  Loans,  Inc.  as  depositor  pursuant  to Section  5.02 of the
        Agreement and __________________, as trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

                                       1
<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  (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


                                       2
<PAGE>

     different parties hereto on separate  counterparts,  each of which, when so
     executed,  shall be deemed to be an original; such counterparts,  together,
     shall constitute one and the same document.

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.


Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------


                                       3
<PAGE>


                              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.

                                       1
<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.

                                       2
<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:
                                                 -------------------------------

                                       3
<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.

                                       4
<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:
                                                 ------------------------------

                                       5
<PAGE>

                                    EXHIBIT K


                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b) Subject to  subsection  (c) below,  prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c) Demands for payments  pursuant to this Section  shall be made
prior to the later of the third Business Day prior to each  Distribution Date or
the  related  Determination  Date by the Master  Servicer  with  written  notice
thereof to the Trustee.  The maximum  amount that  Residential  Funding shall be
required to pay pursuant to this Section on any  Distribution  Date (the "Amount
Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws


                                       1
<PAGE>

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


                                       2
<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.


                                       3
<PAGE>

                                  EXHIBIT L


                           [FORM OF LIMITED GUARANTY]


                                LIMITED GUARANTY


                        RESIDENTIAL ACCREDIT LOANS, INC.


                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___


                                            ______________, 200   ___

==================
------------------

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:

     1.  Provision of Funds.  (a) GMAC agrees to  contribute  and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related


                                       1
<PAGE>

Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b) The agreement set forth in the preceding  clause (a) shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                       2
<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.



                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION


                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------


Acknowledged by:


------------------,
    as Trustee


By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------



RESIDENTIAL ACCREDIT LOANS, INC.


By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                       3
<PAGE>

                                    EXHIBIT M


          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN


                                                            , 20
                                        --------------------    --------

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
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:
                                                 -------------------------------


                                       1
<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:


                                        1
<PAGE>
                                  EXHIBIT O

                         Form of Form 10-K Certification


        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided  to the  Trustee by the Master  Servicer  under the P&S  Agreement  for
inclusion in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S  Agreement  and based upon my  knowledge  and the annual
compliance review required under the P&S Agreement,  and, except as disclosed in
the reports,  the Master  Servicer has fulfilled its  obligations  under the P&S
Agreement; and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the P&S Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:_______________________



____________________________*
Name:
Title:

               *    to be  signed  by  the  senior  officer  in  charge  of  the
                    servicing functions of the Master Servicer


<PAGE>


                                    EXHIBIT P


            [FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE]

     The  undersigned,  a Responsible  Officer of  [_________]  (the  "Trustee")
certifies that:

        (a) The Trustee has performed all of the duties specifically required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated  as of  [_________],  20[__]  (the  "Agreement")  by and  among
[__________], as depositor, Residential Funding Corporation, as master servicer,
and the Trustee in accordance with the standards set forth therein.

        (b) Based on my knowledge,  the list of  Certificateholders  as shown on
the Certificate Register as of the end of each calendar year that is provided by
the  Trustee  pursuant  to the  Agreement  is accurate as of the last day of the
20[__] calendar year.

Capitalized terms used and not defined herein shall have the meanings given such
terms in the Agreement.



     IN WITNESS WHEREOF,  I have duly executed this certificate as of _________,
20__.]




                                      Name:______________________
                                     Title:

                                        1
<PAGE>

                                   EXHIBIT Q

INFORMATION  TO BE  PROVIDED  BY THE  MASTER  SERVICER  TO THE  RATING  AGENCIES
RELATING TO REPORTABLE MODIFIED MORTGAGE LOANS

Account number

Transaction Identifier
Unpaid Principal  Balance prior to Modification  Next Due Date Monthly Principal
and Interest  Payment Total Servicing  Advances  Current  Interest Rate Original
Maturity  Date  Original Term to Maturity  (Months)  Remaining  Term to Maturity
(Months)  Trial  Modification  Indicator  Mortgagor  Equity  Contribution  Total
Servicer Advances Trial Modification Term (Months) Trial Modification Start Date
Trial  Modification  End Date Trial  Modification  Period Principal and Interest
Payment Trial Modification  Interest Rate Trial Modification Term Rate Reduction
Indicator  Interest  Rate  Post  Modification  Rate  Reduction  Start  Date Rate
Reduction End Date Rate Reduction Term

Term Modified Indicator
Modified Amortization Period
Modified Final Maturity Date
Total Advances Written Off
Unpaid Principal Balance Written Off
Other Past Due Amounts Written Off
Write Off Date
Unpaid Principal Balance Post Write Off
Capitalization Indicator
Mortgagor Contribution
Total Capitalized Amount
Modification Close Date
Unpaid Principal Balance  Post Capitalization Modification
Next Payment Due Date per Modification Plan
Principal and Interest Payment Post Modification

Interest Rate Post Modification
Payment Made Post Capitalization
Delinquency Status to Modification Plan


                                        1
<PAGE>

<PAGE>


                                  EXHIBIT FIVE

 AGGREGATE PLANNED PRINCIPAL BALANCES AND AGGREGATE TARGETED PRINCIPAL BALANCES


                               SCHEDULE I                SCHEDULE II

                             AGGREGATE PLANNED     AGGREGATE TARGETED
                          PRINCIPAL BALANCES FOR   PRINCIPAL BALANCES
                                     FOR                CLASS A-8
                                  CLASS A-5         CERTIFICATES AND
                           CERTIFICATES AND             CLASS A-9
                                  CLASS A-6           CERTIFICATES
 DISTRIBUTION DATE              CERTIFICATES

    Initial Balance          $71,428,571.00        $37,582,429.00
    January 2004              70,381,420.19         37,535,055.33
    February 2004             69,341,725.08         37,356,685.59
    March 2004                68,309,506.15         37,049,368.57
    April 2004                67,284,711.73         36,615,509.87
    May 2004                  66,267,290.54         36,057,867.80
    June 2004                 65,257,191.62         35,379,547.55
    July 2004                 64,254,364.40         34,583,993.70
    August 2004               63,258,758.64         33,674,980.90
    September 2004            62,270,324.46         32,656,603.01
    October 2004              61,289,012.32         31,558,277.99
    November 2004             60,314,773.05         30,488,430.07
    December 2004             59,347,557.79         29,446,511.41
    January 2005              58,387,318.05         28,431,983.83
    February 2005             57,434,005.66         27,444,318.55
    March 2005                56,487,572.79         26,482,996.11
    April 2005                55,547,971.96         25,547,506.16
    May 2005                  54,615,155.99         24,637,347.34
    June 2005                 53,689,078.07         23,752,027.09
    July 2005                 52,769,691.67         22,891,061.55
    August 2005               51,856,950.64         22,053,975.38
    September 2005            50,950,809.10         21,240,301.60
    October 2005              50,051,221.53         20,449,581.49
    November 2005             49,158,142.71         19,681,364.43
    December 2005             48,271,527.73         18,935,207.76
    January 2006              47,391,332.01         18,210,676.64
    February 2006             46,517,511.27         17,507,343.94
    March 2006                45,650,021.56         16,824,790.07
    April 2006                44,788,819.20         16,162,602.89
    May 2006                  43,933,860.85         15,520,377.57
    June 2006                 43,085,103.46         14,897,716.47
    July 2006                 42,242,504.28         14,294,228.99
    August 2006               41,406,020.87         13,709,531.50
    September 2006            40,575,611.06         13,143,247.17
    October 2006              39,751,233.01         12,595,005.89
    November 2006             38,932,845.16         12,064,444.15
    December 2006             38,120,406.22         11,551,204.92
    January 2007              37,313,875.22         11,054,937.51

<PAGE>

    February 2007            $36,513,211.46        $10,575,297.54
    March 2007                35,718,374.53         10,111,946.75
    April 2007                34,929,324.31          9,664,552.95
    May 2007                  34,146,020.93          9,232,789.88
    June 2007                 33,368,424.85          8,816,337.16
    July 2007                 32,596,496.76          8,414,880.11
    August 2007               31,830,197.66          8,028,109.74
    September 2007            31,069,488.80          7,655,722.58
    October 2007              30,314,331.71          7,297,420.64
    November 2007             29,564,688.20          6,952,911.27
    December 2007             28,820,520.32          6,621,907.11
    January 2008              28,081,790.43          6,304,125.97
    February 2008             27,348,461.10          5,999,290.78
    March 2008                26,620,495.22          5,707,129.43
    April 2008                25,897,855.89          5,427,374.76
    May 2008                  25,180,506.49          5,159,764.45
    June 2008                 24,468,410.68          4,904,040.91
    July 2008                 23,761,532.33          4,659,951.24
    August 2008               23,059,835.60          4,427,247.13
    September 2008            22,363,284.88          4,205,684.76
    October 2008              21,671,844.82          3,995,024.77
    November 2008             20,985,480.33          3,795,032.15
    December 2008             20,304,156.53          3,605,476.17
    January 2009              19,674,376.78          3,482,332.64
    February 2009             19,049,457.95          3,368,701.53
    March 2009                18,429,366.01          3,264,366.86
    April 2009                17,814,067.18          3,169,116.65
    May 2009                  17,203,527.91          3,082,742.81
    June 2009                 16,597,714.90          3,005,041.10
    July 2009                 15,996,595.07          2,935,811.08
    August 2009               15,406,662.03          2,868,329.53
    September 2009            14,829,798.70          2,800,487.85
    October 2009              14,265,747.16          2,732,322.08
    November 2009             13,714,254.40          2,663,867.09
    December 2009             13,175,072.23          2,595,156.63
    January 2010              12,683,566.13          2,522,751.65
    February 2010             12,203,383.43          2,450,251.51
    March 2010                11,734,294.81          2,377,685.31
    April 2010                11,276,075.39          2,305,081.15
    May 2010                  10,828,504.60          2,232,466.14
    June 2010                 10,391,366.19          2,159,866.46
    July 2010                  9,964,448.03          2,087,307.34
    August 2010                9,547,542.12          2,014,813.12

<PAGE>

    September 2010            $9,140,444.49         $1,942,407.27
    October 2010               8,742,955.11          1,870,112.39
    November 2010              8,354,877.81          1,797,950.24
    December 2010              7,976,020.23          1,725,941.80
    January 2011               7,670,943.89          1,648,400.06
    February 2011              7,373,409.98          1,571,288.60
    March 2011                 7,083,255.88          1,494,620.92
    April 2011                 6,800,322.25          1,418,409.86
    May 2011                   6,524,452.98          1,342,667.65
    June 2011                  6,255,495.11          1,267,405.91
    July 2011                  5,993,298.75          1,192,635.68
    August 2011                5,737,717.06          1,118,367.41
    September 2011             5,488,606.18          1,044,611.03
    October 2011               5,245,825.16            971,375.91
    November 2011              5,009,235.89            898,670.90
    December 2011              4,778,703.08            826,504.36
    January 2012               4,610,211.97            750,726.55
    February 2012              4,445,936.70            675,768.95
    March 2012                 4,285,782.14            601,630.11
    April 2012                 4,129,655.21            528,308.33
    May 2012                   3,977,464.77            455,801.66
    June 2012                  3,829,121.63            384,107.93
    July 2012                  3,684,538.49            313,224.73
    August 2012                3,543,629.93            243,149.47
    September 2012             3,406,312.32            173,879.33
    October 2012               3,272,503.83            105,411.31
    November 2012              3,142,124.36             37,742.22
    December 2012              3,015,095.54                  0.00
    January 2013               2,937,667.92                  0.00
    February 2013              2,861,761.22                  0.00
    March 2013                 2,787,346.18                  0.00
    April 2013                 2,714,394.10                  0.00
    May 2013                   2,642,876.81                  0.00
    June 2013                  2,572,766.69                  0.00
    July 2013                  2,504,036.63                  0.00
    August 2013                2,436,660.04                  0.00
    September 2013             2,370,610.85                  0.00
    October 2013               2,305,863.46                  0.00
    November 2013              2,242,392.78                  0.00
    December 2013              2,180,174.17                  0.00
    January 2014               2,119,183.50                  0.00
    February 2014              2,059,397.05                  0.00
    March 2014                 2,000,791.58                  0.00
    April 2014                 1,943,344.30                  0.00
    May 2014                   1,887,032.83                  0.00
    June 2014                  1,831,835.22                  0.00
    July 2014                  1,777,729.96                  0.00
    August 2014                1,724,695.92                  0.00
    September 2014             1,672,712.40                  0.00
    October 2014               1,621,759.06                  0.00
    November 2014              1,571,815.99                  0.00
    December 2014              1,522,863.62                  0.00
    January 2015               1,474,882.78                  0.00
    February 2015              1,427,854.65                  0.00
    March 2015                 1,381,760.77                  0.00
    April 2015                 1,336,583.05                  0.00
    May 2015                   1,292,303.72                  0.00
    June 2015                  1,248,905.36                  0.00
    July 2015                  1,206,370.89                  0.00
    August 2015                1,164,683.54                  0.00
    September 2015             1,123,826.87                  0.00
    October 2015               1,083,784.75                  0.00
    November 2015              1,044,541.38                  0.00
    December 2015              1,006,081.21                  0.00
    January 2016                 968,389.05                  0.00
    February 2016                931,449.94                  0.00
    March 2016                   895,249.26                  0.00
    April 2016                   859,772.63                  0.00
    May 2016                     825,005.97                  0.00
    June 2016                    790,935.45                  0.00
    July 2016                    757,547.52                  0.00
    August 2016                  724,828.88                  0.00
    September 2016               692,766.48                  0.00
    October 2016                 661,347.54                  0.00
    November 2016                630,559.50                  0.00
    December 2016                600,390.06                  0.00
    January 2017                 570,827.15                  0.00
    February 2017                541,858.93                  0.00
    March 2017                   513,473.77                  0.00
    April 2017                   485,660.29                  0.00
    May 2017                     458,407.32                  0.00
    June 2017                    431,703.90                  0.00
    July 2017                    405,539.28                  0.00
    August 2017                  379,902.92                  0.00
    September 2017               354,784.48                  0.00
    October 2017                 330,173.81                  0.00

<PAGE>

    November 2017               $306,060.97                 $0.00
    December 2017                282,436.21                  0.00
    January 2018                 259,289.95                  0.00
    February 2018                236,612.82                  0.00
    March 2018                   214,395.60                  0.00
    April 2018                   192,629.27                  0.00
    May 2018                     171,304.99                  0.00
    June 2018                    150,414.05                  0.00
    July 2018                    129,947.96                  0.00
    August 2018                  109,898.35                  0.00
    September 2018                90,257.03                  0.00
    October 2018                  71,015.98                  0.00
    November 2018                 52,167.31                  0.00
    December 2018                 33,703.29                  0.00
    January 2019                  15,616.35                  0.00
    February 2019 and
     thereafter                        0.00                  0.00

<PAGE>



</TEXT>
</DOCUMENT>
