RALI Series 2004-QA3 Trust
EX 10.1 SERIES SUPPLEMENT
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>qa3ssfinal.txt
<DESCRIPTION>EX 10.1 SERIES SUPPLEMENT
<TEXT>


                                 EXECUTION COPY




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


                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                           DATED AS OF AUGUST 1, 2004,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                           dated as of August 1, 2004

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 2004-QA3


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



<PAGE>

<TABLE>
<CAPTION>


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

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

        Section 1.02.  Use of Words and Phrases............................................16


Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

        ISSUANCE OF CERTIFICATES...........................................................18

        Section 2.01.   Conveyance of Mortgage Loans.

                      (See Section 2.01 of the Standard Terms).............................18

        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)...18

        Section 2.03.   Representations, Warranties and Covenants of the

                      Master Servicer and the Company......................................18

        Section 2.04. Representations and Warranties of Sellers............................21

        Section 2.05. Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I Certificates.........................21

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                      Acceptance by the Trustee............................................21

        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............21

        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the Standard
                      Terms)...............................................................21

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................22

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................28

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms)  .....28

        Section 4.02. Distributions. ......................................................28

        Section 4.03. Statements to Certificateholders; Statements to the Rating Agencies;
                      Exchange Act Reporting (See Section 4.03 of the Standard Terms)......35

        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).........35

        Section 4.05. Allocation of Realized Losses. ......................................35

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms)..................................37

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of
                      the Standard Terms)..................................................37

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................37

Article V  THE CERTIFICATES................................................................38

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................40

Article VII   DEFAULT......................................................................41

Article VIII  CONCERNING THE TRUSTEE.......................................................42

Article IX    TERMINATION..................................................................43


Article X      REMIC PROVISIONS............................................................45


        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....45

        Section 10.02.Master Servicer; REMIC Administrator and Trustee Indemnification.
                      (See Section 10.02 of the Standard Terms)............................45

        Section 10.03.Designation of REMICs................................................45

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

                      Regular
                      Interests......................................................... ..45

        Section 10.05.Compliance with Withholding Requirements.............................47


Article XI   MISCELLANEOUS PROVISIONS......................................................48

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................48

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of the
                      Standard Terms)......................................................48

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      Standard Terms)......................................................48

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........48

        Section 11.05.Notices..............................................................48

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See Section 11.06
                      of the Standard Terms)...............................................49

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard Terms)49

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section 11.08 of
                      the Standard Terms)..................................................49

        Section 11.09.Allocation of Voting Rights..........................................49

        Section 11.10.No Petition..........................................................49



<PAGE>


                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Three:        Standard Terms of Pooling and Servicing
                      Agreement dated as of August 1, 2004

</TABLE>


                                    APPENDIX

Appendix I.....- CALCULATION OF REMIC I Y PRINCIPAL REDUCTION AMOUNTS



<PAGE>




        This is a Series  Supplement,  dated as of August  1, 2004 (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 2004 and  attached as Exhibit  Three 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 Trust Fund.

        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.

                                               REMIC I

        As provided  herein,  the REMIC  Administrator  will make an election to
treat the entire  segregated pool of assets described in the definition of REMIC
I (as defined  herein)  (including  the Mortgage Loans but excluding the Initial
Monthly Payment Fund), and subject to this Agreement,  as a real estate mortgage
investment  conduit  (a  "REMIC")  for  federal  income  tax  purposes  and such
segregated  pool of assets will be designated  as "REMIC I." 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).

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC I Pass-Through Rate, the initial  Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii),  the  "latest  possible  maturity  date,"  for  each of the
Uncertificated  REMIC I Regular Interests.  None of the  Uncertificated  REMIC I
Regular Interests will be certificated.


                                       1
<PAGE>


<TABLE>
<CAPTION>

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

                            Uncertificated
      Designation              REMIC I        Initial Uncertificated           Latest
                          Pass-Through Rate      Principal Balance      Possible Maturity(1)
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
<S>                                  <C>                  <C>                    <C> <C>
    REMIC I Regular          Variable(2)                  $45,038.90      August 25, 2034
      Interest Y-I
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC I Regular
        Interest             Variable(2)                  $50,425.09      August 25, 2034
          Y-II
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC I Regular          Variable(2)                  $24,852.08      August 25, 2034
     Interest Y-III
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC I Regular          Variable(2)                  $39,710.88      August 25, 2034
     Interest Y-IV
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC I Regular          Variable(2)              $90,032,760.10      August 25, 2034
      Interest Z-I
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC I Regular          Variable(2)             $100,799,865.91      August 25, 2034
     Interest Z-II
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC I Regular
        Interest             Variable(2)              $49,679,300.92      August 25, 2034
         Z-III
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC I Regular
        Interest             Variable(2)              $79,382,136.12      August 25, 2034
          Z-IV
------------------------- ------------------- ----------------------- -------------------------
</TABLE>

-------------------
(1)     Solely for  purposes  of  Section  1.860G-1(a)(4)(iii)  of the  Treasury
        regulations,  the Distribution  Date immediately  following the maturity
        date for the  Mortgage  Loan  with  the  latest  maturity  date has been
        designated   as  the   "latest   possible   maturity   date"   for  each
        Uncertificated REMIC I Regular Interest.

(2)     Calculated in accordance with the definition of "Uncertificated  REMIC I
        Pass-Through Rate" herein.



                                               REMIC II

        A segregated  pool of assets  consisting of the  Uncertificated  REMIC I
Regular  Interests will be designated as "REMIC II" and the REMIC  Administrator
will make a separate REMIC  election with respect  thereto.  The  Uncertificated
REMIC II Regular Interests will be "regular interests" in REMIC II and the Class
R-II  Certificates  will  represent  ownership  of the sole  class of  "residual
interests" in REMIC II for purposes of the REMIC Provisions.

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC II Pass-Through Rate, the initial Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii),  the  "latest  possible  maturity  date,"  for  each of the
Uncertificated  REMIC II Regular Interests.  None of the Uncertificated REMIC II
Regular Interests will be certificated.


                                       2
<PAGE>

<TABLE>
<CAPTION>


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

                            Uncertificated    Initial Uncertificated           Latest
      Designation              REMIC I           Principal Balance      Possible Maturity(1)
                          Pass-Through Rate
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
<S>                                  <C>                 <C>                     <C> <C>
    REMIC II Regular         Variable(2)                 $84,673,000      August 25, 2034
    Interest CB-I-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular
        Interest             Variable(2)                 $94,799,000      August 25, 2034
        CB-II-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular         Variable(2)                 $46,722,000      August 25, 2034
    Interest NB-I-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular         Variable(2)                 $73,163,860      August 25, 2034
   Interest NB-II-A-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular         Variable(2)                    $746,570      August 25, 2034
   Interest NB-II-B-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular         Variable(2)                    $746,570      August 25, 2034
   Interest NB-II-C-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular         Variable(2)                  $6,401,000      August 25, 2034
     Interest M-1-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular         Variable(2)                  $4,801,000      August 25, 2034
     Interest M-2-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular         Variable(2)                  $3,201,000      August 25, 2034
     Interest M-3-M
------------------------- ------------------- ----------------------- -------------------------
------------------------- ------------------- ----------------------- -------------------------
    REMIC II Regular         Variable(2)                  $2,080,000      August 25, 2034
     Interest B-1-M
    REMIC II Regular           Variable(2)                $1,600,000      August 25, 2034
     Interest B-2-M
    REMIC II Regular           Variable(2)                $1,119,900      August 25, 2034
     Interest B-3-M

</TABLE>

-------------------
(1)     Solely for  purposes  of  Section  1.860G-1(a)(4)(iii)  of the  Treasury
        regulations,  the Distribution  Date immediately  following the maturity
        date for the  Mortgage  Loan  with  the  latest  maturity  date has been
        designated   as  the   "latest   possible   maturity   date"   for  each
        Uncertificated REMIC II Regular Interest.

(2)     Calculated in accordance with the definition of "Uncertificated REMIC II
        Pass-Through Rate" herein.


                                              REMIC III

        A segregated pool of assets  consisting of the  Uncertificated  REMIC II
Regular Interests will be designated as "REMIC III" and the REMIC  Administrator
will make a  separate  REMIC  election  with  respect  thereto.  The Class  CB-I
Certificates,  Class CB-II Certificates, Class NB-I-1 Certificates, Class NB-I-2
Certificates,  Class NB-II-1 Certificates, Class NB-II-2 Certificates, Class M-1
Certificates,   Class  M-2  Certificates,  Class  M-3  Certificates,  Class  B-1
Certificates,  Class  B-2  Certificates  and  Class  B-3  Certificates,  will be
"regular  interests" in REMIC III and the Class R-II Certificates will represent
ownership of the sole class of "residual interests" in REMIC III for purposes of
the REMIC Provisions.

                                       3
<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(2)           MOODY'S   DENOMINATIONS(3)
                                     -
<S>                          <C>                                           <C> <C>              <C>
  Class CB-I   Variable      $84,673,000.00  Senior/Variable Rate   August 25, 2034  AAA/Aaa    $25,000.00
               Rate(4)
Class CB-II    Variable      $94,799,000.00  Senior/Variable Rate   August 25, 2034  AAA/Aaa     $25,000.00
                 Rate(4)

Class NB-I-1   Variable      $46,722,000.00  Senior/Variable Rate   August 25, 2034  AAA/Aaa     $25,000.00
               Rate(5)
Class NB-I-26  Fixed         $0.007         Senior/Interest Only/  August 25, 2034  AAA/Aaa      $2,000,000.00
               Strip                          Fixed Strip Rate
                 Rate(5)
Class NB-II-1  Variable      $74,657,000.00 Senior/Variable Rate   August 25, 2034  AAA/Aaa      $25,000.00
               Rate(8)

Class NB-II-2  Fixed         $0.009         Senior/Interest Only/  August 25, 2034  AAA/Aaa      $2,000,000.00
               Strip                          Fixed Strip Rate
                 Rate(8)
Class R-I      Variable      $100.00        Senior/Residual/VariablAugust 25, 2034  AAA/Aaa      (10)
                 Rate(4)                              Rate
Class R-II     Variable      $100.00        Senior/Residual/VariablAugust 25, 2034  AAA/Aaa      (10)
                 Rate(4)                              Rate
Class M-1      Variable      $6,401,000.00   Mezzanine/Variable    August 25, 2034   AA/Aa(2)    $25,000.00
               Rate11                               Rate
Class M-2      Variable      $4,801,000.00   Mezzanine/Variable    August 25, 2034    A/A(2)     $250,000.00
                 Rate(11)                             Rate
Class M-3      Variable      $3,201,000.00   Mezzanine/Variable    August 25, 2034  BBB/Baa(2)   $250,000.00
                 Rate(11)                             Rate
Class B-1      Variable      $2,080,000.00  Subordinate/Variable   August 25, 2034   BB/NA       $250,000.00
                 Rate(11)                             Rate
Class B-2      Variable      $1,600,000.00  Subordinate/Variable   August 25, 2034    B/NA       $250,000.00
                 Rate(11)                             Rate
Class B-3      Variable      $1,119,990.29  Subordinate/Variable   August 25, 2034   NA/NA       $250,000.00
                Rate(11)                             Rate

</TABLE>
_______


1       The  Certificates,  other  than the  Class B  Certificates  and  Class R
        Certificates shall be Book-Entry Certificates.  The Class B Certificates
        and the Class R Certificates  shall be delivered to the holders  thereof
        in physical form.

2       Solely for  purposes  of  Section  1.860G-1(a)(4)(iii)  of the  Treasury
        regulations,  the Distribution  Date immediately  following the maturity
        date for the  Mortgage  Loan  with  the  latest  maturity  date has been
        designated  as the "latest  possible  maturity  date" for each REMIC III
        Regular Interest.


3       The Certificates, other than the 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 B-1,  Class B-2 and
        Class B-3  Certificates) in excess thereof,  except that one Certificate
        of any of the 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.

4       The  Pass-Through  Rate on the  Class  CB-I,  Class  CB-II  and  Class R
        Certificates will be equal to the Net WAC Rates on the Mortgage Loans in
        the related  Loan Group.  The  initial  Pass-Through  Rate for the Class
        CB-I,   Class  CB-II  and  Class  R   Certificates   will  be  equal  to
        approximately 4.8812%, 5.3567% and 4.8812% per annum, respectively.

5       The Pass-Through Rate on the Class NB-I-2  Certificates will be equal to
        the fixed  strip  rate with  respect to the Class  NB-I-2  Certificates,
        which will equal  1.4542% per annum before the August 2007  Distribution
        Date and  1.0804%  per annum on or after the  August  2007  Distribution
        Date. The  Pass-Through  Rate on the Class NB-I-1  Certificates  will be
        equal to the Net WAC Rates on the Group NB-I Loans minus the fixed strip
        rate  with  respect  to  the  Class  NB-I-2  Certificates.  The  initial
        Pass-Through  Rate on the  Class  NB-I-1  Certificates  will be equal to
        approximately 3.5203%.

6       For federal  income tax  purposes  the Class  NB-I-2  Certificates  will
        represent  ownership of two regular  interests in REMIC III one of which
        will be designated  REMIC III Regular  Interest  NB-I-2A and will have a
        notional  balance  equal to the  principal  balance of the Class  NB-I-1
        Certificates  and will bear  interest  at the rate of  0.3738% on each D
        stribution  Date  before  the  August  2007  Distribution  Date  and  0%
        thereafter  and the other of which will be designated  REMIC III Regular
        Interest NB-I-2B and will have a notional balance equal to the principal
        balance of the Class NB-I-1  Certificates  and will bear interest at the
        rate of 1.0804%.

7       The  Class  NB-I-2  Certificates  do not  have a  Certificate  Principal
        Balance. For the purpose of calculating  interest payments,  interest on
        the Class A-NB-I-2  Certificates  will accrue on a notional amount equal
        to the Certificate  Principal  Balance of the Class NB-I-1  Certificates
        immediately prior to the related distribution date.

8       The Pass-Through Rate on the Class NB-II-2 Certificates will be equal to
        the fixed  strip rate with  respect to the Class  NB-II-2  Certificates,
        which will equal  0.7430% per annum before the August 2007  Distribution
        Date and  0.8179%  per annum on or after the  August  2007  Distribution
        Date. The Pass-Through  Rate on the Class NB-II-1  Certificates  will be
        equal to the Net WAC  Rates on the  Group  NB-II  Loans  minus the fixed
        strip rate with respect to the Class NB-II-2  Certificates.  The initial
        Pass-Through  Rate on the Class  NB-II-1  Certificates  will be equal to
        approximately 4.5511%.

9       The  Class  NB-II-2  Certificates  do not have a  Certificate  Principal
        Balance. For the purpose of calculating  interest payments,  interest on
        the Class NB-II-2 Certificates will accrue on a notional amount equal to
        the  Certificate  Principal  Balance of the Class  NB-II-1  Certificates
        immediately prior to the related distribution date.

10      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%.

11      The Pass-Through Rate on the Class M-1, Class M-2, Class M-3, Class B-1,
        Class  B-2 and  Class  B-3  Certificates  will be equal to the  weighted
        average of the Net WAC Rates on the Group CB-I, Group CB-II,  Group NB-I
        and Group NB-II Loans, weighted in proportion to the related Subordinate
        Amount.  The initial  Pass-Through  Rate on Class M-1,  Class M-2, Class
        M-3,  Class B-1, Class B-2 and Class B-3  Certificates  will be equal to
        approximately 5.1480%.




        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $320,054,190.29.

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

                                       4
<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.

        Adjustment  Date: As to each Mortgage  Loan,  each date set forth in the
related  Mortgage  Note on  which an  adjustment  to the  interest  rate on such
Mortgage Loan becomes effective.

        Available  Distribution  Amount:  The sum of (i) the amount described in
the definition of Available  Distribution  Amount in the Standard Terms and (ii)
the amount  allocated to the Available  Distribution  Amount pursuant to Section
4.02(g).

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$150,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

                      (A)  (i)  if  the  aggregate   principal  balance  of  the
               Non-Primary  Residence  Loans as of the Relevant  Anniversary  is
               less than 10% of the Stated  Principal  Balance  of the  Mortgage
               Loans  as of the  Relevant  Anniversary,  $0.00,  or  (ii) if the
               aggregate principal balance of the Non-Primary Residence Loans as
               of the  Relevant  Anniversary  is equal to or greater than 10% of
               the  Stated  Principal  Balance of the  Mortgage  Loans as of the
               Relevant  Anniversary,  the  sum of (I) the  aggregate  principal
               balance of the  Non-Primary  Residence Loans with a Loan-to-Value
               Ratio of  greater  than  80.00%  but less than or equal to 90.00%
               (other than Additional  Collateral Loans),  times 0.25%, (II) the
               aggregate  principal  balance of the Non-Primary  Residence Loans
               with a  Loan-to-Value  Ratio of greater than 90.00% but less than
               or equal to 95.00%  (other  than  Additional  Collateral  Loans),
               times 0.50%,  and (III) the  aggregate  principal  balance of the
               Non-Primary Residence Loans with a Loan-to-Value Ratio of greater
               than 95.00% (other than Additional Collateral Loans) times 0.75%,
               in each case as of the Relevant Anniversary; and

                      (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,



                                       5
<PAGE>

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

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

     Certificate:  Any  Class  CB,  Class  NB,  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  2004-QA3"  and  which  must be an  Eligible
Account.

        Certificate  Group:  With respect to (i) Loan Group CB-I, the Class CB-I
Certificates  and the Class R  Certificates,  (ii) Loan Group  CB-II,  the Class
CB-II Certificates,  (ii) Loan Group NB-I, the Class NB-I-1 Certificates and the
Class  NB-I-2  Certificates  and (iii)  Loan  Group  NB-II,  the  Class  NB-II-1
Certificates and the Class NB-II-2 Certificates.

        Certificate Policy:  None.

        Class CB  Certificate:  Any one of the Class CB-I  Certificates or Class
CB-II Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A.

        Class NB Certificate:  Any one of the Class NB-I-1,  Class NB-I-2, Class
NB-II-1 or Class NB-II-2 Certificates, executed by the Trustee and authenticated
by the Certificate  Registrar  substantially in the form annexed to the Standard
Terms as Exhibit A.

        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  ownership of
an  interest  designated  as a "residual  interest"  in REMIC II and an interest
designated  as  "residual  interest"  in REMIC  III for  purposes  of the  REMIC
Provisions.

                                       6
<PAGE>

        Closing Date:  August 30, 2004.

        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 2004-QA3.

        Cut-off Date:  August 1, 2004.

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

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

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 3.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 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) 2.00% 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
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.

                                       7
<PAGE>

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

        Group  CB-I  Certificates:  The Class  CB-I,  Class  R-I and 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 A,
each such  Certificate  (other  than the Class R-I  Certificates  and Class R-II
Certificates) evidencing an interest designated as a "regular interest" in REMIC
III for purposes of the REMIC Provisions and representing an undivided  interest
in Loan Group CB-I.

        Group CB-I Loans:  The Mortgage Loans  designated as Group CB-I Loans in
Exhibit One.

        Group CB-I Senior  Percentage:  As of each 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  Group  CB-I  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) in Loan Group CB-I immediately prior to such Distribution Date.

        Group CB-I Senior Principal  Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group CB-I  remaining  after the  distribution  therefrom of all amounts
required to be distributed  therefrom pursuant to Section  4.02(a)(i)(W) of this
Series  Supplement,  and (b) the sum of the amounts  required to be  distributed
therefrom  to the  Group  CB-I  Certificateholders  on  such  Distribution  Date
pursuant to Section 4.02(a)(ii) and Section 4.02(a)(xv).

        Group CB-I Subordinate Amount: On any date of determination,  the excess
of the  aggregate  Stated  Principal  Balance of the Group CB-I Loans as of such
date  over  the  aggregate  Certificate  Principal  Balance  of the  Group  CB-I
Certificates then outstanding.

        Group CB-II Certificates:  The Class CB-II Certificates  executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit A, each such Certificate  evidencing an
interest  designated  as a "regular  interest"  in REMIC III for purposes of the
REMIC Provisions and representing an undivided interest in Loan Group CB-II.

        Group CB-II Loans: The Mortgage Loans designated as Group CB-II Loans in
Exhibit One.

        Group CB-II Senior Percentage:  As of each Distribution Date, the lesser
of 100% and a fraction, expressed as a percentage, the numerator of which is the
Certificate Principal Balance of the Group CB-II 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) in
Loan Group CB-II immediately prior to such Distribution Date.

        Group CB-II Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group CB-II  remaining after the  distribution  therefrom of all amounts
required to be distributed  therefrom pursuant to Section  4.02(a)(i)(X) of this
Series  Supplement,  and (b) the sum of the amounts  required to be  distributed
therefrom  to the  Group  CB-II  Certificateholders  on such  Distribution  Date
pursuant to Section 4.02(a)(ii) and Section 4.02(a)(xv).

                                       8
<PAGE>

        Group CB-II Subordinate Amount: On any date of determination, the excess
of the aggregate  Stated  Principal  Balance of the Group CB-II Loans as of such
date  over the  aggregate  Certificate  Principal  Balance  of the  Group  CB-II
Certificates then outstanding.

        Group NB-I Certificates:  The Class NB-I-1 Certificates and Class NB-1-2
Certificates  executed  by the  Trustee  and  authenticated  by the  Certificate
Registrar  substantially in the form annexed to the Standard Terms as Exhibit A,
each such Certificate  evidencing an interest designated as a "regular interest"
in REMIC III for purposes of the REMIC  Provisions and representing an undivided
interest in Loan Group NB-I.

        Group NB-I Loans:  The Mortgage Loans  designated as Group NB-I Loans in
Exhibit One.

        Group NB-I Senior  Percentage:  As of each 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  Group  NB-I  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) in Loan Group NB-I immediately prior to such Distribution Date.

        Group NB-I Senior Principal  Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group NB-I  remaining  after the  distribution  therefrom of all amounts
required to be distributed  therefrom pursuant to Section  4.02(a)(i)(Y) of this
Series  Supplement,  and (b) the sum of the amounts  required to be  distributed
therefrom  to the  Group  NB-I  Certificateholders  on  such  Distribution  Date
pursuant to Section 4.02(a)(ii) and Section 4.02(a)(xv).

        Group NB-I Subordinate Amount: On any date of determination,  the excess
of the  aggregate  Stated  Principal  Balance of the Group NB-I Loans as of such
date  over  the  aggregate  Certificate  Principal  Balance  of the  Group  NB-I
Certificates then outstanding.

        Group  NB-II  Certificate:  The  Class  NB-II-1  Certificates  and Class
NB-II-2   Certificates   executed  by  the  Trustee  and  authenticated  by  the
Certificate Registrar substantially in the form annexed to the Standard Terms as
Exhibit A, each such Certificate evidencing an interest designated as a "regular
interest" in REMIC III for purposes of the REMIC  Provisions and representing an
undivided interest in Loan Group NB-II.

        Group NB-II Loans: The Mortgage Loans designated as Group NB-II Loans in
Exhibit One.

        Group NB-II Senior Percentage:  As of each 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  Group  NB-II  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) in Loan Group NB-II immediately prior to such Distribution Date.

                                       9
<PAGE>

        Group NB-II Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group NB-II  remaining after the  distribution  therefrom of all amounts
required to be distributed  therefrom pursuant to Section  4.02(a)(i)(Z) of this
Series  Supplement,  and (b) the sum of the amounts  required to be  distributed
therefrom  to the  Group  NB-II  Certificateholders  on such  Distribution  Date
pursuant to Section 4.02(a)(ii) and Section 4.02(a)(xv).

        Group NB-II Subordinate Amount: On any date of determination, the excess
of the aggregate  Stated  Principal  Balance of the Group NB-II Loans as of such
date  over the  aggregate  Certificate  Principal  Balance  of the  Group  NB-II
Certificates then outstanding.

        Initial  Monthly  Payment  Fund:   $1,155,006   representing   scheduled
principal  amortization and interest at the Net Mortgage Rate payable during the
September  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 NB-I-2  Certificates,
$46,722,000.00. With respect to the Class NB-II-2 Certificates, $74,657,000.00.

        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:  2.00%           Class B-1:  0.65%
        Class M-2:  1.50%           Class B-2:  0.50%
        Class M-3:  1.00%           Class B-3:  0.35%

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

        Loan Group:  Loan Group CB-I, Loan Group CB-II,  Loan Group NB-I or Loan
Group NB-II.

        Loan Group CB-I: The group of Mortgage Loans comprised of the Group CB-I
Loans.


        Loan Group  CB-II:  The group of Mortgage  Loans  comprised of the Group
CB-II Loans.

        Loan Group NB-I: The group of Mortgage Loans comprised of the Group NB-I
Loans.

        Loan Group  NB-II:  The group of Mortgage  Loans  comprised of the Group
NB-II Loans.

        Maturity  Date:  August 25,  2034,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

                                       10
<PAGE>

        Maximum  Mortgage  Rate: As to any Mortgage  Loan, the rate indicated in
Exhibit One hereto as the "NOTE  CEILING,"  which rate is the  maximum  interest
rate that may be applicable to such Mortgage Loan at any time during the life of
such Mortgage Loan.

        Maximum  Net  Mortgage  Rate:  As to any  Mortgage  Loan and any date of
determination,  the Maximum  Mortgage  Rate for such Mortgage Loan minus the per
annum rate at which the Servicing Fee is calculated.

        Minimum  Mortgage  Rate: As to any Mortgage Loan, the greater of (i) the
Note Margin for such  Mortgage  Loan and (ii) the rate  indicated in Exhibit One
hereto as the "NOTE FLOOR" for such Mortgage Loan,  which rate may be applicable
to such Mortgage Loan at any time during the life of such Mortgage Loan.

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

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

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

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

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

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

(f)     [RESERVED];

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

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

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

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

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

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

(m)     whether such  Mortgage Loan  constitutes a Group CB-I Loan,  Group CB-II
        Loan, Group NB-I Loan or Group NB-II Loan;

(n)     the Maximum Mortgage Rate ("NOTE CEILING");

(o)     the maximum Adjusted Mortgage Rate ("NET CEILING");

(p)     the Note Margin for the ("NOTE MARGIN");

(q)     the first Adjustment Date after the Cut-off Date ("NXT INT CHG DT"); and

(r) the Periodic Cap ("PERIODIC DECR" or "PERIODIC INCR").

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

                                       11
<PAGE>

        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.  The  Mortgage  Rate on the  Mortgage  Loans  will  adjust on each
Adjustment Date to equal the sum (rounded to the nearest  multiple of one-eighth
of one percent  (0.125%) or up to the nearest  one-eighth of one percent,  which
are indicated by a "U" on Exhibit One hereto, except in the case of the Mortgage
Loans  indicated  by an "X" on  Exhibit  One  hereto  under  the  heading  "NOTE
METHOD"), of the related Index plus the Note Margin, in each case subject to the
applicable  Initial Rate Cap,  Periodic Cap,  Maximum  Mortgage Rate and Minimum
Mortgage Rate.

        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;  provided  that,  (i) the Net Mortgage  Rate
becoming  effective on any Adjustment Date shall not be greater or less than the
Net Mortgage Rate  immediately  prior to such  Adjustment Date plus or minus the
Initial Rate Cap or Periodic Cap  applicable  to such Mortgage Loan and (ii) the
Net  Mortgage  Rate for any  Mortgage  Loan shall not exceed a rate equal to the
Maximum Net Mortgage Rate for such Mortgage Loan.

        Net WAC Rate: With respect to any Distribution Date and each Loan Group,
a per annum rate equal to the weighted  average of the Net Mortgage Rates of the
related Mortgage Loans weighted on the basis of the respective  Stated Principal
Balance  of each such  Mortgage  Loan as of the  beginning  of the  related  Due
Period, using the Net Mortgage Rates in effect for the scheduled payments due on
those Mortgage Loans during such Due Period.

        Note Margin: As to each Mortgage Loan, the fixed percentage set forth in
the  related  Mortgage  Note and  indicated  in Exhibit  One hereto as the "NOTE
MARGIN," which  percentage is added to the related Index on each Adjustment Date
to determine  (subject to rounding in accordance with the related Mortgage Note,
the Initial  Rate Cap,  the  Periodic  Cap,  the Maximum  Mortgage  Rate and the
Minimum Mortgage Rate) the interest rate to be borne by such Mortgage Loan until
the next Adjustment Date.

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class NB-I-2 Certificates,  an amount equal to the Certificate Principal Balance
of the Class NB-I-1  Certificates  immediately prior to such date; and (ii) with
respect to the Class NB-II-2  Certificates,  an amount equal to the  Certificate
Principal  Balance of the Class NB-II-1  Certificates  immediately prior to such
date.

        Pass-Through  Rate: With respect to the Class CB-I  Certificates and the
Class R Certificates,  the Net WAC Rate of the Group CB-I Loans. With respect to
the Class CB-II  Certificates,  the Net WAC Rate of the Group CB-II Loans.  With
respect to the Class NB-I-1  Certificates,  the Net WAC Rate of the Group NB-I-1
Loans minus the Pass-Through Rate payable to the Class NB-I-2 Certificates. With
respect to the Class NB-I-2  Certificates and (i) each  Distribution Date before
the August 2007 Distribution  Date, 1.4542% per annum and (ii) each Distribution
Date on or after the August  2007  Distribution  Date,  1.0804%  per annum.  For
federal  income  tax  purposes  the Class  NB-I-2  Certificates  will  represent
ownership  of two  regular  interests  in  REMIC  III one of which  will  have a
notional balance equal to the principal balance of the Class NB-I-1 Certificates
and will bear interest at the rate of 0.3738% on each  Distribution  Date before
the August 2007  Distribution Date and 0% thereafter and the other of which will
have a notional  balance  equal to the  principal  balance  of the Class  NB-I-1
Certificates and will bear interest at the rate of 1.0804%.  With respect to the


                                       12
<PAGE>

Class  NB-II-1  Certificates,  the Net WAC Rate of the Group NB-II-1 Loans minus
the Pass-Through Rate payable to the Class NB-II-2 Certificates. With respect to
the Class NB-II-2  Certificates and (i) each Distribution Date before the August
2009 Distribution  Date, 0.7430% per annum and (ii) each Distribution Date on or
after the August 2009 Distribution  Date,  0.8179% per annum. For federal income
tax  purposes,  interest  on the Class  NB-II-2  Certificates  is  comprised  of
interest at a rate equal to the sum of (i) interest at a rate of 0.7430%/0.98 on
a balance equal to the principal balance of REMIC II Regular Interest  NB-II-A-M
and (ii) 100% of the  interest  on REMIC II  Regular  Interest  NB-II-C-M.  With
respect  to the Class M  Certificates  and Class B  Certificates,  the  weighted
average of the Net WAC Rates for the Group  CB-I,  Group  CB-II,  Group NB-I and
Group NB-II Loans, weighted on the basis of the related Subordinate Amount. This
determination  will be made as of the related  Distribution Date prior to giving
effect to any  distributions  on the Certificates on that date. The Pass-Through
Rate on the Class M Certificates  and Class B  Certificates  with respect to the
first Interest Accrual period is expected to be approximately 5.1480% per annum.
For federal income tax purposes, the foregoing rate for the Class M Certificates
and Class B  Certificates  is expressed as the weighted  average of the rates on
the REMIC I Regular  Interests Y-I, Y-II,  Y-III and Y-IV, which is the rate for
the REMIC II Regular Interests M-1-M, M-2-M, M-3-M, B-1-M, B-2-M and B-3-M.

        Periodic Cap: With respect to each Mortgage  Loan, the periodic rate cap
that limits the  increase or the  decrease of the related  Mortgage  Rate on any
Adjustment Date (other than the initial  Adjustment  Date) pursuant to the terms
of the related Mortgage Note.

        Prepayment Assumption:  With respect to the Mortgage Loans, a prepayment
assumption  of 25% CPR,  used for  determining  the  accrual of  original  issue
discount and market discount and premium on the  Certificates for federal income
tax purposes.

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

               (i) For any Distribution  Date prior to the Distribution  Date in
        September 2011 (unless the Certificate Principal Balances of the related
        Senior  Certificates  have been reduced to zero or the circumstances set
        forth in the third  paragraph of the  definition  of Senior  Accelerated
        Distribution Percentage exist), 0%.

               (ii) For any  Distribution  Date for which  clause (i) above does
        not  apply,  and on which  any  Class  of  Subordinate  Certificates  is
        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

                                       13
<PAGE>

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

               (iii)  Notwithstanding  the foregoing,  if the application of the
        foregoing  percentages on any  Distribution  Date as provided in Section
        4.02 of this Series Supplement (determined without regard to the proviso
        to the definition of "Subordinate  Principal Distribution Amount") would
        result in a distribution in respect of principal of any Class or Classes
        of  Subordinate  Certificates  in an amount  greater than the  remaining
        Certificate  Principal  Balance  thereof  (any such  class,  a "Maturing
        Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of each
        Maturing  Class  shall be  reduced  to a level  that,  when  applied  as
        described above, would exactly reduce the Certificate  Principal Balance
        of such Class to zero;  (b) the  Prepayment  Distribution  Percentage of
        each  other  Class  of  Subordinate  Certificates  (any  such  Class,  a
        "Non-Maturing  Class")  shall be  recalculated  in  accordance  with the
        provisions  in paragraph  (ii) above,  as if the  Certificate  Principal
        Balance of each Maturing Class had been reduced to zero (such percentage
        as recalculated, the "Recalculated Percentage"); (c) the total amount of
        the  reductions  in  the  Prepayment  Distribution  Percentages  of  the
        Maturing  Class or  Classes  pursuant  to clause  (a) of this  sentence,
        expressed  as an  aggregate  percentage,  shall be  allocated  among the
        Non-Maturing  Classes in  proportion  to their  respective  Recalculated
        Percentages (the portion of such aggregate reduction so allocated to any
        Non-Maturing Class, the "Adjustment  Percentage");  and (d) for purposes
        of such  Distribution  Date, the Prepayment  Distribution  Percentage of
        each Non-Maturing  Class shall be equal to the sum of (1) the Prepayment
        Distribution  Percentage  thereof,  calculated  in  accordance  with the
        provisions  in  paragraph  (ii)  above as if the  Certificate  Principal
        Balance of each  Maturing  Class had not been reduced to zero,  plus (2)
        the related Adjustment Percentage.


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

        Related Class: The Classes of Certificates and  Uncertificated  REMIC II
Regular  Interests  shall be treated as  "Related  Classes"  as set forth in the
following chart.

                      REMIC II Regular
                      Interest              Related Certificates
                      --------              --------------------
                      CB-I-M                CB-I
                      CB-II-M               CB-II
                      NB-I-M                NB-I-1, NB-I-2
                      NB-II-A-M             NB-II-1, NB-II-2
                      NB-II-B-M             NB-II-1
                      NB-II-C-M             NB-II-2
                      M-1-M                 M-1
                      M-2-M                 M-2
                      M-3-M                 M-3
                      B-1-M                 B-1
                      B-2-M                 B-2
                      B-3-M                 B-3

                                       14
<PAGE>

        REMIC I: The segregated pool of assets related to this Series (except as
provided  below),  with respect to which a REMIC election is 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 (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, but not including amounts on deposit
               in the Initial Monthly Payment Fund,

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

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

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

        Notwithstanding the foregoing,  the REMIC election with respect to REMIC
I specifically excludes the Initial Monthly Payment Fund.

        REMIC I Certificates:  The Class R-I Certificates.
        --------------------

        REMIC I Distribution  Amount:  For any Distribution  Date, the Available
Distribution  Amount shall be distributed to the Uncertificated  REMIC I Regular
Interests and the Class R-I Certificates in the following amounts and priority:

        (a) To the extent of the  Available  Distribution  Amount for Loan Group
CB-I:

               (i) first,  to REMIC I Regular  Interests Y-I and REMIC I Regular
Interests  Z-I,  concurrently,  the  Uncertificated  Accrued  Interest  for such
Regular Interests  remaining unpaid from previous  Distribution  Dates, pro rata
according to their respective shares of such unpaid amounts;

               (ii)  second,  to the REMIC I Regular  Interests  Y-I and REMIC I
Regular Interests Z-I,  concurrently,  the  Uncertificated  Accrued Interest for
such  Classes for the current  Distribution  Date,  pro rata  according to their
respective Uncertificated Accrued Interest; and

                                       15
<PAGE>

               (iii)  third,  to the REMIC I Regular  Interests  Y-I and REMIC I
Regular  Interests  Z-I, the REMIC I Y-I Principal  Distribution  Amount and the
REMIC I Z-I Principal Distribution Amount, respectively.

        (b) To the extent of the  Available  Distribution  Amount for Loan Group
CB-II:

               (i)  first,  to the  REMIC I Regular  Interests  Y-II and REMIC I
Regular Interests Z-II,  concurrently,  the Uncertificated  Accrued Interest for
such  Classes  remaining  unpaid  from  previous  Distribution  Dates,  pro rata
according to their respective shares of such unpaid amounts;

               (ii) second,  to the REMIC I Regular  Interests  Y-II and REMIC I
Regular Interests Z-II,  concurrently,  the Uncertificated  Accrued Interest for
such  Classes for the current  Distribution  Date,  pro rata  according to their
respective Uncertificated Accrued Interest; and

               (iii) third,  to the REMIC I Regular  Interests  Y-II and REMIC I
Regular Interests Z-II, the REMIC I Y-II Principal  Distribution  Amount and the
REMIC I Z-II Principal Distribution Amount, respectively.

        (c) To the extent of the  Available  Distribution  Amount for Loan Group
NB-I:

               (i) first, to REMIC I Regular Interests Y-III and REMIC I Regular
Interests  Z-III,  concurrently,  the  Uncertificated  Accrued Interest for such
Regular Interests  remaining unpaid from previous  Distribution  Dates, pro rata
according to their respective shares of such unpaid amounts;

               (ii) second,  to the REMIC I Regular  Interests Y-III and REMIC I
Regular Interests Z-III,  concurrently,  the Uncertificated Accrued Interest for
such  Classes for the current  Distribution  Date,  pro rata  according to their
respective Uncertificated Accrued Interest; and

               (iii) third,  to the REMIC I Regular  Interests Y-III and REMIC I
Regular Interests Z-III, the REMIC I Y-III Principal Distribution Amount and the
REMIC I Z-III Principal Distribution Amount, respectively.

        (d) To the extent of the  Available  Distribution  Amount for Loan Group
NB-II:

               (i) first, to REMIC I Regular  Interests Y-IV and REMIC I Regular
Interests  Z-IV,  concurrently,  the  Uncertificated  Accrued  Interest for such
Regular Interests  remaining unpaid from previous  Distribution  Dates, pro rata
according to their respective shares of such unpaid amounts;

               (ii) second,  to the REMIC I Regular  Interests  Y-IV and REMIC I
Regular Interests Z-IV,  concurrently,  the Uncertificated  Accrued Interest for
such  Classes for the current  Distribution  Date,  pro rata  according to their
respective Uncertificated Accrued Interest; and

               (iii)  third,  to the  REMIC  I Y-IV  and  REMIC  I Z-IV  Regular
Interests,  the REMIC I Y-IV Principal  Distribution Amount and the REMIC I Z-IV
Principal Distribution Amount, respectively.

                                       16
<PAGE>

        (e) To the extent of the Available  Distribution  Amounts for Loan Group
CB-I,  Loan  Group  CB-II,  Loan  Group  NB-I  and  Loan  Group  NB-II  for such
Distribution  Date remaining after payment of the amounts pursuant to paragraphs
(a) through (d) of this definition of "REMIC I Distribution Amount":

               (i)  first,  to each  Class  of REMIC I Y and  REMIC I Z  Regular
Interests,  pro rata  according to the amount of  unreimbursed  Realized  Losses
allocable to principal previously  allocated to each such Regular Interest,  the
aggregate  amount of any  distributions  to the Certificates as reimbursement of
such Realized  Losses on such  Distribution  Date  pursuant to Section  4.02(d);
provided,  however,  that any amounts  distributed  pursuant  to this  paragraph
(e)(i) of this  definition  of "REMIC I  Distribution  Amount" shall not cause a
reduction in the  Uncertificated  Principal Balances of any of the REMIC I Y and
REMIC I Z Regular Interests; and

        (ii) second, to the Class R-I Certificates, any remaining amount.

On each  Distribution  Date the Trustee shall be deemed to distribute from REMIC
II, in the priority set forth in the definition of REMIC II Distribution  Amount
to itself as the holder of the Uncertificated  REMIC II Regular Interests and to
the  holders  of the Class R-II  Certificates  as the  holders  of the  residual
interest in REMIC II the amounts  distributable  thereon from the amounts deemed
to have been received by REMIC II from REMIC I under this definition.

        REMIC I Realized  Losses:  Realized  Losses on each Loan Group  shall be
allocated to the  Uncertificated  REMIC I Regular Interests as follows:  (1) the
interest  portion of  Realized  Losses on Group  CB-I  Loans,  if any,  shall be
allocated among the REMIC I Regular  Interests Y-I and REMIC I Regular Interests
Z-I pro rata according to the amount of interest accrued but unpaid thereon,  in
reduction  thereof;  (2) the interest  portion of Realized Losses on Group CB-II
Loans, if any, shall be allocated  among the REMIC I Regular  Interests Y-II and
REMIC I Regular  Interests  Z-II pro rata  according  to the amount of  interest
accrued but unpaid thereon,  in reduction  thereof;  (3) the interest portion of
Realized  Losses on Group NB-I Loans, if any, shall be allocated among the REMIC
I Regular Interests Y-III and REMIC I Regular Interests Z-III pro rata according
to the amount of interest accrued but unpaid thereon, in reduction thereof;  and
(4) the interest  portion of Realized Losses on Group NB-II Loans, if any, shall
be  allocated  among  the  REMIC I  Regular  Interests  Y-IV and REMIC I Regular
Interests Z-IV pro rata  according to the amount of interest  accrued but unpaid
thereon,  in reduction thereof.  Any interest portion of such Realized Losses in
excess of the amount  allocated  pursuant  to the  preceding  sentence  shall be
treated as a  principal  portion of  Realized  Losses  not  attributable  to any
specific  Mortgage  Loan  in such  Loan  Group  and  allocated  pursuant  to the
succeeding  sentences.  The principal portion of Realized Losses with respect to
each  Loan  Group  shall be  allocated  to the  Uncertificated  REMIC I  Regular
Interests as follows: (1) the principal portion of Realized Losses on Group CB-I
Loans shall be  allocated,  first,  to the REMIC I Regular  Interests Y-I to the
extent  of the  REMIC I Y-I  Principal  Reduction  Amount  in  reduction  of the
Uncertificated   Principal  Balance  of  such  Uncertificated  REMIC  I  Regular
Interests and, second, the remainder,  if any, of such principal portion of such
Realized  Losses  shall be  allocated  to the REMIC I Regular  Interests  Z-I in
reduction of the  Uncertificated  Principal  Balance thereof;  (2) the principal
portion of Realized  Losses on Group CB-II Loans shall be allocated,  first,  to
the REMIC I Regular  Interests  Y-II to the extent of the REMIC I Y-II Principal
Reduction Amount in reduction of the  Uncertificated  Principal  Balance of such
Uncertificated REMIC I Regular Interests and, second, the remainder,  if any, of
such principal portion of such Realized Losses shall be allocated to the REMIC I
Regular  Interests  Z-II in reduction of the  Uncertificated  Principal  Balance
thereof;  (3) the principal portion of Realized Losses on Group NB-I Loans shall
be allocated, first, to the REMIC I Regular Interests Y-III to the extent of the


                                       17
<PAGE>

REMIC I Y-III  Principal  Reduction  Amount in reduction  of the  Uncertificated
Principal Balance of such Uncertificated  REMIC I Regular Interests and, second,
the remainder,  if any, of such principal  portion of such Realized Losses shall
be  allocated  to the  REMIC I  Regular  Interests  Z-III  in  reduction  of the
Uncertificated  Principal  Balance  thereof;  and (4) the  principal  portion of
Realized  Losses on Group NB-II Loans shall be allocated,  first, to the REMIC I
Regular  Interests  Y-IV to the extent of the REMIC I Y-IV  Principal  Reduction
Amount  in  reduction   of  the   Uncertificated   Principal   Balance  of  such
Uncertificated REMIC I Regular Interests and, second, the remainder,  if any, of
such principal portion of such Realized Losses shall be allocated to the REMIC I
Regular  Interests  Z-IV in reduction of the  Uncertificated  Principal  Balance
thereof.

        REMIC I Regular Interest Y-I: A regular interest in REMIC I that is held
as an asset of REMIC II,  that has an  initial  principal  balance  equal to the
related  Uncertificated  Principal  Balance,  that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

        REMIC I Regular  Interest  Y-II:  A regular  interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related  Uncertificated  Principal  Balance,  that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

        REMIC I Regular  Interest  Y-III: A regular  interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related  Uncertificated  Principal  Balance,  that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

         REMIC I Regular  Interest  Y-IV: A regular  interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related  Uncertificated  Principal  Balance,  that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

        REMIC I Regular Interest Z-I: A regular interest in REMIC I that is held
as an asset of REMIC II,  that has an  initial  principal  balance  equal to the
related  Uncertificated  Principal  Balance,  that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

        REMIC I Regular  Interest  Z-II:  A regular  interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related  Uncertificated  Principal  Balance,  that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

        REMIC I Regular  Interest  Z-III: A regular  interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related  Uncertificated  Principal  Balance,  that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

                                       18
<PAGE>

        REMIC I Regular  Interest  Z-IV:  A regular  interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related  Uncertificated  Principal  Balance,  that bears interest at the related
Uncertificated  REMIC I Pass-Through  Rate, and that has such other terms as are
described herein.

        REMIC I Y Principal  Reduction  Amounts:  For any Distribution Date, the
amounts by which the Uncertificated  Principal Balances of the REMIC I Y Regular
Interests  will be  reduced  on such  Distribution  Date  by the  allocation  of
Realized Losses and the  distribution  of principal,  determined as described in
Appendix I.

        REMIC I Y-I Principal  Distribution  Amount:  For any Distribution Date,
the  excess,  if any,  of the REMIC I Y-I  Principal  Reduction  Amount for such
Distribution  Date over the  Realized  Losses  allocated  to the REMIC I Regular
Interests Y-I on such  Distribution  Date in reduction of the principal  balance
thereof.

        REMIC  I  Y-I  Principal  Reduction  Amount:  The  REMIC  I Y  Principal
Reduction Amount for the REMIC I Regular Interests Y-I as determined pursuant to
the provisions of Appendix I.

        REMIC I Y-II Principal  Distribution  Amount: For any Distribution Date,
the excess,  if any,  of the REMIC I Y-II  Principal  Reduction  Amount for such
Distribution  Date over the  Realized  Losses  allocated  to the REMIC I Regular
Interests Y-II on such  Distribution  Date in reduction of the principal balance
thereof.

        REMIC  I Y-II  Principal  Reduction  Amount:  The  REMIC  I Y  Principal
Reduction Amount for the REMIC I Regular  Interests Y-II as determined  pursuant
to the provisions of Appendix I.

        REMIC I Y-III Principal  Distribution Amount: For any Distribution Date,
the excess,  if any, of the REMIC I Y-III  Principal  Reduction  Amount for such
Distribution  Date over the  Realized  Losses  allocated  to the REMIC I Regular
Interests Y-III on such  Distribution Date in reduction of the principal balance
thereof.

        REMIC  I Y-III  Principal  Reduction  Amount:  The  REMIC I Y  Principal
Reduction Amount for the REMIC I Regular Interests Y-III as determined  pursuant
to the provisions of Appendix I.

        REMIC I Y-IV Principal  Distribution  Amount: For any Distribution Date,
the excess,  if any,  of the REMIC I Y-IV  Principal  Reduction  Amount for such
Distribution  Date over the  Realized  Losses  allocated  to the REMIC I Regular
Interests Y-IV on such  Distribution  Date in reduction of the principal balance
thereof.

                                       19
<PAGE>

        REMIC  I Y-IV  Principal  Reduction  Amount:  The  REMIC  I Y  Principal
Reduction Amount for the REMIC I Regular  Interests Y-IV as determined  pursuant
to the provisions of Appendix I.

        REMIC I Y Regular  Interests:  The REMIC I Regular  Interests Y-I, Y-II,
Y-III and Y-IV.

        REMIC I Z Principal  Reduction  Amounts:  For any Distribution Date, the
amounts by which the Uncertificated  Principal Balances of the REMIC I Z Regular
Interests  will be  reduced  on such  Distribution  Date  by the  allocation  of
Realized Losses and the  distribution of principal,  which shall be in each case
the excess of (A) the sum of (x) the excess of the Available Distribution Amount
for the  related  Loan Group  (i.e.  the  "related  Loan  Group" for the REMIC I
Regular  Interests Z-I is the Group CB-I Loans, the "related Loan Group" for the
REMIC I Regular  Interests  Z-II is the Group CB-II  Loans,  the  "related  Loan
Group" for the REMIC I Regular  Interests  Z-III  Regular  Interest is the Group
NB-I Loans and the "related Loan Group" for the REMIC I Regular  Interests  Z-IV
is the Group NB-II Loans) over the sum of the amounts thereof  distributable (i)
in respect of interest on such REMIC I Z Regular  Interest and the related REMIC
I Y Regular  Interest,  (ii) to such REMIC I Z Regular  Interest and the related
REMIC I Y Regular  Interest  pursuant  to clause  (e)(ii) of the  definition  of
"REMIC I Distribution  Amount" and (iii) in the case of the Group CB-I Loans, to
the Class R  Certificates  and (y) the amount of Realized  Losses  allocable  to
principal for the related Loan Group over (B) the REMIC I Y Principal  Reduction
Amount for the related Loan Group.

        REMIC I Z-I Principal  Distribution  Amount:  For any Distribution Date,
the  excess,  if any,  of the REMIC I Z-I  Principal  Reduction  Amount for such
Distribution  Date over the  Realized  Losses  allocated  to the REMIC I Regular
Interests Z-I on such  Distribution  Date in reduction of the principal  balance
thereof.

        REMIC  I  Z-I  Principal  Reduction  Amount:  The  REMIC  I Z  Principal
Reduction Amount for the REMIC I Regular Interests Z-I as determined pursuant to
the provisions of Appendix I.

        REMIC I Z-II Principal  Distribution  Amount: For any Distribution Date,
the excess,  if any,  of the REMIC I Z-II  Principal  Reduction  Amount for such
Distribution  Date over the  Realized  Losses  allocated  to the REMIC I Regular
Interests Z-II on such  Distribution  Date in reduction of the principal balance
thereof.

        REMIC  I Z-II  Principal  Reduction  Amount:  The  REMIC  I Z  Principal
Reduction Amount for the REMIC I Regular  Interests Z-II as determined  pursuant
to the provisions of Appendix I.

        REMIC I Z-III Principal  Distribution Amount: For any Distribution Date,
the excess,  if any, of the REMIC I Z-III  Principal  Reduction  Amount for such
Distribution  Date over the  Realized  Losses  allocated  to the REMIC I Regular
Interests Z-III on such  Distribution Date in reduction of the principal balance
thereof.

        REMIC  I Z-III  Principal  Reduction  Amount:  The  REMIC I Z  Principal
Reduction Amount for the REMIC I Regular Interests Z-III as determined  pursuant
to the provisions of Appendix I.

        REMIC I Z-IV Principal  Distribution  Amount: For any Distribution Date,
the excess,  if any,  of the REMIC I Z-IV  Principal  Reduction  Amount for such
Distribution  Date over the  Realized  Losses  allocated  to the REMIC I Regular
Interests Z-IV on such  Distribution  Date in reduction of the principal balance
thereof.

        REMIC  I Z-IV  Principal  Reduction  Amount:  The  REMIC  I Z  Principal
Reduction Amount for the REMIC I Regular  Interests Z-IV as determined  pursuant
to the provisions of Appendix I.

                                       20
<PAGE>

        REMIC I Z Regular  Interests:  The REMIC I Regular  Interests Z-I, Z-II,
Z-III and Z-IV.

        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 the Uncertificated  REMIC II Regular Interests and the Class R-II
Certificates (to the extent of the portion thereof that represents  ownership of
the  residual  interest in REMIC II) pursuant to Section  2.06,  with respect to
which a separate  REMIC  election is to be made. The REMIC election with respect
to REMIC II specifically excludes the Initial Monthly Payment Fund.

        REMIC II  Distribution  Amount:  For any  Distribution  Date, the amount
deemed received by REMIC II in respect of  distributions  on the  Uncertificated
REMIC I Regular  Interests shall be distributed to the  Uncertificated  REMIC II
Regular  Interests and the Class R-II  Certificates in the following amounts and
priority:

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

        (b) In accordance  with the priority set forth in subsection (c) of this
definition,  an amount  equal to the sum of the amounts in respect of  principal
distributable   on  each  Class  of   Certificates   (other  than  the  Class  R
Certificates) under Section 4.02, as allocated thereto pursuant to Section 4.02.

        (c) The amount  described in subsection (b) of this definition  shall be
deemed distributed with respect to Uncertificated  REMIC II Regular Interests in
accordance  with the  priority  assigned to each Related  Class of  Certificates
(other than the Class R  Certificates),  respectively,  under Section 4.02 until
the  Uncertificated  Principal  Balance of each such  interest is reduced to the
amount  distributable as principal to the REMIC II Regular Interests  NB-II-A-M,
NB-II-B-M  and  NB-II-C-M  on account of  principal  distributions  to the Class
NB-II-1  Certificates  shall be distributed 98% to the REMIC II Regular Interest
NB-II-A-M,  1% to the REMIC II Regular Interest NB-II-B-M and 1% to the REMIC II
Regular Interest NB-II-C-M.

        (d) The portion of the Uncertificated Accrued Interest amounts described
in subsection (a) of this definition shall be deemed  distributed by REMIC II to
REMIC III in accordance with the priority assigned to the REMIC III Certificates
relative to that assigned to the Class R Certificates under Section 4.02.

                                       21
<PAGE>

        (e) In determining  from time to time the amounts  distributable  on the
Uncertificated  REMIC II Regular  Interests,  Realized  Losses  allocated to the
REMIC III Regular  Interests  shall be deemed  allocated  to the  Uncertificated
REMIC II Regular  Interests in  accordance  with the  priority  assigned to each
Related Class of Certificates (other than the Class R Certificates) respectively
under  Section  4.05.  Any  Realized  Losses  allocated  to the REMIC II Regular
Interests  NB-II-A-M,  NB-II-B-M  and  NB-II-C-M  on account of Realized  Losses
allocated  to the Class  NB-II-1  Certificates  (i) to the extent such  Realized
Losses are allocated to interest,  shall be allocated among the REMIC II Regular
Interests NB-II-A-M, NB-II-B-M and NB-II-C-M pro-rata according to the amount of
Uncertificated  Accrued  Interest  thereon and (ii) to the extent such  Realized
Losses are allocated to principal shall be allocated 98% to the REMIC II Regular
Interest NB-II-A-M,  1% to the REMIC II Regular Interest NB-II-B-M and 1% to the
REMIC II Regular Interest NB-II-C-M.
        REMIC  III:   The   segregated   pool  of  assets   consisting   of  the
Uncertificated  REMIC II  Regular  Interests  conveyed  in trust to the  Trustee
pursuant to Section 2.06 for the benefit of the holders of the Class CB-I, Class
CB-II,  Class NB-I-1,  Class NB-I-2,  Class NB-II-1,  Class NB-II-2,  Class M-1,
Class M-2, Class M-3, Class B-1,  Class B-2 and Class B-3  Certificates  and the
portion of the Class R-II Certificates that represents ownership of the residual
interest in REMIC III, with respect to which a separate  REMIC election is to be
made.  The REMIC  election with respect to REMIC III  specifically  excludes the
Initial Monthly Payment Fund.

        REMIC  III  Certificates:  Any of the Class  CB-I,  Class  CB-II,  Class
NB-I-1,  Class NB-I-2,  Class M-1,  Class M-2,  Class M-3, Class B-1, Class B-2,
Class  B-3 and Class  R-II  Certificates  (to the  extent  that the  Class  R-II
Certificates represent ownership of the residual interest in REMIC III).

        REMIC III Regular Interests:  The Class CB-I  Certificates,  Class CB-II
Certificates, Class NB-I-1 Certificates, REMIC III Regular Interests NB-I-2A and
NB-I-2B  (ownership of which is represented  by the Class NB-I-2  Certificates),
Class NB-II-1 Certificates,  Class NB-II-2 Certificates, Class M-1 Certificates,
Class M-2 Certificates,  Class M-3 Certificates,  Class B-1 Certificates,  Class
B-2 Certificates and Class B-3 Certificates.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 84th Distribution Date and, with
respect  to  any  Loan  Group,  100%.  With  respect  to any  Distribution  Date
thereafter and any such Loan Group, as follows:

        (i)    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 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   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 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution  Date after the 108th  Distribution Date but
               on or prior to the 120th  Distribution  Date,  the related Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

                                       22
<PAGE>

        (iv)   for any Distribution  Date after the 120th  Distribution Date but
               on or prior to the 132nd  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  related  Senior
               Percentage for such Distribution Date.

        Any scheduled reduction, as described in the preceding paragraph,  shall
not be made as of any Distribution Date unless:

               (a) the  outstanding  principal  balance of the Mortgage Loans in
        all four Loan Groups  delinquent  60 days or more averaged over the last
        six months,  as a percentage  of the aggregate  outstanding  Certificate
        Principal Balance of the Subordinate Certificates, is less than 50% and

               (b) Realized Losses on the Mortgage Loans in all four Loan Groups
        to date for such  Distribution  Date,  if  occurring  during the eighth,
        ninth,  tenth,  eleventh or twelfth 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.

        Notwithstanding  the  foregoing,  if (a)  the  weighted  average  of the
Subordinate  Percentages  for all four  Loan  Groups is equal to or in excess of
twice the initial weighted  average of the Subordinate  Percentages for all four
Loan Groups, (b) the outstanding  principal balance of the Mortgage Loans in all
four Loan Groups  delinquent  60 days or more averaged over the last six months,
as a percentage of the aggregate  outstanding  Certificate  Principal Balance of
the  Subordinate  Certificates,  does not  exceed  50% and  (c)(i)  prior to the
Distribution Date in September 2007,  cumulative Realized Losses on the Mortgage
Loans  in all four  Loan  Groups  do not  exceed  20% of the sum of the  initial
Certificate  Principal  Balances  of  the  Subordinate  Certificates,  and  (ii)
thereafter,  cumulative  Realized  Losses on the Mortgage Loans in all four Loan
Groups  do not  exceed  30% of the  sum  of the  initial  Certificate  Principal
Balances of the  Subordinate  Certificates,  then (A) on any  Distribution  Date
prior to the  Distribution  Date in  September  2007,  each  Senior  Accelerated
Distribution Percentage for such Distribution Date will equal the related Senior
Percentage  for  that  Distribution  Date  plus 50% of the  related  Subordinate
Percentage for such  Distribution  Date, and (B) on any Distribution  Date on or
after  the  Distribution  Date  in  September  2007,  each  Senior   Accelerated
Distribution Percentage for that Distribution Date will equal the related Senior
Percentage for that Distribution Date.

               Notwithstanding the foregoing,  on any Distribution Date on which
the  weighted  average of the Group CB-I Senior  Percentage,  Group CB-II Senior
Percentage,  Group NB-I Senior  Percentage  and Group NB-II  Senior  Percentage,
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 Group CB-I
Senior Percentage,  Group CB-II Senior Percentage,  Group NB-I Senior Percentage
and Group NB-II Senior Percentage (calculated on such basis), each of the Senior
Accelerated Distribution Percentages for such Distribution Date will equal 100%.

                                       23
<PAGE>

        Notwithstanding  the  foregoing,   upon  reduction  of  the  Certificate
Principal  Balances  of the related  Senior  Certificates  to zero,  the related
Senior Accelerated Distribution Percentage will equal 0%.

        Senior  Certificate:  Any  one of the  Class  CB,  Class  NB or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D.

        Senior Percentage: The Group CB-I Senior Percentage with respect to Loan
Group CB-I, the Group CB-II Senior  Percentage with respect to Loan Group CB-II,
the Group NB-I Senior  Percentage  with  respect to Loan Group NB-I or the Group
NB-II Senior Percentage with respect to Loan Group NB-II.

        Senior Principal  Distribution  Amount:  The Group CB-I Senior Principal
Distribution  Amount  with  respect  to Loan  Group  CB-I,  Group  CB-II  Senior
Principal  Distribution  Amount  with  respect to Loan Group  CB-II,  Group NB-I
Senior  Principal  Distribution  Amount with respect to Loan Group NB-I or Group
NB-II Senior Principal Distribution Amount with respect to Loan Group NB-II.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$3,200,542  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 greatest of (i) twice the
outstanding  principal  balance of the Mortgage Loan in the Trust Fund which has
the largest  outstanding  principal balance on the Distribution Date immediately
preceding  such  anniversary,  (ii)  the  product  of  1.00%  multiplied  by the
outstanding  principal  balance of all Mortgage Loans on the  Distribution  Date
immediately  preceding  such  anniversary  and (iii) the  aggregate  outstanding
principal  balance (as of the immediately  preceding  Distribution  Date) of the
Mortgage  Loans in any  single  five-digit  California  zip code  area  with the
largest  amount of  Mortgage  Loans by  aggregate  principal  balance as of such
anniversary.

        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.

                                       24
<PAGE>

        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  Amount: With respect to (i) Loan Group CB-I, the Group CB-I
Subordinate  Amount,  (ii) Loan Group CB-II, the Group CB-II Subordinate Amount,
(ii) Loan Group  NB-I,  the Group NB-I  Subordinate  Amount and (iii) Loan Group
NB-II, the Group NB-II Subordinate Amount.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of (i) the  product  of (x) the  Class"s  pro rata  share,  based on the
Certificate  Principal Balance of each such Class then outstanding,  and (y) the
aggregate of the amounts  calculated  for such  Distribution  Date under clauses
(1), (2) and (3) of Section  4.02(a)(ii)(A) of this Series  Supplement  (without
giving effect to the related Senior Percentage) to the extent not payable to the
related  Senior  Certificates;  (ii) such  Class"s pro rata share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding, of the principal collections described in Section 4.02(a)(ii)(B)(b)
of  this  Series  Supplement  (without  giving  effect  to  the  related  Senior
Accelerated  Distribution  Percentage)  to the extent such  collections  are not
otherwise  distributed to the related 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 to the extent not payable
to the Senior Certificates;  and (iv) 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 related Capitalization  Reimbursement Amount for such Distribution Date,
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 related Classes of Certificates,  in each
case to the  extent  derived  from the  related  Available  Distribution  Amount
without  giving effect to any reductions  for the  Capitalization  Reimbursement
Amount.

        Trust Fund: REMIC I, REMIC II, REMIC III and the Initial Monthly Payment
Fund.

        Uncertificated  Accrued  Interest:  With respect to each  Uncertificated
REMIC I Regular  Interest and  Uncertificated  REMIC II Regular Interest on each
Distribution  Date,  an amount  equal to one  month"s  interest  at the  related
Uncertificated REMIC I Pass-Through Rate or Uncertificated REMIC II Pass-Through
Rate,  as  applicable,   on  the   Uncertificated   Principal  Balance  of  such
Uncertificated  REMIC I Regular  Interest  or  Uncertificated  REMIC II  Regular
Interest.  Uncertificated Accrued Interest on the Uncertificated REMIC I Regular
Interests and  Uncertificated  REMIC II Regular Interests will be reduced by any
Prepayment  Interest  Shortfalls and Relief Act Interest  Shortfalls,  allocated
among such Uncertificated  REMIC I Regular Interests and Uncertificated REMIC II
Regular Interests pro rata.

                                       25
<PAGE>

        Uncertificated   Principal   Balance:   The  principal   amount  of  any
Uncertificated  REMIC I Regular  Interest  or  Uncertificated  REMIC II  Regular
Interest  outstanding  as of  any  date  of  determination.  The  Uncertificated
Principal  Balance  of  each   Uncertificated   REMIC  I  Regular  Interest  and
Uncertificated  REMIC II Regular Interest shall be reduced by all  distributions
of principal made on, and allocation of Realized Losses to, such  Uncertificated
REMIC I Regular  Interest or  Uncertificated  REMIC II Regular  Interest on such
Distribution Date. The Uncertificated  Principal Balance of each  Uncertificated
REMIC I Regular  Interest and  Uncertificated  REMIC II Regular  Interest  shall
never be less than zero.

        Uncertificated  REMIC I Regular Interests:  The  uncertificated  partial
undivided  beneficial  ownership  interests  in REMIC I,  designated  as REMIC I
Regular Interests Y-I, Y-II, Y-III, Y-IV, Z-I, Z-II, Z-III and Z-IV, each having
an Uncertificated  Principal Balance as specified herein and bearing interest at
a rate equal to the related Uncertificated REMIC I Pass-Through Rate.

        Uncertificated  REMIC I  Pass-Through  Rate:  With  respect  to  REMIC I
Regular  Interests  Y-I and Z-I, the Net WAC Rate of the Group CB-I Loans.  With
respect  to REMIC I Regular  Interests  Y-II and  Z-II,  the Net WAC Rate of the
Group CB-II Loans.  With respect to REMIC I Regular  Interests  Y-III and Z-III,
the Net WAC Rate of the  Group  NB-I  Loans.  With  respect  to REMIC I  Regular
Interests Y-IV and Z-IV, the Net WAC Rate of the Group NB-II Loans.

        Uncertificated  REMIC II Regular Interests:  The uncertificated  partial
undivided  beneficial  ownership  interests in REMIC II,  designated as REMIC II
Regular Interests CB-I-M,  CB-II-M,  NB-I-M,  NB-II-A-M,  NB-II-B-M,  NB-II-C-M,
M-1-M,  M-2-M,  M-3-M,  B-1-M,  B-2-M and B-3-M,  each having an  Uncertificated
Principal  Balance as specified  herein and bearing  interest at a rate equal to
the related Uncertificated REMIC II Pass-Through Rate.

        Uncertificated  REMIC II  Pass-Through  Rate:  With  respect to REMIC II
Regular Interest CB-I-M,  the Net WAC Rate of the Group CB-I Loans. With respect
to REMIC II Regular Interest CB-II-M, the Net WAC Rate of the Group CB-II Loans.
With respect to REMIC II Regular Interest NB-I-M,  the Net WAC Rate of the Group
NB-I Loans. With respect to REMIC II Regular Interest NB-II-A-M, the quotient of
(A) the Net WAC Rate of the Group NB-II Loans reduced by 0.0749%  divided by (B)
0.98.  With  respect  to  REMIC  II  Regular  Interest   NB-II-B-M,   7.49%  for
Distribution  Dates  before  the  August  2009  Distribution  Date and 0.00% for
Distribution  Dates on or after  the  Distribution  Date in  August  2009.  With
respect to REMIC II Regular Interest  NB-II-C-M,  0.00% for  Distribution  Dates
before the August 2009 Distribution Date and 7.49% for Distribution  Dates on or
after the  Distribution  Date in August  2009.  With respect to REMIC II Regular
Interests M-1-M,  M-2-M,  M-3-M, B-1-M, B-2-M and B-3-M, the weighted average of
the  Uncertificated  REMIC  I  Pass-Through  Rates  for the  REMIC  I Y  Regular
Interests.

        Undercollateralized  Amount:  With  respect  any  Certificate  Group and
Distribution Date, the excess of (i) the aggregate Certificate Principal Balance
of such Certificate  Group over (ii) the aggregate  Stated Principal  Balance of
the Mortgage  Loans in the related Loan Group,  in each case  calculated on such
Distribution Date after giving effect to distributions to be made thereon (other
than amounts to be distributed  pursuant to Section 4.02(h) on such Distribution
Date).

                                       26
<PAGE>

        Undercollateralized  Certificate  Group:  With respect any  Distribution
Date,  a  Certificate  Group for which the  related  Undercollateralized  Amount
exceeds zero.

        Underwriter:  Credit Suisse First Boston 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.

                                       27
<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  (subject  to  interest  only
        periods,  if  applicable),  hybrid  adjustable-rate  mortgage loans with
        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, 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;

                                       28
<PAGE>

(vi)    No more than 0.8% of the Group CB-I 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, no more than 0.8% of the
        Group  CB-II  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,  no more than 2.0% of the Group  NB-I Loans by
        aggregate Stated Principal Balance as of the Cut-off Date are secured by
        Mortgaged  Properties located in any one zip code area in California and
        no  more  than  1.9% of the  Group  NB-II  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 0.7% of the Group CB-I Loans are  secured by  Mortgaged  Properties
        located in any one zip code area outside  California,  no more than 0.9%
        of the Group CB-II are secured by  Mortgaged  Properties  located in any
        one zip code  area  outside  California,  no more than 1.7% of the Group
        NB-I are  secured by  Mortgaged  Properties  located in any one zip code
        area outside  California and no more than 0.9% of the Group NB-II 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 62.01% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  16.05% 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  1.05%
        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  13.58% 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;

                                       29
<PAGE>

(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);

(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 have been made to an International Borrower;

(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


                                       30
<PAGE>

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

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

Section 2.05.   Execution  and   Authentication  of   Certificates/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 and the  Uncertificated  REMIC II 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 the  Uncertificated  REMIC II  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 III 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.

                                       31
<PAGE>

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

        The Trustee  acknowledges  the  assignment  to it of the  Uncertificated
REMIC I Regular Interests and the Uncertificated REMIC II 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 III.

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

                                       32
<PAGE>

ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)


                                       33
<PAGE>

ARTICLE IV


                         PAYMENTS TO CERTIFICATEHOLDERS

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

Section 4.02.  Distributions.
               -------------

        (a) On each  Distribution  Date (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent appointed by the Trustee,  shall distribute,  to
the  Master  Servicer,  in  the  case  of a  distribution  pursuant  to  Section
4.02(a)(iii)  below,  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 (1) 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 (2) 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 shall be based on the  aggregate of the
Percentage Interests represented by Certificates of the applicable Class held by
such  Holder) of the  following  amounts,  in the  following  order of  priority
(subject to the provisions of Section 4.02(b) below), in each case to the extent
of the related Available Distribution Amount:

               (i) (W) from the  Available  Distribution  Amount  related to the
               Group CB-I Loans, to the Group CB-I  Certificates,  on a pro rata
               basis based on the Accrued  Certificate  Interest payable on such
               Classes of Certificates with respect to such  Distribution  Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any  previous  Distribution  Date  except as provided in the
               last  paragraph of this  Section  4.02(a) (the "Group CB-I Senior
               Interest Distribution Amount");

                      (X) from the Available  Distribution Amount related to the
               Group CB-II Loans, to the Group CB-II Certificates, on a pro rata
               basis  based on  Accrued  Certificate  Interest  payable  on such
               Certificates  with respect to such  Distribution  Date,  plus any
               Accrued  Certificate  Interest thereon  remaining unpaid from any
               previous  Distribution  Date  except  as  provided  in  the  last
               paragraph  of this  Section  4.02(a)  (the  "Group  CB-II  Senior
               Interest Distribution Amount");

                      (Y) from the Available  Distribution Amount related to the
               Group NB-I Loans, to the Group NB-I  Certificates,  on a pro rata
               basis  based on  Accrued  Certificate  Interest  payable  on such
               Classes of Certificates with respect to such  Distribution  Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any  previous  Distribution  Date  except as provided in the
               last  paragraph of this  Section  4.02(a) (the "Group NB-I Senior
               Interest Distribution Amount"); and

                       (Z) from the Available Distribution Amount related to the
               Group NB-II Loans, to the Group NB-II Certificates, on a pro rata
               basis  based on  Accrued  Certificate  Interest  payable  on such
               Classes of Certificates with respect to such  Distribution  Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any  previous  Distribution  Date  except as provided in the
               last  paragraph of this Section  4.02(a) (the "Group NB-II Senior
               Interest Distribution Amount");

                                       34
<PAGE>

               (ii) to the related  Senior  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 related Senior  Percentage for such  Distribution  Date times
               the sum of the following:

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

        (2)     the Stated Principal Balance of any Mortgage Loan in the related
                Loan Group repurchased  during the 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 from
                the related  Loan Group  pursuant to Section 2.03 or 2.04 during
                the preceding calendar month; and

        (3)     the principal portion of all other unscheduled  collections with
                respect  to  the  related  Loan  Group  (other  than   Principal
                Prepayments  in Full and  Curtailments  and amounts  received in
                connection  with a Cash  Liquidation  or  REO  Disposition  of a
                Mortgage  Loan in the related  Loan Group  described  in Section
                4.02(a)(ii)(B)  of this  Series  Supplement,  including  without
                limitation any related 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;

                (B) with respect to each Mortgage Loan in the related Loan Group
        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
        related Senior  Percentage for such  Distribution  Date times the Stated
        Principal  Balance  of such  Mortgage  Loan and (b) the  related  Senior
        Accelerated Distribution Percentage for such Distribution Date times the
        related unscheduled  collections (including without limitation Insurance
        Proceeds,  Liquidation  Proceeds and REO Proceeds) to the extent applied
        by the  Master  Servicer  as  recoveries  of  principal  of the  related
        Mortgage Loan pursuant to Section 3.14 of the Standard Terms;

                                       35
<PAGE>

                (C) the related 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 with
        respect to the related  Loan Group  received in the  preceding  calendar
        month;

                (D) any amounts  described in subsection (ii),  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 (D) to the extent that
        such  amounts are not  attributable  to Realized  Losses which have been
        allocated to the Subordinate Certificates;

                (E) amounts  required to be  distributed to the Holders of Class
        CB-I,  Class CB-II,  Class  NB-I-1,  Class NB-I-2 and Class  NB-II-1 and
        Class NB-II-2 Certificates, as applicable,  pursuant to Section 4.02(h);
        minus

                (F) the  related  Capitalization  Reimbursement  Amount for such
        Distribution  Date  multiplied by a fraction,  the numerator of which is
        the related 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 derived
        from the related Available  Distribution Amount 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;

                                       36
<PAGE>

        (v) to the Holders of the Class M-1 Certificates, an amount equal to the
Subordinate Principal  Distribution Amount derived from each Loan Group for such
Class of Certificates for such  Distribution  Date,  applied in reduction of the
Certificate Principal Balance of the Class M-1 Certificates;

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

        (vii) to the Holders of the Class M-2  Certificates,  an amount equal to
the Subordinate  Principal  Distribution Amount derived from each Loan Group for
such Class of Certificates for such Distribution  Date,  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
the Subordinate  Principal  Distribution Amount derived from each Loan Group for
such Class of Certificates for such Distribution  Date,  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
the Subordinate  Principal  Distribution Amount derived from each Loan Group for
such Class of Certificates for such Distribution  Date,  applied in reduction of
the Certificate Principal Balance of the Class B-1 Certificates;

        (xi)  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;

        (xii) to the Holders of the Class B-2  Certificates,  an amount equal to
the Subordinate  Principal  Distribution Amount derived from each Loan Group for
such Class of Certificates for such Distribution  Date,  applied in reduction of
the Certificate Principal Balance of the Class B-2 Certificates;

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

        (xiv) to the Holders of the Class B-3  Certificates,  an amount equal to
the Subordinate  Principal  Distribution Amount derived from each Loan Group for
such Class of Certificates for such Distribution  Date,  applied in reduction of
the Certificate Principal Balance of the Class B-3 Certificates;

                                       37
<PAGE>

        (xv) to the Senior  Certificates,  in the  priority set forth in Section
4.02(b)  of this  Series  Supplement,  the  portion,  if any,  of the  Available
Distribution  Amount for the related Loan Group  remaining  after the  foregoing
distributions,  applied to reduce the  Certificate  Principal  Balances  of such
Senior Certificates,  but in no event more than the aggregate of the outstanding
Certificate  Principal Balances of each such Class of Senior  Certificates,  and
thereafter, to each Class of Subordinate Certificates then outstanding beginning
with  such  Class  with the  Highest  Priority,  any  portion  of the  Available
Distribution  Amount for each Loan Group remaining after the Senior Certificates
have been retired,  applied to reduce the Certificate  Principal Balance of each
such  Class  of  Subordinate  Certificates,  but  in  no  event  more  than  the
outstanding  Certificate  Principal  Balance of each such  Class of  Subordinate
Certificates; and

               (xvi) to the Class R-II Certificates, the balance, if any, of the
        Available Distribution Amount for each Loan Group.

        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.

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

                      (i) the Group CB-I Senior  Principal  Distribution  Amount
        shall be distributed as follows:  (i) first,  concurrently on a pro rata
        basis  in  accordance  with  their  respective   Certificate   Principal
        Balances,  to the Class R-I  Certificates  and Class R-II  Certificates,
        until the Certificate  Principal  Balances  thereof have been reduced to
        zero  and  (ii)  second,   any  remaining   amount  to  the  Class  CB-I
        Certificates,  until the Certificate  Principal Balance thereof has been
        reduced to zero;

                      (ii) the Group CB-II Senior Principal  Distribution Amount
        shall  be  distributed  to  the  Class  CB-II  Certificates,  until  the
        Certificate Principal Balance thereof has been reduced to zero;

                      (iii) the Group NB-I Senior Principal  Distribution Amount
        shall  be  distributed  to the  Class  NB-I-1  Certificates,  until  the
        Certificate Principal Balance thereof has been reduced to zero; and

                                       38
<PAGE>

                      (iv) the Group NB-II Senior Principal  Distribution Amount
        shall be  distributed  to the  Class  NB-II-1  Certificates,  until  the
        Certificate Principal Balance thereof has been reduced to zero.

        (c) After the  reduction of the  Certificate  Principal  Balances of the
Senior  Certificates  in a  Certificate  Group to zero but  prior to the  Credit
Support  Depletion Date, the related Senior  Certificates will be entitled to no
further   distributions   of  principal   thereon  and  the  related   Available
Distribution Amount will be distributed solely to the holders of the Subordinate
Certificates, in each case as described herein.

        (d) 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 the
Highest 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 the Certificate
Principal Balance of the Class of Certificates with the next Lower Priority,  up
to the amount of such  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 the Certificate Principal Balance of the Class of
Certificates  with the next Lower  Priority  up to the  amount of such  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  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.

        (e) 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.

        (f) 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


                                       39
<PAGE>

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).

        (g) On any  Distribution  Date  prior to the  occurrence  of the  Credit
Support  Depletion  Date  that  occurs  after  the  reduction  of the  aggregate
Certificate  Principal  Balance of a Certificate Group to zero, the Certificates
relating to the remaining Certificate Groups will be entitled to receive 100% of
the  prepayments  on  the  Mortgage  Loans  in the  Loan  Group  related  to the
Certificate Group that has been fully paid, which amount shall be allocated, pro
rata,  between  those  Certificate  Groups  based on the  aggregate  Certificate
Principal  Balance of the related  Certificates.  Such  amounts  allocated  to a
Certificate Group shall be treated as part of the related Available Distribution
Amount and  distributed  as part of the related  Senior  Principal  Distribution
Amount  in  accordance  with the  priorities  set  forth in  4.02(b)  above,  in
reduction of such Certificate Principal Balances. Notwithstanding the foregoing,
remaining  Certificate Group will not be entitled to receive  prepayments on the
Mortgage Loans in a Loan Group related to Certificate  Group that has been fully
paid if the following two conditions are satisfied:  (1) the weighted average of
the  Subordinate  Percentages  for all Loan Groups for such  Distribution  Date,
weighted on the basis of the Stated Principal  Balances of the Mortgage Loans in
the  related  Loan  Group,  is at least two times the  weighted  average  of the
initial  Subordinate  Percentages for all Loan Groups,  calculated on that basis
and (2) the  outstanding  principal  balance of the  Mortgage  Loans in all Loan
Groups  delinquent  60 days or more  averaged  over the last  six  months,  as a
percentage of the aggregate  outstanding  Certificate  Principal  Balance of the
Class M Certificates and Class B Certificates, is less than 50%.

        (h) For any  Undercollateralized  Certificate  Group on any Distribution
Date  prior to the  Credit  Support  Depletion  Date  (i) 100% of the  mortgagor
prepayments  allocable to the Class M Certificates  and Class B Certificates  on
the  Mortgage  Loans in  non-related  Loan  Groups will be  distributed  to such
Undercollateralized  Certificate  Group in accordance  with the  priorities  set
forth in Section 4.02(b) for the related Senior Principal  Distribution  Amount,
in reduction of the Certificate  Principal  Balance of such  Undercollateralized
Certificate Group, until such Certificate Principal Balance equals the aggregate
Stated  Principal  Balance of the  Mortgage  Loans in the related Loan Group and
(ii) an amount equal to one month's  interest at the  Pass-Through  Rate for the
related Class of Senior Certificates on the related  Undercollateralized  Amount
will be distributed from that portion of the Available  Distribution  Amount for
any  non-related  Loan Groups that would be  otherwise  allocable to the Class M
Certificates and Class B Certificates,  in the following priority:  first to pay
any unpaid interest on such  Undercollateralized  Certificate  Group and then to
pay principal thereon in the manner described in Section 4.02(a).

                                       40
<PAGE>

        Section 4.03. Statements to Certificateholders; Statements to the Rating
                Agencies;  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,  such Realized Losses
shall be  allocated  (A) in the case of a Group  CB-I  Loan,  to the Group  CB-I
Certificates,  (B) in the  case  of a  Group  CB-II  Loan,  to the  Group  CB-II
Certificates,  (C)  in the  case  of a  Group  NB-I  Loan,  to  the  Group  NB-I
Certificates on a pro rata basis,  and (D) in the case of a Group NB-II Loan, to
the  Group  NB-II  Certificates  on a pro rata  basis.  The  Group  CB-I  Senior
Percentage, Group CB-II Senior Percentage, Group NB-I Senior Percentage or Group
NB-II Senior  Percentage  (as  applicable)  of any Excess Special Hazard Losses,
Excess  Bankruptcy  Losses,  Excess Fraud Losses or Extraordinary  Losses on the
Mortgage  Loans shall be allocated  (A) in the case of a Group CB-I Loan, to the
Group CB-I  Certificates,  on a pro rata basis, (B) in the case of a Group CB-II
Loan, to the Group CB-II Certificates,  (C) in the case of a Group NB-I Loan, to
the Group NB-I  Certificates on a pro rata basis, and (D) in the case of a Group
NB-II Loan, to the Group NB-II  Certificates on a pro rata basis.  The remainder
of such Realized  Losses will be allocated  among the Class M  Certificates  and
Class B Certificates,  on a pro rata basis. The portion allocated to the Class M
Certificates  and  Class B  Certificates  will be  based  on each  Certificates'
interest in the related Loan Group.

        On any Distribution Date, Realized Losses will be allocated as set forth
herein  before  distributions  of  principal  on the  Certificates  as set forth
herein.

        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


                                       41
<PAGE>

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.

        Realized  Losses shall be  allocated  among the  Uncertificated  REMIC I
Regular Interests as specified in the definition of REMIC I Realized Losses.

        Realized  Losses shall be allocated  among the  Uncertificated  REMIC II
Regular  Interests as specified in subsection (e) of the definition of "REMIC II
Distribution Amount."

        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)



                                       42
<PAGE>

ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       43
<PAGE>

ARTICLE VI


                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       44
<PAGE>

ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       45
<PAGE>

ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       46
<PAGE>

ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       47
<PAGE>

ARTICLE X

<PAGE>




                                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  segregated
pool of  assets  described  in the  definition  of REMIC I (as  defined  herein)
(including the Mortgage Loans but excluding the Initial  Monthly  Payment Fund),
and subject to this Agreement,  as a REMIC for federal income tax purposes.  The
REMIC Administrator will make an election to treat the segregated pool of assets
consisting of the  Uncertificated  REMIC I Regular  Interests (and excluding the
Initial Monthly  Payment Fund), as a REMIC for federal income tax purposes,  and
will make an election to treat the segregated  pool of assets  consisting of the
Uncertificated  REMIC II Regular  Interests (and  excluding the Initial  Monthly
Payment Fund), and subject to this Agreement,  as a REMIC 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 "residual  interest"
in REMIC I for  purposes of the REMIC  Provisions  (as  defined in the  Standard
Terms)  under  federal  income  tax law.  The  Uncertificated  REMIC II  Regular
Interests  will  be  "regular   interests"  in  REMIC  II  and  the  Class  R-II
Certificates will represent  ownership of the sole "residual  interest" in REMIC
II for purposes of the REMIC Provisions.

        The Class CB I, Class CB-II, Class NB-I-1, Class NB-II-1, Class NB-II-2,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates
and the REMIC III Regular  Interest  NB-I-2A and the REMIC III Regular  Interest
NB-I-2B,  will  be  "regular  interests"  in  REMIC  III,  and  the  Class  R-II
Certificates  will represent  ownership of the "residual  interest"  therein for
purposes of the REMIC Provisions.

Section 10.04. Distributions on the Uncertificated REMIC I 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
REMIC I Distribution  Amount in the amounts and with the priorities set forth in
the definition thereof..

        (b) On each  Distribution Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC II Regular Interests,  the
REMIC II Distribution Amount in the amounts and with the priorities set forth in
the definition thereof.

        (c) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests and Uncertificated  REMIC II 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.

                                       48
<PAGE>

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.

                                       49
<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 Law. (See Section 11.04 of the Standard Terms)

Section 11.05.  Notices.  All demands and notices  hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed
by registered  mail,  postage  prepaid  (except for notices to the Trustee which
shall be deemed to have been duly given only when received),  to the appropriate
address  for each  recipient  listed in the table  below or, in each case,  such
other address as may  hereafter be furnished in writing to the Master  Servicer,
the Trustee and the Company, as applicable:

<TABLE>
<CAPTION>

---------------------------------- --------------------------------------------------------------
            RECIPIENT                                         ADDRESS
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
<S>                                <C>
Company                            8400 Normandale Lake Boulevard
                                   Suite 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 2004-QA3

                                   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

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                   New York, New York 10004

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Standard & Poor's Ratings          55 Water Street
Services, a division of The        New York, New York 10041
McGraw-Hill Companies, Inc.
---------------------------------- --------------------------------------------------------------
</TABLE>


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.

               97% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than the  Class  NB-I-2  Certificates,  Class  NB-II-2
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 each Class of the Class
NB-I-2  Certificates  and Class NB-II-2  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.


                                       50
<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/ Benita Bjorgo________
      Name:  Benita Bjorgo
      Title: Vice President


                                            RESIDENTIAL FUNDING CORPORATION
[Seal]


                                            By:  /s/ Benita Bjorgo
                                               ---------------------------------
                                                 Name:  Benita Bjorgo
                                                 Title: Associate

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


                                DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]


                               By:  /s/ Brent Hoyler
                                  ---------------------------------
                                    Name: Brent Hoyler
                                    Title:   Associate

                               By:  /s/ Barbara Campbell
                                  ---------------------------------
                                    Name: Barbara Campbell
                                    Title:   Assistant Vice President


Attest: /s/ Ronaldo Reyes
      Name: Ronaldo Reyes
      Title:   Assistant Vice President

                                       51
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of August, 2004 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]


                                       52
<PAGE>


STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 30th day of August, 2004 before me, a notary public in and
for said State, personally appeared ___Benita Bjorgo___,  known to me to be a(n)
___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]


                                       53
<PAGE>


STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of August, 2004 before me, a notary public in and
for said State,  personally  appeared __Brent  Hoyler__,  known to me to be a(n)
___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/ Amy Lynn Stoddard

                                                                  Notary Public

               [Notarial Seal]




                                       54
<PAGE>




STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 30th day of August, 2004 before me, a notary public in and
for said State,  personally appeared _Barbara Campbell_,  known to me to be a(n)
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/ Amy Lynn Stoddard

                                                           Notary Public

               [Notarial Seal]



                                       55
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE


Non Fixed Rate Loan
Loan Number                Orig Rate         Original Bal      Max Neg Amort
                           Curr Rate         Principal Bal     Loan Feature
                           Net Curr          Original PI       # of Units
                           Note Ceiling      Current PI        LTV
City             State Zip Net Ceiling       Note Date
Servicer Loan #            Note Floor        First Pay Date    MI Co Code
Seller Loan #              Net Floor         Maturity Date     MI Coverage
Investor Loan #            Gross Margin      1st IntChgDate    Nxt IntChgDate
S/S Code                   Net Margin        1st PmtChgDate    Nxt PmtChgDate
Int Chg Prior Day          1st Yr Floor      Pmt Cap Incr      Pmt Cap Decr
Payment Type               1st Yr Ceil       Int Chg Freq Mos  Pmt Chg Freq Mos
Orig Term                  Adj Index         Period Incr       Period Decr
Note Life Incr             Note Round Type   Note Round Mth    Note Round Fctr
Net Life Incr              Net Round Type    Net Round Mth     Net Round Fctr
Note Life Decr             Loan Purp         Convert Code      Convert Prd From
Net Life Decr              Prop Type         Convert Index     Convert Prd To
                           Occup Code        Convert Margin
8560692                    5.7500            183750.0000       100.0000
                           5.7500            181,386.15        ZZ
                           5.5000            1072.32           1
                           10.7500           1072.32           75
LAS VEGAS        NV 89117  10.5000           07/30/03
0436343388                 0.0000            09/01/03          00
16308213049                0.0000            08/01/33          0.0000
0                          3.2500            08/01/08          08/01/08
R84/G02                    3.0000            09/01/08          09/01/08
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 E                 08/01/08
0.0000                     03                01                08/01/10
                           O                 0.6250

8636072                    5.5000            64500.0000        100.0000
                           5.5000            63,705.41         ZZ
                           5.2500            366.22            1
                           11.5000           366.22            75
SPRINGFIELD      MA 01109  11.2500           09/04/03
0418098927                 0.0000            10/01/03          00
0418098927                 0.0000            09/01/33          0.0000
0                          3.2500            09/01/06          09/01/06
E22/G02                    3.0000            10/01/06          10/01/06
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

8641842                    3.8750            199250.0000       100.0000
                           3.8750            196,271.58        ZZ
                           3.6250            936.95            1
                           9.8750            936.95            68
LONGWOOD         FL 32779  9.6250            08/29/03
0436690788                 0.0000            11/01/03          00
101207298                  0.0000            10/01/33          0.0000
0                          3.2500            10/01/06          10/01/06
X13/G02                    3.0000            11/01/06          11/01/06
45                         3.2500            0.0000            0.0000
A                          5.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 E                 10/01/06
0.0000                     05                01                10/01/10
                           O                 0.6250

8782612                    5.0000            300000.0000       100.0000
                           5.0000            294,627.05        ZZ
                           4.7500            1610.46           1
                           10.0000           1610.46           75
RANCHO SANTA MA  CA 92688  9.7500            10/13/03
0436841704                 2.2500            12/01/03          00
2022504                    2.0000            11/01/33          0.0000
0                          2.2500            11/01/08          11/01/08
X89/G01                    2.0000            12/01/08          12/01/08
25                         2.2500            0.0000            0.0000
A                          10.0000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.7500                     2                 0
0.0000                     01                00
                           O                 0.0000

8811472                    6.1250            380000.0000       100.0000
                           6.1250            376,607.28        ZZ
                           5.8750            2308.92           1
                           11.1250           2308.92           80
SOUTH ORANGE     NJ 07079  10.8750           10/28/03
0418642443                 0.0000            12/01/03          00
0418642443                 0.0000            11/01/33          0.0000
0                          3.2500            11/01/08          11/01/08
E22/G02                    3.0000            12/01/08          12/01/08
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

8901574                    5.5000            157500.0000       100.0000
                           5.5000            156,053.38        ZZ
                           5.2500            894.27            1
                           11.5000           894.27            90
BRANSON          MO 65616  11.2500           11/19/03
0419054275                 0.0000            01/01/04          01
0419054275                 0.0000            12/01/33          25.0000
0                          3.2500            12/01/06          12/01/06
E22/G02                    3.0000            01/01/07          01/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8904586                    5.2500            136000.0000       100.0000
                           5.2500            134,732.72        ZZ
                           5.0000            751.00            1
                           10.2500           751.00            80
WINDSOR          CO 80550  10.0000           11/25/03
0419093901                 0.0000            01/01/04          00
0419093901                 0.0000            12/01/33          0.0000
0                          3.2500            12/01/08          12/01/08
E22/G02                    3.0000            01/01/09          01/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           N                 0.0000

8933951                    4.2500            207900.0000       100.0000
                           4.2500            107,037.67        ZZ
                           4.0000            1022.74           1
                           10.2500           1022.74           80
PALOS HEIGHTS    IL 60463  10.0000           04/13/04
0437765555                 0.0000            06/01/04          00
132562501                  0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
N34/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          6.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

8934751                    5.5000            203200.0000       100.0000
                           5.5000            202,529.68        T
                           5.2500            1153.75           1
                           10.5000           1153.75           46
SOUTH ORLEANS    MA 02662  10.2500           04/13/04
0420453722                 0.0000            06/01/04          00
0420453722                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     29                00
                           O                 0.0000

8939649                    4.3750            188000.0000       100.0000
                           4.3750            187,237.50        ZZ
                           4.1250            938.66            2
                           9.3750            938.66            76
EUGENE           OR 97405  9.1250            04/09/04
0420341521                 0.0000            06/01/04          00
0420341521                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          9.3750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

8939783                    5.7500            151050.0000       100.0000
                           5.7500            150,574.61        ZZ
                           5.5000            881.49            1
                           10.7500           881.49            95
LITHONIA         GA 30038  10.5000           04/14/04
0437805690                 0.0000            06/01/04          11
29407                      0.0000            05/01/34          30.0000
0                          3.2500            05/01/09          05/01/09
A52/G02                    3.0000            06/01/09          06/01/09
25                         3.2530            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8942163                    4.6250            79000.0000        100.0000
                           4.6250            78,693.75         ZZ
                           4.3750            406.17            2
                           9.6250            406.17            16
HEALDSBURG       CA 95448  9.3750            04/12/04
0420362576                 0.0000            06/01/04          00
0420362576                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          9.6250            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

8942371                    5.0000            239400.0000       100.0000
                           5.0000            238,533.45        ZZ
                           4.7500            1285.15           3
                           11.0000           1285.15           95
WORCESTER        MA 01601  10.7500           04/15/04
0420191017                 0.0000            06/01/04          10
0420191017                 0.0000            05/01/34          30.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

8944741                    4.0000            272000.0000       100.0000
                           4.0000            272,000.00        ZZ
                           3.7500            906.67            1
                           10.0000           906.67            80
PLACENTIA        CA 92870  9.7500            04/09/04
0420411860                 0.0000            06/01/04          00
0420411860                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          6.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

8945501                    5.3750            136000.0000       100.0000
                           5.3750            135,540.77        ZZ
                           5.1250            761.56            2
                           10.3750           761.56            80
SACO             ME 04072  10.1250           04/12/04
0419874029                 0.0000            06/01/04          00
0419874029                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8948177                    4.7500            78500.0000        100.0000
                           4.7500            78,202.55         ZZ
                           4.5000            409.49            1
                           9.7500            409.49            48
LAKE BLUFF       IL 60044  9.5000            04/14/04
0420339665                 0.0000            06/01/04          00
0420339665                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          9.7500            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

8948597                    5.7500            399000.0000       100.0000
                           5.7500            397,744.25        ZZ
                           5.5000            2328.46           3
                           10.7500           2328.46           77
CHICAGO          IL 60645  10.5000           04/14/04
0420174377                 0.0000            06/01/04          00
0420174377                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8948694                    6.2500            310411.0000       100.0000
                           6.2500            307,959.87        ZZ
                           6.0000            1911.25           1
                           11.2500           1911.25           80
CEDAR RAPIDS     IA 52402  11.0000           12/05/03
0437103005                 3.2500            01/01/04          00
00003-16705                3.0000            12/01/33          0.0000
0                          3.2500            12/01/08          12/01/08
Q14/G02                    3.0000            01/01/09          01/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

8951473                    4.8750            88550.0000        100.0000
                           4.8750            88,222.04         ZZ
                           4.6250            468.61            1
                           9.8750            468.61            70
OLD ORCHARD BEA  ME 04064  9.6250            04/15/04
0420561797                 0.0000            06/01/04          00
0420561797                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

8951585                    4.3750            359200.0000       100.0000
                           4.3750            357,736.54        ZZ
                           4.1250            1793.43           1
                           10.3750           1793.43           80
LOS ANGELES      CA 90019  10.1250           04/08/04
0420521627                 0.0000            06/01/04          00
0420521627                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          6.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

8951777                    5.0000            241500.0000       100.0000
                           5.0000            240,625.86        ZZ
                           4.7500            1296.42           1
                           11.0000           1296.42           75
SEATTLE          WA 98115  10.7500           04/13/04
0420412637                 0.0000            06/01/04          00
0420412637                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

8952057                    4.7500            204750.0000       100.0000
                           4.7500            203,974.14        ZZ
                           4.5000            1068.07           1
                           9.7500            1068.07           40
SEATTLE          WA 98119  9.5000            04/14/04
0420285447                 0.0000            06/01/04          00
0420285447                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          9.7500            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

8955663                    4.8750            486400.0000       100.0000
                           4.8750            486,400.00        ZZ
                           4.6250            1976.00           1
                           10.8750           1976.00           80
LIVERMORE        CA 94550  10.6250           04/15/04
0420496499                 0.0000            06/01/04          00
0420496499                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

8956567                    4.8750            247500.0000       100.0000
                           4.8750            246,583.32        ZZ
                           4.6250            1309.79           1
                           9.8750            1309.79           69
SCHAUMBURG       IL 60173  9.6250            04/16/04
0420263949                 0.0000            06/01/04          00
0420263949                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

8957043                    6.1250            121000.0000       100.0000
                           6.1250            120,645.37        ZZ
                           5.8750            735.21            4
                           11.1250           735.21            68
OGDEN            UT 84404  10.8750           04/15/04
0420022626                 0.0000            06/01/04          00
0420022626                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8962119                    5.3750            215000.0000       100.0000
                           5.3750            214,029.83        ZZ
                           5.1250            1203.94           1
                           10.3750           1203.94           80
CLARKSVILLE      MD 21029  10.1250           03/31/04
0437773088                 0.0000            05/01/04          00
1080005706                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E77/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

8963111                    5.1250            185200.0000       100.0000
                           5.1250            184,544.92        ZZ
                           4.8750            1008.39           2
                           10.1250           1008.39           67
EAGLE MOUNTAIN   UT 84043  9.8750            04/15/04
0420315392                 0.0000            06/01/04          00
0420315392                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

8966203                    5.3750            201000.0000       100.0000
                           5.3750            201,000.00        ZZ
                           5.1250            900.31            1
                           11.3750           900.31            76
FORT LAUDERDALE  FL 33316  11.1250           04/21/04
0420475337                 0.0000            06/01/04          00
0420475337                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     09                00
                           O                 0.0000

8976602                    4.7500            322700.0000       100.0000
                           4.7500            319,406.59        ZZ
                           4.5000            1683.36           1
                           9.7500            1683.36           80
SAN DIEGO        CA 92123  9.5000            11/20/03
0437225063                 0.0000            01/01/04          00
28485753                   0.0000            12/01/33          0.0000
0                          2.2500            12/01/08          12/01/08
W93/G01                    2.0000            01/01/09          01/01/09
45                         2.2500            0.0000            0.0000
A                          9.7500            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

8976659                    4.8750            195400.0000       100.0000
                           4.8750            194,676.30        ZZ
                           4.6250            1034.07           1
                           9.8750            1034.07           80
SANTA CLARITA    CA 91355  9.6250            04/06/04
0437784879                 3.2500            06/01/04          00
16741216                   3.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
F89/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.6250                     1                 0
0.0000                     01                00
                           O                 0.0000

8977971                    6.0000            176000.0000       100.0000
                           6.0000            175,997.66        ZZ
                           5.7500            880.00            2
                           11.0000           880.00            80
MINNEAPOLIS      MN 55411  10.7500           04/23/04
0420572505                 0.0000            06/01/04          00
0420572505                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8978545                    4.5000            81600.0000        100.0000
                           4.5000            81,600.00         ZZ
                           4.2500            306.00            1
                           10.5000           306.00            80
BIRMINGHAM       AL 35215  10.2500           04/23/04
0420451676                 0.0000            06/01/04          00
0420451676                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8978627                    5.2500            248000.0000       100.0000
                           5.2500            247,142.86        ZZ
                           5.0000            1369.47           2
                           10.2500           1369.47           75
PATERSON         NJ 07501  10.0000           04/23/04
0420406548                 0.0000            06/01/04          00
0420406548                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8982049                    6.0000            144000.0000       100.0000
                           6.0000            143,567.79        ZZ
                           5.7500            863.35            2
                           11.0000           863.35            90
NEWARK           NJ 07106  10.7500           04/23/04
0420583064                 0.0000            06/01/04          04
0420583064                 0.0000            05/01/34          25.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8983887                    6.1250            95250.0000        100.0000
                           6.1250            94,970.84         ZZ
                           5.8750            578.75            1
                           11.1250           578.75            75
SAINT AUGUSTINE  FL 32080  10.8750           04/30/04
0420668246                 0.0000            06/01/04          00
0420668246                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           N                 0.0000

8984321                    5.0000            200000.0000       100.0000
                           5.0000            199,276.07        ZZ
                           4.7500            1073.64           1
                           10.0000           1073.64           77
CENTENNIAL       CO 80015  9.7500            04/26/04
0420574436                 0.0000            06/01/04          00
0420574436                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     07                00
                           O                 0.0000

8984699                    4.8750            300000.0000       100.0000
                           4.8750            300,000.00        ZZ
                           4.6250            1218.75           1
                           10.8750           1218.75           56
TWP OF MIDDLETO  NJ 07752  10.6250           04/26/04
0420457079                 0.0000            06/01/04          00
0420457079                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8985773                    5.2500            267000.0000       100.0000
                           5.2500            266,077.22        ZZ
                           5.0000            1474.38           2
                           10.2500           1474.38           73
PASSAIC          NJ 07055  10.0000           04/26/04
0420354482                 0.0000            06/01/04          00
0420354482                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

8986977                    4.8750            332000.0000       100.0000
                           4.8750            332,000.00        ZZ
                           4.6250            1348.75           1
                           9.8750            1348.75           80
BRISTOW          VA 20136  9.6250            04/27/04
0437802481                 0.0000            06/01/04          00
26404045                   0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
696/G02                    3.0000            06/01/09          06/01/09
25                         3.2500            0.0000            0.0000
A                          9.8750            6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

8987248                    5.8750            97600.0000        100.0000
                           5.8750            96,893.13         ZZ
                           5.6250            577.34            1
                           10.8750           577.34            80
DOUGLASVILLE     GA 30134  10.6250           12/17/03
0437215502                 0.0000            02/01/04          00
28028                      0.0000            01/01/34          0.0000
0                          2.7500            01/01/09          01/01/09
A52/G02                    2.5000            02/01/09          02/01/09
25                         2.7500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8988187                    6.0000            153000.0000       100.0000
                           6.0000            152,440.28        ZZ
                           5.7500            917.31            1
                           11.0000           917.31            90
HANOVER PARK     IL 60133  10.7500           04/28/04
0420699670                 0.0000            06/01/04          01
0420699670                 0.0000            05/01/34          25.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

8991879                    4.5000            249850.0000       100.0000
                           4.5000            248,859.26        ZZ
                           4.2500            1265.95           1
                           10.5000           1265.95           95
BOWIE            MD 20720  10.2500           04/09/04
0437801954                 0.0000            06/01/04          11
1080005699                 0.0000            05/01/34          30.0000
0                          3.2500            05/01/07          05/01/07
E77/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

8992326                    5.2500            155000.0000       100.0000
                           5.2500            153,733.80        ZZ
                           5.0000            855.92            1
                           10.2500           855.92            57
LAHAINA          HI 96761  10.0000           12/17/03
0419276514                 0.0000            02/01/04          00
0419276514                 0.0000            01/01/34          0.0000
0                          3.2500            01/01/09          01/01/09
E22/G02                    3.0000            02/01/09          02/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     22                00
                           O                 0.0000

8993323                    5.5000            150000.0000       100.0000
                           5.5000            149,670.89        ZZ
                           5.2500            851.68            1
                           10.5000           851.68            60
WEST MILFORD     NJ 07480  10.2500           04/29/04
0420349292                 0.0000            07/01/04          00
0420349292                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

8993513                    6.0000            358150.0000       100.0000
                           6.0000            357,435.14        ZZ
                           5.7500            2147.29           3
                           11.0000           2147.29           95
CITY OF CLIFTON  NJ 07014  10.7500           05/04/04
0420178089                 0.0000            07/01/04          01
0420178089                 0.0000            06/01/34          30.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

8995429                    5.0000            863600.0000       100.0000
                           5.0000            863,432.72        ZZ
                           4.7500            3598.33           1
                           11.0000           3598.33           80
BETHESDA         MD 20817  10.7500           04/30/04
0437798549                 0.0000            06/01/04          00
30403412                   0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
696/G02                    3.0000            06/01/07          06/01/07
25                         3.2500            0.0000            0.0000
A                          8.0000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

8995481                    5.5000            161000.0000       100.0000
                           5.5000            160,468.91        ZZ
                           5.2500            914.14            1
                           11.5000           914.14            65
MILWAUKIE        OR 97222  11.2500           04/29/04
0438106429                 0.0000            06/01/04          00
1104884                    0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
T44/G02                    3.0000            06/01/07          06/01/07
25                         3.2500            0.0000            0.0000
A                          8.5000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8996259                    5.8750            105300.0000       100.0000
                           5.8750            104,976.35        ZZ
                           5.6250            622.89            4
                           10.8750           622.89            90
ALBUQUERQUE      NM 87110  10.6250           04/29/04
0420621856                 0.0000            06/01/04          01
0420621856                 0.0000            05/01/34          20.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

8996333                    5.5000            262000.0000       100.0000
                           5.5000            261,135.72        ZZ
                           5.2500            1487.61           3
                           11.5000           1487.61           64
UNION CITY       NJ 07087  11.2500           04/30/04
0420572174                 0.0000            06/01/04          00
0420572174                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

8996415                    5.7500            391200.0000       100.0000
                           5.7500            391,200.00        ZZ
                           5.5000            1874.50           1
                           11.7500           1874.50           80
SANTA MONICA     CA 90405  11.5000           04/28/04
0420677866                 0.0000            06/01/04          00
0420677866                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

8999049                    5.3750            94400.0000        100.0000
                           5.3750            94,081.24         ZZ
                           5.1250            528.61            1
                           11.3750           528.61            80
ST. JOSEPH       MI 49085  11.1250           05/06/04
0420648099                 0.0000            06/01/04          00
0420648099                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

8999119                    5.3750            98400.0000        100.0000
                           5.3750            98,067.74         ZZ
                           5.1250            551.01            1
                           11.3750           551.01            80
KNOXVILLE        TN 37922  11.1250           05/06/04
0420744971                 0.0000            06/01/04          00
0420744971                 0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
E22/G02                    3.0000            06/01/07          06/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           N                 0.0000

8999381                    5.2500            139500.0000       100.0000
                           5.2500            139,179.28        ZZ
                           5.0000            770.32            1
                           10.2500           770.32            90
CITY OF JERSEY   NJ 07302  10.0000           05/06/04
0420439424                 0.0000            07/01/04          01
0420439424                 0.0000            06/01/34          25.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9000081                    5.7500            399750.0000       100.0000
                           5.7500            398,491.91        ZZ
                           5.5000            2332.83           1
                           10.7500           2332.83           80
LAUREL           MD 20707  10.5000           04/28/04
0437856644                 0.0000            06/01/04          00
30104037                   0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
696/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9000101                    4.5000            56000.0000        100.0000
                           4.5000            55,777.95         ZZ
                           4.2500            283.74            1
                           9.5000            283.74            47
SPRINGFIELD      VA 22152  9.2500            04/22/04
0437807936                 0.0000            06/01/04          00
33604071                   0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
696/G02                    3.0000            06/01/09          06/01/09
25                         3.2500            0.0000            0.0000
A                          9.5000            6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           N                 0.0000

9000895                    5.6250            692000.0000       100.0000
                           5.6250            692,000.00        ZZ
                           5.3750            3243.75           1
                           10.6250           3243.75           80
WASHINGTON       DC 20037  10.3750           04/30/04
0437812746                 0.0000            06/01/04          00
32604099                   0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
696/G02                    3.0000            06/01/09          06/01/09
25                         3.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     06                00
                           O                 0.0000

9000899                    5.1250            217550.0000       100.0000
                           5.1250            217,550.00        T
                           4.8750            929.12            1
                           10.1250           929.12            95
FREDERICKSBURG   VA 22405  9.8750            04/29/04
0437856685                 0.0000            06/01/04          12
60404029                   0.0000            05/01/34          30.0000
0                          3.2500            05/01/09          05/01/09
696/G02                    3.0000            06/01/09          06/01/09
25                         3.2500            0.0000            0.0000
A                          10.1250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9008641                    4.2500            109500.0000       100.0000
                           4.2500            109,500.00        ZZ
                           4.0000            387.81            1
                           10.2500           387.81            45
OAKLAND          CA 94601  10.0000           04/28/04
0420600777                 0.0000            07/01/04          00
0420600777                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     09                00
                           O                 0.0000

9010651                    5.3750            414150.0000       100.0000
                           5.3750            414,150.00        ZZ
                           5.1250            1855.05           1
                           10.3750           1855.05           80
ALEXANDRIA       VA 22301  10.1250           04/30/04
0437823529                 0.0000            06/01/04          00
24604114                   0.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
696/G02                    3.0000            06/01/09          06/01/09
25                         3.2500            0.0000            0.0000
A                          10.3750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9011245                    5.3750            188000.0000       100.0000
                           5.3750            187,577.72        ZZ
                           5.1250            1052.75           1
                           11.3750           1052.75           80
VACAVILLE        CA 95688  11.1250           05/01/04
0437870975                 0.0000            07/01/04          00
042305757                  0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
Y14/G02                    3.0000            07/01/07          07/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9012195                    5.8750            72000.0000        100.0000
                           5.8750            71,842.54         ZZ
                           5.6250            425.91            1
                           10.8750           425.91            80
BESSEMER         AL 35023  10.6250           05/06/04
0420484446                 0.0000            07/01/04          00
0420484446                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9012237                    5.7500            200000.0000       100.0000
                           5.7500            199,370.54        T
                           5.5000            1167.15           1
                           11.7500           1167.15           80
FORT MYERS BEAC  FL 33931  11.5000           04/29/04
0437840325                 3.2500            06/01/04          00
572275                     3.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
H49/G02                    3.0000            06/01/09          06/01/09
25                         3.2500            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     1                 0
0.0000                     06                00
                           O                 0.0000

9016305                    5.3750            236000.0000       100.0000
                           5.3750            236,000.00        ZZ
                           5.1250            1057.08           1
                           11.3750           1057.08           80
CULPEPER         VA 22701  11.1250           05/06/04
0437846942                 0.0000            06/01/04          00
10004047                   0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
696/G02                    3.0000            06/01/07          06/01/07
25                         3.2500            0.0000            0.0000
A                          8.3750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9017211                    5.2500            440000.0000       100.0000
                           5.2500            440,000.00        ZZ
                           5.0000            1925.00           1
                           11.2500           1925.00           80
NEWTOWN          CT 06470  11.0000           05/12/04
0420860777                 0.0000            07/01/04          00
0420860777                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9017235                    6.0000            136000.0000       100.0000
                           6.0000            135,728.54        ZZ
                           5.7500            815.39            1
                           11.0000           815.39            80
CHARLESTON       SC 29407  10.7500           05/07/04
0420742926                 0.0000            07/01/04          00
0420742926                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9017301                    5.0000            58120.0000        100.0000
                           5.0000            57,980.05         T
                           4.7500            312.00            1
                           10.0000           312.00            79
OSCODA           MI 48750  9.7500            05/12/04
0420770026                 0.0000            07/01/04          00
0420770026                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9017595                    5.0000            208000.0000       100.0000
                           5.0000            208,000.00        ZZ
                           4.7500            866.67            1
                           11.0000           866.67            85
WOODBRIDGE       VA 22193  10.7500           05/07/04
0420558066                 0.0000            07/01/04          04
0420558066                 0.0000            06/01/34          12.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9018033                    5.6250            600000.0000       100.0000
                           5.6250            598,714.11        ZZ
                           5.3750            3453.94           3
                           10.6250           3453.94           69
BOSTON           MA 02118  10.3750           05/07/04
0420108524                 0.0000            07/01/04          00
0420108524                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9018999                    4.8750            184000.0000       100.0000
                           4.8750            184,000.00        ZZ
                           4.6250            747.50            1
                           9.8750            747.50            80
SANTA CLARITA A  CA 91350  9.6250            04/27/04
0437910425                 0.0000            06/01/04          00
12310148200                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9019001                    4.8750            184800.0000       100.0000
                           4.8750            184,800.00        ZZ
                           4.6250            750.75            1
                           9.8750            750.75            80
SANTA CLARITA A  CA 91350  9.6250            04/28/04
0438001695                 0.0000            06/01/04          00
12310148282                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9019003                    4.8750            169400.0000       100.0000
                           4.8750            169,199.19        ZZ
                           4.6250            688.19            1
                           9.8750            688.19            80
SANTA CLARITA A  CA 91350  9.6250            04/28/04
0437910607                 0.0000            06/01/04          00
12310149594                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9019037                    4.8750            326400.0000       100.0000
                           4.8750            326,400.00        ZZ
                           4.6250            1326.00           1
                           9.8750            1326.00           80
HUNTINGTON BEAC  CA 92646  9.6250            04/22/04
0437910441                 0.0000            06/01/04          00
11510144706                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9019043                    4.8750            310850.0000       100.0000
                           4.8750            310,850.00        ZZ
                           4.6250            1262.83           1
                           9.8750            1262.83           80
HUNTINGTON BEAC  CA 92646  9.6250            04/21/04
0437914419                 0.0000            06/01/04          00
11510146233                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9019049                    4.5000            320000.0000       100.0000
                           4.5000            320,000.00        ZZ
                           4.2500            1200.00           1
                           9.5000            1200.00           80
HUNTINGTON BEAC  CA 92646  9.2500            04/16/04
0437910748                 0.0000            06/01/04          00
11510147436                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.5000            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9019053                    4.8750            236000.0000       100.0000
                           4.8750            236,000.00        T
                           4.6250            958.75            1
                           9.8750            958.75            80
HUNTINGTON BEAC  CA 92646  9.6250            04/22/04
0438002032                 0.0000            06/01/04          00
11510147889                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9019059                    4.8750            277700.0000       100.0000
                           4.8750            277,589.39        ZZ
                           4.6250            1128.16           1
                           9.8750            1128.16           80
HUNTINGTON BEAC  CA 92646  9.6250            04/20/04
0437910367                 0.0000            06/01/04          00
11510149076                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9019131                    4.6250            251900.0000       100.0000
                           4.6250            251,899.98        ZZ
                           4.3750            970.87            1
                           9.6250            970.87            80
SAN DIEGO        CA 92103  9.3750            04/12/04
0437910722                 0.0000            06/01/04          00
11510140050                0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
E84/G01                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.6250            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9021650                    5.1250            187200.0000       100.0000
                           5.1250            185,641.69        ZZ
                           4.8750            1019.28           2
                           10.1250           1019.28           80
AUBURN           WA 98092  9.8750            12/30/03
0419454368                 0.0000            02/01/04          00
0419454368                 0.0000            01/01/34          0.0000
0                          3.2500            01/01/09          01/01/09
E22/G02                    3.0000            02/01/09          02/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9021729                    4.2500            315700.0000       100.0000
                           4.2500            314,828.56        TX
                           4.0000            1553.05           1
                           10.2500           1553.05           80
AUSTIN           TX 78746  10.0000           05/03/04
0437985336                 3.2500            07/01/04          00
014005522328               3.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
K15/G02                    3.0000            07/01/07          07/01/07
25                         3.2500            0.0000            0.0000
A                          6.2500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9023773                    5.0000            89600.0000        100.0000
                           5.0000            89,384.23         ZZ
                           4.7500            480.99            1
                           11.0000           480.99            90
KANSAS CITY      MO 64114  10.7500           05/07/04
0437855448                 5.0000            07/01/04          01
00004-20028                4.7500            06/01/34          25.0000
0                          3.2500            06/01/07          06/01/07
Q14/G02                    3.0000            07/01/07          07/01/07
45                         5.0000            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9026901                    5.3750            280000.0000       100.0000
                           5.3750            279,371.09        ZZ
                           5.1250            1567.92           1
                           10.3750           1567.92           39
OAK PARK         IL 60302  10.1250           05/14/04
0420727182                 0.0000            07/01/04          00
0420727182                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9027455                    4.8750            231000.0000       100.0000
                           4.8750            230,430.78        ZZ
                           4.6250            1222.47           1
                           10.8750           1222.47           85
THORNTON         CO 80241  10.6250           05/14/04
0420631616                 0.0000            07/01/04          10
0420631616                 0.0000            06/01/34          12.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9029875                    4.8750            299000.0000       100.0000
                           4.8750            298,499.01        ZZ
                           4.6250            1214.69           1
                           10.8750           1214.69           79
TRACY            CA 95376  10.6250           05/07/04
0420671174                 0.0000            07/01/04          00
0420671174                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9029953                    4.8750            111600.0000       100.0000
                           4.8750            111,367.34        ZZ
                           4.6250            453.38            1
                           10.8750           453.38            42
SAINT CHARLES    IL 60174  10.6250           05/07/04
0420629503                 0.0000            07/01/04          00
0420629503                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9033097                    4.8750            199750.0000       100.0000
                           4.8750            199,750.00        ZZ
                           4.6250            811.48            1
                           10.8750           811.48            85
FEDERAL WAY      WA 98023  10.6250           05/12/04
0420745861                 0.0000            07/01/04          04
0420745861                 0.0000            06/01/34          12.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9034121                    5.8750            81000.0000        100.0000
                           5.8750            80,834.42         TX
                           5.6250            479.15            1
                           10.8750           479.15            75
HUMBLE           TX 77346  10.6250           05/11/04
0437892789                 0.0000            07/01/04          00
3000630278                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
U05/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9034729                    5.8750            240000.0000       100.0000
                           5.8750            239,509.42        ZZ
                           5.6250            1419.69           1
                           11.8750           1419.69           80
SARASOTA         FL 34242  11.6250           05/11/04
0437903131                 3.2500            07/01/04          00
04033429                   3.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
952/G02                    3.0000            07/01/07          07/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     01                00
                           N                 0.0000

9036537                    5.6250            383200.0000       100.0000
                           5.6250            383,200.00        ZZ
                           5.3750            1796.25           2
                           10.6250           1796.25           80
VENTURA          CA 93001  10.3750           05/12/04
0420476160                 0.0000            07/01/04          00
0420476160                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9036571                    5.1250            85000.0000        100.0000
                           5.1250            85,000.00         ZZ
                           4.8750            363.02            1
                           11.1250           363.02            85
GRAND JUNCTION   CO 81503  10.8750           05/14/04
0420308694                 0.0000            07/01/04          01
0420308694                 0.0000            06/01/34          12.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9038761                    6.1250            110400.0000       100.0000
                           6.1250            109,385.45        TX
                           5.8750            670.80            1
                           11.1250           670.80            80
MESQUITE         TX 75149  10.8750           05/04/04
0438023616                 0.0000            07/01/04          00
3000627678                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
U05/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9039079                    5.3750            121600.0000       100.0000
                           5.3750            121,600.00        ZZ
                           5.1250            544.67            1
                           11.3750           544.67            80
GAITHERSBURG     MD 20878  11.1250           05/05/04
0437898612                 0.0000            06/01/04          00
30404113                   0.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
696/G02                    3.0000            06/01/07          06/01/07
25                         3.2500            0.0000            0.0000
A                          8.3750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9039497                    6.6250            233100.0000       100.0000
                           6.6250            232,687.56        ZZ
                           6.3750            1492.56           4
                           11.6250           1492.56           90
RIVIERA BEACH    FL 33404  11.3750           05/20/04
0420841132                 0.0000            07/01/04          10
0420841132                 0.0000            06/01/34          25.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9039619                    5.3750            137600.0000       100.0000
                           5.3750            137,290.93        ZZ
                           5.1250            770.52            1
                           11.3750           770.52            80
ANN ARBOR        MI 48104  11.1250           05/20/04
0420754723                 0.0000            07/01/04          00
0420754723                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9040425                    4.5000            473000.0000       100.0000
                           4.5000            473,000.00        ZZ
                           4.2500            1773.75           1
                           10.5000           1773.75           77
ALISO VIEJO      CA 92656  10.2500           05/13/04
0420657488                 0.0000            07/01/04          00
0420657488                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9040461                    4.7500            230000.0000       100.0000
                           4.7500            230,000.00        ZZ
                           4.5000            910.42            1
                           10.7500           910.42            53
FORT LAUDERDALE  FL 33301  10.5000           05/20/04
0420556938                 0.0000            07/01/04          00
0420556938                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     06                00
                           O                 0.0000

9043073                    4.7500            101200.0000       100.0000
                           4.7500            100,944.84        ZZ
                           4.5000            527.91            1
                           10.7500           527.91            80
DELRAY BEACH     FL 33445  10.5000           05/21/04
0420764631                 0.0000            07/01/04          00
0420764631                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9043307                    5.2500            228000.0000       100.0000
                           5.2500            227,475.82        ZZ
                           5.0000            1259.02           1
                           10.2500           1259.02           80
NILES            IL 60714  10.0000           05/21/04
0420702326                 0.0000            07/01/04          00
0420702326                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9044987                    6.8750            234150.0000       100.0000
                           6.8750            234,150.00        ZZ
                           6.6250            1341.48           1
                           11.8750           1341.48           85
BURKE            VA 22015  11.6250           04/29/04
0437901796                 0.0000            06/01/04          12
50104091                   0.0000            05/01/34          12.0000
0                          3.2500            05/01/09          05/01/09
696/G02                    3.0000            06/01/09          06/01/09
25                         3.2500            0.0000            0.0000
A                          11.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9045927                    6.5000            229500.0000       100.0000
                           6.5000            229,083.93        ZZ
                           6.2500            1450.60           1
                           11.5000           1450.60           90
LAS VEGAS        NV 89147  11.2500           05/18/04
0420903163                 0.0000            07/01/04          01
0420903163                 0.0000            06/01/34          25.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9046163                    5.5000            171000.0000       100.0000
                           5.5000            171,000.00        ZZ
                           5.2500            783.75            1
                           11.5000           783.75            90
KILLEN           AL 35645  11.2500           05/19/04
0420851966                 0.0000            07/01/04          01
0420851966                 0.0000            06/01/34          25.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9046603                    5.8750            174000.0000       100.0000
                           5.8750            173,999.99        ZZ
                           5.6250            851.88            1
                           11.8750           851.88            80
STAFFORD         VA 22554  11.6250           05/17/04
0420606220                 0.0000            07/01/04          00
0420606220                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9046637                    5.1250            325000.0000       100.0000
                           5.1250            324,235.25        ZZ
                           4.8750            1769.58           2
                           11.1250           1769.58           85
CHICAGO          IL 60639  10.8750           05/19/04
0420597304                 0.0000            07/01/04          10
0420597304                 0.0000            06/01/34          12.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9046763                    5.2500            249600.0000       100.0000
                           5.2500            249,026.15        ZZ
                           5.0000            1378.30           1
                           10.2500           1378.30           80
GAINESVILLE      VA 20155  10.0000           05/19/04
0420560740                 0.0000            07/01/04          00
0420560740                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9046841                    4.6250            157000.0000       100.0000
                           4.6250            156,595.03        ZZ
                           4.3750            807.20            1
                           9.6250            807.20            41
PLAYA DEL REY    CA 90293  9.3750            05/17/04
0420486623                 0.0000            07/01/04          00
0420486623                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          9.6250            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9052861                    5.1250            264000.0000       100.0000
                           5.1250            263,314.47        ZZ
                           4.8750            1437.45           2
                           10.1250           1437.45           80
ELIZABETH        NJ 07202  9.8750            05/20/04
0420666588                 0.0000            07/01/04          00
0420666588                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9053683                    5.3750            141600.0000       100.0000
                           5.3750            141,546.64        ZZ
                           5.1250            634.25            1
                           11.3750           634.25            80
GREENVILLE       SC 29615  11.1250           05/20/04
0420871576                 0.0000            07/01/04          00
0420871576                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9058541                    6.1250            128000.0000       100.0000
                           6.1250            127,750.55        T
                           5.8750            777.74            1
                           11.1250           777.74            80
WEEMS            VA 22576  10.8750           05/26/04
0420641722                 0.0000            07/01/04          00
0420641722                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9058753                    5.2500            305000.0000       100.0000
                           5.2500            304,298.78        ZZ
                           5.0000            1684.22           1
                           10.2500           1684.22           80
SAN PABLO        CA 94806  10.0000           05/20/04
0420845489                 0.0000            07/01/04          00
0420845489                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9058807                    5.2500            251656.0000       100.0000
                           5.2500            251,077.43        ZZ
                           5.0000            1389.65           1
                           10.2500           1389.65           80
DES PLAINES      IL 60016  10.0000           05/27/04
0420785636                 0.0000            07/01/04          00
0420785636                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9058925                    5.3750            154000.0000       100.0000
                           5.3750            153,654.09        ZZ
                           5.1250            862.36            1
                           10.3750           862.36            69
WHEELING         IL 60090  10.1250           05/27/04
0420818353                 0.0000            07/01/04          00
0420818353                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9059231                    5.8750            103960.0000       100.0000
                           5.8750            103,747.50        T
                           5.6250            614.96            1
                           10.8750           614.96            80
GOLD BAR         WA 98251  10.6250           05/22/04
0420937229                 0.0000            07/01/04          00
0420937229                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9059409                    5.8750            475200.0000       100.0000
                           5.8750            474,228.65        ZZ
                           5.6250            2810.99           3
                           10.8750           2810.99           80
DORCHESTER       MA 02125  10.6250           05/21/04
0420781585                 0.0000            07/01/04          00
0420781585                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9059521                    5.3750            280000.0000       100.0000
                           5.3750            280,000.00        ZZ
                           5.1250            1254.17           1
                           11.3750           1254.17           80
VISTA            CA 92083  11.1250           05/19/04
0420822710                 0.0000            07/01/04          00
0420822710                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9059545                    5.7500            311200.0000       100.0000
                           5.7500            310,548.62        ZZ
                           5.5000            1816.08           1
                           11.7500           1816.08           80
SOUTH JORDAN     UT 84095  11.5000           05/21/04
0420825390                 0.0000            07/01/04          00
0420825390                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9059741                    4.8750            210000.0000       100.0000
                           4.8750            209,482.53        ZZ
                           4.6250            1111.34           1
                           10.8750           1111.34           67
BOSTON           MA 02127  10.6250           05/21/04
0420873416                 0.0000            07/01/04          00
0420873416                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9061203                    6.3750            292500.0000       100.0000
                           6.3750            291,794.99        ZZ
                           6.1250            1824.82           1
                           11.3750           1824.82           90
LOS ANGELES      CA 90016  11.1250           05/21/04
0437928203                 0.0000            07/01/04          14
80007323                   0.0000            06/01/34          25.0000
0                          3.2500            06/01/09          06/01/09
B23/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9061945                    4.8750            141600.0000       100.0000
                           4.8750            141,097.97        ZZ
                           4.6250            575.25            1
                           10.8750           575.25            80
STERLING HEIGHT  MI 48310  10.6250           05/28/04
0420997009                 0.0000            07/01/04          00
0420997009                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9062143                    4.8750            176000.0000       100.0000
                           4.8750            175,783.59        ZZ
                           4.6250            931.41            1
                           10.8750           931.41            85
STERLING HEIGHT  MI 48310  10.6250           06/09/04
0420941825                 0.0000            08/01/04          04
0420941825                 0.0000            07/01/34          20.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9062229                    5.3750            197625.0000       100.0000
                           5.3750            197,181.12        ZZ
                           5.1250            1106.64           1
                           11.3750           1106.64           75
SANTA MARIA      CA 93455  11.1250           05/25/04
0420938102                 0.0000            07/01/04          00
0420938102                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           N                 0.0000

9063529                    5.5000            94350.0000        100.0000
                           5.5000            94,142.98         ZZ
                           5.2500            535.71            1
                           11.5000           535.71            85
TAMPA            FL 33614  11.2500           05/24/04
0420820714                 0.0000            07/01/04          10
0420820714                 0.0000            06/01/34          12.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9064303                    6.2500            188000.0000       100.0000
                           6.2500            187,642.31        ZZ
                           6.0000            1157.55           4
                           11.2500           1157.55           80
ROUND ROCK       TX 78681  11.0000           05/25/04
0420733594                 0.0000            07/01/04          00
0420733594                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9064355                    5.3750            180800.0000       100.0000
                           5.3750            180,393.90        ZZ
                           5.1250            1012.43           1
                           10.3750           1012.43           80
SKOKIE           IL 60077  10.1250           05/28/04
0420694077                 0.0000            07/01/04          00
0420694077                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9065285                    6.5000            216000.0000       100.0000
                           6.5000            215,608.40        ZZ
                           6.2500            1365.27           2
                           11.5000           1365.27           90
MINNEAPOLIS      MN 55418  11.2500           05/26/04
0437931959                 0.0000            07/01/04          12
04800439F                  0.0000            06/01/34          25.0000
0                          3.2500            06/01/09          06/01/09
B39/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9066217                    4.5000            172600.0000       100.0000
                           4.5000            172,144.57        ZZ
                           4.2500            874.54            1
                           10.5000           874.54            77
PORTAGE          MI 49024  10.2500           05/25/04
0438048423                 3.2500            07/01/04          00
014005522457               3.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
K15/G02                    3.0000            07/01/07          07/01/07
25                         3.2500            0.0000            0.0000
A                          6.5000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.2500                     2                 0
0.0000                     05                00
                           O                 0.0000

9066361                    6.7500            405000.0000       100.0000
                           6.7500            405,000.00        ZZ
                           6.5000            2278.13           1
                           11.7500           2278.13           90
DELAPLANE        VA 20144  11.5000           05/21/04
0437922396                 0.0000            07/01/04          12
50104095                   0.0000            06/01/34          25.0000
0                          3.2500            06/01/09          06/01/09
696/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9067573                    5.6250            131800.0000       100.0000
                           5.6250            131,517.52        ZZ
                           5.3750            758.72            1
                           10.6250           758.72            90
BOWIE            MD 20716  10.3750           05/12/04
0437930373                 0.0000            07/01/04          12
32904125                   0.0000            06/01/34          25.0000
0                          2.2500            06/01/09          06/01/09
696/G01                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9067593                    5.3750            295600.0000       100.0000
                           5.3750            295,600.00        ZZ
                           5.1250            1324.04           1
                           11.3750           1324.04           80
BLACKSBURG       VA 24060  11.1250           05/27/04
0438038283                 0.0000            07/01/04          00
23304075                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
696/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          10.3750           6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9067605                    5.6250            136000.0000       100.0000
                           5.6250            136,000.00        ZZ
                           5.3750            637.50            1
                           10.6250           637.50            80
ALEXANDRIA       VA 22312  10.3750           05/10/04
0437927288                 0.0000            07/01/04          00
24504173                   0.0000            06/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
696/G01                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9068543                    5.2500            296500.0000       100.0000
                           5.2500            295,738.62        ZZ
                           5.0000            1637.28           1
                           11.2500           1637.28           77
BOURNE           MA 02532  11.0000           05/24/04
0420874059                 0.0000            07/01/04          00
0420874059                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9068611                    6.0000            169500.0000       100.0000
                           6.0000            169,161.68        ZZ
                           5.7500            1016.24           1
                           11.0000           1016.24           79
LAWRENCEVILLE    GA 30044  10.7500           05/25/04
0420804684                 0.0000            07/01/04          00
0420804684                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9068647                    5.2500            212000.0000       100.0000
                           5.2500            212,000.00        ZZ
                           5.0000            927.50            1
                           11.2500           927.50            79
SAN JOSE         CA 95121  11.0000           05/24/04
0420810731                 0.0000            07/01/04          00
0420810731                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9068911                    6.1250            400000.0000       100.0000
                           6.1250            399,220.47        ZZ
                           5.8750            2430.44           1
                           11.1250           2430.44           78
FLANDERS         NJ 07836  10.8750           05/26/04
0420903684                 0.0000            07/01/04          00
0420903684                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9068955                    5.8750            165000.0000       100.0000
                           5.8750            164,662.72        ZZ
                           5.6250            976.04            1
                           10.8750           976.04            50
COVINA           CA 91722  10.6250           05/25/04
0420952343                 0.0000            07/01/04          00
0420952343                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9070135                    5.8750            92000.0000        100.0000
                           5.8750            91,811.96         ZZ
                           5.6250            544.21            2
                           11.8750           544.21            80
WEST ALLIS       WI 53215  11.6250           05/14/04
0438120784                 0.0000            07/01/04          00
0405140005S                0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
M63/G02                    3.0000            07/01/07          07/01/07
45                         5.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9070941                    5.5000            97000.0000        100.0000
                           5.5000            96,787.16         ZZ
                           5.2500            550.76            1
                           11.5000           550.76            88
PORTSMOUTH       VA 23701  11.2500           05/25/04
0437943640                 5.5000            07/01/04          04
WH24715                    5.2500            06/01/34          25.0000
0                          3.2500            06/01/07          06/01/07
H81/G02                    3.0000            07/01/07          07/01/07
45                         5.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9073519                    4.7500            87000.0000        100.0000
                           4.7500            86,890.55         ZZ
                           4.5000            453.83            1
                           10.7500           453.83            67
WIMBERLEY        TX 78676  10.5000           05/27/04
0420810830                 0.0000            08/01/04          00
0420810830                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9074241                    5.6250            127900.0000       100.0000
                           5.6250            127,763.27        ZZ
                           5.3750            736.26            1
                           10.6250           736.26            80
BEND             OR 97701  10.3750           05/27/04
0420865750                 0.0000            08/01/04          00
0420865750                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9074335                    5.2500            251200.0000       100.0000
                           5.2500            250,622.46        ZZ
                           5.0000            1387.14           1
                           10.2500           1387.14           80
BOCA RATON       FL 33433  10.0000           06/02/04
0421084914                 0.0000            07/01/04          00
0421084914                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9074363                    5.7500            230400.0000       100.0000
                           5.7500            229,917.75        ZZ
                           5.5000            1344.55           1
                           10.7500           1344.55           80
HOFFMAN ESTATES  IL 60194  10.5000           06/02/04
0420601171                 0.0000            07/01/04          00
0420601171                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9074525                    5.8750            106200.0000       100.0000
                           5.8750            105,982.93        ZZ
                           5.6250            628.21            1
                           10.8750           628.21            90
HOUSTON          TX 77084  10.6250           06/02/04
0420995953                 0.0000            07/01/04          01
0420995953                 0.0000            06/01/34          25.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9074537                    5.5000            105000.0000       100.0000
                           5.5000            105,000.00        ZZ
                           5.2500            481.25            1
                           11.5000           481.25            42
AUBURN           CA 95603  11.2500           05/25/04
0421012741                 0.0000            08/01/04          00
0421012741                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9076279                    5.6250            125500.0000       100.0000
                           5.6250            125,365.83        ZZ
                           5.3750            722.45            1
                           10.6250           722.45            76
PHEONIX          AZ 85032  10.3750           06/01/04
0437938491                 0.0000            08/01/04          00
100099460000026            0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
R55/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9076719                    4.7500            258800.0000       100.0000
                           4.7500            258,800.00        ZZ
                           4.5000            1024.42           1
                           10.7500           1024.42           80
BIRMINGHAM       AL 35242  10.5000           06/03/04
0420615023                 0.0000            08/01/04          00
0420615023                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9077013                    6.5000            600000.0000       100.0000
                           6.5000            600,000.00        ZZ
                           6.2500            3250.00           1
                           11.5000           3250.00           75
SEBASTOPOL       CA 95472  11.2500           05/25/04
0420941494                 0.0000            07/01/04          00
0420941494                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9077089                    5.2500            438000.0000       100.0000
                           5.2500            438,000.00        ZZ
                           5.0000            1916.25           1
                           11.2500           1916.25           76
NOVATO           CA 94947  11.0000           05/25/04
0420919169                 0.0000            08/01/04          00
0420919169                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         7.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9077265                    5.0000            86800.0000        100.0000
                           5.0000            86,695.71         ZZ
                           4.7500            465.96            2
                           11.0000           465.96            70
AUSTIN           TX 78752  10.7500           06/03/04
0420858292                 0.0000            08/01/04          00
0420858292                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9077341                    6.1250            308576.0000       100.0000
                           6.1250            277,847.03        ZZ
                           5.8750            1874.94           1
                           11.1250           1874.94           75
WEST PALM BEACH  FL 33401  10.8750           06/03/04
0421009788                 0.0000            07/01/04          00
0421009788                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           N                 0.0000

9077811                    5.8750            292000.0000       100.0000
                           5.8750            291,403.13        ZZ
                           5.6250            1727.29           1
                           10.8750           1727.29           80
BREA             CA 92821  10.6250           05/24/04
0437949977                 3.2500            07/01/04          00
0405012                    3.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
P21/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     5                 0
0.0000                     09                00
                           O                 0.0000

9079777                    5.5000            180000.0000       100.0000
                           5.5000            179,802.98        ZZ
                           5.2500            1022.02           1
                           10.5000           1022.02           60
GREELEY          CO 80634  10.2500           06/04/04
0420974792                 0.0000            08/01/04          00
0420974792                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9079881                    4.8750            140000.0000       100.0000
                           4.8750            140,000.00        ZZ
                           4.6250            568.75            1
                           10.8750           568.75            69
TUOLUMNE         CA 95379  10.6250           05/26/04
0420934036                 0.0000            08/01/04          00
0420934036                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9079937                    5.7500            264000.0000       100.0000
                           5.7500            263,724.37        ZZ
                           5.5000            1540.63           4
                           10.7500           1540.63           80
NORTH BROOKFIEL  MA 01535  10.5000           06/04/04
0420970139                 0.0000            08/01/04          00
0420970139                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9079939                    5.7500            108000.0000       100.0000
                           5.7500            107,887.24        ZZ
                           5.5000            630.26            1
                           11.7500           630.26            90
SOUTH HOLLAND    IL 60473  11.5000           06/04/04
0420911638                 0.0000            08/01/04          04
0420911638                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9080003                    5.7500            200000.0000       100.0000
                           5.7500            199,581.36        ZZ
                           5.5000            1167.15           2
                           11.7500           1167.15           80
CICERO           IL 60804  11.5000           06/04/04
0420850067                 0.0000            07/01/04          00
0420850067                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9080049                    5.5000            159500.0000       100.0000
                           5.5000            159,325.42        ZZ
                           5.2500            905.62            1
                           10.5000           905.62            90
COLLEGE PLACE    WA 99324  10.2500           05/28/04
0420838120                 0.0000            08/01/04          01
0420838120                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9080133                    5.2500            240000.0000       100.0000
                           5.2500            239,600.00        ZZ
                           5.0000            1325.29           1
                           11.2500           1325.29           77
CULVER CITY      CA 90230  11.0000           05/28/04
0420713562                 0.0000            08/01/04          00
0420713562                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9081855                    5.2500            134900.0000       100.0000
                           5.2500            134,745.27        ZZ
                           5.0000            744.92            1
                           11.2500           744.92            95
FARIBAULT        MN 55021  11.0000           05/28/04
0437942477                 3.2500            08/01/04          11
9508362000                 3.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
L76/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9082841                    5.6250            164000.0000       100.0000
                           5.6250            163,824.67        ZZ
                           5.3750            944.08            1
                           10.6250           944.08            80
CANTON           GA 30115  10.3750           06/02/04
0437955842                 0.0000            08/01/04          00
29884                      0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
A52/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9082955                    5.2500            180000.0000       100.0000
                           5.2500            179,586.16        ZZ
                           5.0000            993.97            1
                           11.2500           993.97            79
MORENO VALLEY    CA 92551  11.0000           05/24/04
0437965429                 0.0000            07/01/04          00
02405027                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
M07/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9083745                    5.8750            148000.0000       100.0000
                           5.8750            148,000.00        ZZ
                           5.6250            724.58            1
                           10.8750           724.58            80
FAIRFAX          VA 22033  10.6250           06/01/04
0437941933                 0.0000            07/01/04          00
25504089                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
696/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9085499                    5.5000            71200.0000        100.0000
                           5.5000            71,122.06         ZZ
                           5.2500            404.27            1
                           11.5000           404.27            95
OKLAHOMA CITY    OK 73159  11.2500           06/02/04
0420829384                 0.0000            08/01/04          01
0420829384                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9085515                    5.0000            504000.0000       100.0000
                           5.0000            503,394.42        ZZ
                           4.7500            2705.58           1
                           11.0000           2705.58           80
MERCER ISLAND    WA 98040  10.7500           06/03/04
0420842726                 0.0000            08/01/04          00
0420842726                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9085533                    5.3750            275500.0000       100.0000
                           5.3750            275,500.00        ZZ
                           5.1250            1234.01           1
                           10.3750           1234.01           70
OCEANSIDE        CA 92054  10.1250           06/01/04
0420996266                 0.0000            08/01/04          00
0420996266                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9085561                    5.7500            600000.0000       100.0000
                           5.7500            600,000.00        ZZ
                           5.5000            2875.00           1
                           10.7500           2875.00           80
SAN FRANCISCO    CA 94112  10.5000           06/01/04
0421019613                 0.0000            08/01/04          00
0421019613                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9085779                    5.6250            278910.0000       100.0000
                           5.6250            278,611.83        ZZ
                           5.3750            1605.56           1
                           11.6250           1605.56           90
LAS VEGAS        NV 89147  11.3750           06/03/04
0421047846                 0.0000            08/01/04          01
0421047846                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9085803                    6.0000            96400.0000        100.0000
                           6.0000            96,304.03         ZZ
                           5.7500            577.97            1
                           11.0000           577.97            80
ROUND ROCK       TX 78664  10.7500           06/02/04
0420733792                 0.0000            08/01/04          00
0420733792                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9085805                    5.7500            106250.0000       100.0000
                           5.7500            106,139.06        ZZ
                           5.5000            620.05            1
                           10.7500           620.05            85
ARDMORE          OK 73401  10.5000           06/01/04
0420740839                 0.0000            08/01/04          01
0420740839                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9085815                    4.7500            235000.0000       100.0000
                           4.7500            234,921.12        ZZ
                           4.5000            930.21            1
                           10.7500           930.21            78
OAKLAND PARK     FL 33334  10.5000           06/02/04
0420748329                 0.0000            07/01/04          00
0420748329                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9085817                    4.7500            406400.0000       100.0000
                           4.7500            406,400.00        ZZ
                           4.5000            1608.67           1
                           10.7500           1608.67           80
SAN DIEGO        CA 92123  10.5000           05/27/04
0420748691                 0.0000            07/01/04          00
0420748691                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9085893                    4.8750            152000.0000       100.0000
                           4.8750            151,813.10        ZZ
                           4.6250            804.40            1
                           10.8750           804.40            80
MOULTONBOROUGH   NH 03254  10.6250           06/02/04
0420423915                 0.0000            08/01/04          00
0420423915                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9086005                    5.5000            75600.0000        100.0000
                           5.5000            75,086.03         ZZ
                           5.2500            429.25            3
                           11.5000           429.25            90
AUGUSTA          ME 04330  11.2500           06/07/04
0420612533                 0.0000            08/01/04          10
0420612533                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9086007                    6.2500            200000.0000       100.0000
                           6.2500            200,000.00        ZZ
                           6.0000            1041.67           1
                           11.2500           1041.67           80
BRIDGEWATER      NJ 08807  11.0000           06/02/04
0420633869                 0.0000            07/01/04          00
0420633869                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9086009                    5.7500            125000.0000       100.0000
                           5.7500            125,000.00        ZZ
                           5.5000            598.96            1
                           10.7500           598.96            83
VIRGINIA BEACH   VA 23464  10.5000           06/02/04
0420634230                 0.0000            07/01/04          04
0420634230                 0.0000            06/01/34          12.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9086031                    5.0000            59500.0000        100.0000
                           5.0000            58,536.60         ZZ
                           4.7500            319.41            1
                           11.0000           319.41            70
LOUISVILLE       KY 40223  10.7500           06/02/04
0420889016                 0.0000            08/01/04          00
0420889016                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9086055                    5.5000            63900.0000        100.0000
                           5.5000            63,465.57         ZZ
                           5.2500            362.82            3
                           11.5000           362.82            90
WATERVILLE       ME 04901  11.2500           06/07/04
0420898520                 0.0000            08/01/04          01
0420898520                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9086073                    4.8750            468000.0000       100.0000
                           4.8750            468,000.00        ZZ
                           4.6250            1901.25           1
                           10.8750           1901.25           80
WILSON           WY 83014  10.6250           06/07/04
0420902314                 0.0000            07/01/04          00
0420902314                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
E22/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9086079                    5.8750            224000.0000       100.0000
                           5.8750            223,771.63        ZZ
                           5.6250            1325.04           1
                           10.8750           1325.04           30
PALO ALTO        CA 94306  10.6250           05/28/04
0420903791                 0.0000            08/01/04          00
0420903791                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9086181                    5.6250            344000.0000       100.0000
                           5.6250            344,000.00        ZZ
                           5.3750            1612.50           1
                           10.6250           1612.50           80
VIRGINIA BEACH   VA 23455  10.3750           06/02/04
0420945479                 0.0000            07/01/04          00
0420945479                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9086249                    4.5000            302400.0000       100.0000
                           4.5000            302,391.00        ZZ
                           4.2500            1134.00           1
                           10.5000           1134.00           80
SAN JOSE         CA 95121  10.2500           06/01/04
0420706749                 0.0000            08/01/04          00
0420706749                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9086269                    5.6250            408000.0000       100.0000
                           5.6250            408,000.00        ZZ
                           5.3750            1912.50           1
                           10.6250           1912.50           80
GREENWOOD VILLA  CO 80111  10.3750           06/07/04
0420952863                 0.0000            08/01/04          00
0420952863                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9086271                    5.5000            131500.0000       100.0000
                           5.5000            131,500.00        ZZ
                           5.2500            602.71            1
                           10.5000           602.71            80
EVANS            CO 80620  10.2500           06/02/04
0420953093                 0.0000            08/01/04          00
0420953093                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9086933                    4.3750            67925.0000        100.0000
                           4.3750            67,741.67         ZZ
                           4.1250            339.14            1
                           10.3750           339.14            95
ODESSA           TX 79765  10.1250           05/28/04
0438062879                 4.3750            07/01/04          04
0001085178                 4.1250            06/01/34          30.0000
0                          3.2500            06/01/07          06/01/07
K60/G02                    3.0000            07/01/07          07/01/07
25                         4.3750            0.0000            0.0000
A                          6.3750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9087605                    5.5000            215000.0000       100.0000
                           5.5000            214,764.67        ZZ
                           5.2500            1220.75           1
                           10.5000           1220.75           77
MINNEAPOLIS      MN 55409  10.2500           06/02/04
0437958416                 3.2500            08/01/04          00
TQS36MN                    3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U85/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.2500                     5                 0
0.0000                     05                00
                           O                 0.0000

9087831                    4.7500            278100.0000       100.0000
                           4.7500            277,750.11        ZZ
                           4.5000            1450.70           1
                           10.7500           1450.70           90
MIAMI            FL 33180  10.5000           06/07/04
0437995491                 0.0000            08/01/04          01
3000628231                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9088103                    5.7500            215920.0000       100.0000
                           5.7500            215,694.57        T
                           5.5000            1260.05           1
                           11.7500           1260.05           80
SARASOTA         FL 34242  11.5000           06/07/04
0438055659                 0.0000            08/01/04          00
3000632173                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     08                00
                           O                 0.0000

9088121                    4.5000            234400.0000       100.0000
                           4.5000            234,091.33        ZZ
                           4.2500            1187.67           1
                           10.5000           1187.67           80
SANDY            UT 84092  10.2500           06/07/04
0438007445                 3.2500            08/01/04          00
1000058701                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
624/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.2500                     5                 0
0.0000                     05                00
                           O                 0.0000

9088203                    4.7500            199700.0000       100.0000
                           4.7500            199,448.75        TX
                           4.5000            1041.73           1
                           10.7500           1041.73           74
BURLESON         TX 76028  10.5000           05/27/04
0438059479                 3.2500            08/01/04          00
014105523690               3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
K15/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          6.7500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.5000                     5                 0
0.0000                     05                00
                           O                 0.0000

9088375                    5.7500            268000.0000       100.0000
                           5.7500            267,720.17        ZZ
                           5.5000            1563.98           1
                           11.7500           1563.98           80
SUMTER           SC 29154  11.5000           06/01/04
0437959752                 5.7500            08/01/04          00
94021971                   5.5000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
W99/G02                    3.0000            08/01/07          08/01/07
25                         5.7500            0.0000            0.0000
A                          8.7500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9088591                    5.3750            167250.0000       100.0000
                           5.3750            167,062.59        ZZ
                           5.1250            936.55            1
                           10.3750           936.55            75
MAIRETTA         GA 30060  10.1250           06/08/04
0437942717                 0.0000            08/01/04          00
991001                     0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
X78/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9089391                    5.6250            114500.0000       100.0000
                           5.6250            114,377.59        ZZ
                           5.3750            659.13            1
                           10.6250           659.13            80
MIAMI            FL 33177  10.3750           06/08/04
0420853830                 0.0000            08/01/04          00
0420853830                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9089499                    5.3750            280000.0000       100.0000
                           5.3750            280,000.00        ZZ
                           5.1250            1254.17           1
                           10.3750           1254.17           64
MILFORD          CT 06460  10.1250           06/03/04
0420947848                 0.0000            08/01/04          00
0420947848                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9089515                    5.2500            308000.0000       100.0000
                           5.2500            307,646.71        ZZ
                           5.0000            1700.79           2
                           11.2500           1700.79           80
SACRAMENTO       CA 95864  11.0000           06/01/04
0420954596                 0.0000            08/01/04          00
0420954596                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9089561                    5.3750            400000.0000       100.0000
                           5.3750            400,000.00        ZZ
                           5.1250            1791.67           1
                           11.3750           1791.67           94
MILPITAS         CA 95035  11.1250           06/02/04
0420962748                 0.0000            08/01/04          01
0420962748                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     07                00
                           O                 0.0000

9089617                    5.6250            265500.0000       100.0000
                           5.6250            265,216.16        ZZ
                           5.3750            1528.37           1
                           11.6250           1528.37           90
BOCA RATON       FL 33432  11.3750           06/08/04
0421077041                 0.0000            08/01/04          10
0421077041                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9089795                    5.6250            128000.0000       100.0000
                           5.6250            127,863.16        ZZ
                           5.3750            736.84            1
                           10.6250           736.84            80
PORTLAND         OR 97266  10.3750           06/02/04
0420915852                 0.0000            08/01/04          00
0420915852                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9089809                    5.8750            500000.0000       100.0000
                           5.8750            500,000.00        ZZ
                           5.6250            2447.92           1
                           10.8750           2447.92           80
GIG HARBOR       WA 98332  10.6250           06/07/04
0420923278                 0.0000            08/01/04          00
0420923278                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9089991                    5.5000            166500.0000       100.0000
                           5.5000            166,317.75        ZZ
                           5.2500            945.37            1
                           11.5000           945.37            90
DALLAS           TX 75248  11.2500           06/08/04
0420998411                 0.0000            08/01/04          10
0420998411                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9090003                    5.0000            135000.0000       100.0000
                           5.0000            134,945.63        ZZ
                           4.7500            562.50            1
                           11.0000           562.50            90
ROYAL OAK        MI 48067  10.7500           06/08/04
0421005885                 0.0000            08/01/04          10
0421005885                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9090021                    5.3750            424000.0000       100.0000
                           5.3750            424,000.00        ZZ
                           5.1250            1899.17           1
                           10.3750           1899.17           80
OAKLAND          CA 94610  10.1250           06/03/04
0421012410                 0.0000            08/01/04          00
0421012410                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9090099                    5.5000            420000.0000       100.0000
                           5.5000            420,000.00        ZZ
                           5.2500            1925.00           1
                           10.5000           1925.00           80
LINCOLN          CA 95648  10.2500           06/01/04
0421035619                 0.0000            08/01/04          00
0421035619                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9090137                    4.8750            154400.0000       100.0000
                           4.8750            154,207.50        ZZ
                           4.6250            817.10            1
                           9.8750            817.10            80
SHAKOPEE         MN 55379  9.6250            06/08/04
0421048018                 0.0000            08/01/04          00
0421048018                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           N                 0.0000

9090143                    4.8750            152000.0000       100.0000
                           4.8750            151,804.92        ZZ
                           4.6250            804.40            1
                           9.8750            804.40            79
SHAKOPEE         MN 55379  9.6250            06/08/04
0421048026                 0.0000            08/01/04          00
0421048026                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           N                 0.0000

9090171                    5.8750            180000.0000       100.0000
                           5.8750            179,816.48        ZZ
                           5.6250            1064.77           1
                           10.8750           1064.77           82
HENDERSON        NV 89074  10.6250           06/02/04
0420796799                 0.0000            08/01/04          10
0420796799                 0.0000            07/01/34          20.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9090193                    5.8750            152000.0000       100.0000
                           5.8750            151,845.03        ZZ
                           5.6250            899.14            1
                           10.8750           899.14            50
NAPLES           FL 34112  10.6250           06/03/04
0420835175                 0.0000            08/01/04          00
0420835175                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9090201                    5.3750            130500.0000       100.0000
                           5.3750            130,353.77        ZZ
                           5.1250            730.76            1
                           11.3750           730.76            90
SACRAMENTO       CA 95817  11.1250           06/02/04
0420838070                 0.0000            08/01/04          01
0420838070                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9091281                    5.8750            129600.0000       100.0000
                           5.8750            129,335.09        TX
                           5.6250            766.63            1
                           10.8750           766.63            79
HEMPHILL         TX 75948  10.6250           05/28/04
0437996366                 3.2500            07/03/04          00
HARO02                     3.0000            06/03/34          0.0000
0                          3.2500            06/03/09          06/03/09
Q87/G02                    3.0000            07/03/09          07/03/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     5                 0
0.0000                     05                00
                           O                 0.0000

9091601                    6.2500            382500.0000       100.0000
                           6.2500            382,137.07        ZZ
                           6.0000            2355.12           1
                           11.2500           2355.12           90
DIAMOND BAR      CA 91765  11.0000           06/01/04
0437992613                 3.2500            08/01/04          01
51111814                   3.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
Y40/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9091649                    5.6250            333700.0000       100.0000
                           5.6250            332,984.83        ZZ
                           5.3750            1920.97           1
                           10.6250           1920.97           80
CHESTER          NY 10918  10.3750           05/19/04
0437999287                 3.2500            07/01/04          00
WB04032301                 3.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
W98/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.3750                     5                 0
0.0000                     05                00
                           O                 0.0000

9091688                    5.0000            254400.0000       100.0000
                           5.0000            252,858.86        ZZ
                           4.7500            1365.67           1
                           11.0000           1365.67           80
SKOKIE           IL 60076  10.7500           01/28/04
0437504780                 2.7500            04/01/04          00
1279868-01                 2.5000            03/01/34          0.0000
0                          2.7500            03/01/07          03/01/07
N34/G02                    2.5000            04/01/07          04/01/07
45                         3.0000            0.0000            0.0000
A                          7.0000            12                12
360                        R                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.2500                     5                 0
0.0000                     05                00
                           O                 0.0000

9092361                    6.0000            637500.0000       100.0000
                           6.0000            636,227.57        ZZ
                           5.7500            3822.13           1
                           11.0000           3822.13           75
SACRAMENTO       CA 95816  10.7500           05/24/04
0438013930                 0.0000            07/01/04          00
3000631254                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
U05/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9093055                    5.8750            90000.0000        100.0000
                           5.8750            89,908.25         ZZ
                           5.6250            532.38            1
                           10.8750           532.38            90
SHAFTER          CA 93263  10.6250           06/01/04
0421082249                 0.0000            08/01/04          10
0421082249                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9093141                    5.2500            103250.0000       100.0000
                           5.2500            103,131.57        ZZ
                           5.0000            570.15            1
                           10.2500           570.15            77
LEXINGTON        KY 40509  10.0000           06/09/04
0421009176                 0.0000            08/01/04          00
0421009176                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9093281                    5.8750            560000.0000       100.0000
                           5.8750            560,000.00        ZZ
                           5.6250            2741.67           1
                           10.8750           2741.67           70
LAGUNA NIGUEL    CA 92677  10.6250           06/01/04
0421030131                 0.0000            08/01/04          00
0421030131                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9093287                    5.3750            281000.0000       100.0000
                           5.3750            280,685.13        T
                           5.1250            1573.52           1
                           10.3750           1573.52           80
ELK GROVE        CA 95758  10.1250           06/02/04
0421035049                 0.0000            08/01/04          00
0421035049                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9093289                    5.6250            418400.0000       100.0000
                           5.6250            418,400.00        ZZ
                           5.3750            1961.25           1
                           10.6250           1961.25           80
AUBURN           CA 95602  10.3750           06/03/04
0421003419                 0.0000            08/01/04          00
0421003419                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9093303                    5.3750            648750.0000       100.0000
                           5.3750            648,750.00        ZZ
                           5.1250            2905.86           1
                           11.3750           2905.86           75
JOHNS ISLAND     SC 29455  11.1250           06/04/04
0420974354                 0.0000            08/01/04          00
0420974354                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9093305                    4.5000            246000.0000       100.0000
                           4.5000            246,000.00        ZZ
                           4.2500            922.50            1
                           10.5000           922.50            68
SANTA MARIA      CA 93458  10.2500           06/02/04
0420976391                 0.0000            08/01/04          00
0420976391                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9093317                    5.6250            496000.0000       100.0000
                           5.6250            495,469.74        ZZ
                           5.3750            2855.26           1
                           10.6250           2855.26           80
LOS ANGELES      CA 90045  10.3750           05/25/04
0420977886                 0.0000            08/01/04          00
0420977886                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9093335                    5.5000            340000.0000       100.0000
                           5.5000            339,627.85        ZZ
                           5.2500            1930.48           1
                           10.5000           1930.48           80
ROCHESTER HILLS  MI 48307  10.2500           06/09/04
0420997447                 0.0000            08/01/04          00
0420997447                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9093337                    5.1250            540000.0000       100.0000
                           5.1250            539,366.02        ZZ
                           4.8750            2940.23           1
                           10.1250           2940.23           75
PACIFICA         CA 94044  9.8750            05/27/04
0420999443                 0.0000            08/01/04          00
0420999443                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9093393                    5.5000            130000.0000       100.0000
                           5.5000            129,857.70        ZZ
                           5.2500            738.13            1
                           10.5000           738.13            63
BLAINE           WA 98230  10.2500           06/03/04
0420893562                 0.0000            08/01/04          00
0420893562                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9093395                    5.6250            65000.0000        100.0000
                           5.6250            64,930.51         ZZ
                           5.3750            374.18            1
                           11.6250           374.18            49
LAS VEGAS        NV 89147  11.3750           06/02/04
0420898983                 0.0000            08/01/04          00
0420898983                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9093403                    5.0000            372000.0000       100.0000
                           5.0000            371,870.00        ZZ
                           4.7500            1550.00           1
                           11.0000           1550.00           80
MARTINEZ         CA 94553  10.7500           06/07/04
0420908840                 0.0000            08/01/04          00
0420908840                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9093405                    6.0000            130000.0000       100.0000
                           6.0000            130,000.00        ZZ
                           5.7500            650.00            1
                           11.0000           650.00            77
WINSTED          MN 55395  10.7500           06/04/04
0420909426                 0.0000            08/01/04          00
0420909426                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9093429                    5.8750            177600.0000       100.0000
                           5.8750            177,418.93        ZZ
                           5.6250            1050.57           2
                           10.8750           1050.57           80
WILLITS          CA 95454  10.6250           06/04/04
0420917841                 0.0000            08/01/04          00
0420917841                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9093509                    6.1250            106750.0000       100.0000
                           6.1250            106,294.87        ZZ
                           5.8750            648.62            4
                           12.1250           648.62            54
PHOENIX          AZ 85014  11.8750           06/03/04
0420813123                 0.0000            08/01/04          00
0420813123                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         4.1250            0.0000            0.0000
A                          8.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9093511                    4.5000            195400.0000       100.0000
                           4.5000            195,142.69        ZZ
                           4.2500            990.06            1
                           10.5000           990.06            79
PAWTUCKET        RI 02861  10.2500           06/04/04
0420814758                 0.0000            08/01/04          00
0420814758                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9093545                    5.2500            142500.0000       100.0000
                           5.2500            142,336.55        ZZ
                           5.0000            786.89            1
                           10.2500           786.89            78
CLAWSON          MI 48017  10.0000           06/04/04
0420859704                 0.0000            08/01/04          00
0420859704                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9093603                    5.8750            152000.0000       100.0000
                           5.8750            152,000.00        ZZ
                           5.6250            744.17            1
                           10.8750           744.17            80
INDIANTOWN       FL 34956  10.6250           06/09/04
0420642126                 0.0000            08/01/04          00
0420642126                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9093605                    4.8750            165000.0000       100.0000
                           4.8750            164,773.30        ZZ
                           4.6250            873.19            1
                           10.8750           873.19            46
PORT ORCHARD     WA 98367  10.6250           06/08/04
0420646945                 0.0000            08/01/04          00
0420646945                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9094799                    4.8750            136710.0000       100.0000
                           4.8750            136,373.12        ZZ
                           4.6250            723.48            1
                           10.8750           723.48            90
FOUNTAIN         CO 80817  10.6250           05/27/04
0437955859                 0.0000            07/01/04          01
3000634229                 0.0000            06/01/34          25.0000
0                          3.2500            06/01/07          06/01/07
U05/G02                    3.0000            07/01/07          07/01/07
25                         3.2500            0.0000            0.0000
A                          6.8750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9095095                    4.7500            388000.0000       100.0000
                           4.7500            387,511.84        TX
                           4.5000            2023.99           1
                           10.7500           2023.99           80
DALLAS           TX 75230  10.5000           06/04/04
0438055584                 0.0000            08/01/04          00
3000632899                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9095411                    5.0000            105000.0000       100.0000
                           5.0000            104,873.84        ZZ
                           4.7500            563.66            1
                           10.0000           563.66            75
HOMESTEAD        FL 33033  9.7500            06/08/04
0437959257                 0.0000            08/01/04          00
044707M                    0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
W08/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.0000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           N                 0.0000

9095729                    5.7500            171950.0000       100.0000
                           5.7500            171,590.10        ZZ
                           5.5000            1003.45           1
                           10.7500           1003.45           80
BOULDER CITY     NV 89005  10.5000           05/27/04
0438040370                 0.0000            07/01/04          00
5430000144                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
758/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9095741                    6.1250            128250.0000       100.0000
                           6.1250            128,125.35        ZZ
                           5.8750            779.26            1
                           11.1250           779.26            95
CARTERSVILLE     GA 30120  10.8750           06/10/04
0437965692                 0.0000            08/01/04          11
30017                      0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
A52/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9096045                    5.8750            648000.0000       100.0000
                           5.8750            646,675.45        ZZ
                           5.6250            3833.16           1
                           10.8750           3833.16           80
CLIFTON          VA 20124  10.6250           06/04/04
0437992969                 0.0000            07/01/04          00
32204084                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
696/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9096061                    6.7500            343550.0000       100.0000
                           6.7500            343,550.00        ZZ
                           6.5000            1932.47           1
                           11.7500           1932.47           80
GAINESVILLE      VA 20155  11.5000           05/25/04
0437949241                 0.0000            07/01/04          00
30104058                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
696/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9096811                    5.6250            100800.0000       100.0000
                           5.6250            100,682.68        ZZ
                           5.3750            580.26            1
                           11.6250           580.26            80
DENVER           CO 80224  11.3750           06/10/04
0421127887                 0.0000            08/01/04          00
0421127887                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     09                00
                           N                 0.0000

9096813                    6.2500            82500.0000        100.0000
                           6.2500            82,421.72         ZZ
                           6.0000            507.97            1
                           12.2500           507.97            75
REDFORD          MI 48240  12.0000           06/10/04
0421131707                 0.0000            08/01/04          00
0421131707                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         4.2500            0.0000            0.0000
A                          8.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9096821                    5.8750            85500.0000        100.0000
                           5.8750            85,412.83         ZZ
                           5.6250            505.76            2
                           11.8750           505.76            90
OKLAHOMA CITY    OK 73127  11.6250           06/10/04
0421149378                 0.0000            08/01/04          10
0421149378                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9096827                    5.5000            176000.0000       100.0000
                           5.5000            175,807.36        ZZ
                           5.2500            999.31            1
                           10.5000           999.31            80
YUCAIPA          CA 92399  10.2500           05/27/04
0421029026                 0.0000            08/01/04          00
0421029026                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9096841                    5.2500            120000.0000       100.0000
                           5.2500            119,862.36        ZZ
                           5.0000            662.64            1
                           11.2500           662.64            75
FRENCH CAMP      CA 95231  11.0000           06/03/04
0421044439                 0.0000            08/01/04          00
0421044439                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9096855                    5.7500            159000.0000       100.0000
                           5.7500            158,834.00        ZZ
                           5.5000            927.88            1
                           11.7500           927.88            51
SUISUN CITY      CA 94585  11.5000           06/03/04
0421058181                 0.0000            08/01/04          00
0421058181                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9096859                    5.2500            143920.0000       100.0000
                           5.2500            143,549.65        ZZ
                           5.0000            794.73            1
                           10.2500           794.73            80
FRISCO           TX 75035  10.0000           06/10/04
0421064981                 0.0000            08/01/04          00
0421064981                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9096893                    4.6250            600000.0000       100.0000
                           4.6250            599,227.66        ZZ
                           4.3750            3084.84           1
                           10.6250           3084.84           80
SAN FRANCISCO    CA 94122  10.3750           06/02/04
0420989337                 0.0000            08/01/04          00
0420989337                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     07                00
                           O                 0.0000

9096895                    5.2500            300000.0000       100.0000
                           5.2500            300,000.00        ZZ
                           5.0000            1312.50           1
                           11.2500           1312.50           80
AUBURN           CA 95602  11.0000           06/02/04
0420991275                 0.0000            08/01/04          00
0420991275                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9096897                    5.2500            326200.0000       100.0000
                           5.2500            325,825.84        ZZ
                           5.0000            1801.29           1
                           11.2500           1801.29           70
CASTRO VALLEY    CA 94546  11.0000           06/01/04
0420993180                 0.0000            08/01/04          00
0420993180                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9096991                    5.0000            79325.0000        100.0000
                           5.0000            79,325.00         ZZ
                           4.7500            330.52            1
                           11.0000           330.52            95
BIRMINGHAM       AL 35235  10.7500           06/10/04
0420971434                 0.0000            08/01/04          01
0420971434                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9097027                    5.8750            99000.0000        100.0000
                           5.8750            98,899.07         ZZ
                           5.6250            585.62            1
                           11.8750           585.62            90
ROYAL OAK        MI 48073  11.6250           06/10/04
0420899338                 0.0000            08/01/04          10
0420899338                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9097031                    5.7500            212000.0000       100.0000
                           5.7500            212,000.00        ZZ
                           5.5000            1015.83           1
                           11.7500           1015.83           80
BOTHELL          WA 98012  11.5000           06/02/04
0420904278                 0.0000            08/01/04          00
0420904278                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9097087                    5.1250            615000.0000       100.0000
                           5.1250            615,000.00        ZZ
                           4.8750            2626.56           1
                           11.1250           2626.56           79
SAN DIEGO        CA 92130  10.8750           06/04/04
0420835571                 0.0000            08/01/04          00
0420835571                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9097113                    5.1250            500000.0000       100.0000
                           5.1250            500,000.00        ZZ
                           4.8750            2135.42           1
                           11.1250           2135.42           79
LAGUNA HILLS     CA 92653  10.8750           06/02/04
0420869174                 0.0000            08/01/04          00
0420869174                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9097119                    5.3750            432000.0000       100.0000
                           5.3750            432,000.00        ZZ
                           5.1250            1935.00           1
                           11.3750           1935.00           80
LA MIRADA        CA 90638  11.1250           06/01/04
0420677056                 0.0000            07/01/04          00
0420677056                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
E22/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9097143                    5.3750            102750.0000       100.0000
                           5.3750            102,634.86        ZZ
                           5.1250            575.37            1
                           11.3750           575.37            75
FORT COLLINS     CO 80526  11.1250           06/10/04
0420765463                 0.0000            08/01/04          00
0420765463                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           N                 0.0000

9097179                    5.0000            348000.0000       100.0000
                           5.0000            348,000.00        ZZ
                           4.7500            1450.00           1
                           11.0000           1450.00           80
CLOVERDALE       CA 95425  10.7500           06/08/04
0420487753                 0.0000            08/01/04          00
0420487753                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098807                    5.7500            113400.0000       100.0000
                           5.7500            113,400.01        ZZ
                           5.5000            543.38            1
                           10.7500           543.37            80
SURPRISE         AZ 85374  10.5000           06/04/04
0437973365                 0.0000            08/01/04          00
10020293                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L49/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9098811                    4.8750            417000.0000       100.0000
                           4.8750            417,000.00        ZZ
                           4.6250            1694.06           1
                           10.2500           1694.06           80
WATSONVILLE      CA 95076  10.0000           05/06/04
0437972847                 0.0000            07/01/04          00
10018776                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
L49/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.3750                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9098813                    4.2500            333700.0000       100.0000
                           4.2500            333,699.70        ZZ
                           4.0000            1181.85           1
                           10.2500           1181.85           76
CORONA           CA 92880  10.0000           05/18/04
0437973779                 0.0000            07/01/04          00
10018881                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
L49/G02                    2.0000            07/01/07          07/01/07
45                         2.2500            0.0000            0.0000
A                          6.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098817                    4.8750            324950.0000       100.0000
                           4.8750            324,950.00        ZZ
                           4.6250            1320.11           1
                           10.8750           1320.11           80
SAN CLEMENTE     CA 92673  10.6250           06/01/04
0437972722                 0.0000            08/01/04          00
10020269                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
L49/G02                    2.0000            08/01/07          08/01/07
45                         2.8750            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9098821                    5.2500            680000.0000       100.0000
                           5.2500            680,000.00        ZZ
                           5.0000            2975.00           1
                           10.2500           2975.00           80
SOUTH SAN FRANC  CA 94080  10.0000           06/01/04
0437972839                 0.0000            08/01/04          00
10020578                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L49/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9098847                    5.3750            650000.0000       100.0000
                           5.3750            649,991.61        ZZ
                           5.1250            2911.46           1
                           10.3750           2911.46           74
CHULA VISTA      CA 91914  10.1250           05/07/04
0437973019                 0.0000            07/01/04          00
10018240                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
L49/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9098849                    5.2500            315900.0000       100.0000
                           5.2500            315,893.26        ZZ
                           5.0000            1382.06           1
                           10.2500           1382.06           59
RANCHO CUCAMONG  CA 91739  10.0000           05/13/04
0437970197                 0.0000            07/01/04          00
10017760                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
L49/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098851                    5.5000            125600.0000       100.0000
                           5.5000            125,324.43        ZZ
                           5.2500            713.14            1
                           10.5000           713.14            80
QUEEN CREEK      AZ 85242  10.2500           05/26/04
0437973316                 0.0000            07/01/04          00
10020000                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
L49/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9098855                    4.3750            313050.0000       100.0000
                           4.3750            313,046.61        ZZ
                           4.1250            1141.33           1
                           10.3750           1141.33           80
TRACY            CA 95377  10.1250           05/11/04
0437973944                 0.0000            07/01/04          00
10017501                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
L49/G02                    2.0000            07/01/07          07/01/07
45                         2.3750            0.0000            0.0000
A                          6.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098857                    4.1250            744650.0000       100.0000
                           4.1250            744,641.99        ZZ
                           3.8750            2559.73           1
                           10.1250           2559.73           80
CHULA VISTA      CA 91914  9.8750            05/21/04
0437973415                 0.0000            07/01/04          00
10019203                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
L49/G02                    2.0000            07/01/07          07/01/07
45                         2.2500            0.0000            0.0000
A                          6.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9098861                    5.3750            440300.0000       100.0000
                           5.3750            439,293.01        ZZ
                           5.1250            1972.18           1
                           10.3750           1972.17           80
RANCHO CUCAMONG  CA 91739  10.1250           06/01/04
0437973589                 0.0000            08/01/04          00
10018058                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L49/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9098883                    6.1250            288000.0000       100.0000
                           6.1250            288,000.00        ZZ
                           5.8750            1470.00           1
                           12.1250           1470.00           80
SAMMAMISH        WA 98074  11.8750           06/01/04
0437971872                 2.2500            08/01/04          00
09405153                   2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
X05/G02                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          12.1250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.8750                     5                 0
0.0000                     05                00
                           O                 0.0000

9098885                    6.1250            384000.0000       100.0000
                           6.1250            383,636.78        ZZ
                           5.8750            1960.00           1
                           12.1250           1960.00           80
SAN JOSE         CA 95122  11.8750           05/20/04
0437966914                 2.2500            07/01/04          00
07405007                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          12.1250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.8750                     1                 0
0.0000                     05                00
                           O                 0.0000

9098887                    5.1250            210000.0000       100.0000
                           5.1250            209,505.85        ZZ
                           4.8750            1143.42           1
                           11.1250           1143.42           72
SANTA ANA        CA 92701  10.8750           05/25/04
0437965965                 2.2500            07/01/04          00
11405135                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     5                 0
0.0000                     01                00
                           O                 0.0000

9098889                    4.8750            293600.0000       100.0000
                           4.8750            293,600.00        ZZ
                           4.6250            1192.75           1
                           10.8750           1192.75           80
SEATTLE          WA 98118  10.6250           06/03/04
0437970866                 2.2500            08/01/04          00
9405235                    2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
X05/G02                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     05                00
                           O                 0.0000

9098895                    5.7500            268000.0000       100.0000
                           5.7500            268,000.00        ZZ
                           5.5000            1284.17           1
                           10.7500           1284.17           80
BOISE            ID 83714  10.5000           05/28/04
0437967615                 0.0000            07/01/04          00
9403345                    0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9098897                    5.5000            285000.0000       100.0000
                           5.5000            284,374.67        ZZ
                           5.2500            1618.20           1
                           11.5000           1618.20           60
IRVINE           CA 92614  11.2500           05/20/04
0437970494                 2.2500            07/01/04          00
014040133                  2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.5000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.2500                     5                 0
0.0000                     01                00
                           O                 0.0000

9098901                    5.1250            191950.0000       100.0000
                           5.1250            191,950.00        ZZ
                           4.8750            819.79            1
                           11.1250           819.79            80
FEDERAL WAY      WA 98023  10.8750           05/24/04
0437970049                 2.2500            07/01/04          00
9404336                    2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     1                 0
0.0000                     03                00
                           O                 0.0000

9098903                    5.3750            302000.0000       100.0000
                           5.3750            302,000.00        ZZ
                           5.1250            1352.71           1
                           11.3750           1352.71           80
MURRIETA         CA 92562  11.1250           05/24/04
0438008831                 2.2500            08/01/04          00
014030399                  2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
X05/G02                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          11.3750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.1250                     1                 0
0.0000                     05                00
                           O                 0.0000

9098905                    5.1250            310875.0000       100.0000
                           5.1250            310,508.47        ZZ
                           4.8750            1327.70           1
                           11.1250           1327.70           80
MURRIETA         CA 92563  10.8750           05/26/04
0437970437                 2.2500            07/01/04          00
6023102                    2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     1                 0
0.0000                     05                00
                           O                 0.0000

9098907                    5.7500            240000.0000       100.0000
                           5.7500            239,510.45        ZZ
                           5.5000            1150.00           1
                           11.7500           1150.00           80
SAN JOSE         CA 95116  11.5000           05/27/04
0437966146                 2.2500            07/01/04          00
07404082                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.5000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098919                    6.5000            181600.0000       100.0000
                           6.5000            181,600.00        ZZ
                           6.2500            983.67            1
                           12.5000           983.67            80
RENTON           WA 98056  12.2500           05/18/04
0437966377                 2.2500            07/01/04          00
9405009                    2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          12.5000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
4.2500                     1                 0
0.0000                     05                00
                           O                 0.0000

9098921                    4.8750            368000.0000       100.0000
                           4.8750            368,000.00        ZZ
                           4.6250            1495.00           1
                           10.8750           1495.00           80
ANAHEIM          CA 92805  10.6250           05/25/04
0437971849                 2.2500            07/01/04          00
11405011                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
X05/G02                    2.0000            07/01/07          07/01/07
25                         2.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     05                00
                           O                 0.0000

9098923                    4.8750            147200.0000       100.0000
                           4.8750            147,200.00        ZZ
                           4.6250            598.00            1
                           10.8750           598.00            80
MARYSVILLE       WA 98271  10.6250           05/26/04
0437970403                 2.2500            07/01/04          00
09405202                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
X05/G02                    2.0000            07/01/07          07/01/07
25                         2.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     05                00
                           O                 0.0000

9098925                    6.2500            183200.0000       100.0000
                           6.2500            183,200.00        ZZ
                           6.0000            954.17            1
                           12.2500           954.17            80
KENT             WA 98031  12.0000           05/24/04
0437970395                 2.2500            07/01/04          00
9405114                    2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          12.2500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
4.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9098927                    5.6250            304000.0000       100.0000
                           5.6250            304,000.00        ZZ
                           5.3750            1425.00           1
                           11.6250           1425.00           80
SAN JOSE         CA 95122  11.3750           05/28/04
0437970791                 2.2500            08/01/04          00
7405063                    2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
X05/G02                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          11.6250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.3750                     1                 0
0.0000                     05                00
                           O                 0.0000

9098929                    5.1250            160000.0000       100.0000
                           5.1250            160,000.00        ZZ
                           4.8750            683.33            1
                           11.1250           683.33            80
PUYALLUP         WA 98373  10.8750           05/24/04
0437970759                 2.2500            07/01/04          00
09405029                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     1                 0
0.0000                     05                00
                           O                 0.0000

9098931                    5.0000            246350.0000       100.0000
                           5.0000            246,350.00        ZZ
                           4.7500            1026.46           1
                           11.0000           1026.46           80
FEDERAL WAY      WA 98023  10.7500           05/21/04
0437982242                 2.2500            07/01/04          00
9404290                    2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.0000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.7500                     1                 0
0.0000                     05                00
                           O                 0.0000

9098935                    5.3750            224500.0000       100.0000
                           5.3750            224,500.00        ZZ
                           5.1250            1005.57           1
                           11.3750           1005.57           67
SNOHOMISH        WA 98296  11.1250           05/26/04
0437965536                 2.2500            07/01/04          00
09405053                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.3750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.1250                     2                 0
0.0000                     05                00
                           O                 0.0000

9098937                    5.7500            204000.0000       100.0000
                           5.7500            203,999.91        ZZ
                           5.5000            977.50            1
                           11.7500           977.50            80
GARDEN GROVE     CA 92840  11.5000           05/24/04
0437965783                 2.2500            07/01/04          00
11405056                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.5000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098939                    4.7500            127500.0000       100.0000
                           4.7500            127,500.00        ZZ
                           4.5000            504.69            1
                           10.7500           504.69            43
SAN DIEGO        CA 92129  10.5000           05/18/04
0437971856                 2.2500            07/01/04          00
14040166                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     2                 0
0.0000                     01                00
                           N                 0.0000

9098941                    4.7500            254300.0000       100.0000
                           4.7500            254,300.00        ZZ
                           4.5000            1006.60           1
                           10.7500           1006.60           45
SAN DIEGO        CA 92127  10.5000           05/18/04
0437970890                 2.2500            07/01/04          00
014040165                  2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     2                 0
0.0000                     09                00
                           N                 0.0000

9098943                    5.1250            223950.0000       100.0000
                           5.1250            223,423.02        ZZ
                           4.8750            1219.38           1
                           11.1250           1219.38           80
BOTHELL          WA 98012  10.8750           05/21/04
0437971906                 2.2500            07/01/04          00
09404253                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     1                 0
0.0000                     05                00
                           O                 0.0000

9098945                    5.8750            392000.0000       100.0000
                           5.8750            392,000.00        ZZ
                           5.6250            1919.17           1
                           11.8750           1919.17           50
OAKLAND          CA 94618  11.6250           05/19/04
0437965957                 2.2500            07/01/04          00
014050001                  2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.6250                     5                 0
0.0000                     05                00
                           O                 0.0000

9098947                    6.5000            148300.0000       100.0000
                           6.5000            148,300.00        ZZ
                           6.2500            803.29            1
                           12.5000           803.29            80
KENNEWICK        WA 99337  12.2500           05/18/04
0437966286                 2.2500            07/01/04          00
09403333                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          12.5000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
4.2500                     2                 0
0.0000                     05                00
                           O                 0.0000

9098949                    5.3750            448800.0000       100.0000
                           5.3750            448,294.85        ZZ
                           5.1250            2010.25           1
                           11.3750           2010.25           80
GARDEN GROVE     CA 92843  11.1250           05/14/04
0437965999                 2.2500            07/01/04          00
11402038                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.3750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.1250                     1                 0
0.0000                     03                00
                           O                 0.0000

9098951                    5.7500            200000.0000       100.0000
                           5.7500            199,731.72        ZZ
                           5.5000            958.33            1
                           11.7500           958.33            80
CANYON LAKE      CA 92587  11.5000           05/24/04
0437986599                 2.2500            07/01/04          00
11405078                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.5000                     5                 0
0.0000                     05                00
                           O                 0.0000

9098955                    5.6250            500000.0000       100.0000
                           5.6250            499,478.90        ZZ
                           5.3750            2343.75           1
                           11.6250           2864.85           69
SAN JOSE         CA 95133  11.3750           05/26/04
0437967573                 2.2500            08/01/04          00
07404065                   2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
X05/G02                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          11.6250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.3750                     1                 0
0.0000                     05                00
                           O                 0.0000

9098957                    5.8750            137000.0000       100.0000
                           5.8750            136,719.96        ZZ
                           5.6250            810.41            1
                           11.8750           810.41            75
MEAD             WA 99021  11.6250           05/25/04
0437965767                 2.2500            07/01/04          00
09404281                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.6250                     5                 0
0.0000                     05                00
                           N                 0.0000

9098961                    4.8750            286000.0000       100.0000
                           4.8750            286,000.00        ZZ
                           4.6250            1161.88           1
                           10.8750           1161.88           76
SANTA ANA        CA 92704  10.6250           05/20/04
0437967144                 0.0000            07/01/04          00
11404204                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
X05/G02                    2.0000            07/01/07          07/01/07
45                         2.8750            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9098963                    5.0000            315000.0000       100.0000
                           5.0000            314,241.44        T
                           4.7500            1690.99           1
                           11.0000           1690.99           74
SAN CLEMENTE     CA 92672  10.7500           05/13/04
0437970718                 0.0000            07/01/04          00
11404210                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
X05/G02                    2.0000            07/01/07          07/01/07
45                         3.0000            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9098967                    5.5000            385600.0000       100.0000
                           5.5000            385,600.00        ZZ
                           5.2500            1767.33           2
                           11.5000           1767.33           80
SAN DIEGO        CA 92105  11.2500           05/19/04
0437968993                 0.0000            07/01/04          00
014040158                  0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
X05/G02                    2.0000            07/01/07          07/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098969                    5.5000            146400.0000       100.0000
                           5.5000            145,323.47        ZZ
                           5.2500            671.00            1
                           10.5000           671.00            80
PUYALLUP         WA 98375  10.2500           05/26/04
0437966559                 0.0000            07/01/04          00
09405144                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098975                    5.5000            205080.0000       100.0000
                           5.5000            205,080.00        ZZ
                           5.2500            939.95            1
                           10.5000           939.95            80
BONNEY LAKE      WA 98390  10.2500           05/26/04
0437965478                 0.0000            07/01/04          00
09405043                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098977                    5.5000            364000.0000       100.0000
                           5.5000            364,000.00        ZZ
                           5.2500            1668.33           1
                           11.5000           1668.33           80
SAMMAMISH        WA 98074  11.2500           05/24/04
0438008823                 2.2500            07/01/04          00
09403385                   2.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
X05/G02                    2.0000            07/01/07          07/01/07
25                         2.2500            0.0000            0.0000
A                          11.5000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.2500                     2                 0
0.0000                     05                00
                           O                 0.0000

9098979                    5.3750            336800.0000       100.0000
                           5.3750            336,800.00        ZZ
                           5.1250            1508.58           1
                           10.3750           1508.58           80
FALL CITY        WA 98024  10.1250           05/14/04
0437967706                 0.0000            07/01/04          00
09404254                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9098981                    5.5000            286000.0000       100.0000
                           5.5000            286,000.00        ZZ
                           5.2500            1310.83           1
                           10.5000           1310.83           80
BELLEVUE         WA 98006  10.2500           05/24/04
0438007155                 0.0000            07/01/04          00
09404318                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9098983                    5.3750            128480.0000       100.0000
                           5.3750            128,480.00        ZZ
                           5.1250            575.48            1
                           10.3750           575.48            80
PUYALLUP         WA 98375  10.1250           05/21/04
0437965585                 0.0000            07/01/04          00
09405107                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9098985                    5.5000            72516.0000        100.0000
                           5.5000            72,515.99         ZZ
                           5.2500            332.37            1
                           10.5000           332.37            70
ALBUQUERQUE      NM 87113  10.2500           06/03/04
0437968522                 0.0000            08/01/04          00
6054173                    0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
X05/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9098987                    5.5000            185080.0000       100.0000
                           5.5000            185,080.00        ZZ
                           5.2500            848.28            1
                           10.5000           848.28            80
COVINGTON        WA 98042  10.2500           05/21/04
0437965973                 0.0000            07/01/04          00
09405031                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9098989                    5.2500            247000.0000       100.0000
                           5.2500            247,000.00        ZZ
                           5.0000            1080.63           1
                           10.2500           1080.63           67
ANAHEIM          CA 92805  10.0000           05/10/04
0437969355                 0.0000            07/01/04          00
11404224                   0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
X05/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9099085                    4.7500            270000.0000       100.0000
                           4.7500            269,319.26        ZZ
                           4.5000            1408.45           1
                           10.7500           1408.45           80
FREDERICKSBURG   VA 22407  10.5000           05/28/04
0437983257                 0.0000            07/03/04          00
0034727010                 0.0000            06/03/34          0.0000
0                          3.2500            06/03/07          06/03/07
N74/G02                    3.0000            07/03/07          07/03/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9099321                    4.6250            267000.0000       100.0000
                           4.6250            266,656.31        ZZ
                           4.3750            1372.75           1
                           10.6250           1372.75           75
GLENDORA         CA 91741  10.3750           06/01/04
0437982580                 3.2500            08/01/04          00
42021                      3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
F89/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.3750                     5                 0
0.0000                     05                00
                           O                 0.0000

9099371                    5.7500            91700.0000        100.0000
                           5.7500            91,508.06         ZZ
                           5.5000            535.14            1
                           11.7500           535.14            70
TUCSON           AZ 85742  11.5000           05/24/04
0437964117                 3.2500            07/01/04          00
01000500369                3.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
M12/G02                    3.0000            07/01/07          07/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     5                 0
0.0000                     05                00
                           N                 0.0000

9099959                    5.1250            285750.0000       100.0000
                           5.1250            285,750.00        ZZ
                           4.8750            1220.39           1
                           11.1250           1220.39           80
GAINESVILLE      VA 20155  10.8750           05/28/04
0437965981                 0.0000            07/01/04          00
24504035                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
696/G02                    3.0000            07/01/07          07/01/07
25                         3.2500            0.0000            0.0000
A                          8.1250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9100431                    5.5000            495000.0000       100.0000
                           5.5000            495,000.00        ZZ
                           5.2500            2268.75           1
                           10.5000           2268.75           75
ARLINGTON        VA 22203  10.2500           06/01/04
0437958259                 0.0000            08/01/04          00
22304041                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
696/G02                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          10.5000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9100437                    5.0000            262600.0000       100.0000
                           5.0000            262,600.00        ZZ
                           4.7500            1094.17           1
                           11.0000           1094.17           80
GAINESVILLE      VA 20155  10.7500           05/28/04
0437961618                 0.0000            07/01/04          00
24504021                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
696/G02                    3.0000            07/01/07          07/01/07
25                         3.2500            0.0000            0.0000
A                          8.0000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9102689                    5.1250            110000.0000       100.0000
                           5.1250            109,870.85        ZZ
                           4.8750            598.94            1
                           11.1250           598.94            63
BIRMINGHAM       AL 35242  10.8750           06/11/04
0421141839                 0.0000            08/01/04          00
0421141839                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9102835                    5.8750            72450.0000        100.0000
                           5.8750            72,376.13         ZZ
                           5.6250            428.57            1
                           11.8750           428.57            90
CONVERSE         TX 78109  11.6250           06/11/04
0421099359                 0.0000            08/01/04          10
0421099359                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9103009                    5.6250            212000.0000       100.0000
                           5.6250            211,773.36        ZZ
                           5.3750            1220.39           1
                           11.6250           1220.39           80
CLIVE            IA 50325  11.3750           06/11/04
0421122128                 0.0000            08/01/04          00
0421122128                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9103017                    5.1250            220500.0000       100.0000
                           5.1250            220,241.13        ZZ
                           4.8750            1200.59           2
                           11.1250           1200.59           90
LARAMIE          WY 82072  10.8750           06/11/04
0421123969                 0.0000            08/01/04          01
0421123969                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9103113                    5.6250            350000.0000       100.0000
                           5.6250            350,000.00        ZZ
                           5.3750            1640.63           1
                           10.6250           1640.63           78
RAMONA           CA 92065  10.3750           06/07/04
0421072612                 0.0000            08/01/04          00
0421072612                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9103133                    5.3750            110000.0000       100.0000
                           5.3750            109,876.74        T
                           5.1250            615.97            1
                           11.3750           615.97            67
LAS VEGAS        NV 89108  11.1250           06/07/04
0421077405                 0.0000            08/01/04          00
0421077405                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9103167                    5.3750            229382.0000       100.0000
                           5.3750            229,124.97        ZZ
                           5.1250            1284.47           1
                           11.3750           1284.47           80
LAS VEGAS        NV 89148  11.1250           06/07/04
0421080516                 0.0000            08/01/04          00
0421080516                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9103213                    5.1250            183400.0000       100.0000
                           5.1250            183,184.68        ZZ
                           4.8750            998.59            1
                           11.1250           998.59            70
CINCINNATI       OH 45244  10.8750           06/07/04
0421086042                 0.0000            08/01/04          00
0421086042                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9103291                    5.5000            84000.0000        100.0000
                           5.5000            83,908.06         ZZ
                           5.2500            476.94            1
                           11.5000           476.94            80
POMPANO BEACH    FL 33069  11.2500           06/11/04
0421041195                 0.0000            08/01/04          00
0421041195                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     08                00
                           O                 0.0000

9103361                    5.8750            108000.0000       100.0000
                           5.8750            107,889.89        T
                           5.6250            638.86            1
                           10.8750           638.86            80
GALESBURG        MI 49053  10.6250           06/11/04
0421009994                 0.0000            08/01/04          00
0421009994                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9103367                    5.8750            238125.0000       100.0000
                           5.8750            237,882.22        ZZ
                           5.6250            1408.60           1
                           10.8750           1408.60           75
OCEAN CITY       NJ 08226  10.6250           06/11/04
0421011651                 0.0000            08/01/04          00
0421011651                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     20                00
                           N                 0.0000

9103369                    5.1250            125000.0000       100.0000
                           5.1250            124,853.24        ZZ
                           4.8750            680.61            1
                           11.1250           680.61            74
FRESNO           CA 93711  10.8750           06/03/04
0421012311                 0.0000            08/01/04          00
0421012311                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9103393                    5.1250            223250.0000       100.0000
                           5.1250            222,987.89        ZZ
                           4.8750            1215.57           1
                           10.1250           1215.57           95
GREENPORT        NY 11944  9.8750            06/11/04
0421024043                 0.0000            08/01/04          10
0421024043                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9103413                    5.8750            144000.0000       100.0000
                           5.8750            144,000.00        ZZ
                           5.6250            705.00            1
                           11.8750           705.00            80
MCPHERSON        KS 67460  11.6250           06/07/04
0420967374                 0.0000            08/01/04          00
0420967374                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9103423                    5.5000            62300.0000        100.0000
                           5.5000            62,231.81         ZZ
                           5.2500            353.73            1
                           11.5000           353.73            70
MANCHESTER       NH 03101  11.2500           06/11/04
0420983454                 0.0000            08/01/04          00
0420983454                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           N                 0.0000

9103493                    5.2500            480000.0000       100.0000
                           5.2500            480,000.00        ZZ
                           5.0000            2100.00           1
                           11.2500           2100.00           80
WESTPORT         CT 06880  11.0000           06/11/04
0420946923                 0.0000            08/01/04          00
0420946923                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9103499                    5.6250            525000.0000       100.0000
                           5.6250            525,000.00        ZZ
                           5.3750            2460.94           1
                           10.6250           2460.94           75
BLOOMFIELD HILL  MI 48302  10.3750           06/07/04
0420947830                 0.0000            08/01/04          00
0420947830                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9103507                    6.3750            320000.0000       100.0000
                           6.3750            320,000.00        ZZ
                           6.1250            1700.00           2
                           11.3750           1700.00           80
NEW ORLEANS      LA 70115  11.1250           06/07/04
0420948879                 0.0000            08/01/04          00
0420948879                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9103513                    5.2500            303910.0000       100.0000
                           5.2500            303,561.41        ZZ
                           5.0000            1678.20           2
                           11.2500           1678.20           80
CITRUS HEIGHTS   CA 95621  11.0000           06/01/04
0420954612                 0.0000            08/01/04          00
0420954612                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9103535                    5.8750            126400.0000       100.0000
                           5.8750            126,271.13        ZZ
                           5.6250            747.70            1
                           10.8750           747.70            80
NEW LONDON       CT 06320  10.6250           06/11/04
0420918559                 0.0000            08/01/04          00
0420918559                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9103559                    5.2500            214900.0000       100.0000
                           5.2500            214,653.50        ZZ
                           5.0000            1186.69           1
                           10.2500           1186.69           70
SACRAMENTO       CA 95829  10.0000           05/26/04
0420924714                 0.0000            08/01/04          00
0420924714                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9103627                    5.1250            276000.0000       100.0000
                           5.1250            276,000.00        ZZ
                           4.8750            1178.75           1
                           10.1250           1178.75           80
SUPERIOR         CO 80027  9.8750            06/09/04
0420864621                 0.0000            08/01/04          00
0420864621                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9103691                    5.5000            239200.0000       100.0000
                           5.5000            239,200.00        ZZ
                           5.2500            1096.33           1
                           10.5000           1096.33           80
BELLEVUE         WA 98006  10.2500           06/02/04
0420792889                 0.0000            08/01/04          00
0420792889                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9103715                    5.7500            189000.0000       100.0000
                           5.7500            189,000.00        ZZ
                           5.5000            905.63            1
                           10.7500           905.63            80
GLENDALE         AZ 85310  10.5000           06/04/04
0420834228                 0.0000            08/01/04          00
0420834228                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9103735                    5.3750            202400.0000       100.0000
                           5.3750            202,173.20        ZZ
                           5.1250            1133.38           1
                           11.3750           1133.38           80
MANASSAS         VA 20110  11.1250           06/07/04
0420849499                 0.0000            08/01/04          00
0420849499                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9103757                    6.0000            333700.0000       100.0000
                           6.0000            333,367.80        ZZ
                           5.7500            2000.70           1
                           11.0000           2000.70           77
OCEANSIDE        CA 92056  10.7500           06/01/04
0420786626                 0.0000            08/01/04          00
0420786626                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9103773                    5.1250            238000.0000       100.0000
                           5.1250            238,000.00        ZZ
                           4.8750            1016.46           1
                           11.1250           1016.46           80
MASTIC           NY 11951  10.8750           06/11/04
0420724833                 0.0000            08/01/04          00
0420724833                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9103985                    5.5000            156000.0000       100.0000
                           5.5000            155,829.25        ZZ
                           5.2500            885.75            1
                           10.5000           885.75            74
WALLED LAKE      MI 48390  10.2500           06/07/04
0420532608                 0.0000            08/01/04          00
0420532608                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9104133                    5.7500            204000.0000       100.0000
                           5.7500            204,000.00        ZZ
                           5.5000            977.50            1
                           10.7500           977.50            66
YUCCA VALLEY     CA 92284  10.5000           06/08/04
0420409708                 0.0000            08/01/04          00
0420409708                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9105245                    5.8750            135000.0000       100.0000
                           5.8750            134,862.36        ZZ
                           5.6250            798.58            1
                           10.8750           798.58            87
CINCINNATI       OH 45236  10.6250           06/10/04
0437964331                 3.2500            08/01/04          10
7590                       3.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
T23/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     5                 0
0.0000                     05                00
                           O                 0.0000

9106563                    5.3750            200000.0000       100.0000
                           5.3750            199,775.89        ZZ
                           5.1250            1119.94           1
                           10.3750           1119.94           60
VISALIA          CA 93291  10.1250           06/03/04
0438040743                 0.0000            08/01/04          00
20504134                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
G27/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9106773                    5.7500            81900.0000        100.0000
                           5.7500            81,814.49         ZZ
                           5.5000            477.95            1
                           11.7500           477.95            90
SPRING HILL      FL 34606  11.5000           05/28/04
0437966393                 3.2500            08/01/04          01
0404050                    3.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
P21/G02                    3.0000            08/01/07          08/01/07
25                         3.7500            0.0000            0.0000
A                          7.7500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     5                 0
0.0000                     05                00
                           O                 0.0000

9106803                    5.5000            136000.0000       100.0000
                           5.5000            135,851.14        ZZ
                           5.2500            772.19            1
                           10.5000           772.19            80
MINNEAPOLIS      MN 55404  10.2500           06/09/04
0438059917                 0.0000            08/01/04          00
04800466F                  0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
B39/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9106847                    5.7500            103275.0000       100.0000
                           5.7500            103,167.18        ZZ
                           5.5000            602.68            2
                           11.7500           602.68            90
WATERTOWN        WI 53094  11.5000           06/04/04
0437986128                 3.2500            08/01/04          11
WH25115                    3.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
H81/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     1                 0
0.0000                     05                00
                           N                 0.0000

9106885                    5.7500            297000.0000       100.0000
                           5.7500            296,689.92        ZZ
                           5.5000            1733.21           1
                           11.7500           1733.21           90
ROSEMEAD         CA 91770  11.5000           06/04/04
0438038051                 3.2500            08/01/04          10
51111943                   3.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
Y40/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     1                 0
0.0000                     05                00
                           O                 0.0000

9107645                    4.8750            109000.0000       100.0000
                           4.8750            108,865.97        ZZ
                           4.6250            576.84            1
                           10.8750           576.84            73
BIRMINGHAM       AL 35215  10.6250           06/09/04
0421012899                 0.0000            08/01/04          00
0421012899                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9107653                    5.6250            78750.0000        100.0000
                           5.6250            78,665.81         ZZ
                           5.3750            453.33            1
                           11.6250           453.33            75
BOISE            ID 83704  11.3750           06/10/04
0421014507                 0.0000            08/01/04          00
0421014507                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9107691                    5.3750            144000.0000       100.0000
                           5.3750            143,838.64        ZZ
                           5.1250            806.36            1
                           10.3750           806.36            78
METAIRIE         LA 70005  10.1250           06/14/04
0421024415                 0.0000            08/01/04          00
0421024415                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     07                00
                           O                 0.0000

9107699                    5.6250            130400.0000       100.0000
                           5.6250            130,260.59        T
                           5.3750            750.66            1
                           10.6250           750.66            80
THREE RIVERS     TX 78071  10.3750           06/10/04
0421026402                 0.0000            08/01/04          00
0421026402                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9107845                    5.1250            160000.0000       100.0000
                           5.1250            160,000.00        ZZ
                           4.8750            683.33            1
                           11.1250           683.33            80
LITTLETON        CO 80122  10.8750           06/14/04
0421039090                 0.0000            08/01/04          00
0421039090                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9107847                    4.8750            260000.0000       100.0000
                           4.8750            259,658.93        ZZ
                           4.6250            1375.94           1
                           9.8750            1375.94           75
PLYMOUTH         MN 55441  9.6250            06/08/04
0421040577                 0.0000            08/01/04          00
0421040577                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9107859                    5.1250            211000.0000       100.0000
                           5.1250            210,752.28        ZZ
                           4.8750            1148.87           1
                           10.1250           1148.87           88
WOODBURN         OR 97071  9.8750            06/08/04
0421045055                 0.0000            08/01/04          10
0421045055                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9107923                    5.3750            560000.0000       100.0000
                           5.3750            560,000.00        ZZ
                           5.1250            2508.33           1
                           10.3750           2508.33           80
DALY CITY        CA 94015  10.1250           06/01/04
0421060062                 0.0000            08/01/04          00
0421060062                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9107925                    5.1250            206250.0000       100.0000
                           5.1250            206,250.00        ZZ
                           4.8750            880.86            1
                           11.1250           880.86            75
HAVERHILL        MA 01832  10.8750           06/09/04
0421062308                 0.0000            08/01/04          00
0421062308                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9107945                    4.7500            252000.0000       100.0000
                           4.7500            252,000.00        ZZ
                           4.5000            997.50            1
                           10.7500           997.50            80
SACRAMENTO       CA 95819  10.5000           06/02/04
0421073784                 0.0000            08/01/04          00
0421073784                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9107961                    4.6250            164000.0000       100.0000
                           4.6250            163,788.89        ZZ
                           4.3750            843.19            1
                           10.6250           843.19            80
FLORISSANT       CO 80816  10.3750           06/07/04
0421080359                 0.0000            08/01/04          00
0421080359                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9107965                    5.7500            393675.0000       100.0000
                           5.7500            393,675.00        ZZ
                           5.5000            1886.36           1
                           10.7500           1886.36           75
MARLBORO         NJ 07746  10.5000           06/14/04
0421082553                 0.0000            08/01/04          00
0421082553                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9107971                    5.1250            300000.0000       100.0000
                           5.1250            299,647.79        ZZ
                           4.8750            1633.46           1
                           11.1250           1633.46           60
SACRAMENTO       CA 95819  10.8750           06/07/04
0421088642                 0.0000            08/01/04          00
0421088642                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9107997                    5.8750            136400.0000       100.0000
                           5.8750            136,260.93        T
                           5.6250            806.86            1
                           10.8750           806.86            80
LAKE HAVASU CIT  AZ 86404  10.6250           06/03/04
0421118134                 0.0000            08/01/04          00
0421118134                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9108003                    5.3750            215000.0000       100.0000
                           5.3750            214,719.83        ZZ
                           5.1250            963.02            1
                           11.3750           963.02            52
EAGLE            ID 83616  11.1250           06/07/04
0421133042                 0.0000            08/01/04          00
0421133042                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9108101                    4.8750            164000.0000       100.0000
                           4.8750            163,798.35        ZZ
                           4.6250            867.90            1
                           10.8750           867.90            80
BALLWIN          MO 63021  10.6250           06/09/04
0420584021                 0.0000            08/01/04          00
0420584021                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9108141                    6.0000            356000.0000       100.0000
                           6.0000            355,645.60        ZZ
                           5.7500            2134.40           1
                           11.0000           2134.40           75
NORTH HILLS      CA 91343  10.7500           06/02/04
0420712291                 0.0000            08/01/04          00
0420712291                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9108151                    4.8750            232400.0000       100.0000
                           4.8750            232,114.25        ZZ
                           4.6250            1229.88           1
                           10.8750           1229.88           90
PASADENA         CA 91101  10.6250           06/02/04
0420723314                 0.0000            08/01/04          10
0420723314                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9108299                    5.8750            435000.0000       100.0000
                           5.8750            435,000.00        ZZ
                           5.6250            2129.69           2
                           10.8750           2129.69           63
SAN JOSE         CA 95124  10.6250           06/03/04
0420802290                 0.0000            08/01/04          00
0420802290                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9108427                    5.6250            420000.0000       100.0000
                           5.6250            419,550.99        ZZ
                           5.3750            2417.76           1
                           10.6250           2417.76           58
GREENWICH        CT 06870  10.3750           06/09/04
0420870255                 0.0000            08/01/04          00
0420870255                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2550            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9108465                    6.1250            140000.0000       100.0000
                           6.1250            139,863.93        ZZ
                           5.8750            850.65            1
                           11.1250           850.65            80
MIAMI            FL 33167  10.8750           06/08/04
0420902116                 0.0000            08/01/04          00
0420902116                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9108475                    5.2500            368000.0000       100.0000
                           5.2500            367,577.89        ZZ
                           5.0000            2032.11           1
                           11.2500           2032.11           80
PINOLE           CA 94564  11.0000           06/01/04
0420910374                 0.0000            08/01/04          00
0420910374                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9108513                    6.0000            296800.0000       100.0000
                           6.0000            296,800.00        ZZ
                           5.7500            1484.00           1
                           11.0000           1484.00           80
PLANTATION       FL 33324  10.7500           06/08/04
0420934275                 0.0000            08/01/04          00
0420934275                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9108619                    5.1250            221600.0000       100.0000
                           5.1250            221,339.84        ZZ
                           4.8750            1206.58           1
                           11.1250           1206.58           80
SACRAMENTO       CA 95825  10.8750           06/01/04
0420983918                 0.0000            08/01/04          00
0420983918                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9108649                    5.7500            220500.0000       100.0000
                           5.7500            220,269.78        ZZ
                           5.5000            1286.78           2
                           10.7500           1286.78           90
LAWRENCE         MA 01841  10.5000           06/14/04
0420995912                 0.0000            08/01/04          01
0420995912                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         8.6250            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9108839                    5.8750            140500.0000       100.0000
                           5.8750            140,212.80        ZZ
                           5.6250            831.11            2
                           10.8750           831.11            74
LANCASTER        CA 93534  10.6250           05/25/04
0437995855                 0.0000            07/01/04          00
21018638                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
B57/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9108921                    4.8750            386000.0000       100.0000
                           4.8750            386,000.00        ZZ
                           4.6250            1568.13           1
                           10.8750           1568.13           77
GRASS VALLEY     CA 95945  10.6250           06/07/04
0420974263                 0.0000            08/01/04          00
0420974263                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9109013                    5.6250            198000.0000       100.0000
                           5.6250            197,575.66        ZZ
                           5.3750            1139.80           1
                           10.6250           1139.80           60
DENVER           CO 80224  10.3750           05/28/04
0438011009                 0.0000            07/01/04          00
579037                     0.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
H49/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9109625                    5.3750            152000.0000       100.0000
                           5.3750            151,829.67        ZZ
                           5.1250            851.16            1
                           11.3750           851.16            80
FOX LAKE         IL 60020  11.1250           06/11/04
0438013310                 0.0000            08/01/04          00
134848801                  0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
N34/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9109679                    4.8750            100000.0000       100.0000
                           4.8750            99,877.04         ZZ
                           4.6250            529.21            1
                           10.8750           529.21            80
DAVENPORT        IA 52803  10.6250           06/10/04
0438018632                 3.2500            08/01/04          00
TQSVUCIC                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U85/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.6250                     5                 0
0.0000                     05                00
                           O                 0.0000

9110083                    5.7500            650000.0000       100.0000
                           5.7500            649,321.36        TX
                           5.5000            3793.22           1
                           10.7500           3793.22           80
DALLAS           TX 75225  10.5000           06/07/04
0438013351                 0.0000            08/01/04          00
300625894                  0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U05/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9110119                    5.7500            236800.0000       100.0000
                           5.7500            236,800.00        ZZ
                           5.5000            1134.67           1
                           11.7500           1134.67           80
WASHINGTON       DC 20011  11.5000           06/09/04
0437982986                 0.0000            07/01/04          00
32604123                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
696/G02                    3.0000            07/01/07          07/01/07
25                         3.2500            0.0000            0.0000
A                          8.7500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9110127                    5.7500            268800.0000       100.0000
                           5.7500            268,800.00        ZZ
                           5.5000            1288.00           1
                           11.7500           1288.00           80
WASHINGTON       DC 20011  11.5000           06/04/04
0437988355                 0.0000            07/01/04          00
32604112                   0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
696/G02                    3.0000            07/01/07          07/01/07
25                         3.2500            0.0000            0.0000
A                          8.7500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9110141                    6.0000            285000.0000       100.0000
                           6.0000            285,000.00        ZZ
                           5.7500            1425.00           1
                           11.0000           1425.00           95
ACCOKEEK         MD 20607  10.7500           06/14/04
0437983950                 0.0000            08/01/04          12
20204076                   0.0000            07/01/34          30.0000
0                          2.2500            07/01/09          07/01/09
696/G01                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          11.0000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9110163                    5.7500            228800.0000       100.0000
                           5.7500            228,561.12        ZZ
                           5.5000            1335.21           1
                           10.7500           1335.21           80
RESTON           VA 20194  10.5000           06/03/04
0437980162                 0.0000            08/01/04          00
23604071                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
696/G01                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9110167                    6.0000            126400.0000       100.0000
                           6.0000            126,274.17        TX
                           5.7500            757.83            1
                           11.0000           757.83            80
SUGAR LAND       TX 77479  10.7500           06/03/04
0438008427                 0.0000            08/01/04          00
300626574                  0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U05/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          11.0000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9111805                    5.3750            270000.0000       100.0000
                           5.3750            269,697.46        ZZ
                           5.1250            1511.92           3
                           11.3750           1511.92           79
HAVERHILL        MA 01841  11.1250           06/14/04
0420458341                 0.0000            08/01/04          00
0420458341                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9111817                    6.3750            229500.0000       100.0000
                           6.3750            229,287.44        ZZ
                           6.1250            1431.78           2
                           11.3750           1431.78           90
JERSEY CITY      NJ 07305  11.1250           06/15/04
0420540676                 0.0000            08/01/04          01
0420540676                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9111835                    5.3750            366400.0000       100.0000
                           5.3750            366,400.00        ZZ
                           5.1250            1641.17           1
                           10.3750           1641.17           80
RODEO            CA 94572  10.1250           06/02/04
0420600850                 0.0000            08/01/04          00
0420600850                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9111849                    5.3750            209000.0000       100.0000
                           5.3750            208,721.24        ZZ
                           5.1250            936.15            1
                           11.3750           936.15            95
LAKEWOOD         CO 80203  11.1250           06/10/04
0421101148                 0.0000            08/01/04          10
0421101148                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9111887                    5.0000            229500.0000       100.0000
                           5.0000            229,500.00        ZZ
                           4.7500            956.25            1
                           11.0000           956.25            75
SAN DIEGO        CA 92110  10.7500           06/10/04
0421151440                 0.0000            08/01/04          00
0421151440                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9111915                    5.1250            650000.0000       100.0000
                           5.1250            650,000.00        ZZ
                           4.8750            2776.04           1
                           11.1250           2776.04           65
NEWPORT BEACH    CA 92625  10.8750           06/04/04
0421079567                 0.0000            08/01/04          00
0421079567                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9111933                    5.0000            360000.0000       100.0000
                           5.0000            359,567.44        T
                           4.7500            1932.56           1
                           11.0000           1932.56           80
ORCAS            WA 98280  10.7500           06/03/04
0421100611                 0.0000            08/01/04          00
0421100611                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9111945                    4.8750            168000.0000       100.0000
                           4.8750            167,793.43        ZZ
                           4.6250            889.07            1
                           10.8750           889.07            80
SAINT PAUL       MN 55106  10.6250           06/10/04
0421037599                 0.0000            08/01/04          00
0421037599                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9111949                    5.7500            215200.0000       100.0000
                           5.7500            214,975.32        ZZ
                           5.5000            1031.17           1
                           10.7500           1255.85           80
GREENACRES       FL 33463  10.5000           06/15/04
0421040080                 0.0000            08/01/04          00
0421040080                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9111953                    5.1250            92700.0000        100.0000
                           5.1250            92,591.17         ZZ
                           4.8750            504.74            1
                           11.1250           504.74            85
COLORADO SPRING  CO 80909  10.8750           06/10/04
0421040353                 0.0000            08/01/04          01
0421040353                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9111957                    4.8750            255000.0000       100.0000
                           4.8750            255,000.00        ZZ
                           4.6250            1035.94           1
                           10.8750           1035.94           80
EVERGREEN        CO 80439  10.6250           06/15/04
0421040627                 0.0000            08/01/04          00
0421040627                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9111971                    6.0000            179250.0000       100.0000
                           6.0000            179,250.00        ZZ
                           5.7500            896.25            1
                           11.0000           896.25            75
WASHINGTON       DC 20017  10.7500           06/10/04
0421052820                 0.0000            08/01/04          00
0421052820                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     07                00
                           O                 0.0000

9111991                    5.5000            216000.0000       100.0000
                           5.5000            216,000.00        ZZ
                           5.2500            990.00            1
                           10.5000           990.00            80
CITRUS HEIGHTS   CA 95621  10.2500           06/08/04
0421014374                 0.0000            08/01/04          00
0421014374                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9112003                    4.8750            321500.0000       100.0000
                           4.8750            321,500.00        ZZ
                           4.6250            1306.09           1
                           10.8750           1306.09           75
CAMPBELL         CA 95008  10.6250           06/07/04
0421021239                 0.0000            08/01/04          00
0421021239                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9112049                    5.5000            101000.0000       100.0000
                           5.5000            100,889.45        ZZ
                           5.2500            573.47            1
                           11.5000           573.47            78
FREDERICKSBURG   VA 22406  11.2500           06/10/04
0420652323                 0.0000            08/01/04          00
0420652323                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9112161                    5.5000            151200.0000       100.0000
                           5.5000            151,034.50        ZZ
                           5.2500            858.50            1
                           10.5000           858.50            80
ASHEVILLE        NC 28801  10.2500           06/15/04
0420962862                 0.0000            08/01/04          00
0420962862                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9112163                    5.5000            141000.0000       100.0000
                           5.5000            140,845.67        ZZ
                           5.2500            800.58            1
                           11.5000           800.58            62
MENTOR           OH 44060  11.2500           06/10/04
0420844805                 0.0000            08/01/04          00
0420844805                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9112175                    5.3750            211250.0000       100.0000
                           5.3750            211,013.28        ZZ
                           5.1250            1182.94           1
                           11.3750           1182.94           65
UNION            NJ 07083  11.1250           06/08/04
0420853988                 0.0000            08/01/04          00
0420853988                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9112357                    4.7500            328250.0000       100.0000
                           4.7500            327,837.01        ZZ
                           4.5000            1712.31           1
                           10.7500           1712.31           90
ELK GROVE        CA 95624  10.5000           06/01/04
0420829400                 0.0000            08/01/04          01
0420829400                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9112843                    5.3750            221000.0000       100.0000
                           5.3750            220,503.61        ZZ
                           5.1250            1237.54           1
                           11.3750           1237.54           90
NEW LENOX        IL 60451  11.1250           05/25/04
0437996986                 0.0000            07/01/04          11
57278252                   0.0000            06/01/34          30.0000
0                          3.2500            06/01/07          06/01/07
H49/G02                    3.0000            07/01/07          07/01/07
25                         3.3750            0.0000            0.0000
A                          7.3750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9112849                    5.1250            109000.0000       100.0000
                           5.1250            108,743.51        ZZ
                           4.8750            593.49            1
                           11.1250           593.49            95
TROY             OH 45373  10.8750           05/28/04
0438016545                 0.0000            07/01/04          14
3000635458                 0.0000            06/01/34          30.0000
0                          3.2500            06/01/07          06/01/07
U05/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9113443                    4.7500            105000.0000       100.0000
                           4.7500            104,867.90        ZZ
                           4.5000            547.73            1
                           10.7500           547.73            78
LARGO            FL 33778  10.5000           06/08/04
0438008690                 0.0000            08/01/04          00
3000634994                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9113533                    6.0000            324100.0000       100.0000
                           6.0000            323,777.36        ZZ
                           5.7500            1943.14           1
                           11.0000           1943.14           69
SAN DIEGO        CA 92126  10.7500           06/09/04
0437998776                 0.0000            08/01/04          00
80007940                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
B23/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9113659                    5.8750            355000.0000       100.0000
                           5.8750            354,274.35        ZZ
                           5.6250            2099.96           1
                           10.8750           2099.96           80
CASTAIC          CA 91384  10.6250           05/20/04
0437984669                 3.2500            07/01/04          00
11501338                   3.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
S11/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     2                 0
0.0000                     05                00
                           O                 0.0000

9114163                    5.6250            94000.0000        100.0000
                           5.6250            93,899.51         ZZ
                           5.3750            541.12            2
                           11.6250           541.12            80
TUCSON           AZ 85719  11.3750           06/10/04
0438054215                 0.0000            08/01/04          00
1                          0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
H49/G02                    3.0000            08/01/07          08/01/07
25                         3.6250            0.0000            0.0000
A                          7.6250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9114481                    4.8750            396000.0000       100.0000
                           4.8750            396,000.00        ZZ
                           4.6250            1608.75           1
                           10.8750           1608.75           90
TEMECULA         CA 92592  10.6250           06/11/04
0421208513                 0.0000            08/01/04          10
0421208513                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9114527                    5.2500            205000.0000       100.0000
                           5.2500            205,000.00        ZZ
                           5.0000            896.88            1
                           11.2500           896.88            69
BAKERSFIELD      CA 93306  11.0000           06/10/04
0421189358                 0.0000            08/01/04          00
0421189358                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9114531                    6.2500            226400.0000       100.0000
                           6.2500            226,400.00        ZZ
                           6.0000            1179.17           1
                           11.2500           1179.17           80
GLENDALE         AZ 85308  11.0000           06/10/04
0421091877                 0.0000            08/01/04          00
0421091877                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9114563                    6.1250            98438.0000        100.0000
                           6.1250            98,342.32         ZZ
                           5.8750            598.12            1
                           12.1250           598.12            90
LEANDER          TX 78641  11.8750           06/11/04
0421119132                 0.0000            08/01/04          01
0421119132                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         4.1250            0.0000            0.0000
A                          8.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9114639                    5.5000            164000.0000       100.0000
                           5.5000            163,820.50        ZZ
                           5.2500            931.17            1
                           11.5000           931.17            80
VANCOUVER        WA 98682  11.2500           06/11/04
0421083700                 0.0000            08/01/04          00
0421083700                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9114657                    5.5000            375000.0000       100.0000
                           5.5000            375,000.00        ZZ
                           5.2500            1718.75           1
                           10.5000           1718.75           75
BRIGHTON         MI 48114  10.2500           06/11/04
0421089459                 0.0000            08/01/04          00
0421089459                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9114659                    5.2500            240000.0000       100.0000
                           5.2500            239,724.71        ZZ
                           5.0000            1325.29           1
                           11.2500           1325.29           74
MIDDLEBORO       MA 02346  11.0000           06/11/04
0421038746                 0.0000            08/01/04          00
0421038746                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9114661                    5.8750            200000.0000       100.0000
                           5.8750            199,796.09        ZZ
                           5.6250            1183.08           1
                           10.8750           1183.08           72
WATERFORD        MI 48327  10.6250           06/16/04
0421039678                 0.0000            08/01/04          00
0421039678                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9114693                    5.7500            329600.0000       100.0000
                           5.7500            329,600.00        ZZ
                           5.5000            1579.33           1
                           10.7500           1579.33           80
CONCORD          CA 94519  10.5000           06/04/04
0421058603                 0.0000            08/01/04          00
0421058603                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9114833                    5.2500            419920.0000       100.0000
                           5.2500            419,920.00        ZZ
                           5.0000            1837.15           1
                           11.2500           1837.15           80
LAGUNA HILLS     CA 92653  11.0000           06/09/04
0421017716                 0.0000            08/01/04          00
0421017716                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9114837                    4.7500            227000.0000       100.0000
                           4.7500            227,000.00        ZZ
                           4.5000            898.54            1
                           10.7500           898.54            80
PARK CITY        UT 84098  10.5000           06/11/04
0421018862                 0.0000            08/01/04          00
0421018862                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9114853                    5.7500            205000.0000       100.0000
                           5.7500            204,785.97        ZZ
                           5.5000            1196.32           1
                           10.7500           1196.32           71
DESTIN           FL 32541  10.5000           06/11/04
0421028952                 0.0000            08/01/04          00
0421028952                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9114869                    5.5000            89300.0000        100.0000
                           5.5000            89,202.25         ZZ
                           5.2500            507.04            1
                           10.5000           507.04            95
CHEYENNE         WY 82007  10.2500           06/11/04
0420969776                 0.0000            08/01/04          01
0420969776                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9114897                    5.3750            149150.0000       100.0000
                           5.3750            148,975.63        ZZ
                           5.1250            835.20            1
                           11.3750           835.20            95
WASHINGTON       DC 20032  11.1250           06/11/04
0420993552                 0.0000            08/01/04          10
0420993552                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     07                00
                           O                 0.0000

9114901                    6.2500            190000.0000       100.0000
                           6.2500            189,819.72        ZZ
                           6.0000            1169.86           1
                           11.2500           1169.86           53
ORANGEVALE       CA 95662  11.0000           06/10/04
0420997629                 0.0000            08/01/04          00
0420997629                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9114927                    5.6250            215000.0000       100.0000
                           5.6250            214,770.15        ZZ
                           5.3750            1237.66           1
                           10.6250           1237.66           61
JACKSON          NJ 08527  10.3750           06/16/04
0420931172                 0.0000            08/01/04          00
0420931172                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9114941                    5.7500            136800.0000       100.0000
                           5.7500            136,657.17        ZZ
                           5.5000            798.33            1
                           10.7500           798.33            80
AVONDALE         AZ 85323  10.5000           06/14/04
0420957771                 0.0000            08/01/04          00
0420957771                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9115011                    4.7500            425000.0000       100.0000
                           4.7500            424,465.29        ZZ
                           4.5000            2217.00           1
                           10.7500           2217.00           68
LONGWOOD         FL 32779  10.5000           06/11/04
0420894107                 0.0000            08/01/04          00
0420894107                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9115037                    5.6250            333700.0000       100.0000
                           5.6250            333,700.00        ZZ
                           5.3750            1564.22           2
                           10.6250           1564.22           71
ROSLINDALE       MA 02131  10.3750           06/11/04
0420770745                 0.0000            08/01/04          00
0420770745                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9115045                    4.5000            216000.0000       100.0000
                           4.5000            215,715.56        ZZ
                           4.2500            1094.44           1
                           10.5000           1094.44           80
JUNCTION CITY    OR 97448  10.2500           06/09/04
0420788788                 0.0000            08/01/04          00
0420788788                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9115067                    5.8750            280800.0000       100.0000
                           5.8750            280,513.71        ZZ
                           5.6250            1661.04           1
                           10.8750           1661.04           80
FORT COLLINS     CO 80528  10.6250           06/07/04
0420580797                 0.0000            08/01/04          00
0420580797                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9115999                    6.1250            94500.0000        100.0000
                           6.1250            94,408.15         ZZ
                           5.8750            574.19            2
                           11.1250           574.19            90
SUMMERVILLE      SC 29483  10.8750           06/03/04
0438020018                 0.0000            08/01/04          01
3000629535                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
U05/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9117646                    5.1250            70000.0000        100.0000
                           5.1250            69,585.57         ZZ
                           4.8750            381.14            1
                           10.1250           381.14            20
ENCINITAS        CA 92024  9.8750            02/03/04
0419566096                 0.0000            04/01/04          00
0419566096                 0.0000            03/01/34          0.0000
0                          2.2500            03/01/09          03/01/09
E22/G01                    2.0000            04/01/09          04/01/09
45                         2.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9117661                    6.2500            360000.0000       100.0000
                           6.2500            360,000.00        ZZ
                           6.0000            1875.00           1
                           11.2500           1875.00           80
FREEHOLD         NJ 07728  11.0000           06/08/04
0438048118                 3.2500            08/01/04          00
28501055                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
L21/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9117743                    5.5000            107900.0000       100.0000
                           5.5000            107,900.00        ZZ
                           5.2500            494.54            1
                           10.5000           494.54            80
ST AUGUSTINE     FL 32080  10.2500           06/04/04
0438013286                 2.2500            08/01/04          00
28500746                   2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L21/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.2500                     1                 0
0.0000                     01                00
                           O                 0.0000

9118367                    5.8750            177600.0000       100.0000
                           5.8750            177,600.00        ZZ
                           5.6250            869.50            2
                           10.8750           869.50            80
KEANSBURG        NJ 07734  10.6250           06/02/04
0438019168                 3.2500            07/01/04          00
28500930                   3.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
L21/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     05                00
                           O                 0.0000

9118535                    5.5000            216000.0000       100.0000
                           5.5000            216,000.00        ZZ
                           5.2500            990.00            1
                           11.5000           990.00            80
WOODBRIDGE       VA 22191  11.2500           06/15/04
0438003428                 0.0000            08/01/04          00
21404073                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
696/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          8.5000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9118867                    5.5000            126320.0000       100.0000
                           5.5000            126,181.74        T
                           5.2500            717.23            1
                           10.5000           717.23            80
GLENDALE         AZ 85305  10.2500           06/10/04
0421161365                 0.0000            08/01/04          00
0421161365                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9118907                    5.8750            103200.0000       100.0000
                           5.8750            103,094.78        ZZ
                           5.6250            610.47            1
                           11.8750           610.47            80
TUCKER           GA 30360  11.6250           06/17/04
0421092461                 0.0000            08/01/04          00
0421092461                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9118923                    5.8750            75240.0000        100.0000
                           5.8750            75,163.29         ZZ
                           5.6250            445.07            1
                           11.8750           445.07            90
CONCORD          NC 28027  11.6250           06/17/04
0421096272                 0.0000            08/01/04          10
0421096272                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9119043                    4.8750            270000.0000       100.0000
                           4.8750            270,000.00        ZZ
                           4.6250            1096.88           1
                           10.8750           1096.88           88
PATERSON         NJ 07501  10.6250           06/17/04
0421063033                 0.0000            08/01/04          01
0421063033                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9119231                    5.8750            388000.0000       100.0000
                           5.8750            388,000.00        ZZ
                           5.6250            1899.58           1
                           10.8750           1899.58           80
ESCONDIDO        CA 92026  10.6250           06/07/04
0421022567                 0.0000            08/01/04          00
0421022567                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9119281                    6.3750            212400.0000       100.0000
                           6.3750            212,203.28        ZZ
                           6.1250            1325.10           1
                           11.3750           1325.10           90
LARGO            FL 33774  11.1250           06/17/04
0420873770                 0.0000            08/01/04          10
0420873770                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9119325                    6.0000            375000.0000       100.0000
                           6.0000            375,000.00        ZZ
                           5.7500            1875.00           1
                           11.0000           1875.00           90
NEWBURY PARK     CA 91320  10.7500           06/08/04
0420910523                 0.0000            08/01/04          01
0420910523                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9119417                    4.8750            134400.0000       100.0000
                           4.8750            134,234.74        ZZ
                           4.6250            711.26            1
                           10.8750           711.26            80
PUEBLO           CO 81007  10.6250           06/17/04
0420749202                 0.0000            08/01/04          00
0420749202                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9119699                    6.2500            240000.0000       100.0000
                           6.2500            240,000.00        ZZ
                           6.0000            1250.00           1
                           11.2500           1250.00           80
CORONA           CA 92883  11.0000           06/09/04
0420746125                 0.0000            08/01/04          00
0420746125                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9120415                    4.7500            100000.0000       100.0000
                           4.7500            99,747.87         ZZ
                           4.5000            521.65            1
                           10.7500           521.65            76
VIRGINIA BEACH   VA 23462  10.5000           05/25/04
0438000465                 0.0000            07/01/04          00
2004559630                 0.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
H76/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9120495                    5.7500            211500.0000       100.0000
                           5.7500            211,279.18        ZZ
                           5.5000            1234.26           1
                           11.7500           1234.26           88
SAINT PETER      MN 56082  11.5000           06/10/04
0438018699                 0.0000            08/01/04          01
2004562348                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
H76/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9120523                    4.7500            217600.0000       100.0000
                           4.7500            216,857.78        ZZ
                           4.5000            1135.11           1
                           9.2500            1135.11           85
NEW IPSWICH      NH 03071  9.0000            05/27/04
0438001158                 0.0000            07/01/04          01
2004555258                 0.0000            06/01/34          12.0000
0                          3.2500            06/01/07          06/01/07
H76/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          5.2500            12                12
360                        L12               2.0000            2.0000
4.5000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9120653                    5.3750            83000.0000        100.0000
                           5.3750            82,906.99         ZZ
                           5.1250            464.78            2
                           11.3750           464.78            95
SYRACUSE         NY 13206  11.1250           06/09/04
0438007882                 0.0000            08/01/04          01
2004562471                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
H76/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9121209                    5.7500            104400.0000       100.0000
                           5.7500            104,291.00        ZZ
                           5.5000            609.25            1
                           11.7500           609.25            90
TUALATIN         OR 97062  11.5000           06/03/04
0438024192                 3.2500            08/01/04          10
10397123                   3.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
967/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     1                 0
0.0000                     01                00
                           N                 0.0000

9122163                    6.1250            95250.0000        100.0000
                           6.1250            95,157.42         ZZ
                           5.8750            578.75            1
                           11.1250           578.75            75
PROVO            UT 84606  10.8750           06/14/04
0438011447                 0.0000            08/01/04          00
2815173                    0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
X08/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9122231                    5.3750            199200.0000       100.0000
                           5.3750            198,752.58        ZZ
                           5.1250            1115.46           1
                           11.3750           1115.46           80
BEAUMONT         CA 92223  11.1250           05/25/04
0438018137                 3.2500            07/01/04          00
1000058830                 3.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
624/G02                    3.0000            07/01/07          07/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     1                 0
0.0000                     05                00
                           N                 0.0000

9122295                    5.3750            300000.0000       100.0000
                           5.3750            299,326.17        ZZ
                           5.1250            1679.91           1
                           11.3750           1679.91           80
BEAUMONT         CA 92223  11.1250           05/25/04
0438021990                 3.2500            07/01/04          00
1000058833                 3.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
624/G02                    3.0000            07/01/07          07/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     1                 0
0.0000                     05                00
                           N                 0.0000

9122415                    5.3750            212000.0000       100.0000
                           5.3750            211,523.82        ZZ
                           5.1250            1187.14           1
                           11.3750           1187.14           80
BEAUMONT         CA 92223  11.1250           05/25/04
0438005670                 3.2500            07/01/04          00
1000058838                 3.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
624/G02                    3.0000            07/01/07          07/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     1                 0
0.0000                     05                00
                           N                 0.0000

9124857                    5.7500            289000.0000       100.0000
                           5.7500            289,000.00        ZZ
                           5.5000            1384.79           1
                           10.7500           1384.79           84
MURRAY           UT 84123  10.5000           06/14/04
0421171190                 0.0000            08/01/04          10
0421171190                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9124865                    5.5000            450000.0000       100.0000
                           5.5000            450,000.00        ZZ
                           5.2500            2062.50           1
                           10.5000           2062.50           74
CENTREVILLE      VA 20121  10.2500           06/07/04
0438007908                 2.2500            08/01/04          00
2910001475                 2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L21/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.2500                     2                 0
0.0000                     03                00
                           O                 0.0000

9124953                    5.1250            76500.0000        100.0000
                           5.1250            76,410.19         ZZ
                           4.8750            416.53            1
                           11.1250           416.53            85
OKLAHOMA CITY    OK 73122  10.8750           06/18/04
0421146507                 0.0000            08/01/04          10
0421146507                 0.0000            07/01/34          20.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9125013                    6.6250            220400.0000       100.0000
                           6.6250            220,005.54        ZZ
                           6.3750            1411.25           1
                           11.6250           1411.25           95
CHUGIAK          AK 99567  11.3750           06/14/04
0421112236                 0.0000            08/01/04          04
0421112236                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9125015                    5.5000            142800.0000       100.0000
                           5.5000            142,643.70        T
                           5.2500            810.80            1
                           10.5000           810.80            80
RICHMOND         VA 23229  10.2500           06/18/04
0421112491                 0.0000            08/01/04          00
0421112491                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9125031                    5.2500            80000.0000        100.0000
                           5.2500            80,000.00         ZZ
                           5.0000            350.00            1
                           10.2500           350.00            80
ATLANTA          GA 30316  10.0000           06/11/04
0438008187                 2.2500            08/01/04          00
26501136                   2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L21/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9125035                    5.7500            189500.0000       100.0000
                           5.7500            189,302.15        ZZ
                           5.5000            1105.87           1
                           10.7500           1105.87           79
COLORADO SPRING  CO 80922  10.5000           06/14/04
0421070459                 0.0000            08/01/04          00
0421070459                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9125671                    5.1250            278100.0000       100.0000
                           5.1250            278,052.26        ZZ
                           4.8750            1187.72           1
                           11.1250           1187.72           90
MONUMENT         CO 80132  10.8750           06/11/04
0421054263                 0.0000            08/01/04          01
0421054263                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9125809                    5.5000            99100.0000        100.0000
                           5.5000            99,100.00         ZZ
                           5.2500            454.21            1
                           10.5000           454.21            80
WOODSTOCK        GA 30189  10.2500           06/09/04
0438007999                 2.2500            08/01/04          00
26501173                   2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L21/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.2500                     1                 0
0.0000                     03                00
                           O                 0.0000

9125833                    4.8750            228000.0000       100.0000
                           4.8750            228,000.00        ZZ
                           4.6250            926.25            1
                           9.8750            926.25            80
WOODSTOCK        GA 30188  9.6250            06/07/04
0438018129                 2.2500            08/01/04          00
26501223                   2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L21/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     05                00
                           O                 0.0000

9125839                    5.2500            113600.0000       100.0000
                           5.2500            113,469.70        ZZ
                           5.0000            627.30            1
                           11.2500           627.30            80
CAPE CORAL       FL 33914  11.0000           06/14/04
0421038571                 0.0000            08/01/04          00
0421038571                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9125883                    5.3750            212600.0000       100.0000
                           5.3750            212,361.77        ZZ
                           5.1250            1190.50           1
                           10.3750           1190.50           75
NORTH LAS VEGAS  NV 89032  10.1250           06/11/04
0421000514                 0.0000            08/01/04          00
0421000514                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9125889                    5.7500            270000.0000       100.0000
                           5.7500            270,000.00        ZZ
                           5.5000            1293.75           1
                           10.7500           1293.75           75
MORRISTOWN       MN 55052  10.5000           06/14/04
0421005281                 0.0000            08/01/04          00
0421005281                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9125895                    5.3750            546000.0000       100.0000
                           5.3750            545,388.19        ZZ
                           5.1250            3057.44           1
                           10.3750           3057.44           69
VACAVILLE        CA 95688  10.1250           06/14/04
0421007733                 0.0000            08/01/04          00
0421007733                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9125899                    4.8750            106400.0000       100.0000
                           4.8750            106,269.17        ZZ
                           4.6250            563.08            1
                           10.8750           563.08            80
RIVERVIEW        FL 33569  10.6250           06/18/04
0421008772                 0.0000            08/01/04          00
0421008772                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9125931                    5.7500            177500.0000       100.0000
                           5.7500            177,314.68        ZZ
                           5.5000            1035.84           1
                           10.7500           1035.84           50
DIAMOND BAR      CA 91765  10.5000           06/15/04
0420978462                 0.0000            08/01/04          00
0420978462                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9125933                    5.5000            330000.0000       100.0000
                           5.5000            329,552.54        ZZ
                           5.2500            1873.70           1
                           10.5000           1873.70           75
UPLAND           CA 91784  10.2500           06/14/04
0420978595                 0.0000            08/01/04          00
0420978595                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9125945                    5.6250            133600.0000       100.0000
                           5.6250            133,457.17        ZZ
                           5.3750            769.08            1
                           10.6250           769.08            80
STEILACOOM       WA 98388  10.3750           06/10/04
0420985954                 0.0000            08/01/04          00
0420985954                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9125947                    5.6250            94000.0000        100.0000
                           5.6250            93,899.51         ZZ
                           5.3750            541.12            3
                           11.6250           541.12            90
OLATHE           KS 66061  11.3750           06/18/04
0420989816                 0.0000            08/01/04          10
0420989816                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9125975                    5.8750            186000.0000       100.0000
                           5.8750            185,810.36        ZZ
                           5.6250            1100.26           1
                           11.8750           1100.26           84
STERLING HEIGHT  MI 48312  11.6250           06/14/04
0420926156                 0.0000            08/01/04          04
0420926156                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9125985                    5.7500            207200.0000       100.0000
                           5.7500            206,971.06        ZZ
                           5.5000            1209.16           1
                           11.7500           1209.16           80
DES PLAINES      IL 60018  11.5000           06/18/04
0420944753                 0.0000            08/01/04          00
0420944753                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9126047                    6.0000            315500.0000       100.0000
                           6.0000            315,185.92        T
                           5.7500            1891.58           1
                           11.0000           1891.58           61
WOODSTOCK        VT 05091  10.7500           06/18/04
0420891921                 0.0000            08/01/04          00
0420891921                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9126061                    5.5000            169000.0000       100.0000
                           5.5000            169,000.00        ZZ
                           5.2500            774.58            1
                           10.5000           774.58            100
SIMPSONVILLE     SC 29680  10.2500           06/18/04
0420711442                 0.0000            08/01/04          04
0420711442                 0.0000            07/01/34          35.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9126081                    5.1250            116400.0000       100.0000
                           5.1250            116,399.99        ZZ
                           4.8750            497.13            1
                           10.1250           497.13            80
COVINGTON        GA 30016  9.8750            06/11/04
0438019663                 2.2500            08/01/04          00
26501328                   2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L21/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     1                 0
0.0000                     05                00
                           O                 0.0000

9126103                    5.6250            205000.0000       100.0000
                           5.6250            204,780.84        ZZ
                           5.3750            1180.10           1
                           10.6250           1180.10           57
MONTVALE         NJ 07645  10.3750           06/14/04
0420844979                 0.0000            08/01/04          00
0420844979                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9126117                    5.3750            276800.0000       100.0000
                           5.3750            276,489.83        ZZ
                           5.1250            1550.00           1
                           10.3750           1550.00           80
LAKE ELSINORE    CA 92530  10.1250           06/11/04
0420600512                 0.0000            08/01/04          00
0420600512                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9126165                    4.7500            187920.0000       100.0000
                           4.7500            187,920.00        ZZ
                           4.5000            743.85            1
                           10.7500           743.85            80
CANTON           MI 48187  10.5000           06/18/04
0420614018                 0.0000            08/01/04          00
0420614018                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9126215                    5.8750            142500.0000       100.0000
                           5.8750            142,354.72        ZZ
                           5.6250            842.94            1
                           10.8750           842.94            95
NORTH BERGEN     NJ 07047  10.6250           06/18/04
0420504987                 0.0000            08/01/04          01
0420504987                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     08                00
                           O                 0.0000

9126281                    5.3750            191000.0000       100.0000
                           5.3750            191,000.00        ZZ
                           5.1250            855.52            1
                           10.3750           855.52            80
STONE MOUNTAIN   GA 30087  10.1250           06/01/04
0438024234                 2.2500            08/01/04          00
26501195                   2.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
L21/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.1250                     5                 0
0.0000                     03                00
                           O                 0.0000

9126303                    5.0000            271500.0000       100.0000
                           5.0000            270,846.18        ZZ
                           4.7500            1457.48           1
                           10.0000           1457.48           75
VALENCIA         CA 91355  9.7500            05/21/04
0438055204                 0.0000            07/01/04          00
2303725                    0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
196/G01                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9126311                    5.2500            315000.0000       100.0000
                           5.2500            315,000.00        ZZ
                           5.0000            1378.13           1
                           10.2500           1378.13           60
TUSTIN           CA 92782  10.0000           05/28/04
0438054884                 0.0000            07/01/04          00
2303979                    0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
196/G01                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9126391                    5.3750            486700.0000       100.0000
                           5.3750            486,700.00        ZZ
                           5.1250            2180.01           1
                           10.3750           2180.01           75
OCEANSIDE        CA 92054  10.1250           05/17/04
0438055154                 0.0000            07/01/04          00
2302944                    0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
196/G01                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9126393                    5.0000            322600.0000       100.0000
                           5.0000            322,600.00        ZZ
                           4.7500            1344.17           1
                           10.0000           1344.17           54
SAN MARCOS       CA 92069  9.7500            05/07/04
0438052938                 0.0000            07/01/04          00
2302954                    0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
196/G01                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9126403                    5.7500            266250.0000       100.0000
                           5.7500            266,250.00        ZZ
                           5.5000            1275.78           1
                           10.7500           1275.78           74
ROWLAND HEIGHTS  CA 91748  10.5000           05/21/04
0438052896                 0.0000            07/01/04          00
2303337                    0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
196/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9126443                    5.0000            284000.0000       100.0000
                           5.0000            284,000.00        ZZ
                           4.7500            1183.33           1
                           10.0000           1183.33           72
BILLERICA        MA 01821  9.7500            05/19/04
0438052862                 0.0000            07/01/04          00
1759456                    0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
196/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9126461                    5.1250            203000.0000       100.0000
                           5.1250            202,761.67        TX
                           4.8750            1105.31           1
                           11.1250           1105.31           73
SPRING           TX 77379  10.8750           06/08/04
0438047466                 0.0000            08/01/04          00
3000633403                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          7.1250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9126519                    5.0000            84000.0000        100.0000
                           5.0000            83,899.07         ZZ
                           4.7500            450.93            1
                           11.0000           450.93            40
PEMBROKE PINES   FL 33029  10.7500           06/14/04
0438046211                 0.0000            08/01/04          00
3000633192                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9126559                    5.0000            195000.0000       100.0000
                           5.0000            194,765.70        TX
                           4.7500            1046.80           1
                           11.0000           1046.80           78
TYLER            TX 75703  10.7500           06/14/04
0438039984                 3.2500            08/01/04          00
015505523114               3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
K15/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          7.0000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.7500                     5                 0
0.0000                     05                00
                           O                 0.0000

9127209                    5.3750            164500.0000       100.0000
                           5.3750            164,500.00        T
                           5.1250            736.82            1
                           10.3750           736.82            70
OCEAN CITY       MD 21842  10.1250           06/18/04
0438013377                 0.0000            08/01/04          00
33104026                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
696/G01                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          10.3750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9127235                    5.2500            500000.0000       100.0000
                           5.2500            499,426.48        ZZ
                           5.0000            2761.02           1
                           10.2500           2761.02           78
BETHANY BEACH    DE 19930  10.0000           06/08/04
0438011140                 0.0000            08/01/04          00
30504038                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
696/G01                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          10.2500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     07                00
                           O                 0.0000

9128657                    5.6250            182400.0000       100.0000
                           5.6250            182,300.00        ZZ
                           5.3750            855.00            1
                           10.6250           855.00            80
LAKE ORION       MI 48362  10.3750           06/21/04
0421136086                 0.0000            08/01/04          00
0421136086                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9128691                    5.8750            108000.0000       100.0000
                           5.8750            107,889.89        ZZ
                           5.6250            638.86            1
                           10.8750           638.86            80
FRESNO           CA 93703  10.6250           06/15/04
0421145905                 0.0000            08/01/04          00
0421145905                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9128727                    5.5000            265500.0000       100.0000
                           5.5000            265,209.39        ZZ
                           5.2500            1507.48           1
                           10.5000           1507.48           90
DANIA            FL 33004  10.2500           06/21/04
0421171612                 0.0000            08/01/04          01
0421171612                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9128737                    5.3750            368000.0000       100.0000
                           5.3750            368,000.00        ZZ
                           5.1250            1648.33           1
                           10.3750           1648.33           80
CONCORD          CA 94519  10.1250           06/14/04
0421176611                 0.0000            08/01/04          00
0421176611                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9128773                    5.2500            141300.0000       100.0000
                           5.2500            141,137.93        T
                           5.0000            780.26            1
                           10.2500           780.26            72
BOCA RATON       FL 33434  10.0000           06/21/04
0421213455                 0.0000            08/01/04          00
0421213455                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     09                00
                           O                 0.0000

9128793                    5.1250            558000.0000       100.0000
                           5.1250            557,999.99        ZZ
                           4.8750            2383.13           1
                           11.1250           2383.13           77
LONG BEACH       CA 90807  10.8750           06/09/04
0421037375                 0.0000            08/01/04          00
0421037375                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9128833                    5.0000            296000.0000       100.0000
                           5.0000            296,000.00        ZZ
                           4.7500            1233.33           1
                           11.0000           1233.33           80
EL CAJON         CA 92020  10.7500           06/11/04
0421045501                 0.0000            08/01/04          00
0421045501                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128837                    5.7500            444000.0000       100.0000
                           5.7500            444,000.00        ZZ
                           5.5000            2127.50           1
                           10.7500           2127.50           74
CORONA           CA 92881  10.5000           06/16/04
0421046590                 0.0000            08/01/04          00
0421046590                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128849                    4.8750            192500.0000       100.0000
                           4.8750            192,263.30        ZZ
                           4.6250            1018.73           1
                           10.8750           1018.73           70
SEATTLE          WA 98115  10.6250           06/10/04
0421051178                 0.0000            08/01/04          00
0421051178                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128863                    5.0000            333000.0000       100.0000
                           5.0000            333,000.00        ZZ
                           4.7500            1387.50           1
                           11.0000           1387.50           63
CAMARILLO        CA 93010  10.7500           06/10/04
0421059361                 0.0000            08/01/04          00
0421059361                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128874                    5.3750            262000.0000       100.0000
                           5.3750            260,518.86        ZZ
                           5.1250            1467.13           1
                           11.3750           1467.13           80
LEBANON          ME 04027  11.1250           02/06/04
0437504509                 0.0000            04/01/04          00
2003534622                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
H76/G02                    3.0000            04/01/09          04/01/09
45                         5.2500            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128881                    5.6250            316000.0000       100.0000
                           5.6250            315,662.18        ZZ
                           5.3750            1819.07           1
                           11.6250           1819.07           80
NOVI             MI 48375  11.3750           06/16/04
0421071259                 0.0000            08/01/04          00
0421071259                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128891                    4.7500            102000.0000       100.0000
                           4.7500            102,000.00        ZZ
                           4.5000            403.75            1
                           10.7500           403.75            94
BRUSH            CO 80723  10.5000           06/16/04
0421072109                 0.0000            08/01/04          01
0421072109                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128925                    5.0000            630000.0000       100.0000
                           5.0000            629,243.02        ZZ
                           4.7500            3381.98           1
                           11.0000           3381.98           70
RANCHO CUCAMONG  CA 91737  10.7500           06/11/04
0421077942                 0.0000            08/01/04          00
0421077942                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128931                    5.7500            320000.0000       100.0000
                           5.7500            320,000.00        ZZ
                           5.5000            1533.33           1
                           10.7500           1533.33           80
TEQUESTA         FL 33469  10.5000           06/16/04
0421081563                 0.0000            08/01/04          00
0421081563                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128945                    4.6250            333700.0000       100.0000
                           4.6250            333,700.00        ZZ
                           4.3750            1286.14           1
                           10.6250           1286.14           79
PALM BEACH SHOR  FL 33404  10.3750           06/16/04
0421088428                 0.0000            08/01/04          00
0421088428                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9128947                    5.2500            152000.0000       100.0000
                           5.2500            151,825.65        ZZ
                           5.0000            839.35            1
                           10.2500           839.35            76
OMAHA            NE 68144  10.0000           06/16/04
0421088873                 0.0000            08/01/04          00
0421088873                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9128949                    5.1250            180750.0000       100.0000
                           5.1250            180,750.00        ZZ
                           4.8750            771.95            1
                           11.1250           771.95            75
ROYAL OAK        MI 48067  10.8750           06/15/04
0421089798                 0.0000            08/01/04          00
0421089798                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9128961                    5.3750            333700.0000       100.0000
                           5.3750            333,700.00        ZZ
                           5.1250            1494.70           1
                           10.3750           1494.70           77
CONCORD          CA 94521  10.1250           06/14/04
0421097858                 0.0000            08/01/04          00
0421097858                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9129097                    5.8750            333700.0000       100.0000
                           5.8750            333,700.00        ZZ
                           5.6250            1633.74           1
                           11.8750           1633.74           75
ELK GROVE        CA 95758  11.6250           06/16/04
0421106337                 0.0000            08/01/04          00
0421106337                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9129161                    5.2500            260000.0000       100.0000
                           5.2500            259,949.76        ZZ
                           5.0000            1137.50           1
                           10.2500           1137.50           80
SEATTLE          WA 98103  10.0000           06/16/04
0421110222                 0.0000            08/01/04          00
0421110222                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9129183                    5.5000            200800.0000       100.0000
                           5.5000            200,800.00        ZZ
                           5.2500            920.33            1
                           10.5000           920.33            80
NAPLES           FL 34112  10.2500           06/15/04
0421121047                 0.0000            08/01/04          00
0421121047                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9129201                    5.6250            208000.0000       100.0000
                           5.6250            208,000.00        ZZ
                           5.3750            975.00            1
                           10.6250           975.00            80
PORTSMOUTH       VA 23703  10.3750           06/16/04
0421126491                 0.0000            08/01/04          00
0421126491                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9129307                    5.2500            498300.0000       100.0000
                           5.2500            498,300.00        ZZ
                           5.0000            2180.06           1
                           10.2500           2180.06           75
GARDNERVILLE     NV 89410  10.0000           06/07/04
0420428625                 0.0000            08/01/04          00
0420428625                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9129541                    5.7500            159200.0000       100.0000
                           5.7500            159,033.78        T
                           5.5000            929.05            1
                           10.7500           929.05            80
VERO BEACH       FL 32968  10.5000           06/21/04
0420848137                 0.0000            08/01/04          00
0420848137                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9129605                    5.5000            125600.0000       100.0000
                           5.5000            125,600.00        ZZ
                           5.2500            575.67            1
                           11.5000           575.67            80
ASHEVILLE        NC 28801  11.2500           06/16/04
0420904351                 0.0000            08/01/04          00
0420904351                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9129701                    6.2500            220000.0000       100.0000
                           6.2500            219,791.25        ZZ
                           6.0000            1354.58           1
                           11.2500           1354.58           80
MADERA           CA 93638  11.0000           05/27/04
0420927659                 0.0000            08/01/04          00
0420927659                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9129705                    5.8750            218500.0000       100.0000
                           5.8750            218,500.00        ZZ
                           5.6250            1069.74           1
                           11.8750           1069.74           82
PELHAM           AL 35124  11.6250           06/16/04
0420929267                 0.0000            08/01/04          10
0420929267                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9129805                    5.2500            118608.0000       100.0000
                           5.2500            118,471.95        ZZ
                           5.0000            654.96            1
                           10.2500           654.96            80
CHANNAHON        IL 60410  10.0000           06/21/04
0420988396                 0.0000            08/01/04          00
0420988396                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9129888                    5.3750            126500.0000       100.0000
                           5.3750            125,784.89        ZZ
                           5.1250            708.36            1
                           11.3750           708.36            90
OLYMPIA          WA 98502  11.1250           02/06/04
0437534001                 3.2500            04/01/04          41
017805516607               3.0000            03/01/34          25.0000
0                          3.2500            03/01/07          03/01/07
K15/G02                    3.0000            04/01/07          04/01/07
25                         3.3750            0.0000            0.0000
A                          7.3750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     5                 0
0.0000                     03                00
                           O                 0.0000

9131865                    6.3750            288000.0000       100.0000
                           6.3750            287,733.25        ZZ
                           6.1250            1796.75           2
                           11.3750           1796.75           80
CHICAGO          IL 60625  11.1250           06/17/04
0438023319                 3.2500            08/01/04          00
TQS788                     3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U85/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.1250                     1                 0
0.0000                     05                00
                           N                 0.0000

9131925                    5.8750            197600.0000       100.0000
                           5.8750            197,398.54        ZZ
                           5.6250            1168.88           1
                           10.8750           1168.88           95
ALBUQUERQUE      NM 87120  10.6250           06/15/04
0438049793                 0.0000            08/01/04          04
0459263                    0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
A46/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9132069                    4.8750            159900.0000       100.0000
                           4.8750            159,900.00        ZZ
                           4.6250            649.59            1
                           10.8750           649.59            80
ROGERS CITY      MI 49779  10.6250           06/16/04
0438048282                 0.0000            08/01/04          00
0000029494                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
X64/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9132141                    5.0000            306108.0000       100.0000
                           5.0000            305,740.19        ZZ
                           4.7500            1643.26           1
                           11.0000           1643.26           80
DANBURY          CT 06810  10.7500           06/15/04
0438048753                 5.0000            08/01/04          00
32013739                   4.7500            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
Q30/G02                    3.0000            08/01/07          08/01/07
45                         5.0000            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9132167                    5.0000            315000.0000       100.0000
                           5.0000            314,621.51        ZZ
                           4.7500            1690.99           1
                           11.0000           1690.99           80
ROSEMEAD         CA 91770  10.7500           06/17/04
0438050916                 3.2500            08/01/04          00
0000605183                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
Q59/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.7500                     5                 0
0.0000                     05                00
                           O                 0.0000

9132466                    5.2500            296000.0000       100.0000
                           5.2500            293,940.46        ZZ
                           5.0000            1634.52           1
                           16.2500           1634.52           74
RANCHO MIRAGE    CA 92276  16.0000           01/15/04
0437494305                 2.7500            03/01/04          00
11500513                   2.5000            02/01/34          0.0000
0                          3.2500            02/01/09          02/01/09
S11/G02                    3.0000            03/01/09          03/01/09
45                         2.7500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               1.0000            1.0000
11.0000                    S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     5                 0
0.0000                     09                00
                           O                 0.0000

9133526                    5.8750            262500.0000       100.0000
                           5.8750            261,148.68        ZZ
                           5.6250            1552.79           3
                           10.8750           1552.79           75
CHICAGO          IL 60653  10.6250           02/12/04
0437511306                 3.2500            04/01/04          00
9910680000                 3.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
Y13/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     5                 0
0.0000                     05                00
                           O                 0.0000

9134519                    5.2500            311900.0000       100.0000
                           5.2500            311,542.24        ZZ
                           5.0000            1722.32           2
                           11.2500           1722.32           80
CITRUS HEIGHTS   CA 95621  11.0000           06/18/04
0421022930                 0.0000            08/01/04          00
0421022930                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9134521                    5.2500            119200.0000       100.0000
                           5.2500            119,063.27        ZZ
                           5.0000            658.23            1
                           11.2500           658.23            80
TAMPA            FL 33624  11.0000           06/17/04
0421024316                 0.0000            08/01/04          00
0421024316                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9134533                    4.8750            240000.0000       100.0000
                           4.8750            239,704.90        ZZ
                           4.6250            1270.10           1
                           10.8750           1270.10           77
SANTA MARIA      CA 93454  10.6250           06/15/04
0421046814                 0.0000            08/01/04          00
0421046814                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9134545                    5.7500            232000.0000       100.0000
                           5.7500            231,757.78        ZZ
                           5.5000            1353.89           1
                           10.7500           1353.89           80
NILES            IL 60714  10.5000           06/22/04
0421056722                 0.0000            08/01/04          00
0421056722                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     08                00
                           O                 0.0000

9134561                    5.2500            260000.0000       100.0000
                           5.2500            259,701.77        ZZ
                           5.0000            1435.73           1
                           10.2500           1435.73           80
MURRIETA         CA 92562  10.0000           06/11/04
0419979604                 0.0000            08/01/04          00
0419979604                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9134567                    5.6250            290000.0000       100.0000
                           5.6250            288,958.27        ZZ
                           5.3750            1669.40           1
                           10.6250           1669.40           65
CARSON CITY      NV 89705  10.3750           06/15/04
0420214728                 0.0000            08/01/04          00
0420214728                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         5.6250            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9134619                    5.6250            240000.0000       100.0000
                           5.6250            240,000.00        ZZ
                           5.3750            1125.00           1
                           11.6250           1125.00           80
PINCKNEY         MI 48169  11.3750           06/17/04
0420633000                 0.0000            08/01/04          00
0420633000                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9134655                    4.5000            59000.0000        100.0000
                           4.5000            58,922.31         ZZ
                           4.2500            298.94            1
                           10.5000           298.94            65
FERNDALE         MI 48220  10.2500           06/22/04
0420805178                 0.0000            08/01/04          00
0420805178                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9134663                    5.2500            434500.0000       100.0000
                           5.2500            434,500.00        ZZ
                           5.0000            1900.94           1
                           11.2500           1900.94           75
SNOHOMISH        WA 98290  11.0000           06/14/04
0420842866                 0.0000            08/01/04          00
0420842866                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9134745                    5.5000            277875.0000       100.0000
                           5.5000            277,570.85        ZZ
                           5.2500            1577.74           1
                           11.5000           1577.74           95
HYANNIS          MA 02601  11.2500           06/22/04
0420940868                 0.0000            08/01/04          01
0420940868                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9134749                    5.0000            100000.0000       100.0000
                           5.0000            99,879.85         ZZ
                           4.7500            536.82            1
                           11.0000           536.82            42
BOCA RATON       FL 33433  10.7500           06/22/04
0420949406                 0.0000            08/01/04          00
0420949406                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9134785                    6.2500            190800.0000       100.0000
                           6.2500            190,618.96        ZZ
                           6.0000            1174.79           3
                           11.2500           1174.79           90
WYANDOTTE        MI 48192  11.0000           06/22/04
0420995268                 0.0000            08/01/04          10
0420995268                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9134801                    5.7500            219600.0000       100.0000
                           5.7500            219,370.72        ZZ
                           5.5000            1281.53           1
                           11.7500           1281.53           80
DELRAY BEACH     FL 33446  11.5000           06/22/04
0421012931                 0.0000            08/01/04          00
0421012931                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9134811                    5.8750            288000.0000       100.0000
                           5.8750            288,000.00        ZZ
                           5.6250            1410.00           1
                           10.8750           1410.00           84
GRASS VALLEY     CA 95945  10.6250           06/10/04
0421022807                 0.0000            08/01/04          01
0421022807                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9134817                    5.8750            164392.0000       100.0000
                           5.8750            164,148.35        ZZ
                           5.6250            972.44            1
                           11.8750           972.44            95
ORANGE PARK      FL 32065  11.6250           06/18/04
0421081514                 0.0000            08/01/04          10
0421081514                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9134837                    5.1250            400000.0000       100.0000
                           5.1250            399,530.38        ZZ
                           4.8750            2177.95           1
                           11.1250           2177.95           80
CORONA           CA 92882  10.8750           06/15/04
0421096280                 0.0000            08/01/04          00
0421096280                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9134843                    4.8750            648000.0000       100.0000
                           4.8750            321,199.00        ZZ
                           4.6250            2632.50           1
                           10.8750           2632.50           74
DRAPER           UT 84020  10.6250           06/16/04
0421108341                 0.0000            08/01/04          00
0421108341                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9134851                    6.0000            488000.0000       100.0000
                           6.0000            488,000.00        ZZ
                           5.7500            2440.00           1
                           11.0000           2440.00           80
NASHVILLE        TN 37215  10.7500           06/17/04
0421119439                 0.0000            08/01/04          00
0421119439                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9134889                    5.3750            306000.0000       100.0000
                           5.3750            305,657.12        ZZ
                           5.1250            1713.51           1
                           10.3750           1713.51           72
SAN JOSE         CA 95127  10.1250           06/10/04
0421138561                 0.0000            08/01/04          00
0421138561                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9134913                    5.7500            468000.0000       100.0000
                           5.7500            468,000.00        ZZ
                           5.5000            2242.50           1
                           11.7500           2242.50           78
CORONA           CA 92881  11.5000           06/14/04
0421173600                 0.0000            08/01/04          00
0421173600                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9134915                    5.6250            118750.0000       100.0000
                           5.6250            118,623.05        ZZ
                           5.3750            683.59            1
                           11.6250           683.59            95
LA GRANGE        KY 40031  11.3750           06/15/04
0421173741                 0.0000            08/01/04          10
0421173741                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9134919                    5.7500            220000.0000       100.0000
                           5.7500            220,000.00        ZZ
                           5.5000            1054.17           1
                           11.1250           1054.17           80
ASHEVILLE        NC 28801  10.8750           06/17/04
0421174475                 0.0000            08/01/04          00
0421174475                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.3750                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9134931                    5.7500            400000.0000       100.0000
                           5.7500            399,582.38        ZZ
                           5.5000            2334.29           1
                           10.7500           2334.29           80
MILPITAS         CA 95035  10.5000           06/14/04
0421186701                 3.2500            08/01/04          00
0421186701                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     5                 0
0.0000                     05                00
                           O                 0.0000

9136965                    4.8750            196000.0000       100.0000
                           4.8750            196,000.00        ZZ
                           4.6250            796.25            1
                           10.8750           796.25            80
OAKTON           VA 22124  10.6250           06/21/04
0438040560                 0.0000            08/01/04          00
26404054                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
696/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          7.8750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9137607                    5.3750            453600.0000       100.0000
                           5.3750            453,091.72        ZZ
                           5.1250            2540.03           1
                           10.3750           2540.03           80
LOS ANGELES      CA 91364  10.1250           06/11/04
0438052250                 0.0000            08/01/04          00
200008                     0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
R26/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9137967                    5.0000            376000.0000       100.0000
                           5.0000            375,548.22        ZZ
                           4.7500            2018.45           1
                           11.0000           2018.45           80
MILPITAS         CA 95035  10.7500           06/11/04
0438047672                 3.2500            08/01/04          00
11501579                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
S11/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.7500                     5                 0
0.0000                     05                00
                           O                 0.0000

9139319                    4.7500            287200.0000       100.0000
                           4.7500            287,200.00        ZZ
                           4.5000            1136.83           1
                           10.7500           1136.83           80
ELK GROVE        CA 95758  10.5000           05/27/04
0419724190                 0.0000            08/01/04          00
0419724190                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9139363                    5.7500            132515.0000       100.0000
                           5.7500            132,340.39        ZZ
                           5.5000            773.32            1
                           10.7500           773.32            84
GRAND JUNCTION   CO 81501  10.5000           06/23/04
0420769556                 0.0000            08/01/04          01
0420769556                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9139419                    5.8750            250000.0000       100.0000
                           5.8750            249,500.00        ZZ
                           5.6250            1223.96           1
                           10.8750           1223.95           77
METAIRIE         LA 70005  10.6250           06/18/04
0420907537                 0.0000            08/01/04          00
0420907537                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9139421                    5.3750            480000.0000       100.0000
                           5.3750            479,462.14        ZZ
                           5.1250            2687.86           1
                           10.3750           2687.86           80
SAN JOSE         CA 95118  10.1250           06/14/04
0420911778                 0.0000            08/01/04          00
0420911778                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9139431                    5.8750            292000.0000       100.0000
                           5.8750            292,000.00        ZZ
                           5.6250            1429.58           1
                           10.8750           1429.58           78
OXNARD           CA 93030  10.6250           06/10/04
0420924433                 0.0000            08/01/04          00
0420924433                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9139441                    5.8750            227500.0000       100.0000
                           5.8750            227,268.05        ZZ
                           5.6250            1345.75           1
                           10.8750           1345.75           70
FOWLER           CA 93625  10.6250           06/17/04
0420928517                 0.0000            08/01/04          00
0420928517                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9139473                    5.1250            280000.0000       100.0000
                           5.1250            279,671.27        ZZ
                           4.8750            1524.56           1
                           10.1250           1524.56           56
HENDERSON        NV 89074  9.8750            06/16/04
0420985475                 0.0000            08/01/04          00
0420985475                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9139487                    4.7500            202500.0000       100.0000
                           4.7500            202,245.22        ZZ
                           4.5000            1056.34           1
                           10.7500           1056.34           90
BETHESDA         MD 20814  10.5000           06/18/04
0420993487                 0.0000            08/01/04          10
0420993487                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9139505                    5.7500            136000.0000       100.0000
                           5.7500            136,000.01        ZZ
                           5.5000            651.67            1
                           10.7500           651.66            80
EAGLE POINT      OR 97524  10.5000           06/16/04
0421008186                 0.0000            08/01/04          00
0421008186                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9139515                    4.8750            376000.0000       100.0000
                           4.8750            375,537.68        T
                           4.6250            1989.82           1
                           10.8750           1989.82           80
ARNOLD           CA 95223  10.6250           06/18/04
0421016908                 0.0000            08/01/04          00
0421016908                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9139577                    5.2500            464000.0000       100.0000
                           5.2500            463,467.77        ZZ
                           5.0000            2562.23           1
                           10.2500           2562.23           80
BLOOMFIELD HILL  MI 48304  10.0000           06/23/04
0421054610                 0.0000            08/01/04          00
0421054610                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9139583                    4.7500            219000.0000       100.0000
                           4.7500            218,724.46        ZZ
                           4.5000            1142.41           1
                           10.7500           1142.41           60
WHEELING         IL 60090  10.5000           06/23/04
0421058025                 0.0000            08/01/04          00
0421058025                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9139599                    5.3750            320000.0000       100.0000
                           5.3750            319,641.42        ZZ
                           5.1250            1791.91           2
                           11.3750           1791.91           80
CHICAGO          IL 60618  11.1250           06/18/04
0421071069                 0.0000            08/01/04          00
0421071069                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9139611                    5.8750            272000.0000       100.0000
                           5.8750            272,000.01        ZZ
                           5.6250            1331.67           1
                           10.8750           1331.66           80
GRAHAM           WA 98338  10.6250           06/08/04
0421080540                 0.0000            08/01/04          00
0421080540                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9139627                    4.8750            163400.0000       100.0000
                           4.8750            163,199.08        ZZ
                           4.6250            864.73            1
                           10.8750           864.73            95
EVERETT          WA 98201  10.6250           06/15/04
0421087362                 0.0000            08/01/04          10
0421087362                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9139649                    5.1250            545700.0000       100.0000
                           5.1250            545,059.32        ZZ
                           4.8750            2971.27           1
                           10.1250           2971.27           59
LIVERMORE        CA 94550  9.8750            06/14/04
0421106725                 0.0000            08/01/04          00
0421106725                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9139677                    4.8750            568000.0000       100.0000
                           4.8750            567,301.60        ZZ
                           4.6250            3005.90           1
                           10.8750           3005.90           57
CHICAGO          IL 60613  10.6250           06/18/04
0421133547                 0.0000            08/01/04          00
0421133547                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9139691                    5.0000            282500.0000       100.0000
                           5.0000            282,160.56        ZZ
                           4.7500            1516.52           1
                           11.0000           1516.52           65
HAMILTON         OH 45011  10.7500           06/18/04
0421138702                 0.0000            08/01/04          00
0421138702                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9139709                    5.3750            301032.0000       100.0000
                           5.3750            300,694.68        ZZ
                           5.1250            1685.69           1
                           10.3750           1685.69           80
SANTA MARIA      CA 93458  10.1250           06/10/04
0421150996                 0.0000            08/01/04          00
0421150996                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9139721                    5.3750            256000.0000       100.0000
                           5.3750            256,000.01        ZZ
                           5.1250            1146.67           1
                           10.3750           1146.66           80
VACAVILLE        CA 95687  10.1250           06/15/04
0421151838                 0.0000            08/01/04          00
0421151838                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9139741                    5.7500            555000.0000       100.0000
                           5.7500            555,000.01        ZZ
                           5.5000            2659.38           1
                           10.7500           2659.37           72
COTO DE CAZA     CA 92679  10.5000           06/17/04
0421170705                 0.0000            08/01/04          00
0421170705                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9139807                    5.2500            283000.0000       100.0000
                           5.2500            283,000.01        ZZ
                           5.0000            1238.13           1
                           10.2500           1238.12           79
CHINO HILLS      CA 91709  10.0000           06/16/04
0421192303                 0.0000            08/01/04          00
0421192303                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9139819                    5.7500            210000.0000       100.0000
                           5.7500            210,000.00        ZZ
                           5.5000            1006.25           1
                           10.7500           1006.25           47
CARLSBAD         CA 92009  10.5000           06/17/04
0421199563                 0.0000            08/01/04          00
0421199563                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     06                00
                           O                 0.0000

9139841                    5.5000            260720.0000       100.0000
                           5.5000            260,434.63        ZZ
                           5.2500            1480.34           1
                           10.5000           1480.34           80
CENTREVILLE      VA 20120  10.2500           06/23/04
0421213919                 0.0000            08/01/04          00
0421213919                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9139853                    6.6250            261600.0000       100.0000
                           6.6250            261,369.20        ZZ
                           6.3750            1675.05           1
                           11.6250           1675.05           80
BOSTON           MA 02116  11.3750           06/23/04
0421225061                 0.0000            08/01/04          00
0421225061                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     06                00
                           N                 0.0000

9139857                    5.1250            159000.0000       100.0000
                           5.1250            158,813.33        ZZ
                           4.8750            865.73            1
                           11.1250           865.73            43
SAN JOSE         CA 95123  10.8750           06/17/04
0421225749                 0.0000            08/01/04          00
0421225749                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9139865                    4.8750            295000.0000       100.0000
                           4.8750            295,000.00        ZZ
                           4.6250            1198.44           1
                           10.8750           1198.43           77
ROSEVILLE        CA 95747  10.6250           06/16/04
0421239666                 0.0000            08/01/04          00
0421239666                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9139873                    5.5000            416000.0000       100.0000
                           5.5000            416,000.00        ZZ
                           5.2500            1906.67           1
                           10.5000           1906.66           80
DALLAS           TX 75214  10.2500           06/23/04
0421259144                 0.0000            08/01/04          00
0421259144                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9140078                    5.7500            300000.0000       100.0000
                           5.7500            298,418.82        ZZ
                           5.5000            1750.72           1
                           10.7500           1750.72           80
BUFFALO GROVE    IL 60089  10.5000           02/16/04
0419849302                 0.0000            04/01/04          00
0419849302                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9141165                    4.7500            184000.0000       100.0000
                           4.7500            183,768.50        TX
                           4.5000            959.83            1
                           10.7500           959.83            80
PEARLAND         TX 77584  10.5000           06/15/04
0438055964                 0.0000            08/01/04          00
3000632563                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9141209                    5.8750            151200.0000       100.0000
                           5.8750            151,045.84        T
                           5.6250            894.41            1
                           10.8750           894.41            90
PROVO            UT 84601  10.6250           06/07/04
0438046120                 0.0000            08/01/04          14
01                         0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
W84/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9141387                    5.9900            400000.0000       100.0000
                           5.9900            399,601.04        ZZ
                           5.7400            2395.63           2
                           10.9900           2395.63           80
MOUNT VERNON     NY 10550  10.7400           06/02/04
0438051005                 3.2500            08/01/04          00
32020508                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
Q30/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.9900           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.7400                     5                 0
0.0000                     05                00
                           O                 0.0000

9141763                    5.7500            208468.0000       100.0000
                           5.7500            207,798.19        ZZ
                           5.5000            1216.56           1
                           11.7500           1216.56           95
BAKERSFIELD      CA 93313  11.5000           06/21/04
0438057101                 3.2500            08/01/04          11
43917                      3.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
F89/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     1                 0
0.0000                     05                00
                           O                 0.0000

9141769                    6.1250            344000.0000       100.0000
                           6.1250            343,665.65        ZZ
                           5.8750            2090.18           1
                           11.1250           2090.18           80
CORONA AREA      CA 92880  10.8750           06/11/04
0438047797                 3.2500            08/01/04          00
000605182                  3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
Q59/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     5                 0
0.0000                     05                00
                           O                 0.0000

9141813                    6.0000            109600.0000       100.0000
                           6.0000            109,490.89        ZZ
                           5.7500            657.11            2
                           12.0000           657.11            80
SALT LAKE CITY   UT 84102  11.7500           06/22/04
0438060303                 0.0000            08/01/04          00
6044908                    0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
X08/G02                    3.0000            08/01/07          08/01/07
45                         4.0000            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9142131                    6.3750            206750.0000       100.0000
                           6.3750            206,558.51        ZZ
                           6.1250            1289.85           1
                           11.3750           1289.85           80
CHESTER          VA 23231  11.1250           06/11/04
0438047409                 0.0000            08/01/04          00
502600272                  0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
F96/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9142819                    6.6250            641200.0000       100.0000
                           6.6250            641,200.00        ZZ
                           6.3750            3539.96           1
                           11.6250           3539.96           80
WASHINGTON       DC 20015  11.3750           06/22/04
0438044646                 0.0000            08/01/04          00
22304053                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
696/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          11.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9143279                    5.7500            137500.0000       100.0000
                           5.7500            137,356.44        ZZ
                           5.5000            802.41            1
                           11.7500           802.41            80
LAURIE           MO 65037  11.5000           06/18/04
0438084345                 0.0000            08/01/04          00
581416                     0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
H49/G02                    3.0000            08/01/07          08/01/07
25                         3.7500            0.0000            0.0000
A                          7.7500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9143630                    5.6250            328000.0000       100.0000
                           5.6250            325,709.41        ZZ
                           5.3750            1888.15           2
                           10.6250           1888.15           80
MARLBOROUGH      MA 01752  10.3750           02/17/04
0419585088                 0.0000            04/01/04          00
0419585088                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9143659                    5.6250            114950.0000       100.0000
                           5.6250            114,827.11        ZZ
                           5.3750            661.72            1
                           11.6250           661.72            95
PLYMOUTH         IN 46563  11.3750           06/24/04
0421168576                 0.0000            08/01/04          04
0421168576                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9143671                    5.2500            129500.0000       100.0000
                           5.2500            129,351.46        ZZ
                           5.0000            715.10            1
                           11.2500           715.10            70
HAVERHILL        MA 01832  11.0000           06/24/04
0421186115                 0.0000            08/01/04          00
0421186115                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9143727                    5.6250            250000.0000       100.0000
                           5.6250            250,000.00        ZZ
                           5.3750            1171.88           1
                           10.6250           1171.88           50
GARDEN GROVE     CA 92845  10.3750           06/18/04
0421215112                 0.0000            08/01/04          00
0421215112                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9143737                    5.3750            145150.0000       100.0000
                           5.3750            144,969.92        ZZ
                           5.1250            650.15            1
                           10.3750           650.15            64
REDMOND          OR 97756  10.1250           06/15/04
0421121294                 0.0000            08/01/04          00
0421121294                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9143771                    5.5000            244530.0000       100.0000
                           5.5000            244,262.35        ZZ
                           5.2500            1388.41           1
                           10.5000           1388.41           95
HOUSTON          TX 77008  10.2500           06/24/04
0421073891                 0.0000            08/01/04          10
0421073891                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9143773                    5.0000            224000.0000       100.0000
                           5.0000            224,000.00        ZZ
                           4.7500            933.33            1
                           11.0000           933.33            66
CHARLESTON       SC 29414  10.7500           06/24/04
0421080243                 0.0000            08/01/04          00
0421080243                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9143807                    5.2500            333000.0000       100.0000
                           5.2500            332,618.04        ZZ
                           5.0000            1838.84           1
                           10.2500           1838.84           49
NORTHBROOK       IL 60062  10.0000           06/24/04
0421098039                 0.0000            08/01/04          00
0421098039                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9143821                    5.3750            158200.0000       100.0000
                           5.3750            158,200.00        ZZ
                           5.1250            708.60            1
                           10.3750           708.60            60
LAKE OSWEGO      OR 97034  10.1250           06/17/04
0421024696                 0.0000            08/01/04          00
0421024696                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9143825                    5.5000            290000.0000       100.0000
                           5.5000            290,000.00        ZZ
                           5.2500            1329.17           1
                           11.5000           1329.17           77
WINCHESTER       CA 92596  11.2500           06/19/04
0421038514                 0.0000            08/01/04          00
0421038514                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9143867                    5.2500            319000.0000       100.0000
                           5.2500            319,000.00        ZZ
                           5.0000            1395.63           1
                           10.2500           1395.63           95
RIO LINDA        CA 95673  10.0000           06/21/04
0420950842                 0.0000            08/01/04          01
0420950842                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9143909                    5.5000            333700.0000       100.0000
                           5.5000            333,700.00        ZZ
                           5.2500            1529.46           1
                           10.5000           1529.46           78
STAMFORD         CT 06905  10.2500           06/24/04
0420830317                 0.0000            08/01/04          00
0420830317                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9143963                    5.2500            117000.0000       100.0000
                           5.2500            116,865.80        ZZ
                           5.0000            646.08            1
                           11.2500           646.08            90
ELLENWOOD        GA 30294  11.0000           06/24/04
0420882094                 0.0000            08/01/04          04
0420882094                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9143987                    5.8750            191500.0000       100.0000
                           5.8750            191,304.76        ZZ
                           5.6250            1132.79           1
                           10.8750           1132.79           80
STOCKTON         CA 95204  10.6250           06/21/04
0419937842                 0.0000            08/01/04          00
0419937842                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9143995                    6.5000            169100.0000       100.0000
                           6.5000            168,947.13        ZZ
                           6.2500            1068.83           2
                           11.5000           1068.83           95
CHICAGO          IL 60632  11.2500           06/24/04
0420402224                 0.0000            08/01/04          04
0420402224                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9144121                    5.8750            104000.0000       100.0000
                           5.8750            103,893.97        ZZ
                           5.6250            615.20            1
                           11.8750           615.20            80
STOCKTON         CA 95207  11.6250           06/10/04
3326834                    0.0000            08/01/04          00
3326834                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9144123                    5.0000            280000.0000       100.0000
                           5.0000            280,000.00        ZZ
                           4.7500            1166.67           1
                           11.0000           1166.67           75
SAN DIEGO        CA 92154  10.7500           06/02/04
3295411                    0.0000            08/01/04          00
3295411                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.0000            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9144129                    5.0000            247500.0000       100.0000
                           5.0000            246,903.98        ZZ
                           4.7500            1328.64           1
                           11.0000           1328.64           75
SACRAMENTO       CA 95816  10.7500           05/20/04
3319879                    0.0000            07/01/04          00
3319879                    0.0000            06/01/34          0.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         3.0000            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9144133                    4.8750            162700.0000       100.0000
                           4.8750            162,299.07        ZZ
                           4.6250            861.03            1
                           10.8750           861.03            68
HILO             HI 96720  10.6250           05/25/04
3342014                    0.0000            07/01/04          00
3342014                    0.0000            06/01/34          0.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         2.8750            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9144139                    4.5000            164000.0000       100.0000
                           4.5000            164,000.00        ZZ
                           4.2500            615.00            1
                           10.5000           615.00            80
SPARKS           NV 89436  10.2500           06/04/04
3300768                    0.0000            08/01/04          00
3300768                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         2.7500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9144151                    5.3750            148500.0000       100.0000
                           5.3750            148,500.00        ZZ
                           5.1250            665.16            1
                           11.3750           665.16            90
SPARKS           NV 89431  11.1250           06/02/04
3330441                    0.0000            08/01/04          11
3330441                    0.0000            07/01/34          25.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9144157                    5.6250            288000.0000       100.0000
                           5.6250            288,000.00        ZZ
                           5.3750            1350.00           1
                           11.6250           1350.00           80
ESCONDIDO        CA 92026  11.3750           06/04/04
3339949                    0.0000            08/01/04          00
3339949                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9144165                    5.3750            188800.0000       100.0000
                           5.3750            188,799.88        ZZ
                           5.1250            845.67            1
                           11.3750           845.67            80
SNOHOMISH        WA 98290  11.1250           05/27/04
3228418                    0.0000            07/01/04          00
3228418                    0.0000            06/01/34          0.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9144171                    5.7500            213400.0000       100.0000
                           5.7500            213,400.00        T
                           5.5000            1022.54           1
                           11.7500           1022.54           80
CHICO            CA 95926  11.5000           06/02/04
3372250                    0.0000            08/01/04          01
3372250                    0.0000            07/01/34          25.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9144189                    4.7500            182500.0000       100.0000
                           4.7500            182,268.17        ZZ
                           4.5000            952.01            1
                           10.7500           952.01            67
BALTIMORE        MD 21230  10.5000           06/03/04
3311906                    0.0000            08/01/04          00
3311906                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         2.7500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9144195                    5.5000            275000.0000       100.0000
                           5.5000            275,000.00        ZZ
                           5.2500            1260.42           1
                           11.5000           1260.42           70
SAN DIEGO        CA 92139  11.2500           06/02/04
3338350                    0.0000            08/01/04          00
3338350                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9144203                    5.6250            87500.0000        100.0000
                           5.6250            87,406.46         ZZ
                           5.3750            503.70            1
                           11.6250           503.70            70
MANASSAS         VA 20109  11.3750           06/09/04
3365121                    0.0000            08/01/04          00
3365121                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9144211                    5.5000            392693.0000       100.0000
                           5.5000            392,693.00        ZZ
                           5.2500            1799.84           1
                           11.5000           1799.84           75
NAPA             CA 94558  11.2500           06/04/04
3017397                    0.0000            08/01/04          00
3017397                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9144227                    5.3750            261200.0000       100.0000
                           5.3750            260,700.08        ZZ
                           5.1250            1169.96           1
                           11.3750           1169.96           95
MILL CREEK       WA 98012  11.1250           06/03/04
3372269                    0.0000            08/01/04          12
3372269                    0.0000            07/01/34          30.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9144235                    5.8750            396000.0000       100.0000
                           5.8750            395,596.26        ZZ
                           5.6250            2342.49           4
                           11.8750           2342.49           90
SAN BERNARDINO   CA 92404  11.6250           06/04/04
3335392                    0.0000            08/01/04          12
3335392                    0.0000            07/01/34          25.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9144241                    5.5000            115500.0000       100.0000
                           5.5000            115,445.00        ZZ
                           5.2500            529.38            1
                           11.5000           529.38            83
CINCINNATI       OH 45233  11.2500           05/28/04
3348623                    0.0000            07/01/04          12
3348623                    0.0000            06/01/34          12.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9144267                    4.3750            105600.0000       100.0000
                           4.3750            105,314.98        ZZ
                           4.1250            527.25            2
                           10.3750           527.25            80
NORFOLK          VA 23502  10.1250           06/04/04
3315018                    0.0000            07/01/04          00
3315018                    0.0000            06/01/34          0.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         2.7500            0.0000            0.0000
A                          6.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9144271                    4.3750            118800.0000       100.0000
                           4.3750            118,479.34        ZZ
                           4.1250            593.16            2
                           10.3750           593.16            90
NORFOLK          VA 23502  10.1250           06/04/04
3315073                    0.0000            07/01/04          11
3315073                    0.0000            06/01/34          25.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         2.7500            0.0000            0.0000
A                          6.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9144275                    5.5000            279500.0000       100.0000
                           5.5000            279,500.00        ZZ
                           5.2500            1281.04           1
                           11.5000           1281.04           80
SAN MARCOS       CA 92078  11.2500           05/26/04
3342804                    0.0000            07/01/04          00
3342804                    0.0000            06/01/34          0.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9144279                    5.2500            142000.0000       100.0000
                           5.2500            141,673.53        ZZ
                           5.0000            784.13            1
                           11.2500           784.13            73
FAYETTEVILLE     GA 30214  11.0000           06/02/04
3325950                    0.0000            07/01/04          00
3325950                    0.0000            06/01/34          0.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9144289                    5.7500            80750.0000        100.0000
                           5.7500            80,665.69         ZZ
                           5.5000            471.24            1
                           11.7500           471.24            95
VIRGINIA BEACH   VA 23451  11.5000           06/07/04
3339760                    0.0000            08/01/04          11
3339760                    0.0000            07/01/34          30.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9144291                    5.7500            260000.0000       100.0000
                           5.7500            260,000.00        ZZ
                           5.5000            1245.83           1
                           11.7500           1245.83           80
ZIMMERMAN        MN 55398  11.5000           06/02/04
3343983                    0.0000            08/01/04          00
3343983                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9144295                    5.1250            174800.0000       100.0000
                           5.1250            174,800.00        ZZ
                           4.8750            746.54            1
                           11.1250           746.54            72
CHARLESTON       SC 29414  10.8750           06/09/04
2918264                    0.0000            08/01/04          00
2918264                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.1250            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9144299                    4.7500            195000.0000       100.0000
                           4.7500            194,754.65        ZZ
                           4.5000            1017.22           1
                           10.7500           1017.22           60
WILMINGTON       DE 19805  10.5000           06/02/04
3316299                    0.0000            08/01/04          00
3316299                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         2.7500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9144305                    4.3750            300000.0000       100.0000
                           4.3750            300,000.00        ZZ
                           4.1250            1093.75           1
                           10.3750           1093.75           59
GRANITE BAY      CA 95746  10.1250           06/15/04
3357116                    0.0000            08/01/04          00
3357116                    0.0000            07/01/34          0.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         2.7500            0.0000            0.0000
A                          6.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9144339                    5.6250            100000.0000       100.0000
                           5.6250            99,785.68         ZZ
                           5.3750            575.66            1
                           11.6250           575.66            80
STATESBORO       GA 30461  11.3750           06/02/04
3348462                    0.0000            07/01/04          00
3348462                    0.0000            06/01/34          0.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9144347                    5.6250            156700.0000       100.0000
                           5.6250            156,532.47        ZZ
                           5.3750            902.06            1
                           11.6250           902.06            95
MIAMI            FL 33033  11.3750           06/10/04
3371887                    0.0000            08/01/04          12
3371887                    0.0000            07/01/34          30.0000
0                          2.7500            07/01/07          07/01/07
286/286                    2.5000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9144349                    4.8750            239000.0000       100.0000
                           4.8750            238,411.06        ZZ
                           4.6250            1264.81           1
                           10.8750           1264.81           66
LA MIRADA        CA 90638  10.6250           05/25/04
3334759                    0.0000            07/01/04          00
3334759                    0.0000            06/01/34          0.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         2.8750            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9144361                    5.3750            235600.0000       100.0000
                           5.3750            235,600.00        ZZ
                           5.1250            1055.29           1
                           11.3750           1055.29           90
LAS VEGAS        NV 89031  11.1250           05/28/04
3346271                    0.0000            07/01/04          11
3346271                    0.0000            06/01/34          25.0000
0                          2.7500            06/01/07          06/01/07
286/286                    2.5000            07/01/07          07/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9144607                    5.0000            348000.0000       100.0000
                           5.0000            347,581.86        ZZ
                           4.7500            1868.14           1
                           11.0000           1868.14           80
ALBUQUERQUE      NM 87111  10.7500           06/24/04
0438050080                 3.2500            08/01/04          00
1810400715                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
S43/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.7500                     1                 0
0.0000                     03                00
                           O                 0.0000

9144639                    5.2500            315900.0000       100.0000
                           5.2500            315,537.65        TX
                           5.0000            1744.41           1
                           10.2500           1744.41           76
HOUSTON          TX 77006  10.0000           06/18/04
0438059271                 0.0000            08/01/04          00
3000629681                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U05/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9144721                    5.5000            138750.0000       100.0000
                           5.5000            138,445.56        ZZ
                           5.2500            787.81            1
                           10.5000           787.81            75
BUFFALO          MN 55313  10.2500           05/26/04
0438063216                 3.2500            07/01/04          00
9546312134                 3.0000            06/01/34          0.0000
0                          3.2500            06/01/09          06/01/09
X81/G02                    3.0000            07/01/09          07/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.2500                     2                 0
0.0000                     05                00
                           O                 0.0000

9145101                    5.5000            440000.0000       100.0000
                           5.5000            439,518.40        ZZ
                           5.2500            2498.27           1
                           10.5000           2498.27           78
AUSTIN           TX 78738  10.2500           06/21/04
0438055436                 0.0000            08/01/04          00
10400351                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U42/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9145163                    5.3750            316000.0000       100.0000
                           5.3750            315,544.08        ZZ
                           5.1250            1769.51           1
                           10.3750           1769.51           80
LA VERNE         CA 91750  10.1250           06/10/04
0438047151                 3.2500            08/01/04          00
44318                      3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
F89/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     1                 0
0.0000                     05                00
                           N                 0.0000

9145165                    5.7500            222400.0000       100.0000
                           5.7500            222,167.80        ZZ
                           5.5000            1297.87           1
                           11.7500           1297.87           80
BREWSTER         MA 02631  11.5000           06/24/04
0438052144                 0.0000            08/01/04          00
0405050002                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
P44/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9146180                    5.3750            247855.0000       100.0000
                           5.3750            246,453.82        ZZ
                           5.1250            1387.92           1
                           11.3750           1387.92           95
CHELSEA          MA 02150  11.1250           02/24/04
0419567284                 0.0000            04/01/04          04
0419567284                 0.0000            03/01/34          30.0000
0                          3.2500            03/01/07          03/01/07
E22/G02                    3.0000            04/01/07          04/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9146190                    5.5000            156500.0000       100.0000
                           5.5000            155,635.63        ZZ
                           5.2500            888.59            1
                           16.0000           888.59            83
YPSILANTI        MI 48197  15.7500           02/19/04
0419601802                 0.0000            04/01/04          04
0419601802                 0.0000            03/01/34          12.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
10.5000                    S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9148010                    5.0000            250000.0000       100.0000
                           5.0000            248,418.15        ZZ
                           4.7500            1342.05           1
                           11.0000           1342.05           84
PEWAUKEE         WI 53072  10.7500           02/20/04
0437507841                 3.2500            04/01/04          11
TQS621                     3.0000            03/01/34          12.0000
0                          3.2500            03/01/07          03/01/07
U85/G02                    3.0000            04/01/07          04/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.7500                     5                 0
0.0000                     05                00
                           O                 0.0000

9148173                    5.5000            200000.0000       100.0000
                           5.5000            199,781.09        ZZ
                           5.2500            1135.58           1
                           10.5000           1135.58           52
MACOMB           MI 48044  10.2500           06/21/04
0421090507                 0.0000            08/01/04          00
0421090507                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     29                00
                           O                 0.0000

9148181                    5.7500            116600.0000       100.0000
                           5.7500            116,600.00        ZZ
                           5.5000            558.71            1
                           10.7500           558.71            100
LUMBERTON        TX 77657  10.5000           06/25/04
0421096439                 0.0000            08/01/04          04
0421096439                 0.0000            07/01/34          35.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148185                    5.7500            440000.0000       100.0000
                           5.7500            440,000.00        ZZ
                           5.5000            2108.33           1
                           10.7500           2108.33           80
SEBASTOPOL       CA 95472  10.5000           06/11/04
0421097288                 0.0000            08/01/04          00
0421097288                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148187                    5.5000            165000.0000       100.0000
                           5.5000            164,819.40        ZZ
                           5.2500            936.85            2
                           11.5000           936.85            75
LONGMONT         CO 80501  11.2500           06/25/04
0421098617                 0.0000            08/01/04          00
0421098617                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9148195                    5.1250            130000.0000       100.0000
                           5.1250            129,847.38        ZZ
                           4.8750            707.83            1
                           11.1250           707.83            66
STREAMWOOD       IL 60107  10.8750           06/21/04
0421103664                 0.0000            08/01/04          00
0421103664                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9148207                    5.0000            211000.0000       100.0000
                           5.0000            211,000.00        ZZ
                           4.7500            879.17            1
                           11.0000           879.17            79
AMERICAN FORK    UT 84003  10.7500           06/18/04
0421107533                 0.0000            08/01/04          00
0421107533                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9148217                    6.1250            123250.0000       100.0000
                           6.1250            123,130.21        ZZ
                           5.8750            748.88            1
                           11.1250           748.88            85
CHESAPEAKE       VA 23320  10.8750           06/21/04
0421112558                 0.0000            08/01/04          04
0421112558                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9148225                    5.5000            128600.0000       100.0000
                           5.5000            128,459.24        ZZ
                           5.2500            730.18            1
                           10.5000           730.18            75
GRAND JUNCTION   CO 81502  10.2500           06/25/04
0421119645                 0.0000            08/01/04          00
0421119645                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9148241                    5.5000            141500.0000       100.0000
                           5.5000            141,035.71        ZZ
                           5.2500            803.42            1
                           10.5000           803.42            77
COPPELL          TX 75019  10.2500           06/25/04
0420461030                 0.0000            08/01/04          00
0420461030                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9148309                    5.5000            128600.0000       100.0000
                           5.5000            128,459.24        ZZ
                           5.2500            730.18            1
                           10.5000           730.18            75
GRAND JUNCTION   CO 81502  10.2500           06/25/04
0420733289                 0.0000            08/01/04          00
0420733289                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9148327                    5.5000            156000.0000       100.0000
                           5.5000            155,829.25        ZZ
                           5.2500            885.75            1
                           10.5000           885.75            80
DENVER           CO 80219  10.2500           06/25/04
0420787350                 0.0000            08/01/04          00
0420787350                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148377                    6.0000            195000.0000       100.0000
                           6.0000            194,805.88        T
                           5.7500            1169.12           1
                           11.0000           1169.12           75
PUNTA GORDA      FL 33950  10.7500           06/25/04
0420901290                 0.0000            08/01/04          00
0420901290                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9148395                    5.5000            580000.0000       100.0000
                           5.5000            579,365.15        ZZ
                           5.2500            3293.18           1
                           10.5000           3293.18           80
BEND             OR 97702  10.2500           06/23/04
0420930737                 0.0000            08/01/04          00
0420930737                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148401                    5.8750            204000.0000       100.0000
                           5.8750            203,792.01        ZZ
                           5.6250            1206.74           2
                           11.8750           1206.74           80
RENO             NV 89501  11.6250           06/14/04
0420935900                 0.0000            08/01/04          00
0420935900                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9148403                    5.7500            185600.0000       100.0000
                           5.7500            185,406.22        ZZ
                           5.5000            1083.11           1
                           11.7500           1083.11           80
GRASS VALLEY     CA 95945  11.5000           06/02/04
0420936163                 0.0000            08/01/04          00
0420936163                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9148433                    4.8750            316000.0000       100.0000
                           4.8750            315,611.45        ZZ
                           4.6250            1672.30           1
                           10.8750           1672.30           80
OAK PARK         IL 60302  10.6250           06/25/04
0420984056                 0.0000            08/01/04          00
0420984056                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148485                    5.3750            168000.0000       100.0000
                           5.3750            167,811.75        ZZ
                           5.1250            940.75            2
                           11.3750           940.75            80
HOLLYWOOD        FL 33020  11.1250           06/25/04
0421033895                 0.0000            08/01/04          00
0421033895                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9148493                    5.8750            285000.0000       100.0000
                           5.8750            284,709.43        ZZ
                           5.6250            1685.88           1
                           10.8750           1685.88           73
CORONA           CA 92883  10.6250           06/17/04
0421042003                 0.0000            08/01/04          00
0421042003                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9148501                    6.0000            260000.0000       100.0000
                           6.0000            259,741.17        ZZ
                           5.7500            1558.83           1
                           11.0000           1558.83           61
AUBURN           CA 95602  10.7500           06/18/04
0421044611                 0.0000            08/01/04          00
0421044611                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9148513                    4.7500            113600.0000       100.0000
                           4.7500            113,457.08        ZZ
                           4.5000            592.59            1
                           10.7500           592.59            80
COLUMBIA         SC 29205  10.5000           06/25/04
0421049172                 0.0000            08/01/04          00
0421049172                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9148523                    5.0000            95000.0000        100.0000
                           5.0000            95,000.00         ZZ
                           4.7500            395.83            1
                           10.0000           395.83            75
LITTLE ELM       TX 75068  9.7500            06/21/04
0421062175                 0.0000            08/01/04          00
0421062175                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9148661                    6.0000            256000.0000       100.0000
                           6.0000            255,745.15        ZZ
                           5.7500            1534.85           1
                           11.0000           1534.85           80
MIRAMAR          FL 33027  10.7500           06/25/04
0421159054                 0.0000            08/01/04          00
0421159054                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9148675                    5.0000            292000.0000       100.0000
                           5.0000            291,649.15        ZZ
                           4.7500            1567.52           1
                           11.0000           1567.52           80
SHELBY TOWNSHIP  MI 48317  10.7500           06/25/04
0421161886                 0.0000            08/01/04          00
0421161886                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148707                    5.7500            230000.0000       100.0000
                           5.7500            229,759.86        ZZ
                           5.5000            1342.22           1
                           10.7500           1342.22           80
RIALTO           CA 92377  10.5000           06/17/04
0421179946                 0.0000            08/01/04          00
0421179946                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9148749                    5.8750            162000.0000       100.0000
                           5.8750            162,000.00        ZZ
                           5.6250            793.13            1
                           11.8750           793.13            95
FORT WAYNE       IN 46835  11.6250           06/25/04
0421203563                 0.0000            08/01/04          01
0421203563                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148765                    5.3750            308000.0000       100.0000
                           5.3750            307,654.87        ZZ
                           5.1250            1724.71           1
                           10.3750           1724.71           80
NEWCASTLE        WA 98056  10.1250           06/22/04
0421214875                 0.0000            08/01/04          00
0421214875                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148775                    5.7500            384000.0000       100.0000
                           5.7500            383,996.92        ZZ
                           5.5000            1840.00           1
                           11.7500           1840.00           80
SAN DIEGO        CA 92119  11.5000           06/18/04
0421220781                 0.0000            08/01/04          00
0421220781                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148783                    5.5000            403200.0000       100.0000
                           5.5000            403,200.00        ZZ
                           5.2500            1848.00           1
                           11.5000           1848.00           80
SEATTLE          WA 98116  11.2500           06/23/04
0421225962                 0.0000            08/01/04          00
0421225962                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148791                    5.3750            212800.0000       100.0000
                           5.3750            212,800.00        ZZ
                           5.1250            953.17            1
                           10.3750           953.17            80
DENVER           CO 80211  10.1250           06/25/04
0421240839                 0.0000            08/01/04          00
0421240839                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9148809                    5.1250            372118.0000       100.0000
                           5.1250            372,118.00        ZZ
                           4.8750            1589.25           1
                           11.1250           1589.25           70
WINDSOR          CA 95492  10.8750           06/17/04
0421255985                 0.0000            08/01/04          00
0421255985                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9150053                    5.5000            220000.0000       100.0000
                           5.5000            219,759.19        ZZ
                           5.2500            1249.14           1
                           10.5000           1249.14           63
ROCHESTER        MI 48306  10.2500           06/18/04
0438065021                 0.0000            08/01/04          00
3000636869                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U05/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9150387                    5.3750            283000.0000       100.0000
                           5.3750            282,682.88        ZZ
                           5.1250            1584.72           1
                           10.3750           1584.72           73
OAK CREEK        CO 80467  10.1250           06/14/04
0438061400                 0.0000            08/01/04          00
582094                     0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
H49/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.3750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9150785                    5.6250            94000.0000        100.0000
                           5.6250            93,899.51         ZZ
                           5.3750            541.12            1
                           11.6250           541.12            80
TUCSON           AZ 85719  11.3750           06/10/04
0438054181                 0.0000            08/01/04          00
582463                     0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
H49/G02                    3.0000            08/01/07          08/01/07
25                         3.6250            0.0000            0.0000
A                          7.6250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9150803                    5.1250            536800.0000       100.0000
                           5.1250            536,800.00        ZZ
                           4.8750            2292.58           1
                           10.1250           2292.58           80
HAMILTON         VA 20158  9.8750            06/21/04
0438049454                 0.0000            08/01/04          00
24004073                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
696/G01                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          10.1250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9150805                    5.1250            632800.0000       100.0000
                           5.1250            632,764.82        ZZ
                           4.8750            2702.58           1
                           10.1250           2702.58           80
WASHINGTON       DC 20016  9.8750            06/25/04
0438051419                 0.0000            08/01/04          00
31204146                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
696/G01                    2.0000            08/01/09          08/01/09
25                         2.2500            0.0000            0.0000
A                          10.1250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9150839                    5.2500            629600.0000       100.0000
                           5.2500            629,600.00        ZZ
                           5.0000            2754.50           1
                           11.2500           2754.50           80
SOUTH SAN FRANC  CA 94080  11.0000           06/22/04
0438052565                 0.0000            08/01/04          00
10020425                   0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
L49/G02                    2.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9150863                    5.7500            195300.0000       100.0000
                           5.7500            195,096.09        ZZ
                           5.5000            1139.72           1
                           11.7500           1139.72           90
WORCESTER        MA 01608  11.5000           06/25/04
0438060618                 0.0000            08/01/04          10
0406230007                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
P44/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9150879                    6.1250            153600.0000       100.0000
                           6.1250            153,450.71        ZZ
                           5.8750            933.29            1
                           11.1250           933.29            80
OLYMPIA          WA 98506  10.8750           06/22/04
0438073041                 0.0000            08/01/04          00
PDX304069                  0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
Y76/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9150925                    5.0000            397600.0000       100.0000
                           5.0000            397,122.27        ZZ
                           4.7500            2134.40           1
                           11.0000           2134.40           80
BRENTWOOD        CA 94513  10.7500           06/08/04
0438051815                 3.2500            08/01/04          00
1000057715                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
624/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.7500                     1                 0
0.0000                     05                00
                           O                 0.0000

9151387                    5.3750            147000.0000       100.0000
                           5.3750            146,835.28        ZZ
                           5.1250            823.16            1
                           11.3750           823.16            53
LACEY TWP.       NJ 08731  11.1250           06/23/04
0421015991                 0.0000            08/01/04          00
0421015991                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151389                    5.7500            188000.0000       100.0000
                           5.7500            187,803.71        ZZ
                           5.5000            1097.12           1
                           10.7500           1097.12           80
GENEVA           OH 44041  10.5000           06/23/04
0421017047                 0.0000            08/01/04          00
0421017047                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151423                    5.2500            500000.0000       100.0000
                           5.2500            499,426.48        ZZ
                           5.0000            2761.02           1
                           10.2500           2761.02           85
CAPE CORAL       FL 33904  10.0000           06/28/04
0421041930                 0.0000            08/01/04          10
0421041930                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9151431                    4.7500            214900.0000       100.0000
                           4.7500            214,900.00        ZZ
                           4.5000            850.65            1
                           10.7500           850.65            80
ALBUQUERQUE      NM 87122  10.5000           06/25/04
0421044413                 0.0000            08/01/04          00
0421044413                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9151471                    6.0000            165000.0000       100.0000
                           6.0000            164,835.74        ZZ
                           5.7500            989.26            1
                           11.0000           989.26            75
BIG BEAR         CA 92314  10.7500           06/23/04
0420490286                 0.0000            08/01/04          00
0420490286                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9151489                    5.2500            329625.0000       100.0000
                           5.2500            329,246.91        ZZ
                           5.0000            1820.20           1
                           10.2500           1820.20           75
SACRAMENTO       CA 95831  10.0000           06/03/04
0420654782                 0.0000            08/01/04          00
0420654782                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9151517                    5.5000            300000.0000       100.0000
                           5.5000            300,000.00        ZZ
                           5.2500            1375.00           1
                           10.5000           1375.00           39
EL DORADO HILLS  CA 95762  10.2500           06/21/04
0420805152                 0.0000            08/01/04          00
0420805152                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9151525                    6.2500            352000.0000       100.0000
                           6.2500            352,000.00        ZZ
                           6.0000            1833.33           1
                           11.2500           1833.33           80
SOUTH LAKE TAHO  CA 96150  11.0000           06/15/04
0421056995                 0.0000            08/01/04          00
0421056995                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151531                    5.3750            146500.0000       100.0000
                           5.3750            146,335.84        ZZ
                           5.1250            820.36            1
                           10.3750           820.36            74
SALT LAKE CITY   UT 84106  10.1250           06/22/04
0421061789                 0.0000            08/01/04          00
0421061789                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9151541                    5.5000            180000.0000       100.0000
                           5.5000            179,802.98        ZZ
                           5.2500            1022.02           1
                           10.5000           1022.02           68
MIAMI            FL 33165  10.2500           06/22/04
0421072257                 0.0000            08/01/04          00
0421072257                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151615                    5.2500            341000.0000       100.0000
                           5.2500            340,597.61        ZZ
                           5.0000            1491.88           1
                           10.2500           1491.88           79
TRABUCO CANYON   CA 92678  10.0000           06/17/04
0421099649                 0.0000            08/01/04          00
0421099649                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9151617                    5.8750            112600.0000       100.0000
                           5.8750            112,485.20        ZZ
                           5.6250            666.07            1
                           11.8750           666.07            90
COLUMBIA         SC 29223  11.6250           06/23/04
0421100546                 0.0000            08/01/04          04
0421100546                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9151635                    5.5000            224000.0000       100.0000
                           5.5000            223,754.82        ZZ
                           5.2500            1271.85           1
                           10.5000           1271.85           80
NILES            IL 60714  10.2500           06/23/04
0421107277                 0.0000            08/01/04          00
0421107277                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9151637                    5.2500            269700.0000       100.0000
                           5.2500            269,390.65        ZZ
                           5.0000            1489.29           1
                           10.2500           1489.29           57
ANTIOCH          CA 94509  10.0000           06/17/04
0421109497                 0.0000            08/01/04          00
0421109497                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151639                    5.2500            192800.0000       100.0000
                           5.2500            192,800.00        ZZ
                           5.0000            843.50            1
                           10.2500           843.50            80
LITTLETON        CO 80121  10.0000           06/23/04
0421109869                 0.0000            08/01/04          00
0421109869                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9151645                    5.5000            308000.0000       100.0000
                           5.5000            307,989.16        ZZ
                           5.2500            1411.67           1
                           10.5000           1411.67           80
OAKLEY           CA 94561  10.2500           06/21/04
0421116047                 0.0000            08/01/04          00
0421116047                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151667                    5.0000            393600.0000       100.0000
                           5.0000            393,350.00        ZZ
                           4.7500            1640.00           1
                           11.0000           1640.00           80
SIMI VALLEY      CA 93063  10.7500           06/10/04
0421123803                 0.0000            08/01/04          00
0421123803                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9151681                    5.8750            171400.0000       100.0000
                           5.8750            171,400.00        ZZ
                           5.6250            839.15            1
                           10.8750           839.15            80
MISSOULA         MT 59801  10.6250           06/22/04
0421131525                 0.0000            08/01/04          00
0421131525                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9151685                    6.0000            120800.0000       100.0000
                           6.0000            120,679.74        ZZ
                           5.7500            724.26            1
                           11.0000           724.26            80
PORT CHARLOTTE   FL 33948  10.7500           06/23/04
0421133265                 0.0000            08/01/04          00
0421133265                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9151693                    5.8750            207500.0000       100.0000
                           5.8750            207,500.00        ZZ
                           5.6250            1015.89           1
                           10.8750           1015.89           95
GAINESVILLE      FL 32608  10.6250           06/28/04
0421136326                 0.0000            08/01/04          01
0421136326                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9151703                    5.8750            220500.0000       100.0000
                           5.8750            220,243.91        ZZ
                           5.6250            1304.34           4
                           10.8750           1304.34           70
FRESNO           CA 93706  10.6250           06/16/04
0421143017                 0.0000            08/01/04          00
0421143017                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9151717                    5.2500            128000.0000       100.0000
                           5.2500            127,853.18        ZZ
                           5.0000            706.82            1
                           10.2500           706.82            80
NORTH WATERBORO  ME 04098  10.0000           06/23/04
0421149758                 0.0000            08/01/04          00
0421149758                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9151727                    5.8750            400000.0000       100.0000
                           5.8750            400,000.00        ZZ
                           5.6250            1958.33           1
                           10.8750           1958.33           57
SAN MATEO        CA 94404  10.6250           06/22/04
0421152802                 0.0000            08/01/04          00
0421152802                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9151737                    5.7500            297000.0000       100.0000
                           5.7500            297,000.00        ZZ
                           5.5000            1423.13           1
                           10.7500           1423.13           76
HASBROUCK HEIGH  NJ 07604  10.5000           06/23/04
0421155482                 0.0000            08/01/04          00
0421155482                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151761                    5.1250            444000.0000       100.0000
                           5.1250            444,000.00        ZZ
                           4.8750            1896.25           1
                           11.1250           1896.25           80
BOCA RATON       FL 33428  10.8750           06/22/04
0420824153                 0.0000            08/01/04          00
0420824153                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9151827                    5.5000            142500.0000       100.0000
                           5.5000            142,344.02        T
                           5.2500            809.10            1
                           10.5000           809.10            72
GROVELAND        CA 95321  10.2500           06/11/04
0420904732                 0.0000            08/01/04          00
0420904732                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9151863                    5.7500            168404.0000       100.0000
                           5.7500            168,404.00        ZZ
                           5.5000            806.94            1
                           11.7500           806.94            94
TACOMA           WA 98444  11.5000           06/18/04
0420936486                 0.0000            08/01/04          10
0420936486                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9151885                    5.7500            89000.0000        100.0000
                           5.7500            88,907.08         ZZ
                           5.5000            519.38            1
                           10.7500           519.38            68
AVILLA           IN 46710  10.5000           06/23/04
0420955908                 0.0000            08/01/04          00
0420955908                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151895                    4.6250            228000.0000       100.0000
                           4.6250            227,706.51        ZZ
                           4.3750            1172.24           1
                           10.6250           1172.24           80
SPRINGFIELD      MO 65804  10.3750           06/23/04
0420967622                 0.0000            08/01/04          00
0420967622                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9151907                    5.0000            154000.0000       100.0000
                           5.0000            153,814.96        ZZ
                           4.7500            826.71            1
                           11.0000           826.71            57
FORT COLLINS     CO 80526  10.7500           06/23/04
0420977969                 0.0000            08/01/04          00
0420977969                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9151911                    5.3750            156000.0000       100.0000
                           5.3750            155,825.19        ZZ
                           5.1250            873.56            1
                           10.3750           873.56            80
BOSTON           MA 02122  10.1250           06/28/04
0420988123                 0.0000            08/01/04          00
0420988123                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9152135                    5.8750            213750.0000       100.0000
                           5.8750            213,532.07        ZZ
                           5.6250            1264.41           1
                           10.8750           1264.41           95
AURORA           CO 80013  10.6250           06/23/04
0421161878                 0.0000            08/01/04          01
0421161878                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9152149                    5.1250            231000.0000       100.0000
                           5.1250            230,728.80        ZZ
                           4.8750            1257.76           1
                           11.1250           1257.76           70
CORAL SPRINGS    FL 33071  10.8750           06/23/04
0421166661                 0.0000            08/01/04          00
0421166661                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152187                    5.6250            252000.0000       100.0000
                           5.6250            252,000.00        ZZ
                           5.3750            1181.25           1
                           10.6250           1181.25           80
WEST LINN        OR 97068  10.3750           06/16/04
0421188335                 0.0000            08/01/04          00
0421188335                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152189                    5.5000            183200.0000       100.0000
                           5.5000            183,200.00        ZZ
                           5.2500            839.67            1
                           10.5000           839.67            80
LAGO VISTA       TX 78645  10.2500           06/28/04
0421189176                 0.0000            08/01/04          00
0421189176                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     4                 0
0.0000                     03                00
                           O                 0.0000

9152197                    5.6250            186000.0000       100.0000
                           5.6250            185,801.16        ZZ
                           5.3750            1070.72           1
                           10.6250           1070.72           68
GRASS VALLEY     CA 95945  10.3750           06/21/04
0421190786                 0.0000            08/01/04          00
0421190786                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152201                    5.8750            235000.0000       100.0000
                           5.8750            234,760.41        ZZ
                           5.6250            1390.11           1
                           10.8750           1390.11           59
BELLBROOK        OH 45305  10.6250           06/22/04
0421191917                 0.0000            08/01/04          00
0421191917                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152203                    5.6250            224000.0000       100.0000
                           5.6250            224,000.00        ZZ
                           5.3750            1050.00           1
                           11.6250           1050.00           69
(HAWTHORNE AREA  CA 90250  11.3750           06/22/04
0421192261                 0.0000            08/01/04          00
0421192261                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152207                    5.5000            300000.0000       100.0000
                           5.5000            299,671.63        ZZ
                           5.2500            1703.37           1
                           10.5000           1703.37           77
LOS ANGELES      CA 91304  10.2500           06/22/04
0421193137                 0.0000            08/01/04          00
0421193137                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152209                    5.0000            190000.0000       100.0000
                           5.0000            190,000.00        ZZ
                           4.7500            791.67            1
                           11.0000           791.67            83
GOODYEAR         AZ 85338  10.7500           06/16/04
0421194580                 0.0000            08/01/04          01
0421194580                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9152225                    5.6250            236000.0000       100.0000
                           5.6250            236,000.00        ZZ
                           5.3750            1106.25           1
                           10.6250           1106.25           78
LAS VEGAS        NV 89145  10.3750           06/22/04
0421202110                 0.0000            08/01/04          00
0421202110                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152229                    4.8750            120000.0000       100.0000
                           4.8750            119,852.45        ZZ
                           4.6250            635.05            1
                           10.8750           635.05            55
BIRMINGHAM       AL 35216  10.6250           06/23/04
0421204231                 0.0000            08/01/04          00
0421204231                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152237                    4.7500            500000.0000       100.0000
                           4.7500            499,370.93        ZZ
                           4.5000            2608.24           1
                           10.7500           2608.24           80
FREMONT          CA 94536  10.5000           06/21/04
0421208810                 0.0000            08/01/04          00
0421208810                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9152263                    5.3750            164000.0000       100.0000
                           5.3750            163,816.23        ZZ
                           5.1250            918.35            1
                           10.3750           918.35            80
STERLING HEIGHT  MI 48310  10.1250           06/28/04
0421227026                 0.0000            08/01/04          00
0421227026                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9152267                    5.0000            308000.0000       100.0000
                           5.0000            308,000.00        ZZ
                           4.7500            1283.33           1
                           11.0000           1283.33           80
LOMPOC           CA 93436  10.7500           06/18/04
0421241464                 0.0000            08/01/04          00
0421241464                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9152287                    5.7500            204000.0000       100.0000
                           5.7500            204,000.00        ZZ
                           5.5000            977.50            1
                           10.7500           977.50            56
SPRING VALLEY    CA 91977  10.5000           06/21/04
0421248113                 0.0000            08/01/04          00
0421248113                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9152295                    5.3750            105000.0000       100.0000
                           5.3750            105,000.00        ZZ
                           5.1250            470.31            1
                           11.3750           470.31            75
AMERICAN FORK    UT 84003  11.1250           06/22/04
0421251927                 0.0000            08/01/04          00
0421251927                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9152323                    5.5000            141800.0000       100.0000
                           5.5000            141,674.25        ZZ
                           5.2500            649.92            1
                           10.5000           649.92            80
PALM BAY         FL 32907  10.2500           06/28/04
0421285289                 0.0000            08/01/04          00
0421285289                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9153159                    5.3750            400000.0000       100.0000
                           5.3750            399,551.79        ZZ
                           5.1250            2239.88           1
                           10.3750           2239.88           68
BAYSIDE          WI 53217  10.1250           06/25/04
0438066821                 3.2500            08/01/04          00
TQS778                     3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U85/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     1                 0
0.0000                     05                00
                           O                 0.0000

9153171                    4.7500            252000.0000       100.0000
                           4.7500            251,682.95        ZZ
                           4.5000            1314.55           1
                           10.7500           1314.55           77
RIVERSIDE        CA 92505  10.5000           06/10/04
0438067886                 3.2500            08/01/04          00
90198937                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
R26/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.5000                     5                 0
0.0000                     05                00
                           O                 0.0000

9153215                    5.7500            112000.0000       100.0000
                           5.7500            111,883.07        ZZ
                           5.5000            653.60            1
                           11.7500           653.60            80
JACKSONVILLE     FL 32207  11.5000           06/10/04
0438060915                 0.0000            08/01/04          00
29968                      0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
A52/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          7.7500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9153217                    5.3750            168900.0000       100.0000
                           5.3750            168,710.74        ZZ
                           5.1250            945.79            1
                           11.3750           945.79            80
ALBUQUERQUE      NM 87113  11.1250           06/18/04
0438056137                 0.0000            08/01/04          00
619056                     0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
M37/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9153361                    5.7500            232750.0000       100.0000
                           5.7500            232,506.99        ZZ
                           5.5000            1358.27           1
                           10.7500           1358.27           95
MESA             AZ 85212  10.5000           06/09/04
0438056053                 0.0000            08/01/04          01
33744                      0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
R80/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9153661                    5.3750            130000.0000       100.0000
                           5.3750            129,854.33        ZZ
                           5.1250            727.96            1
                           10.3750           727.96            77
GREENSBORO       MD 21639  10.1250           06/29/04
0420712572                 0.0000            08/01/04          00
0420712572                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9153683                    5.6250            175000.0000       100.0000
                           5.6250            174,812.91        ZZ
                           5.3750            1007.40           1
                           10.6250           1007.40           74
ELMORE           VT 05657  10.3750           06/29/04
0420822876                 0.0000            08/01/04          00
0420822876                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9153689                    6.2500            192000.0000       100.0000
                           6.2500            192,000.00        ZZ
                           6.0000            1000.00           1
                           11.2500           1000.00           80
DENVER           CO 80222  11.0000           06/24/04
0420856023                 0.0000            08/01/04          00
0420856023                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9153703                    5.2500            368000.0000       100.0000
                           5.2500            367,577.89        ZZ
                           5.0000            2032.11           1
                           11.2500           2032.11           80
REHOBOTH         MA 02769  11.0000           06/24/04
0420890717                 0.0000            08/01/04          00
0420890717                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9153733                    5.6250            211760.0000       100.0000
                           5.6250            211,760.00        ZZ
                           5.3750            992.63            1
                           10.6250           992.63            80
PARK CITY        UT 84098  10.3750           06/24/04
0420934267                 0.0000            08/01/04          00
0420934267                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9153813                    5.7500            112000.0000       100.0000
                           5.7500            112,000.00        ZZ
                           5.5000            536.67            1
                           10.7500           536.67            80
BATON ROUGE      LA 70820  10.5000           06/29/04
0421032236                 0.0000            08/01/04          00
0421032236                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9153815                    6.1250            211500.0000       100.0000
                           6.1250            211,294.43        ZZ
                           5.8750            1285.10           1
                           11.1250           1285.10           90
ANTHEM           AZ 85086  10.8750           06/24/04
0421035783                 0.0000            08/01/04          01
0421035783                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9153849                    4.7500            124800.0000       100.0000
                           4.7500            124,642.98        ZZ
                           4.5000            651.02            1
                           10.7500           651.02            80
TACOMA           WA 98404  10.5000           06/21/04
0421046772                 0.0000            08/01/04          00
0421046772                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9153987                    5.8750            138000.0000       100.0000
                           5.8750            137,859.30        ZZ
                           5.6250            816.32            2
                           10.8750           816.32            78
VANCOUVER        WA 98661  10.6250           06/18/04
0421058892                 0.0000            08/01/04          00
0421058892                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9153989                    4.7500            480000.0000       100.0000
                           4.7500            479,396.09        ZZ
                           4.5000            2503.91           1
                           10.7500           2503.91           80
ORANGE           CA 92866  10.5000           06/22/04
0421060096                 0.0000            08/01/04          00
0421060096                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9153995                    5.5000            341600.0000       100.0000
                           5.5000            341,226.10        ZZ
                           5.2500            1939.57           2
                           10.5000           1939.57           80
SACRAMENTO       CA 95814  10.2500           06/21/04
0421066614                 0.0000            08/01/04          00
0421066614                 0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
E22/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9153999                    5.5000            480000.0000       100.0000
                           5.5000            480,000.00        ZZ
                           5.2500            2200.00           1
                           11.5000           2200.00           72
SIMI VALLEY      CA 93065  11.2500           06/24/04
0421068628                 0.0000            08/01/04          00
0421068628                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9154029                    5.1250            129600.0000       100.0000
                           5.1250            129,447.84        ZZ
                           4.8750            705.66            1
                           11.1250           705.66            80
NEW BRITAIN      CT 06053  10.8750           06/24/04
0421096553                 0.0000            08/01/04          00
0421096553                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9154045                    6.0000            130000.0000       100.0000
                           6.0000            129,870.58        ZZ
                           5.7500            779.42            1
                           11.0000           779.42            57
BULLHEAD CITY    AZ 86429  10.7500           06/18/04
0421103714                 0.0000            08/01/04          00
0421103714                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9154057                    5.5000            573750.0000       100.0000
                           5.5000            573,750.00        ZZ
                           5.2500            2629.69           1
                           10.5000           2629.69           75
CLAYTON          CA 94517  10.2500           06/18/04
0421110602                 0.0000            08/01/04          00
0421110602                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9154065                    5.6250            180000.0000       100.0000
                           5.6250            178,807.57        ZZ
                           5.3750            1036.18           1
                           10.6250           1036.18           90
MIRAMAR          FL 33025  10.3750           06/29/04
0421114646                 0.0000            08/01/04          10
0421114646                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9154131                    5.0000            243000.0000       100.0000
                           5.0000            243,000.00        ZZ
                           4.7500            1012.50           1
                           11.0000           1012.50           78
ANTELOPE         CA 95843  10.7500           06/18/04
0421137894                 0.0000            08/01/04          00
0421137894                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9154171                    5.6250            141750.0000       100.0000
                           5.6250            141,598.46        ZZ
                           5.3750            815.99            1
                           10.6250           815.99            56
CARSON CITY      NV 89701  10.3750           06/23/04
0421162306                 0.0000            08/01/04          00
0421162306                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9154177                    5.6250            125600.0000       100.0000
                           5.6250            125,465.73        ZZ
                           5.3750            723.02            1
                           10.6250           723.02            53
RENO             NV 89503  10.3750           06/23/04
0421163742                 0.0000            08/01/04          00
0421163742                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9154179                    5.6250            126300.0000       100.0000
                           5.6250            126,164.98        ZZ
                           5.3750            727.05            1
                           10.6250           727.05            56
CARSON CITY      NV 89701  10.3750           06/23/04
0421163973                 0.0000            08/01/04          00
0421163973                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9154195                    5.8750            292000.0000       100.0000
                           5.8750            292,000.00        ZZ
                           5.6250            1429.58           1
                           10.8750           1429.58           80
BIGFORK          MT 59911  10.6250           06/28/04
0421176199                 0.0000            08/01/04          00
0421176199                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9154207                    5.1250            200000.0000       100.0000
                           5.1250            199,765.20        ZZ
                           4.8750            1088.97           1
                           11.1250           1088.97           80
SANTA MARIA      CA 93454  10.8750           06/22/04
0421178641                 0.0000            08/01/04          00
0421178641                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9154239                    5.1250            333700.0000       100.0000
                           5.1250            333,308.23        ZZ
                           4.8750            1816.95           1
                           10.1250           1816.95           75
CASTRO VALLEY    CA 94546  9.8750            06/21/04
0421178732                 0.0000            08/01/04          00
0421178732                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9154245                    6.0000            120000.0000       100.0000
                           6.0000            119,880.54        ZZ
                           5.7500            719.46            1
                           11.0000           719.46            80
DELRAY BEACH     FL 33445  10.7500           06/29/04
0421185919                 0.0000            08/01/04          00
0421185919                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9154261                    6.2500            380800.0000       100.0000
                           6.2500            380,800.00        ZZ
                           6.0000            1983.33           1
                           11.2500           1983.33           80
MINNEAPOLIS      MN 55409  11.0000           06/24/04
0421203811                 0.0000            08/01/04          00
0421203811                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9154265                    5.7500            287000.0000       100.0000
                           5.7500            286,700.36        ZZ
                           5.5000            1674.85           1
                           10.7500           1674.85           80
ANTIOCH          CA 94509  10.5000           06/22/04
0421206590                 0.0000            08/01/04          00
0421206590                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9154271                    5.5000            637500.0000       100.0000
                           5.5000            637,499.99        ZZ
                           5.2500            2921.88           1
                           11.5000           2921.88           75
FLORISSANT       CO 80816  11.2500           06/24/04
0421211202                 0.0000            08/01/04          00
0421211202                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9154281                    5.8750            400000.0000       100.0000
                           5.8750            400,000.00        ZZ
                           5.6250            1958.33           1
                           10.8750           1958.33           67
WARRENTON        VA 20187  10.6250           06/21/04
0421219783                 0.0000            08/01/04          00
0421219783                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9154283                    5.6250            170500.0000       100.0000
                           5.6250            170,317.73        ZZ
                           5.3750            981.49            1
                           11.6250           981.49            90
LIVONIA          MI 48152  11.3750           06/24/04
0421222373                 0.0000            08/01/04          10
0421222373                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9154285                    5.2500            318000.0000       100.0000
                           5.2500            318,000.00        ZZ
                           5.0000            1391.25           1
                           10.2500           1391.25           70
TRUCKEE          CA 96161  10.0000           06/18/04
0421225020                 0.0000            08/01/04          00
0421225020                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9154291                    5.7500            555000.0000       100.0000
                           5.7500            555,000.00        ZZ
                           5.5000            2659.38           1
                           10.7500           2659.38           75
BUENA PARK       CA 90620  10.5000           06/22/04
0421229253                 0.0000            08/01/04          00
0421229253                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9154325                    5.7500            135270.0000       100.0000
                           5.7500            135,128.77        ZZ
                           5.5000            789.40            1
                           11.7500           789.40            90
PORT SAINT LUCI  FL 34953  11.5000           06/29/04
0421263955                 0.0000            08/01/04          10
0421263955                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9154327                    5.0000            340000.0000       100.0000
                           5.0000            339,216.67        ZZ
                           4.7500            1825.19           1
                           11.0000           1825.19           80
SAN JOSE         CA 95131  10.7500           06/21/04
0421264565                 0.0000            08/01/04          00
0421264565                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9154363                    6.1250            152000.0000       100.0000
                           6.1250            151,852.26        ZZ
                           5.8750            923.57            1
                           11.1250           923.57            80
PHELAN           CA 92371  10.8750           06/24/04
0421274192                 0.0000            08/01/04          00
0421274192                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9154381                    5.0000            465000.0000       100.0000
                           5.0000            464,441.28        ZZ
                           4.7500            2496.22           1
                           11.0000           2496.22           74
COSTA MESA       CA 92626  10.7500           06/25/04
0421330663                 0.0000            08/01/04          00
0421330663                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9154961                    5.8750            207000.0000       100.0000
                           5.8750            206,788.96        TX
                           5.6250            1224.48           1
                           10.8750           1224.48           77
DALLAS           TX 75244  10.6250           06/24/04
0438061343                 0.0000            08/01/04          00
3000633576                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U05/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9155365                    5.6250            139000.0000       100.0000
                           5.6250            138,851.40        ZZ
                           5.3750            800.16            1
                           10.6250           800.16            70
BAKERSFIELD      CA 93308  10.3750           06/14/04
0438063976                 3.2500            08/01/04          00
44303                      3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
F89/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.3750                     1                 0
0.0000                     05                00
                           N                 0.0000

9155399                    6.0000            176000.0000       100.0000
                           6.0000            175,824.79        ZZ
                           5.7500            1055.21           1
                           11.0000           1055.21           80
BALDWIN PARK     CA 91706  10.7500           06/17/04
0438058182                 0.0000            08/01/04          00
80007955                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
B23/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9155455                    6.6250            616321.0000       100.0000
                           6.6250            615,777.24        ZZ
                           6.3750            3946.37           1
                           11.6250           3946.37           80
MINNEAPOLIS      MN 55401  11.3750           06/29/04
0438061806                 3.2500            08/01/04          00
883646                     3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
P29/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.3750                     1                 0
0.0000                     08                00
                           O                 0.0000

9155479                    6.2500            192000.0000       100.0000
                           6.2500            191,742.12        ZZ
                           6.0000            1182.18           1
                           11.2500           1182.18           70
UPPER MARLBORO   MD 20772  11.0000           06/23/04
0438078560                 0.0000            08/01/04          00
1080006122                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E77/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9155641                    5.2500            595000.0000       100.0000
                           5.2500            594,317.52        TX
                           5.0000            3285.61           1
                           11.2500           3285.61           65
HOUSTON          TX 77006  11.0000           06/22/04
0438065005                 3.2500            08/01/04          00
017805521128               3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
K15/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          7.2500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9155815                    5.2500            107900.0000       100.0000
                           5.2500            107,776.23        ZZ
                           5.0000            595.83            1
                           11.2500           595.83            90
MADRAS           OR 97741  11.0000           06/28/04
0420867939                 0.0000            08/01/04          10
0420867939                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         4.0000            0.0000            0.0000
A                          6.5000            12                12
360                        L12               1.2500            1.2500
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9155843                    5.2500            117000.0000       100.0000
                           5.2500            116,865.80        ZZ
                           5.0000            646.08            1
                           11.2500           646.08            90
DALLAS           GA 30157  11.0000           06/30/04
0420882250                 0.0000            08/01/04          04
0420882250                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9155877                    5.5000            188836.0000       100.0000
                           5.5000            188,836.00        ZZ
                           5.2500            865.50            1
                           10.5000           865.50            80
LAS VEGAS        NV 89120  10.2500           06/18/04
0420994410                 0.0000            08/01/04          00
0420994410                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9155929                    4.7500            274322.0000       100.0000
                           4.7500            273,976.87        ZZ
                           4.5000            1430.99           1
                           10.7500           1430.99           95
PLUMAS LAKES     CA 95961  10.5000           06/22/04
0420993420                 0.0000            08/01/04          10
0420993420                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9155935                    5.6250            110000.0000       100.0000
                           5.6250            109,882.41        ZZ
                           5.3750            633.22            1
                           10.6250           633.22            84
LIBERTY          MO 64068  10.3750           06/25/04
0420580011                 0.0000            08/01/04          10
0420580011                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9155941                    5.5000            200700.0000       100.0000
                           5.5000            200,699.99        ZZ
                           5.2500            919.88            2
                           11.5000           919.88            80
PASSAIC          NJ 07055  11.2500           06/30/04
0421000373                 0.0000            08/01/04          00
0421000373                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9155961                    5.1250            189000.0000       100.0000
                           5.1250            188,778.11        ZZ
                           4.8750            1029.08           1
                           11.1250           1029.08           58
RIVERSIDE        CA 92503  10.8750           06/28/04
0421053943                 0.0000            08/01/04          00
0421053943                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9156001                    5.6250            340000.0000       100.0000
                           5.6250            339,636.52        ZZ
                           5.3750            1957.23           1
                           10.6250           1957.23           80
TENAFLY          NJ 07670  10.3750           06/30/04
0421063181                 0.0000            08/01/04          00
0421063181                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156017                    5.8750            476000.0000       100.0000
                           5.8750            476,000.00        ZZ
                           5.6250            2330.42           1
                           10.8750           2330.42           80
CONCORD          CA 94518  10.6250           06/11/04
0421071739                 0.0000            08/01/04          00
0421071739                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156063                    6.3750            202500.0000       100.0000
                           6.3750            202,312.44        ZZ
                           6.1250            1263.34           3
                           11.3750           1263.34           90
AURORA           IL 60505  11.1250           07/01/04
0421146069                 0.0000            08/01/04          10
0421146069                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9156113                    5.5000            140800.0000       100.0000
                           5.5000            140,645.88        ZZ
                           5.2500            799.45            1
                           11.5000           799.45            80
NICEVILLE        FL 32578  11.2500           06/30/04
0420933327                 0.0000            08/01/04          00
0420933327                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9156135                    6.0000            285600.0000       100.0000
                           6.0000            285,315.68        ZZ
                           5.7500            1712.32           1
                           11.0000           1712.32           80
OAKLEY           CA 94561  10.7500           06/22/04
0421215476                 0.0000            08/01/04          00
0421215476                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156151                    5.8750            650000.0000       100.0000
                           5.8750            649,337.29        ZZ
                           5.6250            3845.00           2
                           11.8750           3845.00           44
LONG BEACH TWP.  NJ 08008  11.6250           07/01/04
0421218801                 0.0000            08/01/04          00
0421218801                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9156161                    5.5000            168000.0000       100.0000
                           5.5000            168,000.00        ZZ
                           5.2500            770.00            1
                           10.5000           770.00            74
OXNARD           CA 93036  10.2500           06/22/04
0420952269                 0.0000            08/01/04          00
0420952269                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9156227                    5.5000            308000.0000       100.0000
                           5.5000            307,662.88        ZZ
                           5.2500            1748.79           1
                           10.5000           1748.79           80
SAMMAMISH        WA 98074  10.2500           06/29/04
0421031212                 0.0000            08/01/04          00
0421031212                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156233                    5.5000            196000.0000       100.0000
                           5.5000            196,000.00        ZZ
                           5.2500            898.33            1
                           10.5000           898.33            80
DURHAM           NC 27713  10.2500           07/01/04
0421265380                 0.0000            08/01/04          00
0421265380                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9156235                    5.3750            300000.0000       100.0000
                           5.3750            300,000.00        ZZ
                           5.1250            1343.75           1
                           10.3750           1343.75           27
SANTA FE         NM 87505  10.1250           06/25/04
0421032848                 0.0000            08/01/04          00
0421032848                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156299                    5.3750            203000.0000       100.0000
                           5.3750            202,772.53        ZZ
                           5.1250            1136.74           1
                           11.3750           1136.74           52
GRASS VALLEY     CA 95945  11.1250           06/25/04
0421087354                 0.0000            08/01/04          00
0421087354                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9156317                    5.6250            121500.0000       100.0000
                           5.6250            121,370.11        ZZ
                           5.3750            699.42            1
                           11.6250           699.42            90
CLAWSON          MI 48017  11.3750           07/01/04
0421353525                 0.0000            08/01/04          10
0421353525                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9156337                    5.3750            263920.0000       100.0000
                           5.3750            263,920.00        ZZ
                           5.1250            1182.14           1
                           10.3750           1182.14           80
MONUMENT         CO 80132  10.1250           06/30/04
0421104035                 0.0000            08/01/04          00
0421104035                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156363                    5.1250            242000.0000       100.0000
                           5.1250            242,000.00        ZZ
                           4.8750            1033.54           1
                           11.1250           1033.54           84
ORMOND BEACH     FL 32174  10.8750           06/25/04
0421144890                 0.0000            08/01/04          01
0421144890                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9156365                    5.2500            207200.0000       100.0000
                           5.2500            206,962.33        ZZ
                           5.0000            1144.17           1
                           10.2500           1144.17           80
COLORADO SPRING  CO 80920  10.0000           06/25/04
0421145137                 0.0000            08/01/04          00
0421145137                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156395                    5.5000            333700.0000       100.0000
                           5.5000            333,700.00        ZZ
                           5.2500            1529.46           1
                           11.5000           1529.46           69
WAYNE            NJ 07470  11.2500           06/25/04
0421187964                 0.0000            08/01/04          00
0421187964                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156397                    5.3750            304000.0000       100.0000
                           5.3750            304,000.00        ZZ
                           5.1250            1361.67           1
                           11.3750           1361.67           80
ALBUQUERQUE      NM 87111  11.1250           06/25/04
0421191867                 0.0000            08/01/04          00
0421191867                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9156407                    5.6250            626000.0000       100.0000
                           5.6250            626,000.00        ZZ
                           5.3750            2934.38           1
                           10.6250           2934.38           80
CORAL SPRINGS    FL 33067  10.3750           06/30/04
0421194960                 0.0000            08/01/04          00
0421194960                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9156419                    5.1250            92000.0000        100.0000
                           5.1250            91,891.99         ZZ
                           4.8750            500.93            1
                           11.1250           500.93            80
KALKASKA         MI 49646  10.8750           06/25/04
0421196346                 0.0000            08/01/04          00
0421196346                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156423                    5.5000            127600.0000       100.0000
                           5.5000            127,460.33        ZZ
                           5.2500            724.50            1
                           10.5000           724.50            80
AUSTIN           TX 78750  10.2500           06/30/04
0421199696                 0.0000            08/01/04          00
0421199696                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156431                    6.1250            152000.0000       100.0000
                           6.1250            151,852.26        ZZ
                           5.8750            923.57            1
                           11.1250           923.57            80
PLEASANT RIDGE   MI 48069  10.8750           06/30/04
0421211715                 0.0000            08/01/04          00
0421211715                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156433                    5.2500            356000.0000       100.0000
                           5.2500            355,591.65        ZZ
                           5.0000            1965.85           1
                           11.2500           1965.85           75
SOUTH SAN FRANC  CA 94080  11.0000           06/18/04
0421212465                 0.0000            08/01/04          00
0421212465                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9156459                    5.0000            370500.0000       100.0000
                           5.0000            370,059.48        ZZ
                           4.7500            1543.75           1
                           11.0000           1543.75           95
CAVECREEK        AZ 85331  10.7500           06/25/04
0421220864                 0.0000            08/01/04          10
0421220864                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9156461                    5.1250            500000.0000       100.0000
                           5.1250            498,412.99        ZZ
                           4.8750            2722.43           1
                           11.1250           2722.43           75
IRVINE           CA 92606  10.8750           06/24/04
0421221896                 0.0000            08/01/04          00
0421221896                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9156491                    6.0000            280000.0000       100.0000
                           6.0000            279,721.26        ZZ
                           5.7500            1678.74           1
                           11.0000           1678.74           80
MURRIETA         CA 92562  10.7500           06/24/04
0421269614                 0.0000            08/01/04          00
0421269614                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156519                    5.5000            167200.0000       100.0000
                           5.5000            167,200.00        ZZ
                           5.2500            766.33            1
                           11.5000           766.33            95
PEARLAND         TX 77584  11.2500           06/29/04
0421318262                 0.0000            08/01/04          04
0421318262                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9156533                    5.6250            107200.0000       100.0000
                           5.6250            107,085.40        ZZ
                           5.3750            617.10            1
                           10.6250           617.10            80
WARREN           MI 48092  10.3750           06/30/04
0421323536                 0.0000            08/01/04          00
0421323536                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156567                    5.2500            238000.0000       100.0000
                           5.2500            238,000.00        ZZ
                           5.0000            1041.25           1
                           10.2500           1041.25           68
FONTANA          CA 92336  10.0000           06/24/04
0421283417                 0.0000            08/01/04          00
0421283417                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156583                    5.6250            244000.0000       100.0000
                           5.6250            243,739.15        ZZ
                           5.3750            1404.60           1
                           10.6250           1404.60           80
MURRIETA         CA 92562  10.3750           06/22/04
0421287335                 0.0000            08/01/04          00
0421287335                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9156585                    5.1250            199920.0000       100.0000
                           5.1250            199,685.29        ZZ
                           4.8750            1088.54           1
                           11.1250           1088.54           80
MERRIMACK        NH 03054  10.8750           06/30/04
0421288036                 0.0000            08/01/04          00
0421288036                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156789                    5.8750            187625.0000       100.0000
                           5.8750            187,625.00        ZZ
                           5.6250            918.58            1
                           11.8750           918.58            95
XENIA            OH 45385  11.6250           06/30/04
0421083320                 0.0000            08/01/04          01
0421083320                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156795                    5.7500            299200.0000       100.0000
                           5.7500            299,200.00        ZZ
                           5.5000            1433.67           1
                           11.7500           1433.67           80
DENVER           CO 80210  11.5000           06/25/04
0421085465                 0.0000            08/01/04          00
0421085465                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156815                    5.8750            160000.0000       100.0000
                           5.8750            160,000.00        ZZ
                           5.6250            783.33            1
                           10.8750           783.33            50
BOYNTON BEACH    FL 33435  10.6250           06/25/04
0421132606                 0.0000            08/01/04          00
0421132606                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156849                    5.5000            259200.0000       100.0000
                           5.5000            259,200.00        ZZ
                           5.2500            1188.00           3
                           10.5000           1188.00           80
LAKE WORTH       FL 33462  10.2500           06/30/04
0421167461                 0.0000            08/01/04          00
0421167461                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156857                    5.3750            137600.0000       100.0000
                           5.3750            137,445.81        ZZ
                           5.1250            770.52            1
                           10.3750           770.52            77
DENVER           CO 80204  10.1250           06/25/04
0421170291                 0.0000            08/01/04          00
0421170291                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156871                    4.8750            238500.0000       100.0000
                           4.8750            238,500.00        ZZ
                           4.6250            968.91            1
                           10.8750           968.91            90
TRACY            CA 95376  10.6250           06/23/04
0421175639                 0.0000            08/01/04          10
0421175639                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9156885                    5.0000            496000.0000       100.0000
                           5.0000            496,000.00        ZZ
                           4.7500            2066.67           1
                           11.0000           2066.67           80
THOUSAND OAKS    CA 91320  10.7500           06/25/04
0421110123                 0.0000            08/01/04          00
0421110123                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9156901                    5.7500            175100.0000       100.0000
                           5.7500            175,100.00        ZZ
                           5.5000            839.02            1
                           10.7500           839.02            86
HILLIARD         OH 43026  10.5000           06/25/04
0421118860                 0.0000            08/01/04          04
0421118860                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9156913                    5.3750            97600.0000        100.0000
                           5.3750            97,600.00         ZZ
                           5.1250            437.17            1
                           11.3750           437.17            80
GILBERT          AZ 85234  11.1250           06/25/04
0421121609                 0.0000            08/01/04          00
0421121609                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     07                00
                           O                 0.0000

9156919                    5.2500            220000.0000       100.0000
                           5.2500            219,747.65        ZZ
                           5.0000            1214.85           1
                           10.2500           1214.85           80
SACRAMENTO       CA 95842  10.0000           06/17/04
0421123548                 0.0000            08/01/04          00
0421123548                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9156943                    5.2500            342400.0000       100.0000
                           5.2500            342,007.25        ZZ
                           5.0000            1890.75           1
                           10.2500           1890.75           80
PLACERVILLE      CA 95667  10.0000           06/24/04
0421160441                 0.0000            08/01/04          00
0421160441                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156951                    5.3750            583000.0000       100.0000
                           5.3750            582,346.72        ZZ
                           5.1250            3264.63           1
                           10.3750           3264.63           80
DALY CITY        CA 94015  10.1250           06/09/04
0421161803                 0.0000            08/01/04          00
0421161803                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156955                    5.6250            190000.0000       100.0000
                           5.6250            189,796.88        ZZ
                           5.3750            1093.75           1
                           10.6250           1093.75           100
CROSSVILLE       TN 38558  10.3750           06/30/04
0421162348                 0.0000            08/01/04          01
0421162348                 0.0000            07/01/34          35.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9156965                    5.1250            256000.0000       100.0000
                           5.1250            255,699.44        ZZ
                           4.8750            1393.89           1
                           11.1250           1393.89           90
REDMOND          OR 97756  10.8750           06/24/04
0421165606                 0.0000            08/01/04          10
0421165606                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9157007                    5.7500            172000.0000       100.0000
                           5.7500            172,000.00        ZZ
                           5.5000            824.17            1
                           10.7500           824.17            84
LACOMBE          LA 70460  10.5000           06/30/04
0421202854                 0.0000            08/01/04          01
0421202854                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9157017                    5.2500            200000.0000       100.0000
                           5.2500            200,000.00        ZZ
                           5.0000            875.00            1
                           11.2500           875.00            76
CHICO            CA 95926  11.0000           06/23/04
0421205634                 0.0000            08/01/04          00
0421205634                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9157031                    5.6250            316800.0000       100.0000
                           5.6250            316,457.79        ZZ
                           5.3750            1823.68           1
                           10.6250           1823.68           80
VACAVILLE        CA 95687  10.3750           06/22/04
0421207887                 0.0000            08/01/04          00
0421207887                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9157047                    5.5000            393200.0000       100.0000
                           5.5000            393,200.00        ZZ
                           5.2500            1802.17           1
                           10.5000           1802.17           80
SEATTLE          WA 98103  10.2500           06/28/04
0421231093                 0.0000            08/01/04          00
0421231093                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9157053                    5.1250            80000.0000        100.0000
                           5.1250            79,906.08         ZZ
                           4.8750            435.59            1
                           11.1250           435.59            32
MIAMI BEACH      FL 33141  10.8750           06/25/04
0421232596                 0.0000            08/01/04          00
0421232596                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9157083                    5.5000            230000.0000       100.0000
                           5.5000            229,748.26        ZZ
                           5.2500            1305.91           1
                           10.5000           1305.91           88
NEW BRIGHTON     MN 55112  10.2500           06/25/04
0421235771                 0.0000            08/01/04          04
0421235771                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9157085                    5.1250            198000.0000       100.0000
                           5.1250            197,977.38        ZZ
                           4.8750            845.63            1
                           11.1250           845.63            80
ANN ARBOR        MI 48103  10.8750           06/25/04
0421237843                 0.0000            08/01/04          00
0421237843                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9157147                    6.1250            562500.0000       100.0000
                           6.1250            561,953.28        ZZ
                           5.8750            3417.81           2
                           11.1250           3417.81           75
MIAMI BEACH      FL 33140  10.8750           06/30/04
0421243528                 0.0000            08/01/04          00
0421243528                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9157149                    5.1250            111200.0000       100.0000
                           5.1250            111,069.45        T
                           4.8750            605.47            1
                           11.1250           605.47            80
MIDLAND          MI 48703  10.8750           06/30/04
0421243700                 0.0000            08/01/04          00
0421243700                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9157151                    5.8750            165750.0000       100.0000
                           5.8750            165,581.01        ZZ
                           5.6250            980.47            1
                           10.8750           980.47            85
AURORA           CO 80011  10.6250           06/25/04
0421246109                 0.0000            08/01/04          01
0421246109                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9157163                    5.5000            500000.0000       100.0000
                           5.5000            500,000.00        ZZ
                           5.2500            2291.67           1
                           11.5000           2291.67           79
ORANGE           CA 92867  11.2500           06/25/04
0421250168                 0.0000            08/01/04          00
0421250168                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9157171                    5.3750            486000.0000       100.0000
                           5.3750            485,455.42        ZZ
                           5.1250            2721.46           1
                           11.3750           2721.46           75
SAN JOSE         CA 95123  11.1250           06/25/04
0421255092                 0.0000            08/01/04          00
0421255092                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9158156                    5.3750            201000.0000       100.0000
                           5.3750            199,863.72        ZZ
                           5.1250            1125.54           1
                           10.3750           1125.54           80
QUINCY           MA 02169  10.1250           02/23/04
0419911342                 0.0000            04/01/04          00
0419911342                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9158164                    5.6250            202400.0000       100.0000
                           5.6250            201,307.91        ZZ
                           5.3750            1165.13           1
                           10.6250           1165.13           80
QUINCY           MA 02169  10.3750           02/23/04
0419911979                 0.0000            04/01/04          00
0419911979                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9158534                    5.3750            153900.0000       100.0000
                           5.3750            153,029.96        ZZ
                           5.1250            861.80            1
                           11.3750           861.80            90
SAINT PAUL       MN 55102  11.1250           02/23/04
0419849393                 0.0000            04/01/04          04
0419849393                 0.0000            03/01/34          25.0000
0                          3.2500            03/01/07          03/01/07
E22/G02                    3.0000            04/01/07          04/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9158702                    5.6250            218000.0000       100.0000
                           5.6250            216,823.75        ZZ
                           5.3750            1254.93           1
                           10.6250           1254.93           44
BRIELLE          NJ 08730  10.3750           02/23/04
0419796008                 0.0000            04/01/04          00
0419796008                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9159053                    5.3750            304000.0000       100.0000
                           5.3750            303,317.19        TX
                           5.1250            1702.31           1
                           11.3750           1702.31           80
DRIPPING SPRING  TX 78620  11.1250           06/21/04
0438078784                 3.2500            07/25/04          00
MUHA01                     3.0000            06/25/34          0.0000
0                          3.2500            06/25/07          06/25/07
Q87/G02                    3.0000            07/25/07          07/25/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     5                 0
0.0000                     05                00
                           O                 0.0000

9160125                    5.2500            242500.0000       100.0000
                           5.2500            242,221.85        ZZ
                           5.0000            1339.09           4
                           11.2500           1339.09           73
MESA             AZ 85203  11.0000           06/24/04
0438070468                 0.0000            08/01/04          00
33821                      0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
R80/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9160163                    4.6250            161000.0000       100.0000
                           4.6250            160,792.76        ZZ
                           4.3750            827.76            1
                           10.6250           827.76            41
MENIFEE AREA     CA 92584  10.3750           06/10/04
0438069171                 0.0000            08/01/04          00
20604003                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
X43/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9160275                    5.8750            413000.0000       100.0000
                           5.8750            413,000.00        ZZ
                           5.6250            2021.98           1
                           10.8750           2021.98           75
SAN JOSE         CA 95132  10.6250           06/14/04
0438076341                 0.0000            08/01/04          00
W04053121                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
944/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9160281                    5.2500            454400.0000       100.0000
                           5.2500            454,400.00        ZZ
                           5.0000            1988.00           1
                           11.2500           1988.00           80
APOLLO BEACH     FL 33572  11.0000           06/18/04
0438075590                 0.0000            08/01/04          00
W01765094                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
944/G02                    2.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9160291                    4.3750            491150.0000       100.0000
                           4.3750            491,150.00        ZZ
                           4.1250            1790.66           1
                           10.3750           1790.66           80
MORAGA           CA 94556  10.1250           06/10/04
0438099459                 0.0000            08/01/04          00
W04053146                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
944/G02                    2.0000            08/01/07          08/01/07
45                         2.3750            0.0000            0.0000
A                          6.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9160439                    5.8750            264000.0000       100.0000
                           5.8750            263,730.84        ZZ
                           5.6250            1561.66           1
                           10.8750           1561.66           80
HOUSTON          TX 77005  10.6250           06/29/04
0438063455                 0.0000            08/01/04          00
0210505                    0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
A46/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9161095                    5.5000            441000.0000       100.0000
                           5.5000            440,517.30        ZZ
                           5.2500            2503.95           1
                           10.5000           2503.95           75
PETALUMA         CA 94954  10.2500           06/16/04
0420612350                 0.0000            08/01/04          00
0420612350                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9161135                    5.2500            126000.0000       100.0000
                           5.2500            125,855.47        ZZ
                           5.0000            695.78            1
                           11.2500           695.78            90
KENNESAW         GA 30144  11.0000           07/02/04
0420875528                 0.0000            08/01/04          10
0420875528                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9161177                    6.2500            294500.0000       100.0000
                           6.2500            294,500.00        ZZ
                           6.0000            1533.85           1
                           11.2500           1533.85           95
MIAMI            FL 33196  11.0000           07/02/04
0420971111                 0.0000            08/01/04          10
0420971111                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9161237                    5.6250            88500.0000        100.0000
                           5.6250            88,405.38         ZZ
                           5.3750            509.46            1
                           10.6250           509.46            75
PUYALLUP         WA 98373  10.3750           06/25/04
0421073206                 0.0000            08/01/04          00
0421073206                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9161249                    5.5000            200000.0000       100.0000
                           5.5000            199,781.09        ZZ
                           5.2500            1135.58           1
                           10.5000           1135.58           80
RENO             NV 89523  10.2500           06/29/04
0421094012                 0.0000            08/01/04          00
0421094012                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         0.5000            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9161401                    5.8750            105450.0000       100.0000
                           5.8750            105,342.49        ZZ
                           5.6250            623.78            1
                           10.8750           623.78            95
FREEHOLD TOWNSH  NJ 07728  10.6250           07/02/04
0421151952                 0.0000            08/01/04          01
0421151952                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9161461                    5.8750            120000.0000       100.0000
                           5.8750            119,877.65        ZZ
                           5.6250            709.85            1
                           10.8750           709.85            75
ANTIOCH          CA 94509  10.6250           06/23/04
0421163882                 0.0000            08/01/04          00
0421163882                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9161463                    5.1250            333700.0000       100.0000
                           5.1250            333,700.00        ZZ
                           4.8750            1425.18           1
                           11.1250           1425.18           75
FREMONT          CA 94538  10.8750           06/24/04
0421163932                 0.0000            08/01/04          00
0421163932                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9161485                    5.7500            322400.0000       100.0000
                           5.7500            322,063.39        ZZ
                           5.5000            1881.44           1
                           10.7500           1881.44           80
BIRMINGHAM       AL 35242  10.5000           06/28/04
0421175761                 0.0000            08/01/04          00
0421175761                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9161509                    5.1250            82000.0000        100.0000
                           5.1250            82,000.00         ZZ
                           4.8750            446.48            1
                           11.1250           446.48            79
IOWA CITY        IA 52240  10.8750           06/29/04
0421194671                 0.0000            09/01/04          00
0421194671                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9161557                    5.6250            177000.0000       100.0000
                           5.6250            176,810.78        ZZ
                           5.3750            1018.91           1
                           10.6250           1018.91           75
LYNNWOOD         WA 98037  10.3750           06/25/04
0421218686                 0.0000            08/01/04          00
0421218686                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9161565                    5.5000            175750.0000       100.0000
                           5.5000            175,555.59        ZZ
                           5.2500            997.89            1
                           10.5000           997.89            95
FRANKFORT        KY 40601  10.2500           07/02/04
0421225442                 0.0000            08/01/04          10
0421225442                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9161591                    5.7500            97250.0000        100.0000
                           5.7500            97,148.47         ZZ
                           5.5000            567.52            1
                           11.7500           567.52            79
EDMOND           OK 73013  11.5000           06/28/04
0421247578                 0.0000            08/01/04          00
0421247578                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9161619                    5.7500            104400.0000       100.0000
                           5.7500            104,386.35        ZZ
                           5.5000            500.25            1
                           10.7500           500.25            82
WEST VALLEY CIT  UT 84120  10.5000           06/28/04
0421261140                 0.0000            08/01/04          04
0421261140                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9162329                    5.6250            519200.0000       100.0000
                           5.6250            518,644.94        ZZ
                           5.3750            2988.81           1
                           10.6250           2988.81           80
RIDGEFIELD       CT 06877  10.3750           06/28/04
0438061392                 3.2500            08/01/04          00
04013359                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
952/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.3750                     1                 0
0.0000                     05                00
                           O                 0.0000

9162963                    5.3750            256350.0000       100.0000
                           5.3750            256,062.74        ZZ
                           5.1250            1435.49           1
                           11.3750           1435.49           90
LANCASTER        CA 93536  11.1250           06/25/04
0438081572                 0.0000            08/01/04          04
29704077                   0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
G27/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9163043                    5.5000            101000.0000       100.0000
                           5.5000            101,000.00        ZZ
                           5.2500            462.92            1
                           10.5000           462.92            70
ROSEVILLE        MI 48066  10.2500           06/17/04
0438077562                 0.0000            08/01/04          00
0000030216                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
X64/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9163714                    5.1250            234000.0000       100.0000
                           5.1250            232,614.58        ZZ
                           4.8750            1274.10           1
                           11.1250           1274.10           90
WOODBRIDGE       VA 22193  10.8750           02/12/04
0437567308                 3.2500            04/01/04          41
034405528263               3.0000            03/01/34          25.0000
0                          3.2500            03/01/07          03/01/07
K15/G02                    3.0000            04/01/07          04/01/07
25                         3.2500            0.0000            0.0000
A                          7.1250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.8750                     5                 0
0.0000                     09                00
                           O                 0.0000

9163879                    6.0000            364000.0000       100.0000
                           6.0000            363,637.64        ZZ
                           5.7500            2182.36           3
                           12.0000           2182.36           80
LOS ANGELES      CA 90006  11.7500           06/28/04
0438081804                 3.2500            08/01/04          00
0000605542                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
Q59/G02                    3.0000            08/01/07          08/01/07
45                         4.0000            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.7500                     1                 0
0.0000                     05                00
                           O                 0.0000

9164285                    5.8750            124000.0000       100.0000
                           5.8750            123,873.57        T
                           5.6250            733.51            1
                           11.8750           733.51            80
HACKENSACK       MN 56452  11.6250           07/02/04
0438074239                 0.0000            08/01/04          00
04800591                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
B39/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9164369                    5.1250            600000.0000       100.0000
                           5.1250            599,295.57        ZZ
                           4.8750            3266.93           1
                           11.1250           3266.93           38
STONINGTON       CT 06378  10.8750           06/25/04
0438085771                 3.2500            08/01/04          00
32020144                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
Q30/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.8750                     5                 0
0.0000                     05                00
                           O                 0.0000

9164375                    5.6250            58050.0000        100.0000
                           5.6250            57,987.94         ZZ
                           5.3750            334.17            1
                           11.6250           334.17            90
NAMPA            ID 83686  11.3750           06/29/04
0438077315                 0.0000            08/01/04          12
1151100259                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
L20/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9164447                    5.6250            112000.0000       100.0000
                           5.6250            111,880.26        ZZ
                           5.3750            644.74            1
                           11.6250           644.74            80
PRESCOTT         AZ 86303  11.3750           06/16/04
0438071086                 0.0000            08/01/04          00
618984                     0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
M37/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9165355                    6.0000            91000.0000        100.0000
                           6.0000            91,000.00         ZZ
                           5.7500            545.59            1
                           12.0000           545.59            80
SAN ANTONIO      TX 78250  11.7500           07/06/04
0421296138                 0.0000            09/01/04          00
0421296138                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         4.0000            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9165409                    5.1250            185600.0000       100.0000
                           5.1250            185,382.10        ZZ
                           4.8750            1010.57           1
                           10.1250           1010.57           80
DENVER           CO 80236  9.8750            06/30/04
0420793721                 0.0000            08/01/04          00
0420793721                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9165433                    5.5000            281600.0000       100.0000
                           5.5000            281,291.78        ZZ
                           5.2500            1598.89           1
                           10.5000           1598.89           80
GLEN ALLEN       VA 23060  10.2500           06/30/04
0421077397                 0.0000            08/01/04          00
0421077397                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9165451                    5.8750            139000.0000       100.0000
                           5.8750            138,858.28        ZZ
                           5.6250            822.24            1
                           11.8750           822.24            90
SUWANEE          GA 30024  11.6250           06/30/04
0421170051                 0.0000            08/01/04          10
0421170051                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9165453                    5.7500            176000.0000       100.0000
                           5.7500            176,000.00        ZZ
                           5.5000            843.33            1
                           10.7500           843.33            80
SUFFOLK          VA 23435  10.5000           06/30/04
0421172487                 0.0000            08/01/04          00
0421172487                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9165463                    5.7500            72000.0000        100.0000
                           5.7500            71,924.83         ZZ
                           5.5000            420.17            1
                           11.7500           420.17            90
HIRAM            GA 30141  11.5000           07/06/04
0421179268                 0.0000            08/01/04          10
0421179268                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9165577                    6.0000            121500.0000       100.0000
                           6.0000            121,379.05        ZZ
                           5.7500            728.45            1
                           12.0000           728.45            90
RENO             NV 89509  11.7500           06/30/04
0421263682                 0.0000            08/01/04          01
0421263682                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         4.0000            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           N                 0.0000

9165687                    5.7500            185560.0000       100.0000
                           5.7500            185,560.00        ZZ
                           5.5000            889.14            1
                           10.7500           889.14            79
PALM SPRINGS     CA 92264  10.5000           06/24/04
0421105198                 0.0000            08/01/04          00
0421105198                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9165735                    5.7500            562500.0000       100.0000
                           5.7500            562,500.00        ZZ
                           5.5000            2695.31           1
                           10.7500           2695.31           75
OAK PARK         CA 91377  10.5000           06/29/04
0420864951                 0.0000            09/01/04          00
0420864951                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9165771                    5.1250            542500.0000       100.0000
                           5.1250            542,500.00        ZZ
                           4.8750            2316.93           1
                           11.1250           2316.93           70
UNIVERSITY PLAC  WA 98467  10.8750           06/29/04
0420922619                 0.0000            08/01/04          00
0420922619                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9165785                    5.3750            310000.0000       100.0000
                           5.3750            306,652.63        ZZ
                           5.1250            1735.91           1
                           10.3750           1735.91           61
MORAGA           CA 94556  10.1250           06/24/04
0420978181                 0.0000            08/01/04          00
0420978181                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9165801                    5.5000            238500.0000       100.0000
                           5.5000            238,238.94        ZZ
                           5.2500            1354.18           4
                           11.5000           1354.18           90
NEWARK           NJ 07106  11.2500           06/30/04
0421010240                 0.0000            08/01/04          04
0421010240                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9165827                    5.3750            650000.0000       100.0000
                           5.3750            650,000.00        ZZ
                           5.1250            2911.46           1
                           10.3750           2911.46           73
ORANGE           CA 92869  10.1250           06/29/04
0421053125                 0.0000            09/01/04          00
0421053125                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9165837                    5.5000            412000.0000       100.0000
                           5.5000            412,000.00        ZZ
                           5.2500            1888.33           1
                           10.5000           1888.33           80
SAN DIEGO        CA 92154  10.2500           06/23/04
0421144163                 0.0000            08/01/04          00
0421144163                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9165839                    5.3750            400000.0000       100.0000
                           5.3750            400,000.00        ZZ
                           5.1250            1791.67           1
                           11.3750           1791.67           80
SACRAMENTO       CA 95835  11.1250           06/29/04
0421145087                 0.0000            08/01/04          00
0421145087                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9165845                    5.7500            178400.0000       100.0000
                           5.7500            178,213.74        ZZ
                           5.5000            1041.09           1
                           10.7500           1041.09           80
COVINGTON        WA 98042  10.5000           06/29/04
0421152307                 0.0000            08/01/04          00
0421152307                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9165859                    5.7500            200000.0000       100.0000
                           5.7500            200,000.00        ZZ
                           5.5000            958.33            1
                           10.7500           958.33            71
EAST PROVIDENCE  RI 02915  10.5000           06/29/04
0421160326                 0.0000            08/01/04          00
0421160326                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9167221                    5.5000            142200.0000       100.0000
                           5.5000            142,044.35        ZZ
                           5.2500            807.40            1
                           11.5000           807.40            90
HOUSTON          TX 77084  11.2500           06/28/04
0438077869                 0.0000            08/01/04          04
0214010                    0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
A46/G02                    3.0000            08/01/07          08/01/07
25                         3.5000            0.0000            0.0000
A                          7.5000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9167731                    5.2500            154000.0000       100.0000
                           5.2500            153,288.75        ZZ
                           5.0000            850.40            1
                           10.2500           850.40            90
CHARLOTTE        NC 28216  10.0000           03/26/04
0438071698                 0.0000            05/01/04          01
4000064932                 0.0000            04/01/34          25.0000
0                          2.2500            04/01/09          04/01/09
F09/G02                    2.0000            05/01/09          05/01/09
25                         2.2500            0.0000            0.0000
A                          10.2500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9167841                    4.8750            200000.0000       100.0000
                           4.8750            195,985.87        ZZ
                           4.6250            1058.42           1
                           9.8750            1058.42           54
LOWELL           MA 01854  9.6250            03/23/04
0438071748                 0.0000            05/01/04          00
4000066101                 0.0000            04/01/34          0.0000
0                          2.2500            04/01/09          04/01/09
F09/G02                    2.0000            05/01/09          05/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9167847                    5.6250            365000.0000       100.0000
                           5.6250            363,823.87        ZZ
                           5.3750            2101.15           3
                           10.6250           2101.15           75
SALEM            MA 01970  10.3750           04/23/04
0438071755                 0.0000            06/01/04          00
4000066419                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9167877                    5.8750            333700.0000       100.0000
                           5.8750            332,674.30        ZZ
                           5.6250            1973.97           1
                           10.8750           1973.97           94
DEFIANCE         MO 63341  10.6250           04/20/04
0438071797                 0.0000            06/01/04          10
4000068998                 0.0000            05/01/34          30.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9167931                    5.2500            161000.0000       100.0000
                           5.2500            160,079.96        ZZ
                           5.0000            889.05            1
                           10.2500           889.05            66
BROWNTOWN        VA 22610  10.0000           04/27/04
0438071862                 0.0000            06/01/04          00
4000070519                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9167943                    6.1250            134900.0000       100.0000
                           6.1250            134,371.49        ZZ
                           5.8750            819.67            1
                           11.1250           819.67            90
BRUNSWICK        GA 31525  10.8750           03/30/04
0438071870                 0.0000            05/01/04          11
4000071156                 0.0000            04/01/34          25.0000
0                          2.2500            04/01/09          04/01/09
F09/G02                    2.0000            05/01/09          05/01/09
25                         2.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9167947                    5.5000            125000.0000       100.0000
                           5.5000            124,448.94        ZZ
                           5.2500            709.74            1
                           10.5000           709.74            58
SOUTH EASTON     MA 02375  10.2500           04/01/04
0438071888                 0.0000            05/01/04          00
4000071278                 0.0000            04/01/34          0.0000
0                          2.2500            04/01/09          04/01/09
F09/G02                    2.0000            05/01/09          05/01/09
25                         2.2500            0.0000            0.0000
A                          10.5000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9167961                    5.1250            248000.0000       100.0000
                           5.1250            247,082.09        ZZ
                           4.8750            1350.33           1
                           10.1250           1350.33           58
BRIGHTON         MA 02135  9.8750            04/13/04
0438071904                 0.0000            06/01/04          00
4000072591                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     09                00
                           O                 0.0000

9167969                    5.0000            257000.0000       100.0000
                           5.0000            256,069.71        ZZ
                           4.7500            1379.64           1
                           10.0000           1379.64           51
WAYLAND          MA 01778  9.7500            04/15/04
0438071912                 0.0000            06/01/04          00
4000073605                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/07          05/01/07
F09/G02                    2.0000            06/01/07          06/01/07
45                         2.2500            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9167975                    4.8750            190000.0000       100.0000
                           4.8750            189,245.59        ZZ
                           4.6250            1005.50           1
                           9.8750            1005.50           70
SOUTH KINGSTOWN  RI 02881  9.6250            04/09/04
0438071920                 0.0000            06/01/04          00
4000074030                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9167999                    5.0000            211500.0000       100.0000
                           5.0000            210,477.11        ZZ
                           4.7500            1135.38           1
                           10.0000           1135.38           90
LAS VEGAS        NV 89108  9.7500            03/29/04
0438071961                 0.0000            05/01/04          10
4000075345                 0.0000            04/01/34          25.0000
0                          2.2500            04/01/09          04/01/09
F09/G02                    2.0000            05/01/09          05/01/09
25                         2.2500            0.0000            0.0000
A                          10.0000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168011                    5.0000            210000.0000       100.0000
                           5.0000            209,239.85        T
                           4.7500            1127.33           1
                           10.0000           1127.33           80
APOPKA           FL 32712  9.7500            04/06/04
0438071987                 0.0000            06/01/04          00
4000076432                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/07          05/01/07
F09/G02                    2.0000            06/01/07          06/01/07
45                         2.2500            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9168059                    5.3750            258000.0000       100.0000
                           5.3750            257,128.80        ZZ
                           5.1250            1444.73           1
                           10.3750           1444.73           78
SPRINGDALE       AR 72762  10.1250           04/05/04
0438072076                 0.0000            06/01/04          00
4000077685                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168081                    5.7500            333700.0000       100.0000
                           5.7500            332,649.75        ZZ
                           5.5000            1947.39           1
                           10.7500           1947.39           77
UPTON            MA 01568  10.5000           04/30/04
0438072126                 0.0000            06/01/04          00
4000078475                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168083                    4.6250            153550.0000       100.0000
                           4.6250            152,954.73        ZZ
                           4.3750            789.47            1
                           9.6250            789.47            80
FRIDLEY          MN 55432  9.3750            04/26/04
0438072134                 0.0000            06/01/04          00
4000078597                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/07          05/01/07
F09/G02                    2.0000            06/01/07          06/01/07
45                         2.2500            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9168087                    5.2500            245000.0000       100.0000
                           5.2500            244,153.24        ZZ
                           5.0000            1352.90           1
                           10.2500           1352.90           78
ROLLING MEADOWS  IL 60008  10.0000           04/16/04
0438072142                 0.0000            06/01/04          00
4000078795                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.2500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168103                    4.8750            131000.0000       100.0000
                           4.8750            130,514.82        ZZ
                           4.6250            693.26            1
                           9.8750            693.26            60
PORT SAINT LUCI  FL 34983  9.6250            04/26/04
0438072217                 0.0000            06/01/04          00
4000080757                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168105                    5.2500            333700.0000       100.0000
                           5.2500            332,932.80        ZZ
                           5.0000            1842.70           1
                           10.2500           1842.70           78
NEWTON UPPER FA  MA 02464  10.0000           05/24/04
0438072225                 0.0000            07/01/04          00
4000080864                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9168107                    5.5000            150000.0000       100.0000
                           5.5000            149,505.17        ZZ
                           5.2500            851.69            1
                           10.5000           851.69            60
ORLANDO          FL 32806  10.2500           04/14/04
0438072233                 0.0000            06/01/04          00
4000081161                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.5000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168115                    4.2500            92000.0000        100.0000
                           4.2500            91,746.03         ZZ
                           4.0000            452.59            1
                           9.2500            452.59            55
WINFIELD         IL 60190  9.0000            05/03/04
0438072266                 0.0000            07/01/04          00
4000081796                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
F09/G02                    2.0000            07/01/07          07/01/07
25                         2.2500            0.0000            0.0000
A                          7.2500            6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     09                00
                           O                 0.0000

9168117                    5.5000            202000.0000       100.0000
                           5.5000            201,333.63        ZZ
                           5.2500            1146.94           1
                           10.5000           1146.94           78
SALEM            NH 03079  10.2500           04/30/04
0438072274                 0.0000            06/01/04          00
4000081844                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.5000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168121                    5.2500            375000.0000       100.0000
                           5.2500            374,137.83        ZZ
                           5.0000            2070.77           1
                           10.2500           2070.77           41
BAYSHORE         NY 11706  10.0000           04/30/04
0438072282                 0.0000            07/01/04          00
4000082097                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          10.2500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168125                    5.6250            198900.0000       100.0000
                           5.6250            198,259.07        ZZ
                           5.3750            1144.99           1
                           10.6250           1144.99           90
JACKSONVILLE     IL 62650  10.3750           05/03/04
0438072290                 0.0000            06/01/04          12
4000082836                 0.0000            05/01/34          25.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9168129                    5.7500            110000.0000       100.0000
                           5.7500            109,653.80        ZZ
                           5.5000            641.93            1
                           10.7500           641.93            64
ROYAL OAK        MI 48067  10.5000           04/27/04
0438072316                 2.2500            06/01/04          00
4000083068                 2.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.5000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168131                    5.6250            636000.0000       100.0000
                           5.6250            633,950.66        ZZ
                           5.3750            3661.17           1
                           10.6250           3661.17           80
FAIRFAX          VA 22031  10.3750           04/12/04
0438072324                 0.0000            06/01/04          00
4000083345                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/09          05/01/09
F09/G02                    2.0000            06/01/09          06/01/09
25                         2.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168185                    5.3750            175000.0000       100.0000
                           5.3750            174,606.93        ZZ
                           5.1250            979.95            1
                           10.3750           979.95            78
LOWELL           MA 01852  10.1250           05/21/04
0438072423                 0.0000            07/01/04          00
4000085223                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9168193                    5.6250            221800.0000       100.0000
                           5.6250            221,324.22        ZZ
                           5.3750            1276.81           1
                           10.6250           1276.81           76
STAMFORD         CT 06906  10.3750           05/05/04
0438072472                 0.0000            07/01/04          00
4000085940                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9168195                    5.1250            270000.0000       100.0000
                           5.1250            269,364.65        ZZ
                           4.8750            1470.12           1
                           10.1250           1470.12           59
WALTHAM          MA 02452  9.8750            05/05/04
0438072480                 0.0000            07/01/04          00
4000086158                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          10.1250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9168201                    6.0000            167920.0000       100.0000
                           6.0000            167,584.82        ZZ
                           5.7500            1006.77           1
                           11.0000           1006.77           80
NEW HOPE         MN 55428  10.7500           05/17/04
0438072506                 0.0000            07/01/04          00
4000086786                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.0000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168205                    4.3750            56500.0000        100.0000
                           4.3750            56,347.50         ZZ
                           4.1250            282.10            1
                           9.3750            282.10            48
HOLLYWOOD        FL 33020  9.1250            05/11/04
0438072522                 0.0000            07/01/04          00
4000087009                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
F09/G02                    2.0000            07/01/07          07/01/07
25                         2.2500            0.0000            0.0000
A                          7.3750            6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9168213                    5.5000            173602.0000       100.0000
                           5.5000            172,979.57        ZZ
                           5.2500            985.70            1
                           10.5000           985.70            80
BRIGHTON         CO 80603  10.2500           04/28/04
0438072555                 0.0000            06/01/04          00
4000087364                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/07          05/01/07
F09/G02                    2.0000            06/01/07          06/01/07
25                         2.5000            0.0000            0.0000
A                          8.5000            6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9168217                    4.8750            188000.0000       100.0000
                           4.8750            187,536.72        ZZ
                           4.6250            994.92            1
                           9.8750            994.92            80
APOPKA           FL 32712  9.6250            05/20/04
0438072571                 0.0000            07/01/04          00
4000087463                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9168219                    5.1250            280000.0000       100.0000
                           5.1250            279,009.57        ZZ
                           4.8750            1524.57           1
                           10.1250           1524.57           59
MOUNT PROSPECT   IL 60056  9.8750            05/03/04
0438072589                 0.0000            06/01/04          00
4000087734                 0.0000            05/01/34          0.0000
0                          2.2500            05/01/07          05/01/07
F09/G02                    2.0000            06/01/07          06/01/07
25                         2.2500            0.0000            0.0000
A                          8.1250            6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168227                    5.8750            204300.0000       100.0000
                           5.8750            203,462.09        ZZ
                           5.6250            1208.52           1
                           10.8750           1208.52           90
CHARLOTTE        NC 28134  10.6250           05/17/04
0438072613                 0.0000            07/01/04          10
4000088627                 0.0000            06/01/34          30.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9168235                    5.8750            235000.0000       100.0000
                           5.8750            234,519.63        ZZ
                           5.6250            1390.12           1
                           10.8750           1390.12           52
CHESTERFIELD     MO 63005  10.6250           05/12/04
0438072647                 0.0000            07/01/04          00
4000089657                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
F09/G02                    2.0000            07/01/07          07/01/07
25                         2.8750            0.0000            0.0000
A                          8.8750            6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9168241                    5.6250            102000.0000       100.0000
                           5.6250            101,781.40        ZZ
                           5.3750            587.17            1
                           10.6250           587.17            90
DENHAM SPRINGS   LA 70706  10.3750           05/24/04
0438072654                 0.0000            07/01/04          10
4000090133                 0.0000            06/01/34          25.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9168247                    5.3750            250000.0000       100.0000
                           5.3750            249,438.47        ZZ
                           5.1250            1399.93           1
                           10.3750           1399.93           80
CELEBRATION      FL 34747  10.1250           05/17/04
0438072670                 0.0000            07/01/04          00
4000091007                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/07          06/01/07
F09/G02                    2.0000            07/01/07          07/01/07
45                         2.3750            0.0000            0.0000
A                          8.3750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9168251                    5.7500            230000.0000       100.0000
                           5.7500            229,518.57        ZZ
                           5.5000            1342.22           1
                           10.7500           1342.22           70
FARMINGTON       MN 55024  10.5000           05/14/04
0438072696                 0.0000            07/01/04          00
4000091859                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168257                    5.7500            274550.0000       100.0000
                           5.7500            273,975.33        ZZ
                           5.5000            1602.20           1
                           10.7500           1602.20           95
FORT LAUDERDALE  FL 33315  10.5000           05/13/04
0438072720                 0.0000            07/01/04          10
4000093619                 0.0000            06/01/34          30.0000
0                          2.2500            06/01/07          06/01/07
F09/G02                    2.0000            07/01/07          07/01/07
25                         2.7500            0.0000            0.0000
A                          8.7500            6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168267                    6.0000            120000.0000       100.0000
                           6.0000            119,760.48        ZZ
                           5.7500            719.46            1
                           11.0000           719.46            61
RACINE           WI 53406  10.7500           05/20/04
0438072779                 0.0000            07/01/04          00
4000097324                 0.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
F09/G02                    2.0000            07/01/09          07/01/09
25                         2.2500            0.0000            0.0000
A                          11.0000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9168363                    5.6250            352000.0000       100.0000
                           5.6250            352,000.00        ZZ
                           5.3750            1650.00           1
                           10.6250           1650.00           80
TROY             MI 48085  10.3750           06/21/04
0438129876                 0.0000            08/01/04          00
0000029797                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
X64/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168447                    5.2500            122400.0000       100.0000
                           5.2500            122,400.00        ZZ
                           5.0000            675.90            1
                           11.2500           675.90            80
OSCEOLA          WI 54020  11.0000           06/29/04
0438081366                 0.0000            09/01/04          00
04800489F                  0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
B39/G02                    3.0000            09/01/07          09/01/07
25                         3.2500            0.0000            0.0000
A                          7.2500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9168697                    6.0000            188000.0000       100.0000
                           6.0000            187,812.85        ZZ
                           5.7500            1127.15           2
                           11.0000           1127.15           80
PATERSON         NJ 07501  10.7500           07/01/04
0420920332                 0.0000            08/01/04          00
0420920332                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168733                    5.3750            189000.0000       100.0000
                           5.3750            189,000.00        ZZ
                           5.1250            846.56            1
                           10.3750           846.56            80
SUFFOLK          VA 23435  10.1250           07/01/04
0421041062                 0.0000            08/01/04          00
0421041062                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9168765                    5.7500            293000.0000       100.0000
                           5.7500            293,000.00        ZZ
                           5.5000            1403.96           1
                           10.7500           1403.96           57
SEATTLE          WA 98115  10.5000           06/30/04
0421052531                 0.0000            09/01/04          00
0421052531                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168819                    5.6250            285000.0000       100.0000
                           5.6250            285,000.00        ZZ
                           5.3750            1335.94           1
                           10.6250           1335.94           75
HONOLULU         HI 96826  10.3750           06/28/04
0421149881                 0.0000            08/01/04          00
0421149881                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     06                00
                           O                 0.0000

9168821                    5.5000            379992.0000       100.0000
                           5.5000            379,992.00        ZZ
                           5.2500            2157.55           1
                           10.5000           2157.55           80
CLOVIS           CA 93611  10.2500           06/30/04
0421150004                 0.0000            09/01/04          00
0421150004                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9168823                    4.7500            200000.0000       100.0000
                           4.7500            200,000.00        ZZ
                           4.5000            1043.29           1
                           10.7500           1043.29           57
SEATTLE          WA 98117  10.5000           06/28/04
0421150160                 0.0000            09/01/04          00
0421150160                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9168843                    5.7500            251000.0000       100.0000
                           5.7500            251,000.00        T
                           5.5000            1464.77           1
                           10.7500           1464.77           80
CHAMPION         PA 15622  10.5000           07/07/04
0420629800                 0.0000            09/01/04          00
0420629800                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9168853                    5.7500            187500.0000       100.0000
                           5.7500            187,500.00        ZZ
                           5.5000            1094.20           1
                           11.7500           1094.20           75
BRICK TWP.       NJ 08724  11.5000           07/07/04
0420772907                 0.0000            09/01/04          00
0420772907                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9168855                    5.3750            470000.0000       100.0000
                           5.3750            470,000.00        ZZ
                           5.1250            2631.86           1
                           10.3750           2631.86           79
RENO             NV 89511  10.1250           07/01/04
0420773970                 0.0000            09/01/04          00
0420773970                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9168861                    4.6250            265000.0000       100.0000
                           4.6250            264,658.88        ZZ
                           4.3750            1362.47           1
                           10.6250           1362.47           80
ALPHARETTA       GA 30022  10.3750           07/01/04
0420822504                 0.0000            08/01/04          00
0420822504                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9168869                    5.8750            169600.0000       100.0000
                           5.8750            169,600.00        ZZ
                           5.6250            1003.25           1
                           10.8750           1003.25           80
MODESTO          CA 95350  10.6250           07/01/04
0421317140                 0.0000            09/01/04          00
0421317140                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9168877                    5.6250            177600.0000       100.0000
                           5.6250            177,410.13        ZZ
                           5.3750            1022.37           1
                           10.6250           1022.37           80
BERKLEY          MI 48072  10.3750           07/07/04
0421325390                 0.0000            08/01/04          00
0421325390                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168881                    5.6250            283955.0000       100.0000
                           5.6250            283,955.00        ZZ
                           5.3750            1634.61           1
                           10.6250           1634.61           95
HENDERSON        NV 89012  10.3750           07/02/04
0421334350                 0.0000            09/01/04          10
0421334350                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9168993                    5.6250            105500.0000       100.0000
                           5.6250            105,387.21        ZZ
                           5.3750            607.32            1
                           10.6250           607.32            79
GOLDEN           CO 80403  10.3750           07/01/04
0421252115                 0.0000            08/01/04          00
0421252115                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9169007                    5.7500            264000.0000       100.0000
                           5.7500            263,724.37        ZZ
                           5.5000            1540.63           2
                           11.7500           1540.63           80
HUNTINGTON PARK  CA 90255  11.5000           06/30/04
0421268277                 0.0000            08/01/04          00
0421268277                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9169017                    5.7500            212000.0000       100.0000
                           5.7500            212,000.00        ZZ
                           5.5000            1237.17           1
                           11.7500           1237.17           80
AURORA           CO 80015  11.5000           07/07/04
0421279597                 0.0000            09/01/04          00
0421279597                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           N                 0.0000

9169047                    5.5000            303000.0000       100.0000
                           5.5000            303,000.00        ZZ
                           5.2500            1720.40           4
                           11.5000           1720.40           80
SEATTLE          WA 98105  11.2500           07/06/04
0421193970                 0.0000            09/01/04          00
0421193970                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9169067                    5.5000            585000.0000       100.0000
                           5.5000            585,000.00        ZZ
                           5.2500            2681.25           1
                           10.5000           2681.25           67
LAGUNA NIGUEL    CA 92677  10.2500           06/22/04
0421206160                 0.0000            08/01/04          00
0421206160                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9169127                    5.8750            288504.0000       100.0000
                           5.8750            288,162.32        ZZ
                           5.6250            1706.61           1
                           10.8750           1706.61           77
CARLSTADT        NJ 07072  10.6250           07/01/04
0421164054                 0.0000            08/01/04          00
0421164054                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9169131                    5.8750            59490.0000        100.0000
                           5.8750            59,429.34         ZZ
                           5.6250            351.91            1
                           11.8750           351.91            90
APACHE JUNCTION  AZ 85220  11.6250           06/29/04
0421164807                 0.0000            08/01/04          10
0421164807                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9169153                    5.1250            92000.0000        100.0000
                           5.1250            92,000.00         ZZ
                           4.8750            392.92            1
                           11.1250           392.92            80
LAKEWOOD         NJ 08701  10.8750           07/07/04
0421176140                 0.0000            09/01/04          00
0421176140                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9169157                    5.8750            228000.0000       100.0000
                           5.8750            227,767.54        ZZ
                           5.6250            1348.71           1
                           10.8750           1348.71           80
PLACERVILLE      CA 95667  10.6250           06/25/04
0421176330                 0.0000            08/01/04          00
0421176330                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9169240                    5.0000            178500.0000       100.0000
                           5.0000            177,636.71        ZZ
                           4.7500            958.23            1
                           11.0000           958.23            80
EAST WENATCHEE   WA 98802  10.7500           02/26/04
0419918883                 0.0000            05/01/04          00
0419918883                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9169256                    5.8750            165000.0000       100.0000
                           5.8750            164,150.58        ZZ
                           5.6250            976.04            3
                           10.8750           976.04            53
BRIDGEPORT       CT 06604  10.6250           02/27/04
0419862503                 0.0000            04/01/04          00
0419862503                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9169498                    4.8750            268800.0000       100.0000
                           4.8750            267,133.98        ZZ
                           4.6250            1422.51           2
                           10.8750           1422.51           80
LOWELL           MA 01850  10.6250           02/27/04
0418129888                 0.0000            04/01/04          00
0418129888                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/07          03/01/07
E22/G02                    3.0000            04/01/07          04/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9169693                    5.2500            375200.0000       100.0000
                           5.2500            375,200.00        ZZ
                           5.0000            1641.50           1
                           11.2500           1641.50           80
SAN MARCOS       CA 92069  11.0000           06/11/04
0438078578                 0.0000            08/01/04          00
014030409                  0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
X05/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          8.2500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9170169                    4.7500            197000.0000       100.0000
                           4.7500            196,752.14        TX
                           4.5000            1027.65           1
                           10.7500           1027.65           74
FRISCO           TX 75034  10.5000           06/29/04
0438089799                 0.0000            08/01/04          00
3000633334                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9170541                    5.5000            276200.0000       100.0000
                           5.5000            275,897.69        ZZ
                           5.2500            1568.23           1
                           11.5000           1568.23           85
CINCINNATI       OH 45233  11.2500           06/25/04
0438083404                 0.0000            08/01/04          14
3000637083                 0.0000            07/01/34          12.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9170601                    5.5000            412000.0000       100.0000
                           5.5000            411,549.04        TX
                           5.2500            2339.29           1
                           11.5000           2271.16           80
LEWISVILLE       TX 75056  11.2500           06/29/04
0438119075                 0.0000            08/01/04          00
3483219                    0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
25                         3.5000            0.0000            0.0000
A                          7.5000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9170649                    5.5000            168700.0000       100.0000
                           5.5000            168,515.35        TX
                           5.2500            957.86            1
                           11.5000           957.86            80
SEABROOK         TX 77586  11.2500           06/25/04
0438083461                 3.2500            08/01/04          00
014805524190               3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
K15/G02                    3.0000            08/01/07          08/01/07
25                         3.5000            0.0000            0.0000
A                          7.5000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.2500                     5                 0
0.0000                     05                00
                           O                 0.0000

9170683                    5.5000            300000.0000       100.0000
                           5.5000            299,671.63        TX
                           5.2500            1703.37           1
                           10.5000           1703.37           75
DALLAS           TX 75230  10.2500           06/23/04
0438096893                 0.0000            08/01/04          00
887479                     0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
758/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9170881                    5.5000            156100.0000       100.0000
                           5.5000            155,929.14        ZZ
                           5.2500            886.32            1
                           10.5000           886.32            70
MIAMI BEACH      FL 33140  10.2500           06/30/04
0438080665                 0.0000            08/01/04          00
3000639626                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
U05/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.5000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9171161                    4.8750            388000.0000       100.0000
                           4.8750            388,000.00        ZZ
                           4.6250            1576.25           1
                           10.8750           1576.25           80
SAN JOSE         CA 95136  10.6250           06/15/04
0438154379                 0.0000            08/01/04          00
W04053277                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
944/G02                    2.0000            08/01/07          08/01/07
45                         2.8750            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9171203                    5.5000            385000.0000       100.0000
                           5.5000            384,578.59        ZZ
                           5.2500            2185.99           1
                           10.5000           2185.99           72
LODI             CA 95242  10.2500           06/14/04
0438096562                 0.0000            08/01/04          00
W01762568                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
944/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9171207                    5.6250            284000.0000       100.0000
                           5.6250            284,000.00        ZZ
                           5.3750            1331.25           1
                           10.6250           1331.25           80
PORTLAND         OR 97214  10.3750           06/15/04
0438096604                 0.0000            08/01/04          00
W01763446                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
944/G02                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9171422                    5.2500            189900.0000       100.0000
                           5.2500            188,801.34        ZZ
                           5.0000            1048.63           1
                           10.2500           1048.63           56
YORBA LINDA      CA 92886  10.0000           02/18/04
0437533391                 3.2500            04/01/04          00
11500751                   3.0000            03/01/34          0.0000
0                          3.2500            03/01/09          03/01/09
S11/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9171485                    5.3750            202400.0000       100.0000
                           5.3750            202,400.00        ZZ
                           5.1250            906.58            1
                           11.3750           906.58            80
SNOQUALMIE PASS  WA 98068  11.1250           06/30/04
0420396574                 0.0000            09/01/04          00
0420396574                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9171489                    5.0000            240000.0000       100.0000
                           5.0000            240,000.00        ZZ
                           4.7500            1288.37           1
                           10.0000           1288.37           69
COMMERCE TOWNSH  MI 48382  9.7500            07/02/04
0420573198                 0.0000            09/01/04          00
0420573198                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9171595                    5.2500            189858.0000       100.0000
                           5.2500            189,858.00        ZZ
                           5.0000            1048.40           1
                           11.2500           1048.40           72
PUYALLUP         WA 98374  11.0000           06/30/04
0420975583                 0.0000            09/01/04          00
0420975583                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9171629                    5.3750            120000.0000       100.0000
                           5.3750            120,000.00        ZZ
                           5.1250            537.50            1
                           11.3750           537.50            80
LAYTON           UT 84040  11.1250           06/29/04
0421045766                 0.0000            08/01/04          00
0421045766                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9171709                    5.1250            319000.0000       100.0000
                           5.1250            319,000.00        ZZ
                           4.8750            1736.91           1
                           11.1250           1736.91           67
SUNNYVALE        CA 94086  10.8750           06/28/04
0421100587                 0.0000            09/01/04          00
0421100587                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9171713                    5.1250            400000.0000       100.0000
                           5.1250            400,000.00        ZZ
                           4.8750            1708.33           1
                           11.1250           1708.33           80
SIMI VALLEY      CA 93065  10.8750           07/01/04
0421109000                 0.0000            09/01/04          00
0421109000                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9171715                    4.6250            554400.0000       100.0000
                           4.6250            554,400.00        ZZ
                           4.3750            2136.75           1
                           10.6250           2136.75           70
VACAVILLE        CA 95688  10.3750           07/06/04
0421109810                 0.0000            09/01/04          00
0421109810                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9171729                    5.7500            450000.0000       100.0000
                           5.7500            450,000.00        ZZ
                           5.5000            2626.08           1
                           10.7500           2626.08           75
MOUNTAIN VIEW    CA 94043  10.5000           06/29/04
0421131475                 0.0000            09/01/04          00
0421131475                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9171771                    5.6250            373992.0000       100.0000
                           5.6250            373,992.00        ZZ
                           5.3750            1753.09           1
                           10.6250           1753.09           80
SANTA MARIA      CA 93458  10.3750           06/25/04
0421137514                 0.0000            08/01/04          00
0421137514                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9171801                    6.0000            137600.0000       100.0000
                           6.0000            137,600.00        ZZ
                           5.7500            688.00            1
                           11.0000           688.00            80
STERLING HEIGHT  MI 48310  10.7500           07/02/04
0421199407                 0.0000            09/01/04          00
0421199407                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9171805                    5.0000            223500.0000       100.0000
                           5.0000            223,500.00        ZZ
                           4.7500            931.25            1
                           11.0000           931.25            48
JUPITER          FL 33478  10.7500           07/02/04
0421203951                 0.0000            09/01/04          00
0421203951                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9171809                    5.6250            650000.0000       100.0000
                           5.6250            650,000.00        ZZ
                           5.3750            3046.88           1
                           10.6250           3046.88           72
MILPITAS         CA 95035  10.3750           07/01/04
0421207085                 0.0000            09/01/04          00
0421207085                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9171921                    5.3750            413100.0000       100.0000
                           5.3750            413,100.00        ZZ
                           5.1250            2313.24           1
                           11.3750           2313.24           90
PELHAM           NY 10803  11.1250           07/08/04
0421210493                 0.0000            09/01/04          10
0421210493                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9171923                    5.5000            400000.0000       100.0000
                           5.5000            400,000.00        ZZ
                           5.2500            1833.33           1
                           10.5000           1833.33           72
SANTA ROSA       CA 95404  10.2500           06/29/04
0421212341                 0.0000            09/01/04          00
0421212341                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9171987                    5.8750            140000.0000       100.0000
                           5.8750            139,857.27        ZZ
                           5.6250            828.15            1
                           10.8750           828.15            80
HOMESTEAD        FL 33033  10.6250           07/02/04
0421218942                 0.0000            08/01/04          00
0421218942                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9171991                    5.0000            186400.0000       100.0000
                           5.0000            186,400.00        ZZ
                           4.7500            1000.64           1
                           11.0000           1000.64           80
WASHINGTON       UT 84780  10.7500           07/01/04
0421220401                 0.0000            09/01/04          00
0421220401                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9172027                    5.8750            286000.0000       100.0000
                           5.8750            286,000.00        ZZ
                           5.6250            1691.80           1
                           10.8750           1691.80           61
LAGUNA NIGUEL    CA 92677  10.6250           07/02/04
0421230871                 0.0000            09/01/04          00
0421230871                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9172486                    5.3750            244800.0000       100.0000
                           5.3750            243,416.11        ZZ
                           5.1250            1370.81           1
                           10.3750           1370.81           90
NILES            IL 60714  10.1250           03/04/04
0419915822                 0.0000            04/01/04          01
0419915822                 0.0000            03/01/34          25.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     07                00
                           O                 0.0000

9172643                    5.7500            35625.0000        100.0000
                           5.7500            35,625.00         ZZ
                           5.5000            207.90            1
                           11.7500           207.90            75
MEMPHIS          TN 38111  11.5000           07/08/04
0421243668                 0.0000            09/01/04          00
0421243668                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9172703                    5.5000            102000.0000       100.0000
                           5.5000            101,888.36        ZZ
                           5.2500            579.14            1
                           10.5000           579.14            80
SPOKANE          WA 99223  10.2500           06/28/04
0421266016                 0.0000            08/01/04          00
0421266016                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9172715                    5.3750            214920.0000       100.0000
                           5.3750            214,920.00        T
                           5.1250            962.66            1
                           11.3750           962.66            90
CLEARWATER       FL 33764  11.1250           07/08/04
0421274945                 0.0000            09/01/04          10
0421274945                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9172891                    6.0000            460000.0000       100.0000
                           6.0000            460,000.00        ZZ
                           5.7500            2757.93           1
                           11.0000           2757.93           77
SUMMIT           NJ 07901  10.7500           07/02/04
0421301854                 0.0000            09/01/04          00
0421301854                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9172908                    5.1250            118750.0000       100.0000
                           5.1250            118,046.93        ZZ
                           4.8750            646.58            1
                           11.1250           646.58            95
HALE             MI 48739  10.8750           02/28/04
0419581525                 0.0000            04/01/04          04
0419581525                 0.0000            03/01/34          30.0000
0                          3.2500            03/01/07          03/01/07
E22/G02                    3.0000            04/01/07          04/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9172928                    5.8750            200000.0000       100.0000
                           5.8750            198,970.41        ZZ
                           5.6250            1183.08           1
                           10.8750           1183.08           89
HAMBURG          NJ 07419  10.6250           02/19/04
0419629092                 0.0000            04/01/04          04
0419629092                 0.0000            03/01/34          25.0000
0                          3.2500            03/01/09          03/01/09
E22/G02                    3.0000            04/01/09          04/01/09
45                         5.8750            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9172951                    5.7500            101600.0000       100.0000
                           5.7500            101,600.00        ZZ
                           5.5000            486.83            1
                           10.7500           486.83            80
PHOENIX          AZ 85029  10.5000           07/01/04
0421314824                 0.0000            09/01/04          00
0421314824                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9173033                    5.8750            225000.0000       100.0000
                           5.8750            225,000.00        ZZ
                           5.6250            1330.96           1
                           10.8750           1330.96           90
SOUTH LAKE TAHO  CA 96150  10.6250           07/01/04
0421332370                 0.0000            09/01/04          01
0421332370                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9173041                    5.6250            252000.0000       100.0000
                           5.6250            252,000.00        ZZ
                           5.3750            1450.65           1
                           10.6250           1450.65           84
CONCORD          CA 94518  10.3750           06/29/04
0421333659                 0.0000            09/01/04          04
0421333659                 0.0000            08/01/34          12.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9173191                    5.1250            244000.0000       100.0000
                           5.1250            243,713.53        T
                           4.8750            1328.55           1
                           11.1250           1328.55           73
SOUTH LAKE TAHO  CA 96150  10.8750           06/29/04
0421160409                 0.0000            08/01/04          00
0421160409                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9173243                    6.0000            265000.0000       100.0000
                           6.0000            265,000.00        ZZ
                           5.7500            1325.00           1
                           11.0000           1325.00           74
CORAL SPRINGS    FL 33065  10.7500           07/09/04
0421180738                 0.0000            09/01/04          00
0421180738                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9174495                    5.7500            650000.0000       100.0000
                           5.7500            649,321.36        ZZ
                           5.5000            3793.22           1
                           11.7500           3793.22           75
DULUTH           GA 30097  11.5000           07/02/04
0438134926                 0.0000            08/01/04          00
30256                      0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
A52/G02                    3.0000            08/01/07          08/01/07
25                         3.7500            0.0000            0.0000
A                          7.7500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9174631                    6.3750            166250.0000       100.0000
                           6.3750            166,096.02        ZZ
                           6.1250            1037.18           1
                           11.3750           1037.18           95
BRANDON          FL 33511  11.1250           06/26/04
0438085763                 0.0000            08/01/04          10
2200002118                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/09          07/01/09
N74/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9174729                    4.8750            425000.0000       100.0000
                           4.8750            424,477.43        ZZ
                           4.6250            2249.13           1
                           10.8750           2249.13           73
ORO VALLEY       AZ 85737  10.6250           06/24/04
0438085441                 3.2500            08/01/04          00
01000600342                3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
M12/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.6250                     5                 0
0.0000                     05                00
                           O                 0.0000

9174929                    5.8750            280000.0000       100.0000
                           5.8750            279,714.52        ZZ
                           5.6250            1656.31           1
                           10.8750           1656.31           80
OCEANSIDE        CA 92057  10.6250           06/21/04
0438083032                 3.2500            08/01/04          00
44930                      3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
F89/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     03                00
                           N                 0.0000

9175195                    5.2500            280000.0000       100.0000
                           5.2500            279,678.83        ZZ
                           5.0000            1546.17           1
                           11.2500           1546.17           80
KINGS BEACH      CA 96143  11.0000           06/14/04
0438083073                 3.2500            08/01/04          00
1000058827                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
624/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9175437                    5.5000            318750.0000       100.0000
                           5.5000            318,401.11        ZZ
                           5.2500            1809.83           1
                           10.5000           1809.83           75
TRUCKEE          CA 96161  10.2500           06/21/04
0438082257                 3.2500            08/01/04          00
1000059024                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
624/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.5000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.2500                     5                 0
0.0000                     03                00
                           O                 0.0000

9175501                    5.2500            307800.0000       100.0000
                           5.2500            307,800.00        ZZ
                           5.0000            1346.63           1
                           11.2500           1346.63           90
GAITHERSBURG     MD 20878  11.0000           06/28/04
0438078289                 0.0000            08/01/04          12
32704138                   0.0000            07/01/34          25.0000
0                          2.2500            07/01/07          07/01/07
696/G02                    2.0000            08/01/07          08/01/07
25                         2.2500            0.0000            0.0000
A                          8.2500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9175531                    5.6250            163000.0000       100.0000
                           5.6250            163,000.00        ZZ
                           5.3750            764.06            1
                           11.6250           764.06            58
FREDERICK        MD 21701  11.3750           06/24/04
0438079667                 0.0000            08/01/04          00
32204103                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
696/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          8.6250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9176211                    5.8750            633500.0000       100.0000
                           5.8750            633,500.00        ZZ
                           5.6250            3747.39           1
                           11.8750           3747.39           70
SEATTLE          WA 98199  11.6250           06/30/04
0421351107                 0.0000            09/01/04          00
0421351107                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9176229                    5.8750            92000.0000        100.0000
                           5.8750            92,000.00         ZZ
                           5.6250            544.21            1
                           11.8750           544.21            80
SEABROOK         TX 77586  11.6250           07/08/04
0421360876                 0.0000            09/01/04          00
0421360876                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9176361                    5.5000            118400.0000       100.0000
                           5.5000            118,400.00        ZZ
                           5.2500            672.26            1
                           10.5000           672.26            80
FRISCO           TX 75035  10.2500           07/09/04
0421249665                 0.0000            09/01/04          00
0421249665                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9176391                    5.7500            72851.0000        100.0000
                           5.7500            72,774.94         ZZ
                           5.5000            425.14            1
                           11.7500           425.14            90
MIDDLETON        ID 83644  11.5000           06/28/04
0421275991                 0.0000            08/01/04          01
0421275991                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9176393                    5.5000            193509.0000       100.0000
                           5.5000            193,509.00        ZZ
                           5.2500            1098.72           1
                           11.5000           1098.72           90
CARMEL           IN 46033  11.2500           07/09/04
0421277369                 0.0000            09/01/04          04
0421277369                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9176437                    5.3750            223000.0000       100.0000
                           5.3750            222,593.23        ZZ
                           5.1250            1248.74           2
                           10.3750           1248.74           80
GARDNERVILLE     NV 89410  10.1250           06/25/04
0421207911                 0.0000            08/01/04          00
0421207911                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9176441                    5.6250            311000.0000       100.0000
                           5.6250            311,000.00        ZZ
                           5.3750            1457.81           1
                           10.6250           1457.81           75
LOS ANGELES      CA 91306  10.3750           07/02/04
0421208117                 0.0000            09/01/04          00
0421208117                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9176449                    5.2500            177000.0000       100.0000
                           5.2500            176,796.98        ZZ
                           5.0000            977.40            1
                           10.2500           977.40            75
YUBA CITY        CA 95991  10.0000           06/29/04
0421221276                 0.0000            08/01/04          00
0421221276                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E22/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9176499                    5.6250            170910.0000       100.0000
                           5.6250            170,910.00        ZZ
                           5.3750            983.85            1
                           10.6250           983.85            90
WELLINGTON       CO 80549  10.3750           07/09/04
0421245176                 0.0000            09/01/04          04
0421245176                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9176577                    5.0000            181200.0000       100.0000
                           5.0000            181,200.00        ZZ
                           4.7500            972.72            1
                           11.0000           972.72            80
FRESNO           CA 93722  10.7500           07/06/04
0421106170                 0.0000            09/01/04          00
0421106170                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9176687                    5.3750            426313.0000       100.0000
                           5.3750            426,313.00        ZZ
                           5.1250            1909.53           1
                           10.3750           1909.53           80
MURRIETA         CA 92562  10.1250           07/06/04
0421039231                 0.0000            09/01/04          00
0421039231                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9176701                    5.7500            300000.0000       100.0000
                           5.7500            299,686.78        ZZ
                           5.5000            1750.72           4
                           11.7500           1750.72           87
ANCHORAGE        AK 99508  11.5000           06/25/04
0420936817                 0.0000            08/01/04          04
0420936817                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9176739                    5.2500            193500.0000       100.0000
                           5.2500            193,500.00        ZZ
                           5.0000            1068.51           1
                           11.2500           1068.51           90
NEW ORLEANS      LA 70124  11.0000           07/09/04
0420897118                 0.0000            09/01/04          01
0420897118                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9176898                    4.5000            243750.0000       100.0000
                           4.5000            241,370.03        ZZ
                           4.2500            1235.05           1
                           10.5000           1235.05           75
SAN DIEGO        CA 92111  10.2500           02/27/04
0420028995                 0.0000            04/01/04          00
0420028995                 0.0000            03/01/34          0.0000
0                          3.2500            03/01/07          03/01/07
E22/G02                    3.0000            04/01/07          04/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9177166                    5.1250            268000.0000       100.0000
                           5.1250            266,733.32        ZZ
                           4.8750            1459.23           1
                           11.1250           1459.23           80
SOUTHLAKE        TX 76092  10.8750           03/05/04
0419775101                 0.0000            05/01/04          00
0419775101                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9177681                    5.2500            167200.0000       100.0000
                           5.2500            167,008.22        ZZ
                           5.0000            923.28            1
                           11.2500           923.28            80
CAPE CORAL       FL 33993  11.0000           06/30/04
0438097032                 0.0000            08/01/04          00
3000627435                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
U05/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9180471                    5.5000            132000.0000       100.0000
                           5.5000            131,855.52        ZZ
                           5.2500            749.48            1
                           11.5000           749.48            80
LITTLETON        CO 80128  11.2500           06/25/04
0438092108                 0.0000            08/01/04          00
6650000164                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
758/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9181818                    4.8750            256500.0000       100.0000
                           4.8750            255,230.73        ZZ
                           4.6250            1357.42           2
                           10.8750           1357.42           90
MIAMI            FL 33135  10.6250           03/08/04
0419688361                 0.0000            05/01/04          04
0419688361                 0.0000            04/01/34          25.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9181948                    5.2500            196650.0000       100.0000
                           5.2500            195,741.80        ZZ
                           5.0000            1085.91           1
                           11.2500           1085.91           95
VERO BEACH       FL 32960  11.0000           03/08/04
0419777446                 0.0000            05/01/04          04
0419777446                 0.0000            04/01/34          30.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9183041                    5.2500            160000.0000       100.0000
                           5.2500            160,000.00        TX
                           5.0000            883.53            1
                           11.2500           883.53            78
IRVING           TX 75061  11.0000           07/07/04
0438180259                 0.0000            09/01/04          00
12402633                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
U42/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9183603                    5.6250            152000.0000       100.0000
                           5.6250            151,896.12        ZZ
                           5.3750            712.50            1
                           11.6250           712.50            92
TAMPA            FL 33604  11.3750           07/01/04
0420947459                 0.0000            08/01/04          10
0420947459                 0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
E22/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9183613                    5.3750            142000.0000       100.0000
                           5.3750            142,000.00        ZZ
                           5.1250            795.16            1
                           10.3750           795.16            74
CANTON           NC 28716  10.1250           07/07/04
0420994469                 0.0000            09/01/04          00
0420994469                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9183627                    5.7500            125000.0000       100.0000
                           5.7500            125,000.00        ZZ
                           5.5000            729.47            1
                           10.7500           729.47            68
CANTON           NC 28716  10.5000           07/12/04
0421035957                 0.0000            09/01/04          00
0421035957                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9183631                    5.7500            104000.0000       100.0000
                           5.7500            104,000.00        ZZ
                           5.5000            606.92            1
                           11.7500           606.92            80
JOLIET           IL 60435  11.5000           07/12/04
0421053950                 0.0000            09/01/04          00
0421053950                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9183645                    5.7500            183000.0000       100.0000
                           5.7500            183,000.00        ZZ
                           5.5000            1067.94           1
                           10.7500           1067.94           80
TAMARAC          FL 33321  10.5000           07/07/04
0421138041                 0.0000            09/01/04          00
0421138041                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9183657                    5.3750            236000.0000       100.0000
                           5.3750            236,000.00        ZZ
                           5.1250            1321.53           1
                           10.3750           1321.53           80
MT. LAUREL       NJ 08054  10.1250           07/12/04
0421152596                 0.0000            09/01/04          00
0421152596                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9183691                    5.5000            472000.0000       100.0000
                           5.5000            472,000.00        ZZ
                           5.2500            2163.33           1
                           11.5000           2163.33           63
CARLSBAD         CA 92009  11.2500           06/29/04
0421166158                 0.0000            09/01/04          00
0421166158                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9183693                    5.2500            252800.0000       100.0000
                           5.2500            252,800.00        ZZ
                           5.0000            1106.00           1
                           11.2500           1106.00           80
FLORHAM PARK     NJ 07932  11.0000           07/07/04
0421166323                 0.0000            09/01/04          00
0421166323                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     29                00
                           O                 0.0000

9183699                    5.3750            179200.0000       100.0000
                           5.3750            179,200.00        ZZ
                           5.1250            1003.47           1
                           11.3750           1003.47           80
PRAIRIE VILLAGE  KS 66208  11.1250           07/07/04
0421174624                 0.0000            09/01/04          00
0421174624                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9183729                    5.8750            132000.0000       100.0000
                           5.8750            132,000.00        ZZ
                           5.6250            780.83            1
                           10.8750           780.83            68
WATERFORD        MI 48327  10.6250           07/06/04
0421237793                 0.0000            09/01/04          00
0421237793                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9183733                    5.7500            125000.0000       100.0000
                           5.7500            125,000.00        ZZ
                           5.5000            598.96            1
                           10.7500           598.96            15
PALO ALTO        CA 94306  10.5000           06/30/04
0421241225                 0.0000            09/01/04          00
0421241225                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9183759                    5.2500            176000.0000       100.0000
                           5.2500            176,000.00        ZZ
                           5.0000            971.88            1
                           11.2500           971.88            80
ULM              MT 59485  11.0000           07/07/04
0421266933                 0.0000            09/01/04          00
0421266933                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9183765                    5.7500            610000.0000       100.0000
                           5.7500            610,000.00        ZZ
                           5.5000            3559.79           1
                           11.7500           3559.79           78
LOS ANGELES      CA 90068  11.5000           06/29/04
0421269267                 0.0000            09/01/04          00
0421269267                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9183825                    5.2500            252000.0000       100.0000
                           5.2500            252,000.00        ZZ
                           5.0000            1102.50           1
                           11.2500           1102.50           80
DELRAY BEACH     FL 33444  11.0000           07/12/04
0421290925                 0.0000            09/01/04          00
0421290925                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9183843                    5.7500            109250.0000       100.0000
                           5.7500            109,250.00        ZZ
                           5.5000            523.49            1
                           10.7500           523.49            95
NEWPORT NEWS     VA 23605  10.5000           07/07/04
0421303165                 0.0000            09/01/04          04
0421303165                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9183877                    5.6250            247200.0000       100.0000
                           5.6250            247,200.00        ZZ
                           5.3750            1158.75           1
                           10.6250           1158.75           80
PORTLAND         OR 97209  10.3750           07/06/04
0421346206                 0.0000            09/01/04          00
0421346206                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     06                00
                           O                 0.0000

9183953                    5.8750            234000.0000       100.0000
                           5.8750            234,000.00        ZZ
                           5.6250            1384.20           1
                           10.8750           1384.20           90
FRANKLIN         NJ 08873  10.6250           07/12/04
0420829723                 0.0000            09/01/04          01
0420829723                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9184021                    5.7500            270000.0000       100.0000
                           5.7500            270,000.00        ZZ
                           5.5000            1575.65           1
                           11.7500           1575.65           73
EAGLE            ID 83616  11.5000           07/07/04
0421135385                 0.0000            09/01/04          00
0421135385                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9184023                    5.6250            208000.0000       100.0000
                           5.6250            208,000.00        ZZ
                           5.3750            975.00            1
                           10.6250           975.00            80
FORT LAUDERDALE  FL 33312  10.3750           07/12/04
0421135971                 0.0000            09/01/04          00
0421135971                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9184071                    5.8750            88000.0000        100.0000
                           5.8750            88,000.00         ZZ
                           5.6250            520.55            1
                           10.8750           520.55            80
OCEAN SHORES     WA 98569  10.6250           07/01/04
0421256223                 0.0000            09/01/04          00
0421256223                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9187126                    4.5000            141400.0000       100.0000
                           4.5000            140,461.99        ZZ
                           4.2500            716.45            1
                           10.5000           716.45            81
LUTZ             FL 33559  10.2500           02/24/04
0437578180                 4.5000            04/01/04          41
034405528203               4.2500            03/01/34          12.0000
0                          3.6250            03/01/07          03/01/07
K15/G02                    3.3750            04/01/07          04/01/07
25                         4.5000            0.0000            0.0000
A                          7.5000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9190264                    5.2500            284800.0000       100.0000
                           5.2500            283,445.95        ZZ
                           5.0000            1572.68           1
                           10.2500           1572.68           80
CAMARILLO        CA 93012  10.0000           03/03/04
0419735824                 0.0000            05/01/04          00
0419735824                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9192962                    4.7500            73000.0000        100.0000
                           4.7500            72,630.44         ZZ
                           4.5000            380.80            1
                           10.7500           380.80            68
MEBANE           NC 27302  10.5000           03/11/04
0420018715                 0.0000            05/01/04          00
0420018715                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9195407                    6.2500            240000.0000       100.0000
                           6.2500            239,772.28        ZZ
                           6.0000            1477.72           1
                           11.2500           1477.72           80
HENDERSON        NV 89074  11.0000           06/24/04
0438088981                 3.2500            08/01/04          00
1000058970                 3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
624/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          11.2500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9196152                    4.5000            200000.0000       100.0000
                           4.5000            198,940.58        ZZ
                           4.2500            1013.37           1
                           10.5000           1013.37           76
WHEELING         IL 60090  10.2500           03/08/04
0419878632                 0.0000            05/01/04          00
0419878632                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9196175                    5.2500            200000.0000       100.0000
                           5.2500            200,000.00        ZZ
                           5.0000            1104.41           1
                           10.2500           1104.41           80
NICEVILLE        FL 32578  10.0000           07/13/04
0421395286                 0.0000            09/01/04          00
0421395286                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9196181                    5.7500            196000.0000       100.0000
                           5.7500            196,000.00        ZZ
                           5.5000            1143.80           1
                           11.7500           1143.80           80
NUEVO            CA 92567  11.5000           07/08/04
0421405929                 0.0000            09/01/04          00
0421405929                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9196231                    5.8750            122800.0000       100.0000
                           5.8750            122,800.00        ZZ
                           5.6250            601.21            1
                           10.8750           601.21            80
EAGLE MOUNTAIN   UT 84043  10.6250           06/25/04
0420833329                 0.0000            09/01/04          00
0420833329                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9196255                    5.5000            304000.0000       100.0000
                           5.5000            304,000.00        ZZ
                           5.2500            1393.33           1
                           10.5000           1393.33           80
CHICAGO          IL 60616  10.2500           07/08/04
0421041773                 0.0000            09/01/04          00
0421041773                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9196257                    5.5000            333700.0000       100.0000
                           5.5000            333,700.00        ZZ
                           5.2500            1894.71           1
                           10.5000           1894.71           76
CORONA           CA 92880  10.2500           06/30/04
0421046863                 0.0000            09/01/04          00
0421046863                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9196271                    5.3750            132600.0000       100.0000
                           5.3750            132,600.00        ZZ
                           5.1250            742.52            1
                           11.3750           742.52            85
TAMPA            FL 33604  11.1250           07/08/04
0421070079                 0.0000            09/01/04          01
0421070079                 0.0000            08/01/34          12.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9196303                    5.1250            60000.0000        100.0000
                           5.1250            60,000.00         ZZ
                           4.8750            326.69            1
                           11.1250           326.69            79
TUSCALOOSA       AL 35404  10.8750           07/08/04
0421114711                 0.0000            09/01/04          00
0421114711                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9196317                    5.1250            108800.0000       100.0000
                           5.1250            108,800.00        ZZ
                           4.8750            592.40            1
                           11.1250           592.40            80
LE GRAND         CA 95333  10.8750           06/29/04
0421129644                 0.0000            09/01/04          00
0421129644                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9196327                    5.6250            102600.0000       100.0000
                           5.6250            102,600.00        ZZ
                           5.3750            480.94            1
                           11.6250           480.94            95
GALLOWAY         OH 43119  11.3750           07/13/04
0421148222                 0.0000            09/01/04          01
0421148222                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9196357                    5.3750            500000.0000       100.0000
                           5.3750            500,000.00        ZZ
                           5.1250            2799.86           1
                           11.3750           2799.86           80
RICHMOND         CA 94804  11.1250           07/01/04
0421196437                 0.0000            09/01/04          00
0421196437                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9196411                    5.1250            162000.0000       100.0000
                           5.1250            162,000.00        ZZ
                           4.8750            691.88            1
                           11.1250           691.88            78
BROOMFIELD       CO 80020  10.8750           07/07/04
0421216797                 0.0000            09/01/04          00
0421216797                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9196425                    5.8750            560000.0000       100.0000
                           5.8750            560,000.00        ZZ
                           5.6250            2741.67           1
                           10.8750           2741.67           70
THOUSAND OAKS    CA 91360  10.6250           07/07/04
0421230004                 0.0000            09/01/04          00
0421230004                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9196437                    5.5000            171000.0000       100.0000
                           5.5000            171,000.00        ZZ
                           5.2500            783.75            1
                           10.5000           783.75            62
PLAINWELL        MI 49080  10.2500           07/13/04
0421239856                 0.0000            09/01/04          00
0421239856                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9196447                    5.3750            118360.0000       100.0000
                           5.3750            118,360.00        ZZ
                           5.1250            662.78            1
                           10.3750           662.78            80
BOTHELL          WA 98011  10.1250           07/12/04
0421250010                 0.0000            09/01/04          00
0421250010                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9196483                    5.6250            106000.0000       100.0000
                           5.6250            106,000.00        ZZ
                           5.3750            496.88            1
                           10.6250           496.88            22
LA PALMA         CA 90623  10.3750           07/08/04
0421279035                 0.0000            09/01/04          00
0421279035                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9196487                    5.8750            488000.0000       100.0000
                           5.8750            488,000.00        ZZ
                           5.6250            2389.17           1
                           10.8750           2389.17           80
COSTA MESA       CA 92627  10.6250           07/06/04
0421280124                 0.0000            09/01/04          00
0421280124                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9196493                    5.2500            240000.0000       100.0000
                           5.2500            240,000.00        ZZ
                           5.0000            1050.00           1
                           10.2500           1050.00           75
SACRAMENTO       CA 95825  10.0000           06/29/04
0421284027                 0.0000            09/01/04          00
0421284027                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9196509                    5.2500            163000.0000       100.0000
                           5.2500            163,000.00        ZZ
                           5.0000            713.13            1
                           11.2500           713.13            80
TROY             MI 48085  11.0000           07/08/04
0421298209                 0.0000            09/01/04          00
0421298209                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9196527                    5.2500            178400.0000       100.0000
                           5.2500            178,400.00        ZZ
                           5.0000            985.13            1
                           11.2500           985.13            80
ARVADA           CO 80005  11.0000           07/13/04
0421318270                 0.0000            09/01/04          00
0421318270                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9196543                    5.6250            118000.0000       100.0000
                           5.6250            118,000.00        ZZ
                           5.3750            679.27            1
                           10.6250           679.27            47
SHELTON          WA 98584  10.3750           07/07/04
0421333378                 0.0000            09/01/04          00
0421333378                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9196551                    5.8750            138000.0000       100.0000
                           5.8750            138,000.00        ZZ
                           5.6250            816.32            1
                           11.8750           816.32            60
HEMET            CA 92544  11.6250           07/08/04
0421346198                 0.0000            09/01/04          00
0421346198                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9196573                    6.0000            125000.0000       100.0000
                           6.0000            125,000.00        ZZ
                           5.7500            749.44            1
                           11.0000           749.44            56
BOCA RATON       FL 33487  10.7500           07/13/04
0421370594                 0.0000            09/01/04          00
0421370594                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           N                 0.0000

9197243                    5.6250            151200.0000       100.0000
                           5.6250            151,200.00        ZZ
                           5.3750            870.39            1
                           10.6250           870.39            80
PORT SAINT LUCI  FL 34986  10.3750           06/30/04
0438102147                 3.2500            09/01/04          00
WH25356                    3.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
H81/G02                    3.0000            09/01/09          09/01/09
25                         3.2500            0.0000            0.0000
A                          10.6250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.3750                     5                 0
0.0000                     03                00
                           O                 0.0000

9197301                    5.8750            90000.0000        100.0000
                           5.8750            89,908.24         ZZ
                           5.6250            532.38            1
                           10.8750           532.38            79
PHOENIX          AZ 85035  10.6250           06/24/04
0438099947                 0.0000            08/01/04          00
28000065                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
E57/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9197333                    5.5000            172000.0000       100.0000
                           5.5000            172,000.00        ZZ
                           5.2500            976.60            1
                           11.5000           976.60            80
WATERFORD        WI 53185  11.2500           06/29/04
0438117046                 3.2500            09/01/04          00
WH25371                    3.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
H81/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.2500                     5                 0
0.0000                     05                00
                           O                 0.0000

9198121                    5.6250            162000.0000       100.0000
                           5.6250            161,826.82        ZZ
                           5.3750            932.56            2
                           11.6250           932.56            90
CAPE CORAL       FL 33990  11.3750           06/30/04
0438115867                 0.0000            08/01/04          04
30135                      0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
A52/G02                    3.0000            08/01/07          08/01/07
25                         3.6250            0.0000            0.0000
A                          7.6250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9198161                    6.1250            101250.0000       100.0000
                           6.1250            101,151.59        ZZ
                           5.8750            615.21            1
                           11.1250           615.21            90
AUSTIN           TX 78729  10.8750           06/29/04
0438106254                 0.0000            08/01/04          01
3000637366                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
U05/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          11.1250           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9198367                    5.8750            600000.0000       100.0000
                           5.8750            599,388.27        ZZ
                           5.6250            3549.23           1
                           10.8750           3549.23           75
MURRIETA         CA 92562  10.6250           06/29/04
0438116907                 0.0000            08/01/04          00
20518896                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
L86/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9198685                    6.8750            320000.0000       100.0000
                           6.8750            320,000.00        ZZ
                           6.6250            1833.33           1
                           11.8750           1833.33           80
WASHINGTON       DC 20005  11.6250           07/09/04
0438101826                 0.0000            09/01/04          00
31204208                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
696/G02                    3.0000            09/01/09          09/01/09
25                         3.2500            0.0000            0.0000
A                          11.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     06                00
                           O                 0.0000

9198689                    6.5000            208000.0000       100.0000
                           6.5000            208,000.00        ZZ
                           6.2500            1126.67           1
                           11.5000           1126.67           80
WOODBRIDGE       VA 22193  11.2500           07/08/04
0438094971                 0.0000            09/01/04          00
26304046                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
696/G02                    3.0000            09/01/09          09/01/09
25                         3.2500            0.0000            0.0000
A                          11.5000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9198693                    5.2500            204000.0000       100.0000
                           5.2500            204,000.00        ZZ
                           5.0000            892.50            2
                           11.2500           892.50            80
FREDERICKSBURG   VA 22401  11.0000           07/06/04
0438109654                 0.0000            08/01/04          00
26404080                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
696/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          8.2500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9198843                    6.0000            81600.0000        100.0000
                           6.0000            81,600.00         ZZ
                           5.7500            489.23            1
                           12.0000           489.23            80
MILFORD          OH 45150  11.7500           07/14/04
0421441932                 0.0000            09/01/04          00
0421441932                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         4.0000            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9198869                    5.7500            128000.0000       100.0000
                           5.7500            128,000.00        ZZ
                           5.5000            746.97            1
                           10.7500           746.97            80
LA PINE          OR 97739  10.5000           07/08/04
0420907008                 0.0000            09/01/04          00
0420907008                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9198889                    5.7500            156000.0000       100.0000
                           5.7500            156,000.00        ZZ
                           5.5000            747.50            1
                           10.7500           747.50            80
TAMARAC          FL 33321  10.5000           07/14/04
0421038266                 0.0000            09/01/04          00
0421038266                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9198893                    5.0000            187500.0000       100.0000
                           5.0000            187,500.00        ZZ
                           4.7500            781.25            1
                           11.0000           781.25            87
LYNDEN           WA 98264  10.7500           07/08/04
0421051780                 0.0000            09/01/04          01
0421051780                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9198903                    5.7500            481600.0000       100.0000
                           5.7500            481,600.00        ZZ
                           5.5000            2307.67           1
                           10.7500           2307.67           80
SOUTH MIAMI      FL 33143  10.5000           07/14/04
0421069071                 0.0000            09/01/04          00
0421069071                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9198917                    5.0000            339975.0000       100.0000
                           5.0000            339,975.00        ZZ
                           4.7500            1416.56           1
                           11.0000           1416.56           80
WEST LONG BRANC  NJ 07764  10.7500           07/09/04
0421106683                 0.0000            09/01/04          00
0421106683                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9198919                    5.3750            200000.0000       100.0000
                           5.3750            200,000.00        ZZ
                           5.1250            1119.94           1
                           10.3750           1119.94           54
GUERNEVILLE      CA 95446  10.1250           07/08/04
0421107889                 0.0000            09/01/04          00
0421107889                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         0.3750            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9198929                    5.5000            400000.0000       100.0000
                           5.5000            400,000.00        ZZ
                           5.2500            1833.33           1
                           11.5000           1833.33           80
LAKE WORTH       FL 33467  11.2500           07/09/04
0421124835                 0.0000            09/01/04          00
0421124835                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9198951                    6.0000            153000.0000       100.0000
                           6.0000            153,000.00        ZZ
                           5.7500            765.00            1
                           11.0000           765.00            60
TACOMA           WA 98406  10.7500           07/07/04
0421152828                 0.0000            09/01/04          00
0421152828                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9198975                    5.7500            169150.0000       100.0000
                           5.7500            169,150.00        ZZ
                           5.5000            987.11            1
                           10.7500           987.11            85
ROYAL PALM BEAC  FL 33411  10.5000           07/09/04
0421201716                 0.0000            09/01/04          10
0421201716                 0.0000            08/01/34          12.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9199009                    5.5000            344000.0000       100.0000
                           5.5000            344,000.00        ZZ
                           5.2500            1953.19           1
                           10.5000           1953.19           73
SEATTLE          WA 98119  10.2500           07/09/04
0421221854                 0.0000            09/01/04          00
0421221854                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9199021                    5.3750            542500.0000       100.0000
                           5.3750            542,500.00        ZZ
                           5.1250            2429.95           1
                           11.3750           2429.95           67
CHULA VISTA      CA 91915  11.1250           07/08/04
0421230426                 0.0000            09/01/04          00
0421230426                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9199025                    5.5000            175000.0000       100.0000
                           5.5000            175,000.00        ZZ
                           5.2500            802.08            1
                           10.5000           802.08            73
GOLD BAR         WA 98251  10.2500           06/30/04
0421241431                 0.0000            09/01/04          00
0421241431                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9199047                    4.8750            82350.0000        100.0000
                           4.8750            82,350.00         ZZ
                           4.6250            435.80            1
                           10.8750           435.80            90
HOUSTON          TX 77027  10.6250           07/09/04
0421251281                 0.0000            09/01/04          10
0421251281                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9199075                    5.8750            108000.0000       100.0000
                           5.8750            108,000.00        ZZ
                           5.6250            638.86            1
                           11.8750           638.86            90
WEST PALM BEACH  FL 33409  11.6250           07/14/04
0421276957                 0.0000            09/01/04          10
0421276957                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9199083                    5.0000            225000.0000       100.0000
                           5.0000            225,000.00        ZZ
                           4.7500            1207.85           1
                           11.0000           1207.85           45
RICHMOND         CA 94801  10.7500           07/01/04
0421283714                 0.0000            09/01/04          00
0421283714                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9199091                    5.1250            180500.0000       100.0000
                           5.1250            180,500.00        ZZ
                           4.8750            982.80            1
                           11.1250           982.80            64
NEWCASTLE        WA 98056  10.8750           07/07/04
0421289406                 0.0000            09/01/04          00
0421289406                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9199093                    6.7500            200000.0000       100.0000
                           6.7500            200,000.00        ZZ
                           6.5000            1297.20           1
                           11.7500           1297.20           73
EVERETT          WA 98208  11.5000           07/07/04
0421291246                 0.0000            09/01/04          00
0421291246                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9199228                    5.0000            105000.0000       100.0000
                           5.0000            104,489.30        ZZ
                           4.7500            563.66            1
                           11.0000           563.66            70
PALATINE         IL 60067  10.7500           03/10/04
0420021271                 0.0000            05/01/04          00
0420021271                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9199287                    5.7500            333700.0000       100.0000
                           5.7500            333,700.00        ZZ
                           5.5000            1598.98           1
                           10.7500           1598.98           80
LOMPOC           CA 93436  10.5000           07/08/04
0421364415                 0.0000            09/01/04          00
0421364415                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9199303                    5.7500            180000.0000       100.0000
                           5.7500            180,000.00        ZZ
                           5.5000            862.50            1
                           10.7500           862.50            70
CITRUS HEIGHTS   CA 95610  10.5000           07/07/04
0421381997                 0.0000            09/01/04          00
0421381997                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9200449                    5.0000            572000.0000       100.0000
                           5.0000            571,999.99        ZZ
                           4.7500            2383.34           1
                           11.0000           2383.34           80
RANCHO SANTA MA  CA 92688  10.7500           06/03/04
0438107971                 0.0000            08/01/04          00
W01763031                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
944/G02                    2.0000            08/01/07          08/01/07
45                         3.0000            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9200465                    5.1250            292000.0000       100.0000
                           5.1250            291,999.99        ZZ
                           4.8750            1247.09           1
                           10.1250           1247.09           80
OCEANSIDE        CA 92054  9.8750            06/07/04
0438108045                 0.0000            08/01/04          00
W01764055                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
944/G01                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9200469                    5.5000            328000.0000       100.0000
                           5.5000            327,999.99        ZZ
                           5.2500            1503.34           1
                           10.5000           1503.34           80
DANVILLE         CA 94526  10.2500           06/10/04
0438108052                 0.0000            08/01/04          00
W01764226                  0.0000            07/01/34          0.0000
0                          2.2500            07/01/09          07/01/09
944/G01                    2.0000            08/01/09          08/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9200815                    5.7500            350000.0000       100.0000
                           5.7500            350,000.00        ZZ
                           5.5000            1677.08           1
                           10.7500           1677.08           76
POOLESVILLE      MD 20837  10.5000           07/02/04
0438106999                 0.0000            09/01/04          00
23604102                   0.0000            08/01/34          0.0000
0                          2.2500            08/01/09          08/01/09
696/G02                    2.0000            09/01/09          09/01/09
25                         2.2500            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9201289                    5.5000            190000.0000       100.0000
                           5.5000            190,000.00        ZZ
                           5.2500            1078.80           1
                           11.5000           1078.80           75
LAS VEGAS        NV 89117  11.2500           07/01/04
0421097890                 0.0000            09/01/04          00
0421097890                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9201347                    5.2500            308000.0000       100.0000
                           5.2500            308,000.00        ZZ
                           5.0000            1347.50           1
                           11.2500           1347.50           80
RANCHO CUCAMONG  CA 91737  11.0000           07/09/04
0421205188                 0.0000            09/01/04          00
0421205188                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9201353                    5.5000            320000.0000       100.0000
                           5.5000            320,000.00        ZZ
                           5.2500            1466.67           1
                           10.5000           1466.67           80
JUPITER          FL 33477  10.2500           07/15/04
0421211459                 0.0000            09/01/04          00
0421211459                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9201393                    5.2500            168000.0000       100.0000
                           5.2500            168,000.00        ZZ
                           5.0000            927.70            1
                           11.2500           927.70            80
MUNDELEIN        IL 60060  11.0000           07/15/04
0421259383                 0.0000            09/01/04          00
0421259383                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9201399                    5.5000            111200.0000       100.0000
                           5.5000            111,200.00        ZZ
                           5.2500            631.38            1
                           10.5000           631.38            80
HOUSTON          TX 77081  10.2500           07/13/04
0421270455                 0.0000            09/01/04          00
0421270455                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9201401                    5.5000            108000.0000       100.0000
                           5.5000            108,000.00        ZZ
                           5.2500            613.21            1
                           10.5000           613.21            80
HOUSTON          TX 77081  10.2500           07/13/04
0421270612                 0.0000            09/01/04          00
0421270612                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9201405                    6.1250            247000.0000       100.0000
                           6.1250            247,000.00        ZZ
                           5.8750            1260.73           3
                           11.1250           1260.73           95
HADDON HEIGHTS   NJ 08035  10.8750           07/15/04
0421285487                 0.0000            09/01/04          10
0421285487                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9201687                    5.3750            371500.0000       100.0000
                           5.3750            371,500.00        ZZ
                           5.1250            2080.29           1
                           10.3750           2080.29           63
CLAREMONT        CA 91711  10.1250           07/12/04
0421057266                 0.0000            09/01/04          00
0421057266                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9202034                    5.0000            144000.0000       100.0000
                           5.0000            143,303.59        ZZ
                           4.7500            773.02            1
                           11.0000           773.02            86
CARLYLE          IL 62231  10.7500           03/11/04
0420022345                 0.0000            05/01/04          04
0420022345                 0.0000            04/01/34          25.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9202271                    5.6250            271467.0000       100.0000
                           5.6250            271,176.78        ZZ
                           5.3750            1562.72           1
                           11.6250           1562.72           90
CHESTERFIELD     MO 63017  11.3750           06/28/04
0438166548                 0.0000            08/01/04          14
587094                     0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
H49/G02                    3.0000            08/01/07          08/01/07
25                         3.6250            0.0000            0.0000
A                          7.6250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9205199                    6.1250            108000.0000       100.0000
                           6.1250            107,895.03        ZZ
                           5.8750            656.22            2
                           11.1250           656.22            80
HOUSTON          TX 77036  10.8750           06/18/04
0438120388                 0.0000            08/01/04          00
1130000144                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
758/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          11.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9205321                    5.0000            157000.0000       100.0000
                           5.0000            156,811.36        ZZ
                           4.7500            842.81            1
                           11.0000           842.81            54
SPANISH FORK     UT 84660  10.7500           06/28/04
0438161739                 0.0000            08/01/04          00
40014472                   0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
W84/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9205440                    5.3750            191200.0000       100.0000
                           5.3750            190,032.50        ZZ
                           5.1250            1070.67           1
                           10.3750           1070.67           80
ATLANTA          GA 30308  10.1250           03/15/04
0437647878                 0.0000            05/01/04          00
10579                      0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
M82/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     08                00
                           O                 0.0000

9206748                    5.7500            100000.0000       100.0000
                           5.7500            99,579.38         ZZ
                           5.5000            583.57            1
                           10.7500           583.57            72
BELLINGHAM       WA 98229  10.5000           03/15/04
0419880745                 0.0000            05/01/04          00
0419880745                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           N                 0.0000

9206756                    5.3750            192000.0000       100.0000
                           5.3750            191,133.65        ZZ
                           5.1250            1075.14           1
                           10.3750           1075.14           80
DERRY            NH 03038  10.1250           03/10/04
0419887088                 0.0000            05/01/04          00
0419887088                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9206882                    5.3750            124000.0000       100.0000
                           5.3750            123,440.48        ZZ
                           5.1250            694.36            1
                           10.3750           694.36            90
MIAMI            FL 33174  10.1250           03/18/04
0420062952                 0.0000            05/01/04          04
0420062952                 0.0000            04/01/34          25.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9207048                    5.0000            198000.0000       100.0000
                           5.0000            195,986.49        ZZ
                           4.7500            1062.91           1
                           10.0000           1062.91           90
EAST WENATCHEE   WA 98802  9.7500            03/11/04
0420237851                 0.0000            05/01/04          10
0420237851                 0.0000            04/01/34          10.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9207191                    5.3750            184320.0000       100.0000
                           5.3750            184,320.00        ZZ
                           5.1250            1032.14           1
                           11.3750           1032.14           80
BURNSVILLE       MN 55337  11.1250           07/16/04
0438172009                 0.0000            09/01/04          00
04800553F                  0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
B39/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9207683                    5.6250            243900.0000       100.0000
                           5.6250            243,900.00        ZZ
                           5.3750            1404.03           1
                           11.6250           1404.03           90
CLOVIS           CA 93611  11.3750           07/01/04
0438122772                 0.0000            09/01/04          19
9107461                    0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
808/G02                    3.0000            09/01/07          09/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9208130                    5.3750            404800.0000       100.0000
                           5.3750            402,966.88        ZZ
                           5.1250            2266.76           1
                           10.3750           2266.76           80
SAN FRANCISCO    CA 94107  10.1250           03/10/04
0437616378                 0.0000            05/01/04          00
14501410                   0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
L86/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9210696                    4.8750            284000.0000       100.0000
                           4.8750            282,594.67        ZZ
                           4.6250            1502.95           2
                           10.8750           1502.95           80
CHICAGO          IL 60618  10.6250           03/15/04
0419860176                 0.0000            05/01/04          00
0419860176                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9211134                    5.0000            155800.0000       100.0000
                           5.0000            155,046.50        ZZ
                           4.7500            836.37            1
                           11.0000           836.37            95
WASHINGTON       DC 20024  10.7500           03/15/04
0420285876                 0.0000            05/01/04          10
0420285876                 0.0000            04/01/34          30.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     08                00
                           O                 0.0000

9213054                    4.6250            101600.0000       100.0000
                           4.6250            101,073.82        ZZ
                           4.3750            522.37            1
                           10.6250           522.37            80
FORT WORTH       TX 76112  10.3750           03/18/04
0420195950                 0.0000            05/01/04          00
0420195950                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9213090                    4.8750            228000.0000       100.0000
                           4.8750            226,591.45        ZZ
                           4.6250            1206.59           1
                           10.8750           1206.59           80
SAN DIEGO        CA 92126  10.6250           03/15/04
0420146607                 0.0000            05/01/04          00
0420146607                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9213577                    5.5000            200000.0000       100.0000
                           5.5000            200,000.00        ZZ
                           5.2500            1135.58           1
                           10.5000           1135.58           80
BELLEVUE         WA 98008  10.2500           07/07/04
0420625816                 0.0000            09/01/04          00
0420625816                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9213588                    5.3750            96425.0000        100.0000
                           5.3750            95,989.90         ZZ
                           5.1250            539.95            1
                           11.3750           539.95            95
PAWLEYS ISLAND   SC 29585  11.1250           03/16/04
0419859293                 0.0000            05/01/04          04
0419859293                 0.0000            04/01/34          30.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9213629                    5.2500            207000.0000       100.0000
                           5.2500            207,000.00        ZZ
                           5.0000            1143.06           1
                           10.2500           1143.06           66
WALLACE          CA 95254  10.0000           07/09/04
0420922759                 0.0000            09/01/04          00
0420922759                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9213666                    5.3750            111400.0000       100.0000
                           5.3750            110,897.31        ZZ
                           5.1250            623.81            1
                           10.3750           623.81            80
ROLLING MEADOWS  IL 60008  10.1250           03/22/04
0419756598                 0.0000            05/01/04          00
0419756598                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9213821                    5.8750            202950.0000       100.0000
                           5.8750            202,950.00        ZZ
                           5.6250            1200.53           2
                           10.8750           1200.53           90
SPOKANE          WA 99218  10.6250           07/09/04
0421256439                 0.0000            09/01/04          10
0421256439                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9213879                    5.2500            108000.0000       100.0000
                           5.2500            108,000.00        T
                           5.0000            596.38            1
                           11.2500           596.38            80
ORLANDO          FL 32807  11.0000           07/16/04
0421281635                 0.0000            09/01/04          00
0421281635                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9213925                    5.2500            320000.0000       100.0000
                           5.2500            320,000.00        ZZ
                           5.0000            1767.05           1
                           10.2500           1767.05           80
PLAINVIEW        NY 11803  10.0000           07/16/04
0421115106                 0.0000            09/01/04          00
0421115106                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9213967                    6.0000            360000.0000       100.0000
                           6.0000            360,000.00        ZZ
                           5.7500            2158.38           2
                           11.0000           2158.38           80
BLOOMFIELD       NJ 07003  10.7500           07/12/04
0421126467                 0.0000            09/01/04          00
0421126467                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9213993                    5.8750            202950.0000       100.0000
                           5.8750            202,950.00        ZZ
                           5.6250            1200.53           2
                           10.8750           1200.53           90
SPOKANE          WA 99218  10.6250           07/09/04
0421152844                 0.0000            09/01/04          10
0421152844                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9214003                    4.7500            146750.0000       100.0000
                           4.7500            146,750.00        ZZ
                           4.5000            765.52            1
                           10.7500           765.52            70
PHILOMATH        OR 97370  10.5000           07/08/04
0421168618                 0.0000            09/01/04          00
0421168618                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9214045                    5.2500            333600.0000       100.0000
                           5.2500            333,600.00        ZZ
                           5.0000            1459.50           1
                           11.2500           1459.50           94
CASSOPOLIS       MI 49031  11.0000           07/12/04
0421297052                 0.0000            09/01/04          01
0421297052                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9214065                    6.0000            126000.0000       100.0000
                           6.0000            126,000.00        ZZ
                           5.7500            755.43            1
                           11.0000           755.43            80
NAPLES           FL 34109  10.7500           07/16/04
0421298852                 0.0000            09/01/04          00
0421298852                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9214073                    5.5000            316000.0000       100.0000
                           5.5000            316,000.00        ZZ
                           5.2500            1448.33           1
                           10.5000           1448.33           80
SAN DIEGO        CA 92105  10.2500           07/09/04
0421305996                 0.0000            09/01/04          00
0421305996                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9214075                    5.5000            147920.0000       100.0000
                           5.5000            147,920.00        T
                           5.2500            839.87            1
                           10.5000           839.87            80
WEAVERVILLE      NC 28787  10.2500           07/16/04
0421307224                 0.0000            09/01/04          00
0421307224                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9214091                    5.5000            640000.0000       100.0000
                           5.5000            640,000.00        ZZ
                           5.2500            3633.85           1
                           11.5000           3633.85           80
OAK PARK         IL 60304  11.2500           07/12/04
0421314857                 0.0000            09/01/04          00
0421314857                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9214143                    5.7500            138000.0000       100.0000
                           5.7500            138,000.00        ZZ
                           5.5000            661.25            1
                           10.7500           661.25            80
LEANDER          TX 78641  10.5000           07/13/04
0421340688                 0.0000            09/01/04          00
0421340688                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9214159                    5.2500            188000.0000       100.0000
                           5.2500            188,000.00        ZZ
                           5.0000            1038.14           1
                           11.2500           1038.14           80
SACRAMENTO       CA 95834  11.0000           07/09/04
0421345760                 0.0000            09/01/04          00
0421345760                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9214169                    5.5000            186000.0000       100.0000
                           5.5000            186,000.00        ZZ
                           5.2500            1056.09           1
                           10.5000           1056.09           80
AUSTIN           TX 78734  10.2500           07/15/04
0421354929                 0.0000            09/01/04          00
0421354929                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9214195                    5.8750            357000.0000       100.0000
                           5.8750            357,000.00        ZZ
                           5.6250            2111.79           1
                           10.8750           2111.79           70
PEMBROKE PINES   FL 33028  10.6250           07/16/04
0421378555                 0.0000            09/01/04          00
0421378555                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9214201                    5.5000            124000.0000       100.0000
                           5.5000            124,000.00        ZZ
                           5.2500            704.06            1
                           10.5000           704.06            80
SACRAMENTO       CA 95828  10.2500           07/13/04
0421381922                 0.0000            09/01/04          00
0421381922                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9214205                    5.5000            188000.0000       100.0000
                           5.5000            188,000.00        ZZ
                           5.2500            861.67            1
                           10.5000           861.67            57
CITRUS HEIGHTS   CA 95610  10.2500           07/09/04
0421382078                 0.0000            09/01/04          00
0421382078                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9214741                    5.8750            384000.0000       100.0000
                           5.8750            383,608.49        ZZ
                           5.6250            2271.51           1
                           11.8750           2271.51           80
IRVINE           CA 92606  11.6250           06/17/04
0438122178                 0.0000            08/01/04          00
9335139                    0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
808/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9215733                    5.7500            430000.0000       100.0000
                           5.7500            429,551.05        ZZ
                           5.5000            2509.37           1
                           11.7500           2509.37           72
LOS ANGELES      CA 91040  11.5000           06/18/04
0438122145                 0.0000            08/01/04          00
95W1001311                 0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
808/G02                    2.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9215891                    7.0000            480000.0000       100.0000
                           7.0000            480,000.00        ZZ
                           6.7500            2800.00           1
                           12.0000           2800.00           80
BETHESDA         MD 20816  11.7500           07/13/04
0438112369                 0.0000            09/01/04          00
20204102                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
696/G02                    3.0000            09/01/09          09/01/09
25                         3.2500            0.0000            0.0000
A                          12.0000           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9216137                    5.5000            224000.0000       100.0000
                           5.5000            224,000.00        ZZ
                           5.2500            1271.85           1
                           11.5000           1271.85           80
SAN DIEGO        CA 92115  11.2500           06/30/04
0438122293                 0.0000            09/01/04          00
9903667                    0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
808/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9216155                    5.5000            320000.0000       100.0000
                           5.5000            319,649.74        ZZ
                           5.2500            1816.93           1
                           11.5000           1816.93           80
RANCHO CUCAMONG  CA 91701  11.2500           06/15/04
0438122327                 0.0000            08/01/04          00
8335105                    0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
808/G02                    2.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9216257                    5.6250            318250.0000       100.0000
                           5.6250            317,909.77        ZZ
                           5.3750            1832.03           3
                           11.6250           1832.03           95
LOS ANGELES      CA 90002  11.3750           06/24/04
0438129025                 0.0000            08/01/04          10
9335069                    0.0000            07/01/34          30.0000
0                          3.2500            07/01/07          07/01/07
808/G02                    3.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9216437                    6.2500            284000.0000       100.0000
                           6.2500            284,000.00        ZZ
                           6.0000            1748.64           1
                           11.2500           1748.64           80
BEL AIR          MD 21015  11.0000           07/15/04
0438158701                 0.0000            09/01/04          00
040624000                  0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
P09/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9218893                    5.2500            160000.0000       100.0000
                           5.2500            160,000.00        ZZ
                           5.0000            700.00            1
                           11.2500           700.00            80
COLORADO SPRING  CO 80922  11.0000           07/14/04
0421339276                 0.0000            09/01/04          00
0421339276                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9218895                    5.5000            101600.0000       100.0000
                           5.5000            101,600.00        ZZ
                           5.2500            465.67            1
                           10.5000           465.67            80
SANTAQUIN        UT 84655  10.2500           07/12/04
0421339524                 0.0000            09/01/04          00
0421339524                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9218909                    5.3750            156560.0000       100.0000
                           5.3750            156,560.00        ZZ
                           5.1250            701.26            1
                           11.3750           701.26            95
FOWLERVILLE      MI 48836  11.1250           07/19/04
0421340134                 0.0000            09/01/04          01
0421340134                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9218913                    5.7500            440000.0000       100.0000
                           5.7500            440,000.00        ZZ
                           5.5000            2108.33           1
                           10.7500           2108.33           80
LIVERMORE        CA 94550  10.5000           07/13/04
0421345638                 0.0000            09/01/04          00
0421345638                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9218921                    5.8750            97000.0000        100.0000
                           5.8750            97,000.00         ZZ
                           5.6250            474.90            1
                           10.8750           474.90            72
ACWORTH          GA 30102  10.6250           07/13/04
0421350141                 0.0000            09/01/04          00
0421350141                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9218975                    5.5000            127000.0000       100.0000
                           5.5000            127,000.00        ZZ
                           5.2500            721.09            1
                           10.5000           721.09            79
RICHMOND         VA 23233  10.2500           07/14/04
0421358375                 0.0000            09/01/04          00
0421358375                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9219019                    5.8750            160000.0000       100.0000
                           5.8750            160,000.00        ZZ
                           5.6250            783.33            1
                           10.8750           783.33            80
ASHEVILLE        NC 28805  10.6250           07/19/04
0421388802                 0.0000            09/01/04          00
0421388802                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9219083                    5.8750            285000.0000       100.0000
                           5.8750            285,000.00        ZZ
                           5.6250            1395.31           1
                           10.8750           1395.31           95
WEST PALM BEACH  FL 33412  10.6250           07/13/04
0421312919                 0.0000            09/01/04          10
0421312919                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9219091                    5.2500            228000.0000       100.0000
                           5.2500            228,000.00        ZZ
                           5.0000            1259.02           1
                           11.2500           1259.02           80
WILMINGTON       DE 19810  11.0000           07/14/04
0421315391                 0.0000            09/01/04          00
0421315391                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9219255                    4.7500            232880.0000       100.0000
                           4.7500            232,880.00        ZZ
                           4.5000            1214.81           1
                           10.7500           1214.81           82
BRIGHTON         MI 48114  10.5000           07/13/04
0421134115                 0.0000            09/01/04          01
0421134115                 0.0000            08/01/34          12.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9219287                    5.5000            91200.0000        100.0000
                           5.5000            91,200.00         ZZ
                           5.2500            517.82            1
                           10.5000           517.82            80
KNOXVILLE        TN 37916  10.2500           07/19/04
0421172982                 0.0000            09/01/04          00
0421172982                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9219309                    5.5000            188000.0000       100.0000
                           5.5000            188,000.00        ZZ
                           5.2500            861.67            1
                           10.5000           861.67            80
BALTIMORE        MD 21217  10.2500           07/13/04
0421253519                 0.0000            09/01/04          00
0421253519                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9219337                    5.5000            140400.0000       100.0000
                           5.5000            140,400.00        ZZ
                           5.2500            797.18            1
                           10.5000           797.18            80
OAKLAND PARK     FL 33309  10.2500           07/19/04
0421267998                 0.0000            09/01/04          00
0421267998                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9219375                    5.3750            150400.0000       100.0000
                           5.3750            150,400.00        ZZ
                           5.1250            673.67            1
                           10.3750           673.67            80
FERNDALE         WA 98248  10.1250           07/13/04
0421213513                 0.0000            09/01/04          00
0421213513                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9219399                    5.1250            69000.0000        100.0000
                           5.1250            69,000.00         ZZ
                           4.8750            294.69            1
                           11.1250           294.69            54
BOYNTON BEACH    FL 33426  10.8750           07/14/04
0421245374                 0.0000            09/01/04          00
0421245374                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     09                00
                           O                 0.0000

9219419                    5.6250            123750.0000       100.0000
                           5.6250            123,750.00        ZZ
                           5.3750            712.37            1
                           11.6250           712.37            75
LOVELAND         CO 80537  11.3750           07/19/04
0421440876                 0.0000            09/01/04          00
0421440876                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9219425                    5.8750            62200.0000        100.0000
                           5.8750            62,200.00         ZZ
                           5.6250            367.94            1
                           11.8750           367.94            90
CLARKSVILLE      TN 37042  11.6250           07/19/04
0421442054                 0.0000            09/01/04          01
0421442054                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9219461                    5.8750            152000.0000       100.0000
                           5.8750            152,000.00        ZZ
                           5.6250            899.14            1
                           10.8750           899.14            80
SUGARLAND        TX 77479  10.6250           07/19/04
0421457912                 0.0000            09/01/04          00
0421457912                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9219469                    5.6250            188000.0000       100.0000
                           5.6250            188,000.00        ZZ
                           5.3750            881.25            1
                           11.6250           881.25            80
KANSAS CITY      MO 64113  11.3750           07/13/04
0421420696                 0.0000            09/01/04          00
0421420696                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9219489                    5.5000            200000.0000       100.0000
                           5.5000            200,000.00        ZZ
                           5.2500            1135.58           1
                           11.5000           1135.58           80
BLOOMFIELD TOWN  MI 48302  11.2500           07/13/04
0421302597                 0.0000            09/01/04          00
0421302597                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9219567                    5.8750            140000.0000       100.0000
                           5.8750            140,000.00        ZZ
                           5.6250            828.15            1
                           10.8750           828.15            80
PORT CHARLOTTE   FL 33953  10.6250           07/16/04
0421291014                 0.0000            09/01/04          00
0421291014                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9219605                    5.5000            205600.0000       100.0000
                           5.5000            205,600.00        ZZ
                           5.2500            942.33            1
                           10.5000           942.33            80
CLOUDCROFT       NM 88317  10.2500           07/14/04
0421019159                 0.0000            09/01/04          00
0421019159                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9219645                    5.5000            151000.0000       100.0000
                           5.5000            151,000.00        ZZ
                           5.2500            857.36            1
                           11.5000           857.36            75
STERLING HEIGHT  MI 48310  11.2500           07/14/04
0421064338                 0.0000            09/01/04          00
0421064338                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9220385                    5.3750            300000.0000       100.0000
                           5.3750            299,579.84        ZZ
                           5.1250            1679.91           1
                           11.3750           1679.91           71
MILPITAS         CA 95035  11.1250           06/28/04
0438159782                 0.0000            08/01/04          00
114060013                  0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
956/G02                    3.0000            08/01/07          08/01/07
25                         3.3750            0.0000            0.0000
A                          7.3750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9220387                    4.8750            308000.0000       100.0000
                           4.8750            307,621.29        ZZ
                           4.6250            1629.96           1
                           10.8750           1629.96           80
BIG BEAR LAKE    CA 92315  10.6250           06/09/04
0438159857                 0.0000            08/01/04          00
1514060006                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
956/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          6.8750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9220395                    5.1250            333700.0000       100.0000
                           5.1250            333,700.00        ZZ
                           4.8750            1816.95           1
                           11.1250           1816.95           76
PEABODY          MA 01960  10.8750           07/12/04
0438159816                 0.0000            09/01/04          00
2814060050                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
956/G02                    3.0000            09/01/07          09/01/07
25                         3.2500            0.0000            0.0000
A                          7.1250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9220399                    4.2500            214400.0000       100.0000
                           4.2500            214,104.61        ZZ
                           4.0000            1054.72           1
                           10.2500           1054.72           80
LAKE WORTH       FL 33463  10.0000           06/29/04
0438159865                 0.0000            08/01/04          00
4214060043                 0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
956/G02                    3.0000            08/01/07          08/01/07
25                         3.2500            0.0000            0.0000
A                          6.2500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9221332                    4.3750            124400.0000       100.0000
                           4.3750            123,726.05        ZZ
                           4.1250            621.11            1
                           9.3750            621.11            75
MIAMI            FL 33186  9.1250            03/18/04
0420117459                 0.0000            05/01/04          00
0420117459                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          9.3750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9222409                    5.5000            63450.0000        100.0000
                           5.5000            63,380.55         ZZ
                           5.2500            360.26            1
                           11.5000           360.26            90
SPRING           TX 77373  11.2500           06/24/04
0438161556                 0.0000            08/01/04          14
1130000159                 0.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
758/G02                    3.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9223197                    5.5000            295000.0000       100.0000
                           5.5000            295,000.00        ZZ
                           5.2500            1352.08           1
                           11.5000           1352.08           60
LA HABRA         CA 90631  11.2500           06/15/04
0438130924                 0.0000            08/01/04          00
9335055                    0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
808/G02                    2.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9223271                    5.7500            168000.0000       100.0000
                           5.7500            167,824.59        ZZ
                           5.5000            980.41            1
                           11.7500           980.41            80
PALMDALE         CA 93550  11.5000           06/16/04
0438130643                 0.0000            08/01/04          00
9509490                    0.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
808/G02                    3.0000            08/01/07          08/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9223283                    5.6250            332500.0000       100.0000
                           5.6250            332,500.00        ZZ
                           5.3750            1558.59           1
                           11.6250           1558.59           95
LOS ANGELES      CA 91605  11.3750           06/10/04
0438129504                 0.0000            08/01/04          19
95W1001333                 0.0000            07/01/34          30.0000
0                          2.2500            07/01/07          07/01/07
808/G02                    2.0000            08/01/07          08/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9223287                    5.2500            297500.0000       100.0000
                           5.2500            297,500.00        ZZ
                           5.0000            1301.56           1
                           11.2500           1301.56           70
MURRIETA         CA 92562  11.0000           06/08/04
0438131351                 0.0000            08/01/04          00
9903495                    0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
808/G02                    2.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9223703                    5.5000            396000.0000       100.0000
                           5.5000            396,000.00        ZZ
                           5.2500            1815.00           1
                           11.5000           1815.00           80
ATWATER          CA 95301  11.2500           06/24/04
0438131682                 0.0000            08/01/04          00
9535897                    0.0000            07/01/34          0.0000
0                          2.2500            07/01/07          07/01/07
808/G02                    2.0000            08/01/07          08/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9225075                    5.7500            147600.0000       100.0000
                           5.7500            147,445.90        ZZ
                           5.5000            861.35            1
                           11.7500           861.35            80
ORLANDO          FL 32809  11.5000           06/28/04
0438123465                 2.8750            08/01/04          00
24020290                   2.6250            07/01/34          0.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     1                 0
0.0000                     03                00
                           N                 0.0000

9225125                    5.7500            112500.0000       100.0000
                           5.7500            112,264.52        ZZ
                           5.5000            656.52            1
                           11.7500           656.52            90
HYPOLUXO         FL 33462  11.5000           06/01/04
0438123531                 2.8750            07/01/04          11
24050023                   2.6250            06/01/34          30.0000
0                          2.8750            06/01/09          06/01/09
W96/G02                    2.6250            07/01/09          07/01/09
25                         2.8750            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     1                 0
0.0000                     01                00
                           O                 0.0000

9225147                    6.2500            178800.0000       100.0000
                           6.2500            178,630.35        ZZ
                           6.0000            1100.90           2
                           12.2500           1100.90           80
CAPE CORAL       FL 33990  12.0000           06/16/04
0438123622                 2.8750            08/01/04          00
24050250                   2.6250            07/01/34          0.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          12.2500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.3750                     1                 0
0.0000                     05                00
                           N                 0.0000

9225151                    6.3750            186000.0000       100.0000
                           6.3750            185,654.54        ZZ
                           6.1250            1160.40           2
                           12.3750           1160.40           72
HOLLYWOOD        FL 33020  12.1250           06/04/04
0438123648                 2.8750            07/01/04          00
24050292                   2.6250            06/01/34          0.0000
0                          2.8750            06/01/09          06/01/09
W96/G02                    2.6250            07/01/09          07/01/09
25                         2.8750            0.0000            0.0000
A                          12.3750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.5000                     2                 0
0.0000                     05                00
                           N                 0.0000

9225163                    6.5000            208000.0000       100.0000
                           6.5000            207,622.92        ZZ
                           6.2500            1314.70           4
                           12.5000           1314.70           67
HOLLYWOOD        FL 33020  12.2500           06/04/04
0438123689                 2.8750            07/01/04          00
24050355                   2.6250            06/01/34          0.0000
0                          2.8750            06/01/09          06/01/09
W96/G02                    2.6250            07/01/09          07/01/09
25                         2.8750            0.0000            0.0000
A                          12.5000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.6250                     2                 0
0.0000                     05                00
                           N                 0.0000

9225175                    5.5000            210000.0000       100.0000
                           5.5000            209,539.23        ZZ
                           5.2500            1192.36           1
                           11.5000           1192.36           74
MIAMI            FL 33183  11.2500           06/02/04
0438123747                 2.8750            07/01/04          00
24050392                   2.6250            06/01/34          0.0000
0                          2.8750            06/01/09          06/01/09
W96/G02                    2.6250            07/01/09          07/01/09
25                         2.8750            0.0000            0.0000
A                          11.5000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     05                00
                           O                 0.0000

9225209                    5.8750            104900.0000       100.0000
                           5.8750            104,793.05        ZZ
                           5.6250            620.52            1
                           11.8750           620.52            78
DELTONA          FL 32738  11.6250           06/14/04
0438123895                 2.8750            08/01/04          00
24050479                   2.6250            07/01/34          0.0000
0                          2.8750            07/01/07          07/01/07
W96/G02                    2.6250            08/01/07          08/01/07
25                         2.8750            0.0000            0.0000
A                          11.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9225247                    5.8750            104000.0000       100.0000
                           5.8750            103,893.97        ZZ
                           5.6250            615.20            1
                           11.8750           615.20            65
SUNRISE          FL 33313  11.6250           06/17/04
0438124067                 2.8750            08/01/04          00
24050593                   2.6250            07/01/34          0.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          11.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9225291                    6.0000            118800.0000       100.0000
                           6.0000            118,681.73        ZZ
                           5.7500            712.27            1
                           12.0000           712.27            90
KISSIMMEE        FL 34743  11.7500           06/24/04
0438124141                 2.8750            08/01/04          11
24050632                   2.6250            07/01/34          30.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          12.0000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.1250                     1                 0
0.0000                     03                00
                           N                 0.0000

9225299                    6.0000            112500.0000       100.0000
                           6.0000            112,388.01        ZZ
                           5.7500            674.49            1
                           12.0000           674.49            90
KISSIMMEE        FL 34743  11.7500           06/18/04
0438124182                 2.8750            08/01/04          11
24050674                   2.6250            07/01/34          30.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          12.0000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.1250                     1                 0
0.0000                     03                00
                           N                 0.0000

9225323                    6.2500            223000.0000       100.0000
                           6.2500            222,788.41        ZZ
                           6.0000            1373.05           1
                           12.2500           1373.05           90
MIRAMAR          FL 33029  12.0000           06/17/04
0438124281                 2.8750            08/01/04          11
24050713                   2.6250            07/01/34          30.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          12.2500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.3750                     2                 0
0.0000                     03                00
                           O                 0.0000

9225339                    5.8750            150800.0000       100.0000
                           5.8750            150,646.25        ZZ
                           5.6250            892.04            1
                           11.8750           892.04            80
CALLAHAN         FL 32011  11.6250           06/21/04
0438124356                 2.8750            08/01/04          00
24050740                   2.6250            07/01/34          0.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          11.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9225401                    6.2500            224000.0000       100.0000
                           6.2500            223,787.46        ZZ
                           6.0000            1379.21           1
                           12.2500           1379.21           70
MIAMI            FL 33157  12.0000           06/17/04
0438124661                 2.8750            08/01/04          00
24060244                   2.6250            07/01/34          0.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          12.2500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.3750                     5                 0
0.0000                     05                00
                           O                 0.0000

9225403                    6.1250            109600.0000       100.0000
                           6.1250            109,493.48        ZZ
                           5.8750            665.94            1
                           12.1250           665.94            80
ORLANDO          FL 32825  11.8750           06/28/04
0438124679                 2.8750            08/01/04          00
24060247                   2.6250            07/01/34          0.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          12.1250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.2500                     1                 0
0.0000                     03                00
                           N                 0.0000

9225413                    5.0000            112500.0000       100.0000
                           5.0000            112,500.00        ZZ
                           4.7500            603.92            1
                           11.0000           603.92            90
GRAND JUNCTION   CO 81503  10.7500           07/20/04
0421092412                 0.0000            09/01/04          01
0421092412                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9225429                    5.7500            96000.0000        100.0000
                           5.7500            96,000.00         ZZ
                           5.5000            560.23            1
                           11.7500           560.23            80
OAKLAND PARK     FL 33309  11.5000           07/01/04
0438124737                 2.8750            09/01/04          00
24060328                   2.6250            08/01/34          0.0000
0                          2.8750            08/01/09          08/01/09
W96/G02                    2.6250            09/01/09          09/01/09
25                         2.8750            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.8750                     1                 0
0.0000                     01                00
                           O                 0.0000

9225437                    5.2500            226000.0000       100.0000
                           5.2500            226,000.00        ZZ
                           5.0000            988.75            1
                           11.2500           988.75            90
SMYRNA           GA 30080  11.0000           07/15/04
0421137050                 0.0000            09/01/04          10
0421137050                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9225447                    5.8750            151070.0000       100.0000
                           5.8750            150,915.97        ZZ
                           5.6250            893.64            1
                           11.8750           893.64            58
OVIEDO           FL 32766  11.6250           06/28/04
0438124778                 2.8750            08/01/04          00
24060404                   2.6250            07/01/34          0.0000
0                          2.8750            07/01/09          07/01/09
W96/G02                    2.6250            08/01/09          08/01/09
25                         2.8750            0.0000            0.0000
A                          11.8750           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9225485                    5.8750            180000.0000       100.0000
                           5.8750            180,000.00        ZZ
                           5.6250            881.25            1
                           10.8750           881.25            90
WEST JORDAN      UT 84084  10.6250           07/07/04
0421215294                 0.0000            09/01/04          01
0421215294                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9225494                    4.8750            112000.0000       100.0000
                           4.8750            111,445.79        ZZ
                           4.6250            592.71            1
                           10.8750           592.71            80
DENVER           CO 80211  10.6250           03/19/04
0419852637                 0.0000            05/01/04          00
0419852637                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     07                00
                           O                 0.0000

9225497                    5.6250            247500.0000       100.0000
                           5.6250            247,500.00        ZZ
                           5.3750            1160.16           1
                           10.6250           1160.16           90
BOYNTON BEACH    FL 33426  10.3750           07/20/04
0421218215                 0.0000            09/01/04          10
0421218215                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9225509                    5.7500            187000.0000       100.0000
                           5.7500            187,000.00        ZZ
                           5.5000            896.04            1
                           10.7500           896.04            46
HERCULES         CA 94547  10.5000           07/13/04
0421231804                 0.0000            09/01/04          00
0421231804                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9225511                    5.5000            240000.0000       100.0000
                           5.5000            240,000.00        ZZ
                           5.2500            1362.69           1
                           11.5000           1362.69           80
PARSIPPANYTROY   NJ 07034  11.2500           07/15/04
0421237116                 0.0000            09/01/04          00
0421237116                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9225587                    5.2500            140500.0000       100.0000
                           5.2500            140,500.00        T
                           5.0000            614.69            1
                           10.2500           614.69            78
CAPLAN           TX 77623  10.0000           07/20/04
0421297961                 0.0000            09/01/04          00
0421297961                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9225595                    5.5000            268000.0000       100.0000
                           5.5000            268,000.00        ZZ
                           5.2500            1521.67           1
                           10.5000           1521.67           80
STANWOOD         WA 98292  10.2500           07/14/04
0421299835                 0.0000            09/01/04          00
0421299835                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9225611                    5.8750            112100.0000       100.0000
                           5.8750            112,100.00        ZZ
                           5.6250            663.11            1
                           10.8750           663.11            95
TAOS             NM 87571  10.6250           07/06/04
0421315136                 0.0000            09/01/04          01
0421315136                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9225671                    5.3750            321153.0000       100.0000
                           5.3750            321,153.00        ZZ
                           5.1250            1798.36           1
                           10.3750           1798.36           72
CARSON CITY      NV 89703  10.1250           07/12/04
0421007303                 0.0000            09/01/04          00
0421007303                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9225687                    5.5000            208000.0000       100.0000
                           5.5000            208,000.00        ZZ
                           5.2500            1181.00           1
                           10.5000           1181.00           80
SAN BERNARDINO   CA 92408  10.2500           07/06/04
0421045592                 0.0000            09/01/04          00
0421045592                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9225815                    6.2500            500000.0000       100.0000
                           6.2500            500,000.00        ZZ
                           6.0000            3078.59           1
                           11.2500           3078.59           77
SAN RAMON        CA 94583  11.0000           07/12/04
0421405598                 0.0000            09/01/04          00
0421405598                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9225831                    5.7500            237000.0000       100.0000
                           5.7500            237,000.00        ZZ
                           5.5000            1383.07           1
                           10.7500           1383.07           80
DENVER           CO 80249  10.5000           07/15/04
0421420050                 0.0000            09/01/04          00
0421420050                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9225865                    5.2500            304000.0000       100.0000
                           5.2500            304,000.00        ZZ
                           5.0000            1330.00           1
                           11.2500           1330.00           80
OCEANSIDE        CA 92057  11.0000           07/14/04
0421455411                 0.0000            09/01/04          00
0421455411                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9226801                    5.9900            144800.0000       100.0000
                           5.9900            144,655.57        ZZ
                           5.7400            867.22            1
                           10.9900           867.22            80
BRISTOL          PA 19007  10.7400           06/29/04
0438158586                 3.2500            08/01/04          00
32021116                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
Q30/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.9900           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.7400                     2                 0
0.0000                     05                00
                           O                 0.0000

9227127                    5.6250            159000.0000       100.0000
                           5.6250            159,000.00        ZZ
                           5.3750            915.29            1
                           11.6250           915.29            57
ROSEVILLE        CA 95661  11.3750           07/01/04
0438135147                 0.0000            09/01/04          00
3000638999                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
U05/G02                    3.0000            09/01/07          09/01/07
25                         3.6250            0.0000            0.0000
A                          7.6250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9227151                    5.7500            102500.0000       100.0000
                           5.7500            102,500.00        ZZ
                           5.5000            598.16            1
                           10.7500           598.16            58
HALLANDALE       FL 33009  10.5000           07/15/04
0438143224                 0.0000            09/01/04          00
3000644867                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
U05/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     06                00
                           O                 0.0000

9227241                    4.7500            86150.0000        100.0000
                           4.7500            86,150.00         ZZ
                           4.5000            341.01            1
                           10.7500           341.01            64
CHANNAHON        IL 60410  10.5000           07/16/04
0438155319                 0.0000            09/01/04          00
36002275                   0.0000            08/01/34          0.0000
0                          2.2500            08/01/07          08/01/07
Q57/G02                    2.0000            09/01/07          09/01/07
45                         2.7500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9227329                    5.8750            229500.0000       100.0000
                           5.8750            229,500.00        ZZ
                           5.6250            1357.58           1
                           10.8750           1357.58           90
WILLIAMSBURG     VA 23188  10.6250           07/07/04
0438155152                 0.0000            09/01/04          11
580296                     0.0000            08/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
H49/G02                    3.0000            08/01/09          08/01/09
25                         3.2500            0.0000            0.0000
A                          10.8750           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9228069                    5.5000            248000.0000       100.0000
                           5.5000            248,000.00        ZZ
                           5.2500            1136.67           1
                           10.5000           1136.67           80
SHORELINE        WA 98133  10.2500           07/13/04
0421295585                 0.0000            09/01/04          00
0421295585                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9228075                    5.3750            174400.0000       100.0000
                           5.3750            174,400.00        ZZ
                           5.1250            781.17            1
                           11.3750           781.17            80
RALEIGH          NC 27615  11.1250           07/16/04
0421303892                 0.0000            09/01/04          00
0421303892                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9228085                    5.2500            81600.0000        100.0000
                           5.2500            81,600.00         ZZ
                           5.0000            450.60            1
                           11.2500           450.60            80
JOPLIN           MO 64804  11.0000           07/16/04
0421311754                 0.0000            09/01/04          00
0421311754                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9228093                    5.6250            136000.0000       100.0000
                           5.6250            136,000.00        ZZ
                           5.3750            782.89            1
                           11.6250           782.89            80
SPOKANE          WA 99223  11.3750           07/15/04
0421364944                 0.0000            09/01/04          00
0421364944                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9228147                    5.6250            250000.0000       100.0000
                           5.6250            250,000.00        ZZ
                           5.3750            1439.14           1
                           10.6250           1439.14           53
NEWARK           CA 95035  10.3750           07/02/04
0420860405                 0.0000            09/01/04          00
0420860405                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9228161                    5.3750            350000.0000       100.0000
                           5.3750            350,000.00        T
                           5.1250            1959.90           1
                           11.3750           1959.90           53
SAN LUIS OBISPO  CA 93401  11.1250           07/09/04
0420971830                 0.0000            09/01/04          00
0420971830                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9228163                    5.8750            254771.0000       100.0000
                           5.8750            254,771.00        ZZ
                           5.6250            1507.07           1
                           11.8750           1507.07           95
BERLIN           CT 06037  11.6250           07/21/04
0420984296                 0.0000            09/01/04          01
0420984296                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9228179                    6.0000            192000.0000       100.0000
                           6.0000            192,000.00        ZZ
                           5.7500            1151.14           3
                           12.0000           1151.14           40
DORCHESTER       MA 02124  11.7500           07/21/04
0421031758                 0.0000            09/01/04          00
0421031758                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         4.0000            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9228195                    5.2500            255000.0000       100.0000
                           5.2500            255,000.00        ZZ
                           5.0000            1115.63           1
                           10.2500           1115.63           72
LYNDHURST        NJ 07071  10.0000           07/21/04
0421104308                 0.0000            09/01/04          00
0421104308                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9228353                    5.5000            203920.0000       100.0000
                           5.5000            203,920.00        ZZ
                           5.2500            1157.84           1
                           11.5000           1157.84           80
CLEARBROOK       VA 22624  11.2500           07/21/04
0421252909                 0.0000            09/01/04          00
0421252909                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9228407                    5.3750            180400.0000       100.0000
                           5.3750            180,400.00        ZZ
                           5.1250            1010.19           1
                           10.3750           1010.19           80
BLAINE           WA 98230  10.1250           07/16/04
0421481110                 0.0000            09/01/04          00
0421481110                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9229052                    5.7500            220000.0000       100.0000
                           5.7500            219,074.61        ZZ
                           5.5000            1283.86           2
                           10.7500           1283.86           80
LOS ANGELES      CA 90037  10.5000           03/04/04
0419975461                 0.0000            05/01/04          00
0419975461                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9229463                    5.7500            229000.0000       100.0000
                           5.7500            228,760.91        ZZ
                           5.5000            1336.38           1
                           11.7500           1336.38           73
BURKE            VA 22015  11.5000           06/04/04
0438133480                 0.0000            08/01/04          00
31010916                   0.0000            07/01/34          0.0000
0                          3.5000            07/01/09          07/01/09
T08/G02                    3.2500            08/01/09          08/01/09
25                         3.5000            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     09                00
                           O                 0.0000

9229475                    5.5000            214000.0000       100.0000
                           5.5000            213,765.76        ZZ
                           5.2500            1215.07           1
                           11.5000           1215.07           76
MANASSAS         VA 20112  11.2500           06/02/04
0438133514                 0.0000            08/01/04          00
31031036                   0.0000            07/01/34          0.0000
0                          3.5000            07/01/07          07/01/07
T08/G02                    3.2500            08/01/07          08/01/07
25                         3.5000            0.0000            0.0000
A                          11.5000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9229539                    6.1250            272000.0000       100.0000
                           6.1250            271,469.91        ZZ
                           5.8750            1652.70           1
                           12.1250           1652.70           80
GAMBRILLS        MD 21054  11.8750           06/03/04
0438133597                 0.0000            07/01/04          00
31310242                   0.0000            06/01/34          0.0000
0                          3.5000            06/01/09          06/01/09
T08/G02                    3.2500            07/01/09          07/01/09
25                         3.5000            0.0000            0.0000
A                          12.1250           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9229569                    5.7500            255888.0000       100.0000
                           5.7500            255,620.84        ZZ
                           5.5000            1493.29           1
                           11.7500           1493.29           80
CHICAGO          IL 60641  11.5000           06/18/04
0438133670                 0.0000            08/01/04          00
132025321                  0.0000            07/01/34          0.0000
0                          3.5000            07/01/09          07/01/09
T08/G02                    3.2500            08/01/09          08/01/09
25                         3.5000            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9229809                    5.5000            108000.0000       100.0000
                           5.5000            108,000.00        ZZ
                           5.2500            613.21            1
                           10.5000           613.21            80
TWENTYNINE PALM  CA 92277  10.2500           07/08/04
0438158677                 0.0000            09/01/04          00
80007859                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
B23/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9233541                    5.2500            224800.0000       100.0000
                           5.2500            224,800.00        ZZ
                           5.0000            1241.35           1
                           11.2500           1241.35           80
HOMESTEAD        FL 33033  11.0000           07/22/04
0421215096                 0.0000            09/01/04          00
0421215096                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           N                 0.0000

9233607                    5.8750            121410.0000       100.0000
                           5.8750            121,410.00        ZZ
                           5.6250            718.19            1
                           10.8750           718.19            90
COLORADO SPRING  CO 80916  10.6250           07/22/04
0421504051                 0.0000            09/01/04          10
0421504051                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9233611                    5.6250            108000.0000       100.0000
                           5.6250            108,000.00        T
                           5.3750            506.25            1
                           10.6250           506.25            80
SCOTTSDALE       AZ 85254  10.3750           07/19/04
0421505199                 0.0000            09/01/04          00
0421505199                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9233733                    5.7500            90000.0000        100.0000
                           5.7500            90,000.00         ZZ
                           5.5000            525.22            1
                           10.7500           525.22            79
BREMERTON        WA 98310  10.5000           07/08/04
0421415902                 0.0000            09/01/04          00
0421415902                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9233775                    6.0000            260910.0000       100.0000
                           6.0000            260,910.00        T
                           5.7500            1304.55           1
                           12.0000           1304.55           90
FORT PIERCE      FL 34949  11.7500           06/10/04
0438133860                 0.0000            08/01/04          11
11071704                   0.0000            07/01/34          30.0000
0                          3.5000            07/01/09          07/01/09
T08/G02                    3.2500            08/01/09          08/01/09
25                         3.5000            0.0000            0.0000
A                          12.0000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9233805                    5.5000            280000.0000       100.0000
                           5.5000            280,000.00        ZZ
                           5.2500            1589.81           1
                           11.5000           1589.81           80
WEST SACRAMENTO  CA 95691  11.2500           07/14/04
0421329632                 0.0000            09/01/04          00
0421329632                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9233817                    5.7500            300000.0000       100.0000
                           5.7500            300,000.00        ZZ
                           5.5000            1437.50           1
                           11.7500           1437.50           80
ORANGE BEACH     AL 36561  11.5000           06/17/04
0438133969                 0.0000            08/01/04          00
11240763                   0.0000            07/01/34          0.0000
0                          3.5000            07/01/09          07/01/09
T08/G02                    3.2500            08/01/09          08/01/09
25                         3.5000            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     06                00
                           N                 0.0000

9233845                    5.8750            193500.0000       100.0000
                           5.8750            193,500.00        ZZ
                           5.6250            1144.63           1
                           10.8750           1144.63           90
WEST DUNDEE      IL 60118  10.6250           07/22/04
0421362195                 0.0000            09/01/04          10
0421362195                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9233931                    5.5000            236500.0000       100.0000
                           5.5000            236,500.00        ZZ
                           5.2500            1083.96           1
                           10.5000           1083.96           80
WILMINGTON(LA)   CA 90744  10.2500           07/15/04
0421463654                 0.0000            09/01/04          00
0421463654                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9238469                    6.0000            186000.0000       100.0000
                           6.0000            186,000.00        ZZ
                           5.7500            1115.16           1
                           12.0000           1115.16           73
YARMOUTH         ME 04096  11.7500           07/19/04
0421464058                 0.0000            09/01/04          00
0421464058                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         4.0000            0.0000            0.0000
A                          8.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9238475                    5.5000            317000.0000       100.0000
                           5.5000            317,000.00        ZZ
                           5.2500            1452.92           1
                           10.5000           1452.92           78
MANASSAS         VA 20110  10.2500           07/19/04
0421464942                 0.0000            09/01/04          00
0421464942                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9238545                    5.8750            200000.0000       100.0000
                           5.8750            200,000.00        ZZ
                           5.6250            1183.08           1
                           10.8750           1183.08           59
ARVADA           CO 80005  10.6250           07/23/04
0421399817                 0.0000            09/01/04          00
0421399817                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9238561                    5.5000            160000.0000       100.0000
                           5.5000            160,000.00        ZZ
                           5.2500            908.46            1
                           11.5000           908.46            78
STERLING HEIGHT  MI 48310  11.2500           07/23/04
0421414822                 0.0000            09/01/04          00
0421414822                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9238635                    5.7500            198000.0000       100.0000
                           5.7500            198,000.00        ZZ
                           5.5000            948.75            1
                           10.7500           948.75            90
OLYMPIA          WA 98512  10.5000           07/12/04
0421346685                 0.0000            09/01/04          04
0421346685                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9238661                    5.5000            114400.0000       100.0000
                           5.5000            114,400.00        ZZ
                           5.2500            649.55            2
                           11.5000           649.55            80
LARAMIE          WY 82072  11.2500           07/23/04
0421352741                 0.0000            09/01/04          00
0421352741                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9238763                    5.8750            116000.0000       100.0000
                           5.8750            116,000.00        ZZ
                           5.6250            567.92            1
                           10.8750           567.92            76
PALM BEACH GARD  FL 33418  10.6250           07/19/04
0421299819                 0.0000            09/01/04          00
0421299819                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9238777                    5.7500            114400.0000       100.0000
                           5.7500            114,400.00        ZZ
                           5.5000            667.61            1
                           11.7500           667.61            80
PEMBERTON TWP.   NJ 08015  11.5000           07/23/04
0421312109                 0.0000            09/01/04          00
0421312109                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9238779                    5.7500            109000.0000       100.0000
                           5.7500            109,000.00        ZZ
                           5.5000            636.09            1
                           11.7500           636.09            74
BROWNS MILLS     NJ 08015  11.5000           07/23/04
0421312331                 0.0000            09/01/04          00
0421312331                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9238783                    6.3750            196500.0000       100.0000
                           6.3750            196,500.00        ZZ
                           6.1250            1043.91           1
                           12.3750           1043.91           75
HEMET            CA 92545  12.1250           07/16/04
0421313511                 0.0000            09/01/04          00
0421313511                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         4.3750            0.0000            0.0000
A                          8.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9238799                    5.8750            145520.0000       100.0000
                           5.8750            145,520.00        ZZ
                           5.6250            860.81            1
                           10.8750           860.81            80
ROCHESTER HILLS  MI 48307  10.6250           07/23/04
0421264714                 0.0000            09/01/04          00
0421264714                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.8750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9238837                    5.2500            192000.0000       100.0000
                           5.2500            192,000.00        ZZ
                           5.0000            840.00            1
                           10.2500           840.00            72
ELK GROVE        CA 95758  10.0000           07/15/04
0421219262                 0.0000            09/01/04          00
0421219262                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9238841                    5.1250            80910.0000        100.0000
                           5.1250            80,910.00         ZZ
                           4.8750            440.54            1
                           11.1250           440.54            90
FORT PIERCE      FL 34982  10.8750           07/23/04
0421224296                 0.0000            09/01/04          10
0421224296                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9238875                    5.1250            137600.0000       100.0000
                           5.1250            137,600.00        ZZ
                           4.8750            749.21            1
                           11.1250           749.21            80
LAKE PARK        FL 33403  10.8750           07/23/04
0421144494                 0.0000            09/01/04          00
0421144494                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9238967                    5.5000            87500.0000        100.0000
                           5.5000            87,500.00         ZZ
                           5.2500            401.04            1
                           11.5000           401.04            80
FRUITA           CO 81521  11.2500           07/19/04
0421081274                 0.0000            09/01/04          00
0421081274                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9239617                    5.5000            118750.0000       100.0000
                           5.5000            118,750.00        ZZ
                           5.2500            674.25            1
                           11.5000           674.25            95
TENINO           WA 98589  11.2500           07/21/04
0438174021                 0.0000            09/01/04          11
07117804                   0.0000            08/01/34          30.0000
0                          3.2500            08/01/07          08/01/07
642/G02                    3.0000            09/01/07          09/01/07
25                         3.5000            0.0000            0.0000
A                          7.5000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9240211                    5.5000            285600.0000       100.0000
                           5.5000            285,287.39        ZZ
                           5.2500            1621.61           1
                           11.5000           1621.61           80
MANASSAS         VA 20109  11.2500           06/30/04
0438158768                 0.0000            08/01/04          00
31031060                   0.0000            07/01/34          0.0000
0                          3.5000            07/01/07          07/01/07
T08/G02                    3.2500            08/01/07          08/01/07
25                         3.5000            0.0000            0.0000
A                          11.5000           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9240217                    6.2500            188000.0000       100.0000
                           6.2500            187,821.62        ZZ
                           6.0000            1157.55           1
                           12.2500           1157.55           80
ALEXANDRIA       VA 22309  12.0000           07/01/04
0438158784                 0.0000            08/01/04          00
31031108                   0.0000            07/01/34          0.0000
0                          3.5000            07/01/09          07/01/09
T08/G02                    3.2500            08/01/09          08/01/09
25                         3.5000            0.0000            0.0000
A                          12.2500           6                 6
360                        E                 2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     09                00
                           O                 0.0000

9240255                    5.6250            140400.0000       100.0000
                           5.6250            140,249.91        ZZ
                           5.3750            808.22            1
                           11.7500           808.22            80
WESLEY CHAPEL    FL 33543  11.5000           06/29/04
0438158917                 0.0000            08/01/04          00
15011291                   0.0000            07/01/34          0.0000
0                          3.5000            07/01/09          07/01/09
T08/G02                    3.2500            08/01/09          08/01/09
25                         3.5000            0.0000            0.0000
A                          11.7500           6                 6
360                        E                 2.0000            2.0000
6.1250                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9242616                    4.8750            143500.0000       100.0000
                           4.8750            142,772.14        ZZ
                           4.6250            759.41            1
                           9.8750            759.41            85
LAKEWOOD         CO 80232  9.6250            03/22/04
0420198855                 0.0000            05/01/04          10
0420198855                 0.0000            04/01/34          12.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          9.8750            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9242801                    5.6250            278000.0000       100.0000
                           5.6250            278,000.00        ZZ
                           5.3750            1303.13           1
                           10.6250           1303.13           76
BERGENFIELD      NJ 07621  10.3750           07/21/04
0421155441                 0.0000            09/01/04          00
0421155441                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9242855                    5.5000            314000.0000       100.0000
                           5.5000            314,000.00        ZZ
                           5.2500            1439.17           1
                           10.5000           1439.17           80
SCOTTSDALE       AZ 85254  10.2500           07/19/04
0421209214                 0.0000            09/01/04          00
0421209214                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9242906                    4.5000            318750.0000       100.0000
                           4.5000            317,061.54        ZZ
                           4.2500            1615.06           2
                           10.5000           1615.06           85
CITY OF LINDEN   NJ 07036  10.2500           03/22/04
0419901624                 0.0000            05/01/04          01
0419901624                 0.0000            04/01/34          12.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9243201                    5.2500            168000.0000       100.0000
                           5.2500            168,000.00        ZZ
                           5.0000            927.70            1
                           11.2500           927.70            80
BOCA RATON       FL 33428  11.0000           07/21/04
0421315581                 0.0000            09/01/04          00
0421315581                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9243287                    5.1250            406000.0000       100.0000
                           5.1250            406,000.00        ZZ
                           4.8750            1733.96           1
                           11.1250           1733.96           60
WEST HILLS (LA)  CA 91307  10.8750           07/19/04
0421365073                 0.0000            09/01/04          00
0421365073                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9243307                    5.2500            137000.0000       100.0000
                           5.2500            137,000.00        ZZ
                           5.0000            756.52            1
                           11.2500           756.52            85
PLANO            TX 75023  11.0000           07/26/04
0421375734                 0.0000            09/01/04          10
0421375734                 0.0000            08/01/34          20.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           N                 0.0000

9243367                    6.3750            270358.0000       100.0000
                           6.3750            270,358.00        ZZ
                           6.1250            1436.28           1
                           11.3750           1436.28           90
LAS VEGAS        NV 89123  11.1250           07/15/04
0421404526                 0.0000            09/01/04          01
0421404526                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9244031                    5.7500            170050.0000       100.0000
                           5.7500            170,050.00        ZZ
                           5.5000            814.82            1
                           10.7500           814.82            95
JACKSONVILLE     FL 32204  10.5000           07/20/04
0421443862                 0.0000            09/01/04          10
0421443862                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9244127                    6.0000            448000.0000       100.0000
                           6.0000            448,000.00        ZZ
                           5.7500            2240.00           1
                           11.0000           2240.00           80
GOLDEN           CO 80403  10.7500           07/21/04
0421483439                 0.0000            09/01/04          00
0421483439                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
E22/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          11.0000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9245403                    5.7500            400000.0000       100.0000
                           5.7500            400,000.00        ZZ
                           5.5000            2334.29           1
                           11.7500           2334.29           75
SHERMAN OAKS     CA 91403  11.5000           07/09/04
0438165573                 0.0000            09/01/04          00
80008230                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
B23/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9245571                    5.3750            90000.0000        100.0000
                           5.3750            90,000.00         ZZ
                           5.1250            403.13            1
                           11.3750           403.13            29
CHULA VISTA      CA 91911  11.1250           07/16/04
0438182099                 0.0000            09/01/04          00
70204084                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
G27/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9247246                    5.0000            108537.0600       100.0000
                           5.0000            108,275.34        ZZ
                           4.7500            582.65            1
                           11.0000           582.65            80
GREENSBORO       NC 27407  10.7500           06/11/04
0438050999                 0.0000            07/11/04          00
0034383010                 0.0000            06/11/34          0.0000
0                          3.2500            06/11/07          06/11/07
N74/G02                    3.0000            07/11/07          07/11/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           N                 0.0000

9248230                    4.3750            91400.0000        100.0000
                           4.3750            90,904.82         ZZ
                           4.1250            456.35            1
                           10.3750           456.35            84
EMMAUS           PA 18049  10.1250           03/17/04
0437795941                 3.2500            05/01/04          41
007905530214               3.0000            04/01/34          12.0000
0                          3.2500            04/01/07          04/01/07
K15/G02                    3.0000            05/01/07          05/01/07
25                         3.2500            0.0000            0.0000
A                          6.3750            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.1250                     5                 0
0.0000                     07                00
                           O                 0.0000

9248523                    5.2500            140250.0000       100.0000
                           5.2500            140,250.00        ZZ
                           5.0000            774.47            1
                           11.2500           774.47            92
SUFFOLK          VA 23435  11.0000           07/22/04
0421320078                 0.0000            09/01/04          04
0421320078                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9249104                    5.3750            140000.0000       100.0000
                           5.3750            139,368.26        ZZ
                           5.1250            783.96            1
                           10.3750           783.96            80
MANASSAS         VA 20111  10.1250           03/25/04
0419461645                 0.0000            05/01/04          00
0419461645                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     09                00
                           O                 0.0000

9249523                    5.7500            343700.0000       100.0000
                           5.7500            343,700.00        ZZ
                           5.5000            2005.74           1
                           11.7500           2005.74           78
CORONA           CA 92882  11.5000           07/16/04
0438167660                 3.2500            09/01/04          00
1000059957                 3.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
624/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     5                 0
0.0000                     05                00
                           O                 0.0000

9249546                    4.6250            78600.0000        100.0000
                           4.6250            77,439.10         ZZ
                           4.3750            404.11            1
                           10.6250           404.11            85
LEBANON          OR 97355  10.3750           03/18/04
0437653397                 3.2500            05/01/04          41
019705517889               3.0000            04/01/34          12.0000
0                          3.2500            04/01/07          04/01/07
K15/G02                    3.0000            05/01/07          05/01/07
25                         3.2500            0.0000            0.0000
A                          6.6250            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.3750                     2                 0
0.0000                     05                00
                           O                 0.0000

9249821                    5.3750            650000.0000       100.0000
                           5.3750            650,000.00        ZZ
                           5.1250            3639.81           1
                           11.3750           3639.81           74
CHULA VISTA      CA 91913  11.1250           07/22/04
0421537374                 0.0000            09/01/04          00
0421537374                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9249909                    4.7500            162000.0000       100.0000
                           4.7500            162,000.00        ZZ
                           4.5000            845.07            1
                           10.7500           845.07            52
POINT PLEASANT   NJ 08742  10.5000           07/23/04
0421146903                 3.2500            09/01/04          00
0421146903                 3.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.5000                     5                 0
0.0000                     05                00
                           O                 0.0000

9249965                    5.3750            156000.0000       100.0000
                           5.3750            156,000.00        ZZ
                           5.1250            698.75            1
                           11.3750           698.75            75
PLANTATION       FL 33317  11.1250           07/23/04
0421265281                 0.0000            09/01/04          00
0421265281                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9249967                    5.3750            95000.0000        100.0000
                           5.3750            95,000.00         ZZ
                           5.1250            531.97            1
                           11.3750           531.97            51
WASILLA          AK 99654  11.1250           07/23/04
0421265984                 0.0000            09/01/04          00
0421265984                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9249997                    5.6250            199500.0000       100.0000
                           5.6250            199,500.00        ZZ
                           5.3750            1148.43           1
                           11.6250           1148.43           95
ST. LOUIS        MO 63129  11.3750           07/28/04
0421303868                 0.0000            09/01/04          10
0421303868                 0.0000            08/01/34          30.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9250143                    5.3750            256000.0000       100.0000
                           5.3750            256,000.00        ZZ
                           5.1250            1433.53           1
                           11.3750           1433.53           78
ROCKAWAY         NJ 07866  11.1250           07/23/04
0421474750                 3.2500            09/01/04          00
0421474750                 3.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     5                 0
0.0000                     05                00
                           O                 0.0000

9250249                    5.5000            160500.0000       100.0000
                           5.5000            160,500.00        T
                           5.2500            911.30            1
                           11.5000           911.30            75
WAREHAM          MA 02571  11.2500           07/28/04
0421441783                 0.0000            09/01/04          00
0421441783                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.5000            0.0000            0.0000
A                          7.5000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9252185                    5.6250            187500.0000       100.0000
                           5.6250            187,500.00        ZZ
                           5.3750            1079.36           1
                           11.6250           1079.36           75
MINNEAPOLIS      MN 55406  11.3750           07/26/04
0438170912                 3.2500            09/01/04          00
TQS49MN                    3.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
U85/G02                    3.0000            09/01/07          09/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.3750                     5                 0
0.0000                     05                00
                           O                 0.0000

9252674                    5.1250            184500.0000       100.0000
                           5.1250            183,627.98        ZZ
                           4.8750            1004.58           1
                           11.1250           1004.58           90
POMPANO BEACH    FL 33062  10.8750           03/31/04
0420206153                 0.0000            05/01/04          10
0420206153                 0.0000            04/01/34          25.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9252870                    5.0000            178500.0000       100.0000
                           5.0000            178,500.00        ZZ
                           4.7500            743.75            2
                           11.0000           743.75            75
OAKLAND PARK     FL 33309  10.7500           03/31/04
0420401101                 0.0000            05/01/04          00
0420401101                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9252998                    5.2500            108400.0000       100.0000
                           5.2500            107,899.37        ZZ
                           5.0000            598.59            2
                           10.2500           598.59            76
BOISE            ID 83706  10.0000           03/24/04
0420257578                 0.0000            05/01/04          00
0420257578                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9253097                    5.3750            295200.0000       100.0000
                           5.3750            295,200.00        ZZ
                           5.1250            1653.04           1
                           11.3750           1653.04           80
SEATTLE          WA 98199  11.1250           07/23/04
0421455304                 0.0000            09/01/04          00
0421455304                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9253149                    5.6250            188000.0000       100.0000
                           5.6250            188,000.00        ZZ
                           5.3750            1082.23           1
                           11.6250           1082.23           80
ANTHEM           AZ 85086  11.3750           07/27/04
0421367525                 0.0000            09/01/04          00
0421367525                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.6250            0.0000            0.0000
A                          7.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           N                 0.0000

9253158                    4.2500            216000.0000       100.0000
                           4.2500            214,803.31        ZZ
                           4.0000            1062.59           1
                           10.2500           1062.59           80
MINDEN           NV 89432  10.0000           03/26/04
0420388274                 0.0000            05/01/04          00
0420388274                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9253185                    5.7500            280000.0000       100.0000
                           5.7500            280,000.00        ZZ
                           5.5000            1341.67           1
                           11.7500           1341.67           75
WILDOMAR         CA 92595  11.5000           07/22/04
0421394529                 0.0000            09/01/04          00
0421394529                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9253273                    5.2500            500000.0000       100.0000
                           5.2500            500,000.00        ZZ
                           5.0000            2187.50           1
                           11.2500           2187.50           77
OAKLEY           CA 94561  11.0000           07/21/04
0421532573                 0.0000            09/01/04          00
0421532573                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9253303                    5.1250            180000.0000       100.0000
                           5.1250            180,000.00        ZZ
                           4.8750            980.08            1
                           11.1250           980.08            80
RENO             NV 89503  10.8750           07/28/04
0421570565                 0.0000            09/01/04          00
0421570565                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9253424                    5.1250            271800.0000       100.0000
                           5.1250            270,515.37        ZZ
                           4.8750            1479.92           1
                           10.1250           1479.92           90
ORANGE           CA 92869  9.8750            03/26/04
0419801378                 0.0000            05/01/04          10
0419801378                 0.0000            04/01/34          25.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.1250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

9262712                    4.7500            238000.0000       100.0000
                           4.7500            236,732.55        ZZ
                           4.5000            1241.52           1
                           9.7500            1241.52           67
OXNARD           CA 93033  9.5000            03/24/04
0420109241                 0.0000            05/01/04          00
0420109241                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          9.7500            12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9264992                    4.6250            132000.0000       100.0000
                           4.6250            131,888.82        ZZ
                           4.3750            508.75            1
                           10.6250           508.75            80
FORT LAUDERDALE  FL 33311  10.3750           04/05/04
0420332181                 0.0000            05/01/04          00
0420332181                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.6250            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9265408                    5.0000            203310.0000       100.0000
                           5.0000            202,326.75        ZZ
                           4.7500            1091.41           3
                           11.0000           1091.41           90
FORT LAUDERDALE  FL 33311  10.7500           04/05/04
0420076598                 0.0000            05/01/04          04
0420076598                 0.0000            04/01/34          25.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9267178                    4.0000            59950.0000        100.0000
                           4.0000            59,602.77         ZZ
                           3.7500            286.21            1
                           10.0000           286.21            86
SOUTHAVEN        MS 38671  9.7500            03/31/04
0437767890                 3.2500            05/01/04          11
03175804                   3.0000            04/01/34          12.0000
0                          3.2500            04/01/07          04/01/07
642/G02                    3.0000            05/01/07          05/01/07
25                         3.2500            0.0000            0.0000
A                          7.0000            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.7500                     1                 0
0.0000                     05                00
                           O                 0.0000

9268938                    4.8750            160500.0000       100.0000
                           4.8750            159,703.91        ZZ
                           4.6250            849.38            1
                           10.8750           849.38            80
SPRINGFIELD      OR 97478  10.6250           04/02/04
0420430845                 0.0000            05/01/04          00
0420430845                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/07          04/01/07
E22/G02                    3.0000            05/01/07          05/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9271652                    5.5000            252000.0000       100.0000
                           5.5000            250,889.08        ZZ
                           5.2500            1430.83           3
                           10.5000           1430.83           90
LOS ANGELES      CA 90003  10.2500           03/18/04
0437900095                 2.2500            05/01/04          11
0000601382                 2.0000            04/01/34          25.0000
0                          2.2500            04/01/09          04/01/09
Q59/G02                    2.0000            05/01/09          05/01/09
45                         2.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.2500                     1                 0
0.0000                     05                00
                           O                 0.0000

9271992                    5.5000            236000.0000       100.0000
                           5.5000            234,892.01        ZZ
                           5.2500            1339.98           1
                           10.5000           1339.98           80
POMPANO  BEACH   FL 33062  10.2500           04/07/04
0419541289                 0.0000            05/01/04          00
0419541289                 0.0000            04/01/34          0.0000
0                          3.2500            04/01/09          04/01/09
E22/G02                    3.0000            05/01/09          05/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     06                00
                           O                 0.0000

9276108                    4.3750            96000.0000        100.0000
                           4.3750            95,589.81         ZZ
                           4.1250            479.31            1
                           10.3750           479.31            80
BAY CENTER       WA 98527  10.1250           04/02/04
0437729049                 3.2500            06/01/04          00
PDX500143                  3.0000            05/01/34          0.0000
0                          3.2500            05/01/07          05/01/07
Y76/G02                    3.0000            06/01/07          06/01/07
45                         3.2500            0.0000            0.0000
A                          6.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.1250                     5                 0
0.0000                     05                00
                           O                 0.0000

9279166                    5.2500            121500.0000       100.0000
                           5.2500            121,080.06        ZZ
                           5.0000            670.93            1
                           10.2500           670.93            90
VERNON HILLS     IL 60061  10.0000           04/05/04
0420242406                 0.0000            06/01/04          01
0420242406                 0.0000            05/01/34          25.0000
0                          3.2500            05/01/09          05/01/09
E22/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.2500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9435157                    5.2500            117000.0000       100.0000
                           5.2500            117,000.00        ZZ
                           5.0000            511.88            1
                           11.2500           511.88            78
HOUSTON          TX 77040  11.0000           07/26/04
0421485624                 0.0000            09/01/04          00
0421485624                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     03                00
                           O                 0.0000

9435219                    5.3750            244804.0000       100.0000
                           5.3750            244,804.00        ZZ
                           5.1250            1370.83           1
                           11.3750           1370.83           75
FORT MYERS       FL 33919  11.1250           07/30/04
0421506254                 0.0000            09/01/04          00
0421506254                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9435309                    5.8750            333700.0000       100.0000
                           5.8750            333,700.00        ZZ
                           5.6250            1973.96           2
                           11.8750           1973.96           78
LYNN             MA 01902  11.6250           07/26/04
0421467903                 0.0000            09/01/04          00
0421467903                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9435361                    5.2500            109200.0000       100.0000
                           5.2500            109,200.00        ZZ
                           5.0000            603.01            1
                           11.2500           603.01            80
GRAND JUNCTION   CO 81504  11.0000           07/30/04
0421476102                 0.0000            09/01/04          00
0421476102                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9435387                    5.3750            233600.0000       100.0000
                           5.3750            233,600.00        ZZ
                           5.1250            1046.33           1
                           11.3750           1046.33           80
NEW BEDFORD      MA 02745  11.1250           07/26/04
0421533654                 0.0000            09/01/04          00
0421533654                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           O                 0.0000

9436053                    5.3750            80000.0000        100.0000
                           5.3750            80,000.00         ZZ
                           5.1250            447.98            1
                           11.3750           447.98            77
SPRINGFIELD      MO 65807  11.1250           07/26/04
0421266032                 0.0000            09/01/04          00
0421266032                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9436085                    5.3750            254000.0000       100.0000
                           5.3750            254,000.00        ZZ
                           5.1250            1137.71           1
                           11.3750           1137.71           76
THOUSAND OAKS    CA 91362  11.1250           07/26/04
0421288069                 0.0000            09/01/04          00
0421288069                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.3750            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     01                00
                           O                 0.0000

9442116                    5.5000            201200.0000       100.0000
                           5.5000            200,536.30        ZZ
                           5.2500            1142.39           1
                           10.5000           1142.39           80
ARLINGTON        VA 22201  10.2500           04/28/04
0437856826                 3.2500            06/01/04          00
F0400573                   3.0000            05/01/34          0.0000
0                          3.2500            05/01/09          05/01/09
W98/G02                    3.0000            06/01/09          06/01/09
45                         3.2500            0.0000            0.0000
A                          10.5000           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.2500                     5                 0
0.0000                     08                00
                           O                 0.0000

9443303                    5.2500            272000.0000       100.0000
                           5.2500            272,000.00        ZZ
                           5.0000            1501.99           1
                           11.2500           1501.99           80
PALM BEACH GARD  FL 33418  11.0000           08/03/04
0421358276                 0.0000            09/01/04          00
0421358276                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     03                00
                           O                 0.0000

9443325                    4.8750            90000.0000        100.0000
                           4.8750            90,000.00         ZZ
                           4.6250            476.29            1
                           10.8750           476.29            90
WHITELAND        IN 46184  10.6250           08/03/04
0421395435                 0.0000            09/01/04          10
0421395435                 0.0000            08/01/34          25.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9443485                    5.2500            284000.0000       100.0000
                           5.2500            284,000.00        ZZ
                           5.0000            1242.50           1
                           11.2500           1242.50           80
LOS ANGELES      CA 91306  11.0000           07/28/04
0421269465                 0.0000            09/01/04          00
0421269465                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
25                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     01                00
                           O                 0.0000

9443734                    5.7500            102000.0000       100.0000
                           5.7500            101,786.51        ZZ
                           5.5000            595.24            1
                           11.7500           595.24            73
ST. LOUIS        MO 63043  11.5000           05/17/04
0437886468                 0.0000            07/01/04          00
9510968005                 0.0000            06/01/34          0.0000
0                          2.3750            06/01/07          06/01/07
P90/G02                    2.1250            07/01/07          07/01/07
45                         3.7500            0.0000            0.0000
A                          7.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           N                 0.0000

9445523                    5.2500            183200.0000       100.0000
                           5.2500            183,200.00        ZZ
                           5.0000            1011.64           1
                           11.2500           1011.64           80
AZLE             TX 76020  11.0000           07/30/04
0421246299                 0.0000            09/01/04          00
0421246299                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9445543                    5.1250            85000.0000        100.0000
                           5.1250            85,000.00         ZZ
                           4.8750            462.81            1
                           11.1250           462.81            62
TACOMA           WA 98418  10.8750           07/27/04
0421293317                 0.0000            09/01/04          00
0421293317                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.1250            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     2                 0
0.0000                     05                00
                           N                 0.0000

9445683                    5.2500            152000.0000       100.0000
                           5.2500            152,000.00        ZZ
                           5.0000            839.35            1
                           11.2500           839.35            68
SACRAMENTO       CA 95838  11.0000           07/27/04
0421500992                 0.0000            09/01/04          00
0421500992                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
25                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9452711                    5.0000            140000.0000       100.0000
                           5.0000            140,000.00        ZZ
                           4.7500            583.33            1
                           11.0000           583.33            80
SPANAWAY         WA 98387  10.7500           07/30/04
0421463787                 0.0000            09/01/04          00
0421463787                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          7.0000            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     03                00
                           O                 0.0000

9453163                    4.8750            129000.0000       100.0000
                           4.8750            129,000.00        ZZ
                           4.6250            524.06            1
                           10.8750           524.06            54
MIAMI            FL 33165  10.6250           08/02/04
0420846339                 0.0000            09/01/04          00
0420846339                 0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
E22/G02                    3.0000            09/01/07          09/01/07
45                         3.2500            0.0000            0.0000
A                          6.8750            12                12
360                        E12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9456734                    5.3750            453750.0000       100.0000
                           5.3750            453,250.00        ZZ
                           5.1250            2032.42           1
                           10.3750           2032.42           75
BOISE            ID 83702  10.1250           05/26/04
0438023970                 2.2500            07/01/04          00
4041320                    2.0000            06/01/34          0.0000
0                          2.2500            06/01/09          06/01/09
B44/G02                    2.0000            07/01/09          07/01/09
45                         2.2500            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.1250                     5                 0
0.0000                     05                00
                           O                 0.0000

9456788                    4.7500            166400.0000       100.0000
                           4.7500            165,980.47        ZZ
                           4.5000            868.02            1
                           10.7500           868.02            80
SISTERS          OR 97759  10.5000           05/27/04
0438012494                 3.2500            07/01/04          00
10381606                   3.0000            06/01/34          0.0000
0                          3.2500            06/01/07          06/01/07
967/G02                    3.0000            07/01/07          07/01/07
45                         3.2500            0.0000            0.0000
A                          6.7500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
1.5000                     1                 0
0.0000                     05                00
                           N                 0.0000

9457820                    6.2500            202700.0000       100.0000
                           6.2500            202,314.34        ZZ
                           6.0000            1248.06           1
                           11.2500           1248.06           85
SEATTLE          WA 98125  11.0000           05/26/04
0438046534                 3.2500            07/01/04          11
10242220                   3.0000            06/01/34          12.0000
0                          3.2500            06/01/09          06/01/09
967/G02                    3.0000            07/01/09          07/01/09
25                         3.2500            0.0000            0.0000
A                          11.2500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
3.0000                     1                 0
0.0000                     05                00
                           O                 0.0000

9458078                    5.3750            200000.0000       100.0000
                           5.3750            199,770.20        ZZ
                           5.1250            1119.94           1
                           10.3750           1119.94           77
SALT LAKE CITY   UT 84106  10.1250           06/09/04
0438047698                 3.3750            08/01/04          00
10356368                   3.1250            07/01/34          0.0000
0                          3.2500            07/01/09          07/01/09
967/G02                    3.0000            08/01/09          08/01/09
45                         3.3750            0.0000            0.0000
A                          10.3750           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9461230                    5.6250            333700.0000       100.0000
                           5.6250            333,700.00        ZZ
                           5.3750            1564.22           1
                           10.6250           1564.22           76
POMPANO BEACH    FL 33060  10.3750           07/02/04
0438098980                 0.0000            09/01/04          00
11126021                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/09          08/01/09
R68/G02                    3.0000            09/01/09          09/01/09
45                         3.2500            0.0000            0.0000
A                          10.6250           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9461246                    5.3750            500000.0000       100.0000
                           5.3750            500,000.00        ZZ
                           5.1250            2239.58           1
                           11.3750           2239.58           80
SANTA ANA        CA 92701  11.1250           06/24/04
0438072910                 0.0000            07/24/04          00
549538784                  0.0000            06/24/34          0.0000
0                          3.2500            06/24/07          06/24/07
N16/G02                    3.0000            07/24/07          07/24/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     5                 0
0.0000                     05                00
                           O                 0.0000

9463462                    5.3750            155250.0000       100.0000
                           5.3750            155,076.03        ZZ
                           5.1250            869.36            1
                           11.3750           869.36            75
BLOOMFIELD       CT 06002  11.1250           06/21/04
0438098915                 3.2500            08/01/04          00
GB040316                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
W98/G02                    3.0000            08/01/07          08/01/07
45                         3.3750            0.0000            0.0000
A                          7.3750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.1250                     5                 0
0.0000                     05                00
                           O                 0.0000

9463596                    5.2500            116100.0000       100.0000
                           5.2500            115,966.94        ZZ
                           5.0000            641.11            1
                           11.2500           641.00            90
MONMOUTH         OR 97361  11.0000           06/18/04
0438080772                 3.2500            08/01/04          11
10397016                   3.0000            07/01/34          25.0000
0                          3.2500            07/01/07          07/01/07
967/G02                    3.0000            08/01/07          08/01/07
45                         3.2500            0.0000            0.0000
A                          7.2500            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.0000                     1                 0
0.0000                     05                00
                           N                 0.0000

9464176                    5.7500            155250.0000       100.0000
                           5.7500            155,087.91        ZZ
                           5.5000            906.00            1
                           10.7500           906.00            90
LAKE MONTEZUMA   AZ 86342  10.5000           06/29/04
0438084683                 3.2500            08/01/04          14
10409720                   3.0000            07/01/34          25.0000
0                          3.2500            07/01/09          07/01/09
967/G02                    3.0000            08/01/09          08/01/09
45                         3.2500            0.0000            0.0000
A                          10.7500           12                12
360                        L12               2.0000            2.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.5000                     1                 0
0.0000                     03                00
                           N                 0.0000

9464262                    5.8750            124000.0000       100.0000
                           5.8750            123,873.57        T
                           5.6250            733.51            1
                           11.8750           733.51            80
FLORENCE         OR 97439  11.6250           06/25/04
0438093197                 3.2500            08/01/04          00
10419885                   3.0000            07/01/34          0.0000
0                          3.2500            07/01/07          07/01/07
967/G02                    3.0000            08/01/07          08/01/07
45                         3.8750            0.0000            0.0000
A                          7.8750            12                12
360                        L12               2.0000            2.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
2.6250                     1                 0
0.0000                     05                00
                           O                 0.0000

9470082                    5.7500            180000.0000       100.0000
                           5.7500            180,000.00        ZZ
                           5.5000            1050.43           1
                           10.7500           1050.43           90
MANASSAS         VA 20109  10.5000           07/19/04
0438126823                 0.0000            09/01/04          12
25804058                   0.0000            08/01/34          25.0000
0                          2.2500            08/01/09          08/01/09
696/G02                    2.0000            09/01/09          09/01/09
25                         2.2500            0.0000            0.0000
A                          10.7500           6                 6
360                        E                 1.0000            1.0000
5.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           N                 0.0000

9473754                    5.2500            209600.0000       100.0000
                           5.2500            209,600.00        ZZ
                           5.0000            917.00            1
                           11.2500           917.00            80
ARLINGTON        VA 22206  11.0000           07/26/04
0438166670                 0.0000            09/01/04          00
32604188                   0.0000            08/01/34          0.0000
0                          3.2500            08/01/07          08/01/07
696/G02                    3.0000            09/01/07          09/01/07
25                         3.2500            0.0000            0.0000
A                          8.2500            6                 6
360                        E                 1.0000            1.0000
6.0000                     S                 N                 0.1250
0.0000                     S                 N                 0.1250
0.0000                     1                 0
0.0000                     01                00
                           O                 0.0000

Total Number of Loans:     1,351

Total Original Balance:    320,839,680.06

Total Principal Balance:   320,054,190.29

Total Original P+I:        1,662,276.95

Total Current P+I:         1,662,954.39



<PAGE>


                                   EXHIBIT TWO

                          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 and
        of the Group CB-I Loans,  Group CB-II Loans Group NB-I Loans,  and Group
        NB-II  Loans   determined   separately   after  giving   effect  to  the
        distribution of principal on such Distribution Date;

(vi)    the   aggregate   Certificate   Principal   Balance  of  each  Class  of
        Certificates  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  Notional  Amount  with  respect  to each  class  of  Interest  Only
        Certificates and each Subclass Notional Amount;

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

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

(xv)    the related Senior  Percentages  and  Subordinate  Percentages  for such
        Distribution Date;

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

(xvii)  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;

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

(xix)   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 THREE

                     STANDARD TERMS OF POOLING AND SERVICING
                      AGREEMENT DATED AS OF AUGUST 1, 2004



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


                                STANDARD TERMS OF

                         POOLING AND SERVICING AGREEMENT



                           Dated as of August 1, 2004



                        Residential Accredit Loans, Inc.
                       Mortgage Asset-Backed Pass-Through Certificates




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


<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE


                                               -ii-

<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


                                        i

<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................55

        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

        Section 3.22  Advance Facility.....................................................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

                                        ii
<PAGE>


        Section 5.05. Appointment of Paying Agent..........................................82

        Section 5.06. U.S.A. Patriot Act Compliance........................................82

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


                                        iii
<PAGE>

        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

                                        iv

<PAGE>


                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            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

</TABLE>

                                        v



<PAGE>



        This is the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 2004 (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
<PAGE>

ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any Class or Subclass of Certificates (other than any Principal Only
Certificates), interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance or Notional
Amount thereof immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day months. In each case Accrued Certificate Interest on any Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment Interest Shortfalls on all Mortgage Loans or, if the
               Mortgage Pool is comprised of two or more Loan Groups, on the
               Mortgage Loans in the related Loan Group (to the extent not
               offset by the Master Servicer with a payment of Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest portion (adjusted to the Net Mortgage Rate (or the
               Modified Net Mortgage Rate in the case of a Modified Mortgage
               Loan)) of Realized Losses on all Mortgage Loans or, if the
               Mortgage Pool is comprised of two or more Loan Groups, on the
               Mortgage Loans in the related Loan Group (including Excess
               Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
               Losses and Extraordinary Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest portion of Advances that were (A) previously made
               with respect to a Mortgage Loan or REO Property on all Mortgage
               Loans or, if the Mortgage Pool is comprised of two or more Loan
               Groups, on the Mortgage Loans in the related Loan Group, which
               remained unreimbursed following the Cash Liquidation or REO
               Disposition of such Mortgage Loan or REO Property 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 Servicemembers Civil Relief Act of 1940, as
               amended, or similar legislation or regulations as in effect from
               time to time,


                                       2
<PAGE>

with all such reductions allocated (A) among all of the Certificates in
proportion to their respective amounts of Accrued Certificate Interest payable
on such Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised of two or more Loan Groups, 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.

        Advance Facility: As defined in Section 3.22.

        Advance Facility Notice: As defined in Section 3.22.

        Advance Facility Trustee: As defined in Section 3.22.

        Advancing Person: As defined in Section 3.22.

                                       3
<PAGE>

        Advance Reimbursement Amounts: As defined in Section 3.22.

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

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
Corporation).

        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.


                                       4
<PAGE>

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

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

        Available Distribution Amount: As to any Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the Custodial Account as of the close of business on the
immediately preceding Determination Date, 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.

                                       5
<PAGE>

        Book-Entry Certificate: Any Certificate registered in the name of the
Depository or its nominee, and designated as such in the Preliminary Statement
to the Series Supplement.

        Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York, the State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial Account or the Certificate Account are at the
time located) are required or authorized by law or executive order to be closed.
        Buydown Funds: Any amount contributed by the seller of a Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments required to be made from the Mortgagor's funds in the early years
of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to
deposit into the Custodial or Certificate Account.

        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: With respect to any Distribution
Date and, with respect to any Mortgage Pool comprised of two or more Loan
Groups, each Loan Group, the amount of Advances or Servicing Advances that were
added to the Stated Principal Balance of 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, 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: With respect to any
Distribution Date and, with respect to any Mortgage Pool comprised of two or
more Loan Groups, each Loan Group, the amount, if any, by which the amount of
Advances or Servicing Advances that were added to the Stated Principal Balance
of 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) during the preceding
calendar month exceeds the amount of principal payments on the Mortgage Loans
included in the Available Distribution Amount (or, if the Mortgage Pool is
comprised of two or more Loan Groups, Available Distribution Amount for the
related Loan Group) 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


                                       6
<PAGE>

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.

        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.

                                       7
<PAGE>

        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, any Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan
Group, the excess of the amount described in clause (C)(1) of the definition of
Class A-P Principal Distribution Amount (for the related Loan Group, if
applicable) over the amount described in clause (C)(2) of such definition.

        Class A-P Principal Distribution Amount: With respect to any
Distribution Date and, with respect to any Mortgage Pool comprised of two or
more Loan Groups, each Loan Group, an amount equal to the aggregate of:

               (A) the related Discount Fraction of the principal portion of
        each Monthly Payment on each Discount Mortgage Loan (or, with respect to
        any Mortgage Pool comprised of two or more Loan Groups, each Discount
        Mortgage Loan in the related Loan Group) 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 (or, with respect
        to any Mortgage Pool comprised of two or more Loan Groups, each Discount
        Mortgage Loan in the related Loan Group) 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 such Discount Mortgage Loans (or,
        in the case of a substitution of a Deleted Mortgage Loan, the Discount
        Fraction of the amount of any shortfall deposited in the Custodial
        Account in connection with such substitution);

               (C) in connection with the Cash Liquidation or REO Disposition of
        a Discount Mortgage Loan (or, with respect to any Mortgage Pool
        comprised of two or more Loan Groups, each Discount Mortgage Loan in the
        related Loan Group) 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;

                                       8
<PAGE>

               (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 related Loan Group, if applicable, and the
        amount of any Class A-P Collection Shortfalls (for the related Loan
        Group, if applicable) 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 the related Loan Group, if
        applicable) for such Distribution Date, if any, related to each Discount
        Mortgage Loan (in the related Loan Group, if applicable).

        Notwithstanding the foregoing, with respect to any Distribution Date on
and after the Credit Support Depletion Date, the Class A-P Principal
Distribution Amount (for a Loan Group, if applicable) 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 (in the related Loan Group,
if applicable) 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 related Discount Fraction of
the aggregate amount of unscheduled collections described in clauses (B) and (C)
above over (ii) the amount calculated pursuant to clause (F) above.

        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, as amended.

        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


                                       9
<PAGE>

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.

        Compliance With Laws Representation: The following representation and
warranty (or any representation and warranty that is substantially similar) made
by Residential Funding in Section 4 of Assignment Agreement: "Each Mortgage Loan
at the time it was made complied in all material respects with applicable local,
state, and federal laws, including, but not limited to, all applicable
anti-predatory lending laws".

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

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

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

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

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

        Cooperative Stock Certificate: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Repository: Equifax, Transunion and Experian, or their successors
in interest.

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

                                       10
<PAGE>

        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.

        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.


                                       11
<PAGE>

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.

        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


                                       12
<PAGE>

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
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.

                                       13
<PAGE>

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

        Excess Subordinate Principal Amount: With respect to any Distribution
Date on which the aggregate Certificate Principal Balance of the Class of
Subordinate Certificates then outstanding with the Lowest Priority is to be
reduced to zero and on which Realized Losses are to be allocated to such class
or classes, the excess, if any, of (i) the amount that would otherwise be
distributable in respect of principal on such class or classes of Certificates
on such Distribution Date over (ii) the excess, if any, of the aggregate
Certificate Principal Balance of such class or classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such classes of Certificates on such
Distribution Date as reduced by any amount calculated pursuant to clause (E) of
the definition of Class A-P Principal Distribution Amount. 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

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.

                                       14
<PAGE>

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

        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.

                                       15
<PAGE>

        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.

        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.

                                       16
<PAGE>

        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.

        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.

                                       17
<PAGE>

        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
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.

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<PAGE>

        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.

        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.

                                       19
<PAGE>

        Opinion of Counsel: A written opinion of counsel acceptable to the
Trustee and the Master Servicer, who may be counsel for the Company or the
Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Disqualified Organization" or (ii) relating to the qualification
of 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 timely payment of 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 short-term debt obligations of the party agreeing to
        repurchase such obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

(iii)   federal funds, certificates of deposit, demand deposits, time deposits
        and bankers' acceptances (which shall each have an original maturity of
        not more than 90 days and, in the case of bankers' acceptances, shall in
        no event have an original maturity of more than 365 days or a remaining
        maturity of more than 30 days) denominated in United States dollars of
        any U.S. depository institution or trust company incorporated under the
        laws of the United States or any state thereof or of any domestic branch
        of a foreign depository institution or trust company; provided that the
        short-term debt obligations of such depository institution or trust
        company (or, if the only Rating Agency is Standard & Poor's, in the case


                                       20
<PAGE>

        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
        debt 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)     any mutual fund, money market fund, common trust fund or other pooled
        investment vehicle, the assets of which are limited to instruments that
        otherwise would constitute Permitted Investments hereunder and have been
        rated by each Rating Agency in its highest short-term rating available
        (in the case of Standard & Poor's such rating shall be either AAAm or
        AAAm-G), including any such fund that is managed by the Trustee or any
        affiliate of the Trustee or for which the Trustee or any of its
        affiliates acts as an adviser; 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
        (without giving effect to any Certificate Policy (as defined in the
        Series Supplement) in the case of Insured Certificates (as defined in
        the Series Supplement) 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 rating category available 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 rating
category available obligations shall mean A-1 in the case of Standard & Poor's,
P-1 in the case of Moody's and either A-+ by Standard & Poor's, P-1 by Moody's
or F-1 by Fitch in the case of Fitch.

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

                                       21
<PAGE>

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

        Pledged Amount: With respect to any Pledged Asset Loan, the amount of
money remitted to Combined Collateral LLC, at the direction of or for the
benefit of the related Mortgagor.

        Pledged Asset Loan: Any Mortgage Loan supported by Pledged Assets or
such other collateral, other than the related Mortgaged Property, set forth in
the Series Supplement.

        Pledged Assets: With respect to any Mortgage Loan, all money,
securities, security entitlements, accounts, general intangibles, 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
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of


                                       22
<PAGE>

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
               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);

                                       23
<PAGE>

        (ii)   have a Mortgage Rate and a Net Mortgage Rate no lower than and
               not more than 1% per annum higher than the Mortgage Rate and Net
               Mortgage Rate, respectively, of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value Ratio at the time of substitution no higher
               than that of the Deleted Mortgage Loan at the time of
               substitution;

        (iv)   have a remaining term to stated maturity not greater than (and
               not more than one year less than) that of the Deleted Mortgage
               Loan;

        (v)    comply with each representation and warranty set forth in
               Sections 2.03 and 2.04 hereof and Section 4 of the Assignment
               Agreement; and

        (vi)   have a Pool Strip Rate equal to or greater than that of the
               Deleted Mortgage Loan.

Notwithstanding any other provisions herein, (x) with respect to any Qualified
Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which was a
Discount Mortgage Loan, such Qualified Substitute Mortgage Loan shall be deemed
to be a Discount Mortgage Loan and to have a Discount Fraction equal to the
Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Pool Strip Rate" of any Qualified Substitute Mortgage Loan as calculated
pursuant to the definition of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such Qualified Substitute Mortgage Loan
               shall be equal to the Pool Strip Rate of the related Deleted
               Mortgage Loan for purposes of calculating the Pass-Through Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip Rate on such Qualified Substitute
               Mortgage Loan as calculated pursuant to the definition of "Pool
               Strip Rate" over the Pool Strip Rate on the related Deleted
               Mortgage Loan shall be payable to the Class R Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency: Each of the statistical credit rating agencies specified
in the Preliminary Statement of the Series Supplement. If any agency or a
successor is no longer in existence, "Rating Agency" shall be such statistical
credit rating agency, or other comparable Person, designated by the Company,
notice of which designation shall be given to the Trustee and the Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

        (a)     as to which a Cash Liquidation or REO Disposition has occurred,
                an amount (not less than zero) equal to (i) the Stated Principal
                Balance of the Mortgage Loan (or REO Property) as of the date of
                Cash Liquidation or REO Disposition, plus (ii) interest (and REO
                Imputed Interest, if any) at the Net Mortgage Rate from the Due
                Date as to which interest was last paid or advanced to


                                       24
<PAGE>

                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.

                                       25
<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.

        Reimbursement Amounts: As defined in Section 3.22.

        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,


                                       26
<PAGE>

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
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.

                                       27
<PAGE>

        Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan
Group, 100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any Distribution Date after the 60th Distribution Date but on or
        prior to the 72nd Distribution Date, the related Senior Percentage for
        such Distribution Date plus 70% of the related Subordinate Percentage
        for such Distribution Date;

(ii)    for any Distribution Date after the 72nd Distribution Date but on or
        prior to the 84th Distribution Date, the related Senior Percentage for
        such Distribution Date plus 60% of the related Subordinate Percentage
        for such Distribution Date;

(iii)   for any Distribution Date after the 84th Distribution Date but on or
        prior to the 96th Distribution Date, the related Senior Percentage for
        such Distribution Date plus 40% of the related Subordinate Percentage
        for such Distribution Date;

(iv)    for any Distribution Date after the 96th Distribution Date but on or
        prior to the 108th Distribution Date, the related Senior Percentage for
        such Distribution Date plus 20% of the related Subordinate Percentage
        for such Distribution Date; and

(v)     for any Distribution Date thereafter, the Senior Percentage for such
        Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated Distribution
Percentage described above shall not occur as of any Distribution Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent 60 days or more averaged over the last six months, as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the Subordinate Certificates, is less than 50% or (Y) the outstanding
        principal balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months, as a percentage of the aggregate outstanding
        principal balance of all Mortgage Loans averaged over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date for such Distribution Date if occurring during the sixth,
        seventh, eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%, respectively, of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1) the outstanding principal balance of Mortgage Loans
        delinquent 60 days or more averaged over the last six months, as a
        percentage of the aggregate outstanding principal balance of all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such Distribution
        Date, if occurring during the sixth, seventh, eighth, ninth or tenth
        year (or any year thereafter) after the Closing Date are less than 10%,
        15%, 20%, 25% or 30%, respectively, of the sum of the Initial
        Certificate Principal Balances of the Subordinate Certificates, and

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<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 (excluding the Discount Fraction of the
Discount Mortgage Loans in such 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 Advance Reimbursement Amounts: As defined in Section 3.22.

                                       29
<PAGE>

        Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable monthly to the Master Servicer in respect of master servicing
compensation that accrues at an annual rate designated on the Mortgage Loan
Schedule as the "MSTR SERV FEE" for such Mortgage Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan, 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, as of any Distribution Date, (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 with the Due Period related to the previous 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


                                       30
<PAGE>

Uncertificated Class A-V REMIC Regular Interest or Interests specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate: Any one of the Class M Certificates or Class B
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

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

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100%
minus the related Senior Percentage as of such Distribution Date.

        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


                                       31
<PAGE>

Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

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

        Successor Master Servicer: As defined in Section 3.22.

        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,

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<PAGE>

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

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

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

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

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

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

        United States Person 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.

        U.S.A. Patriot Act: Uniting and Strengthening America by Providing
Appropriate Tools to Intercept and Obstruct Terrorism Act of 2001, as amended.

        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.

                                       33
<PAGE>

Section 1.02.  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," `hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definitions set forth herein include both the singular and the
plural.

                                       34
<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 for the benefit of the Certificateholders
        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 for the
        benefit of the Holders of the Insured Certificates (as defined in the
        Series Supplement).

(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 in blank or 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

                                       35
<PAGE>

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

        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.

                                       36
<PAGE>

        (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 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.

        The parties hereto agree that it is not intended that any Mortgage Loan
be included in the Trust Fund that is either (i) a "High-Cost Home Loan" as
defined in the New Jersey Home Ownership Act effective November 27, 2003 or (ii)
a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act
effective January 1, 2004.

        (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


                                       37
<PAGE>

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
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


                                       38
<PAGE>

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,
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, 9-314 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


                                       39
<PAGE>

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 type or jurisdiction of organization of Residential Funding or the
Company, (3) any transfer of any interest of Residential Funding or the Company
in any Mortgage Loan or (4) any transfer of any interest of Residential Funding
or the Company in any Uncertificated REMIC Regular Interest.

        (g) The Master Servicer hereby acknowledges the receipt by it of the
Initial Monthly Payment Fund. The Master Servicer shall hold such Initial
Monthly Payment Fund in the Custodial Account and shall include such Initial
Monthly Payment Fund in the Available Distribution Amount for the initial
Distribution Date. Notwithstanding anything herein to the contrary, the Initial
Monthly Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly Payment Fund constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts transferred by any REMIC to
the Initial Monthly Payment Fund shall be treated as transferred to the Seller
or any successor, all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this Agreement will also constitute the assignment, sale, setting-over,
transfer and conveyance to the Trustee, without recourse (but subject to the
Company's covenants, representations and warranties specifically provided
herein), of all of the Company's obligations and all of the Company's right,
title and interest in, to and under, whether now existing or hereafter acquired
as owner of the Mortgage Loan with respect to 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


                                       40
<PAGE>

proceeds and the conversion, voluntary or involuntary, of any thereof. The
foregoing transfer, sale, assignment and conveyance does not constitute and is
not intended to result in the creation, or an assumption by the Trustee, of any
obligation of the Company, or any other person in connection with the Pledged
Assets or under any agreement or instrument relating thereto, including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.

        The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) 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


                                       41
<PAGE>

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
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;

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<PAGE>

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

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

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

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

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

(ix)    The Master Servicer is a member of MERS in good standing, and will
        comply in all material respects with the rules and procedures of MERS in
        connection with the servicing of the Mortgage Loans that are registered
        with MERS.

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

        Upon discovery by either the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section 2.03(a) which materially and adversely affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give prompt written notice to the other parties (any Custodian being so
obligated under a Custodial Agreement). Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all material respects or (ii) to the extent that such breach is with
respect to a Mortgage Loan or a related document, purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02; provided that if the omission or defect would cause the Mortgage Loan to
be other than a "qualified mortgage" as defined in Section 860G(a)(3) of the


                                       43
<PAGE>

Code, any such cure or repurchase must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a representation and warranty set forth in this Section 2.03(a)
available to the Certificateholders or the Trustee on behalf of the
Certificateholders.

(b) Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

Section 2.04.  Representations and Warranties of Sellers.

        The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
all of its right, title and interest in respect of the Assignment Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or 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 a breach of the Compliance With Laws Representation
has given rise to the obligation to repurchase or substitute a Mortgage Loan
pursuant to Section 4 of the Assignment Agreement, 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


                                       44
<PAGE>

Section 2.01, with the Mortgage Note endorsed as required by Section 2.01. No
substitution will be made in any calendar month after the Determination Date for
such month. Monthly Payments due with respect to Qualified Substitute Mortgage
Loans in the month of substitution shall not be part of the Trust Fund and will
be retained by the Master Servicer and remitted by the Master Servicer to
Residential Funding on the next succeeding Distribution Date. For the month of
substitution, distributions to the Certificateholders will include the Monthly
Payment due on a Deleted Mortgage Loan for such month and thereafter Residential
Funding shall be entitled to retain all amounts received in respect of such
Deleted Mortgage Loan. The Master Servicer shall amend or cause to be amended
the Mortgage Loan Schedule, and, if the Deleted Mortgage Loan was a Discount
Mortgage Loan, the Schedule of Discount Fractions, for the benefit of the
Certificateholders to reflect the removal of such Deleted Mortgage Loan and the
substitution of the Qualified Substitute Mortgage Loan or Loans and the Master
Servicer shall deliver the amended Mortgage Loan Schedule, and, if the Deleted
Mortgage Loan was a Discount Mortgage Loan, the amended Schedule of Discount
Fractions, to the Trustee. Upon such substitution, the Qualified Substitute
Mortgage Loan or Loans shall be subject to the terms of this Agreement and the
related Subservicing Agreement in all respects, the related Seller shall be
deemed to have made the representations and warranties with respect to the
Qualified Substitute Mortgage Loan contained in the related Seller's Agreement
as of the date of substitution, 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
the Compliance With Laws Representation shall constitute the sole remedy


                                       45
<PAGE>

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.

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.



                                       46
<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


                                       47
<PAGE>

Prepayment in Full pursuant to Section 3.13(d) hereof) and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee shall furnish the Master Servicer with any powers of attorney and
other documents necessary or appropriate to enable the Master Servicer to
service and administer the Mortgage Loans. The Trustee shall not be liable for
any action taken by the Master Servicer or any Subservicer pursuant to such
powers of attorney. In servicing and administering any Nonsubserviced Mortgage
Loan, the Master Servicer shall, to the extent not inconsistent with this
Agreement, comply with the Program Guide as if it were the originator of such
Mortgage Loan and had retained the servicing rights and obligations in respect
thereof. In connection with servicing and administering the Mortgage Loans, the
Master Servicer and any Affiliate of the Master Servicer (i) may perform
services such as appraisals and brokerage services that are not customarily
provided by servicers of mortgage loans, and shall be entitled to reasonable
compensation therefor in accordance with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee, obtain credit information in the form
of a "credit score" from a credit repository.

(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 hereto


                                       48
<PAGE>

as Exhibit E. With the approval of the Master Servicer, a Subservicer may
delegate its servicing obligations to third-party servicers, but such
Subservicer will remain obligated under the related Subservicing Agreement. The
Master Servicer and a Subservicer may enter into amendments thereto or a
different form of Subservicing Agreement, and the form referred to or included
in the Program Guide is merely provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into different Subservicing Agreements; provided, however, that any such
amendments or different forms shall be consistent with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders. The
Program Guide and any other Subservicing Agreement entered into between the
Master Servicer and any Subservicer shall require the Subservicer to accurately
and fully report its borrower credit files to each of the Credit Repositories in
a timely manner.

(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


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Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the Master
Servicer may, in the exercise of its business judgment, release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.

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

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

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

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


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relating to each Subservicing Agreement and the Mortgage Loans then being
serviced and an accounting of amounts collected and held by it and otherwise use
its best efforts to effect the orderly and efficient transfer of each
Subservicing Agreement to the assuming party.

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

(a)     The Master Servicer shall make reasonable efforts to collect all
        payments called for under the terms and provisions of the Mortgage
        Loans, and shall, to the extent such procedures shall be consistent with
        this Agreement and the terms and provisions of any related Primary
        Insurance Policy, follow such collection procedures as it would employ
        in its good faith business judgment and which are normal and usual in
        its general mortgage servicing activities. Consistent with the
        foregoing, the Master Servicer may in its discretion (i) waive any late
        payment charge or any prepayment charge or penalty interest in
        connection with the prepayment of a Mortgage Loan and (ii) extend the
        Due Date for payments due on a Mortgage Loan in accordance with the
        Program Guide; provided, however, that the Master Servicer shall first
        determine that any such waiver or extension will not impair the coverage
        of any related Primary Insurance Policy or materially adversely affect
        the lien of the related Mortgage. Notwithstanding anything in this
        Section to the contrary, the Master Servicer shall not enforce any
        prepayment charge to the extent that such enforcement would violate any
        applicable law. 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


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<PAGE>

        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 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;

(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 Compliance With Laws Representation 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

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<PAGE>

(viii)  Any amounts received by the Master Servicer in respect of Pledged
        Assets.

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

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

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

        (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


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<PAGE>

not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The Subservicer will be required thereby to deposit into the Subservicing
Account on a daily basis all proceeds of Mortgage Loans received by the
Subservicer, less its Subservicing Fees and unreimbursed advances and expenses,
to the extent permitted by the Subservicing Agreement. If the Subservicing
Account is not an Eligible Account, the Master Servicer shall be deemed to have
received such monies upon receipt thereof by the Subservicer. The Subservicer
shall not be required to deposit in the Subservicing Account payments or
collections in the nature of prepayment charges or late charges or assumption
fees. On or before the date specified in the Program Guide, but in no event
later than the Determination Date, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master Servicer. The Subservicer will also be
required, pursuant to the Subservicing Agreement, to advance on such scheduled
date of remittance amounts equal to any scheduled monthly installments of
principal and interest less its Subservicing Fees on any Mortgage Loans for
which payment was not received by the Subservicer. This obligation to advance
with respect to each Mortgage Loan will continue up to and including the first
of the month following the date on which the related Mortgaged Property is sold
at a foreclosure sale or is acquired by the Trust Fund by deed in lieu of
foreclosure or otherwise. All such advances received by the Master Servicer
shall be deposited promptly by it in the Custodial Account.

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

        (c) In addition to the Custodial Account and the Certificate Account,
the Master Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause
the Subservicers for Subserviced Mortgage Loans to, establish and maintain one
or more Servicing Accounts and deposit and retain therein all collections from
the Mortgagors (or advances from Subservicers) 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


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Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master Servicer shall advance the payments referred to in the
preceding subsection that are not timely paid by the Mortgagors or advanced by
the Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

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

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

Section 3.10.  Permitted Withdrawals from the Custodial Account.

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

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

(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;

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<PAGE>

(iii)   to pay to itself or the related Subservicer (if not previously retained
        by such Subservicer) out of each payment received by the Master Servicer
        on account of interest on a Mortgage Loan as contemplated by Sections
        3.14 and 3.16, an amount equal to that remaining portion of any such
        payment as to interest (but not in excess of the Servicing Fee and the
        Subservicing Fee, if not previously retained) which, when deducted, will
        result in the remaining amount of such interest being interest at the
        Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a
        Modified Mortgage Loan) on the amount specified in the amortization
        schedule of the related Mortgage Loan as the principal balance thereof
        at the beginning of the period respecting which such interest was paid
        after giving effect to any previous Curtailments;

(iv)    to pay to itself as additional servicing compensation any interest or
        investment income earned on funds and other property deposited in or
        credited to the Custodial Account that it is entitled to withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional servicing compensation any Foreclosure
        Profits, 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 a 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

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<PAGE>

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

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

(c)     The Master Servicer shall be entitled to reimburse itself or the related
        Subservicer for any advance made in respect of a Mortgage Loan that the
        Master Servicer determines to be a Nonrecoverable Advance by withdrawal
        from the Custodial Account of amounts on deposit therein attributable to
        the Mortgage Loans on any Certificate Account Deposit Date succeeding
        the date of such determination. Such right of reimbursement in respect
        of a Nonrecoverable Advance 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


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applicable to a Nonsubserviced Mortgage Loan, or consent to any Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage Loan subserviced by it, that is in effect at the date of the initial
issuance of the Certificates and is required to be kept in force hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose claims-paying ability is acceptable
to each Rating Agency for mortgage pass-through certificates having a rating
equal to or better than the lower of the then-current rating or the rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

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

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

        (a) The Master Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master Servicer shall replace any Subservicer that does not cause such
insurance, to the extent it is available, to be maintained. The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan),
fire insurance with extended coverage in an amount which is at least equal to
the amount necessary to avoid the application of any co-insurance clause
contained in the related hazard insurance policy. Pursuant to Section 3.07, any
amounts collected by the Master Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is 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


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Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

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

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect throughout the term of this Agreement a blanket
fidelity bond and an errors and omissions insurance policy covering the Master
Servicer's officers and employees and other persons acting on behalf of the
Master Servicer in connection with its activities under this Agreement. The
amount of coverage shall be at least equal to the coverage that would be
required by 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:

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

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

(b)     Subject to the Master Servicer's duty to enforce any due-on-sale clause
        to the extent set forth in Section 3.13(a), in any case in which a
        Mortgaged Property is to be conveyed to a Person by a Mortgagor, and
        such Person is to enter into an assumption or modification agreement or
        supplement to the Mortgage Note or Mortgage which requires the signature
        of the Trustee, or if an instrument of release signed by the Trustee is
        required releasing the Mortgagor from liability on the Mortgage Loan,
        the Master Servicer is authorized, subject to the requirements of the
        sentence next following, to execute and deliver, on behalf of the
        Trustee, the assumption agreement with the Person to whom the Mortgaged
        Property is to be conveyed and such modification agreement or supplement
        to the Mortgage Note or Mortgage or other instruments as are reasonable
        or necessary to carry out the terms of the Mortgage Note or Mortgage or
        otherwise to comply with any applicable laws regarding assumptions or
        the transfer of the Mortgaged Property to such Person; provided,
        however, none of such terms and requirements shall either (i) both (A)
        constitute a "significant modification" effecting an exchange or
        reissuance of such Mortgage Loan under the REMIC Provisions and (B)
        cause any portion of any REMIC formed under the Series Supplement to
        fail to qualify as a REMIC under the Code or (subject to Section
        10.01(f)), result in the imposition of any tax on "prohibited
        transactions" or (ii) constitute "contributions" after the start-up date
        under the REMIC Provisions. The Master Servicer shall execute and
        deliver such documents only if it reasonably determines that (i) its
        execution and delivery thereof will not conflict with or violate any
        terms of this Agreement or cause the unpaid balance and interest on the
        Mortgage Loan to be uncollectible in whole or in part, (ii) any required
        consents of insurers under any Required Insurance Policies have been
        obtained and (iii) subsequent to the closing of the transaction
        involving the assumption or transfer (A) the Mortgage Loan will continue
        to be secured by a first mortgage lien pursuant to the terms of the
        Mortgage, (B) such transaction will not adversely affect the coverage
        under any Required Insurance Policies, (C) the Mortgage Loan will fully
        amortize over the remaining term thereof, (D) no material term of the
        Mortgage Loan (including the interest rate on the Mortgage Loan) will be
        altered nor will the term of the Mortgage Loan be changed and (E) if the
        seller/transferor of the Mortgaged Property is to be released from
        liability on the Mortgage Loan, such release will not (based on the
        Master Servicer's or Subservicer's good faith determination) adversely
        affect the collectability of the Mortgage Loan. Upon receipt of
        appropriate instructions from the Master Servicer in accordance with the
        foregoing, the Trustee shall execute any necessary instruments for such
        assumption or substitution of liability 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


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        delivered to the Trustee or the Custodian and deposited with the
        Mortgage File for such Mortgage Loan. Any fee collected by the Master
        Servicer or such related Subservicer for entering into an assumption or
        substitution of liability agreement will be retained by the Master
        Servicer or such Subservicer as additional servicing compensation.

(c)     The Master Servicer or the related Subservicer, as the case may be,
        shall be entitled to approve a request from a Mortgagor for a partial
        release of the related Mortgaged Property, the granting of an easement
        thereon in favor of another Person, any alteration or demolition of the
        related Mortgaged Property (or, with respect to a Cooperative Loan, the
        related Cooperative Apartment) without any right of reimbursement or
        other similar matters if it has determined, exercising its good faith
        business judgment in the same manner as it would if it were the owner of
        the related Mortgage Loan, that the security for, and the timely and
        full collectability of, such Mortgage Loan would not be adversely
        affected thereby and that any portion of any REMIC formed under the
        Series Supplement would not fail to continue to qualify as a REMIC under
        the Code as a result thereof and (subject to Section 10.01(f)) that no
        tax on "prohibited transactions" or "contributions" after the startup
        day would be imposed on any such REMIC as a result thereof. Any fee
        collected by the Master Servicer or the related Subservicer for
        processing such a request will be retained by the Master Servicer or
        such Subservicer as additional servicing compensation.

(d)     Subject to any other applicable terms and conditions of this Agreement,
        the Trustee and Master Servicer shall be entitled to approve an
        assignment in lieu of satisfaction with respect to any Mortgage Loan,
        provided the obligee with respect to such Mortgage Loan following such
        proposed assignment provides the Trustee and Master Servicer with a
        "Lender Certification for Assignment of Mortgage Loan" in the form
        attached hereto as Exhibit M, in form and substance satisfactory to the
        Trustee and Master Servicer, providing the following: (i) that the
        substance of the assignment is, and is intended to be, a refinancing of
        such Mortgage; (ii) that the Mortgage Loan following the proposed
        assignment will have a rate of interest at least 0.25 percent below or
        above the rate of interest on such Mortgage Loan prior to such proposed
        assignment; and (iii) that such assignment is at the request of the
        borrower under the related Mortgage Loan. Upon approval of an assignment
        in lieu of satisfaction with respect to any Mortgage Loan, the Master
        Servicer shall receive cash in an amount equal to the unpaid principal
        balance of and accrued interest on such Mortgage Loan and the Master
        Servicer shall treat such amount as a Principal Prepayment in Full with
        respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.

        (a) The Master Servicer shall foreclose upon or otherwise comparably
convert (which may include an REO Acquisition) the ownership of properties
securing such of the Mortgage Loans as come into and continue in default and as
to which no satisfactory arrangements can be made for collection of delinquent
payments pursuant to Section 3.07. 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


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that the Master Servicer shall not be liable in any respect hereunder if the
Master Servicer is acting in connection with any such foreclosure or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer, however, shall not be required to expend its own funds or
incur other reimbursable charges in connection with any foreclosure, or
attempted foreclosure which is not completed, or towards the restoration of any
property unless it shall determine (i) that such restoration and/or foreclosure
will increase the proceeds of liquidation of the Mortgage Loan to Holders of
Certificates of one or more Classes after reimbursement to itself for such
expenses or charges and (ii) that such expenses or charges will be recoverable
to it through Liquidation Proceeds, Insurance Proceeds, or REO Proceeds
(respecting which it shall have priority for purposes of withdrawals from the
Custodial Account pursuant to Section 3.10, whether or not such expenses and
charges are actually recoverable from related Liquidation Proceeds, Insurance
Proceeds or REO Proceeds). In the event of such a determination by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

               In addition to the foregoing, the Master Servicer shall use its
best reasonable efforts to realize upon any Additional Collateral for such of
the Additional Collateral Loans as come into and continue in default and as to
which no satisfactory arrangements can be made for collection of delinquent
payments pursuant to Section 3.07; provided that the Master Servicer shall not,
on behalf of the Trustee, obtain title to any such Additional Collateral as a
result of or in lieu of the disposition thereof or otherwise; and provided
further that (i) the Master Servicer shall not proceed with respect to such
Additional Collateral in any manner that would impair the ability to recover
against the related Mortgaged Property, and (ii) the Master Servicer shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the proceeds of such Additional Collateral against amounts owed under the
defaulted Mortgage Loan. Any proceeds realized from such Additional Collateral
(other than amounts to be released to the Mortgagor or the related guarantor in
accordance with procedures that the Master Servicer would follow in servicing
loans held for its own account, subject to the terms and conditions of the
related Mortgage and Mortgage Note and to the terms and conditions of any
security agreement, guarantee agreement, mortgage or other agreement governing
the disposition of the proceeds of such Additional Collateral) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any other payment received by the Master Servicer in respect of such
Additional Collateral shall be deposited in the Custodial Account subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master Servicer is the Master Servicer under
the Credit Support Pledge Agreement, the Master Servicer shall perform its
obligations under the Credit Support Pledge Agreement in accordance with such
Agreement and in a manner that is in the best interests of the
Certificateholders. Further, the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged Assets for such of the Pledged Asset Loans
as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments pursuant to
Section 3.07; provided that the Master Servicer shall not, on behalf of the
Trustee, obtain title to any such Pledged Assets as a result of or in lieu of
the disposition thereof or otherwise; and provided further that (i) the Master
Servicer shall not proceed with respect to such Pledged Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master Servicer shall proceed with any REO Acquisition in a manner


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that preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted Mortgage Loan. Any proceeds realized from such
Pledged Assets (other than amounts to be released to the Mortgagor or the
related guarantor in accordance with procedures that the Master Servicer would
follow in servicing loans held for its own account, subject to the terms and
conditions of the related Mortgage and Mortgage Note and to the terms and
conditions of any security agreement, guarantee agreement, mortgage or other
agreement governing the disposition of the proceeds of such Pledged Assets)
shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10. Any other payment received by the Master Servicer in respect of
such Pledged Assets shall be deposited in the Custodial Account subject to
withdrawal pursuant to Section 3.10.

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

        (b) If title to any Mortgaged Property is acquired by the Trust Fund as
an REO Property by foreclosure or by deed in lieu of foreclosure, the deed or
certificate of sale shall be issued to the Trustee or to its nominee on behalf
of Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO Property shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long


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as such REO Property shall be considered to be an Outstanding Mortgage Loan it
shall be assumed that, notwithstanding that the indebtedness evidenced by the
related Mortgage Note shall have been discharged, such Mortgage Note and the
related amortization schedule in effect at the time of any such acquisition of
title (after giving effect to any previous Curtailments and before any
adjustment thereto by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period) remain in effect.

        (c) If the Trust Fund acquires any REO Property as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Master Servicer on behalf of the Trust Fund shall dispose of such REO
Property 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


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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.

        (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


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Loan have been deposited in the Custodial Account or (ii) the Mortgage File or
such document has been delivered directly or through a Subservicer to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially, and
the Master Servicer has delivered directly or through a Subservicer to the
Trustee a certificate of a Servicing Officer certifying as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account.

        (c) The Trustee or the Master Servicer on the Trustee's behalf shall
execute and deliver to the Master Servicer, if necessary, any court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the Mortgage Note or Mortgage or otherwise available at law or in
equity. Together with such documents or pleadings (if signed by the Trustee),
the Master Servicer shall deliver to the Trustee a certificate of a Servicing
Officer requesting that such pleadings or documents be executed by the Trustee
and certifying as to the reason such documents or pleadings are required and
that the execution and delivery thereof by the Trustee will not invalidate any
insurance coverage under any Required Insurance Policy or invalidate or
otherwise affect the lien of the Mortgage, except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

Section 3.16.  Servicing and Other Compensation; Compensating Interest.

        (a) The Master Servicer, as compensation for its activities hereunder,
shall be entitled to receive on each Distribution Date the amounts provided for
by clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such clauses shall
be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that
Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of amounts
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


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(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 co-trustee (as provided in
Section 8.05) and the fees and expense of any Custodian) and shall not be
entitled to reimbursement therefor except as specifically provided in Sections
3.10 and 3.14.

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

        (e) Notwithstanding any other provision herein, the amount of servicing
compensation that the Master Servicer shall be entitled to receive for its
activities hereunder for the period ending on each Distribution Date shall be
reduced (but not below zero) by an amount equal to Compensating Interest (if
any) for such Distribution Date. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), 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


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throughout such year, or, if there has been material noncompliance with such
servicing standards or a default in the fulfillment in all material respects of
any such obligation relating to this Agreement, such statement shall include a
description of such noncompliance or specify each such default, as the case may
be, known to such officer and the nature and status thereof and (iii) to the
best of such officers' knowledge, each Subservicer has complied in all material
respects with the minimum servicing standards set forth in the Uniform Single
Attestation Program for Mortgage Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year, or, if there has been material noncompliance with such servicing
standards or a material default in the fulfillment of such obligations relating
to this Agreement, such statement shall include a description of such
noncompliance or specify each such default, as the case may be, known to such
officer and the nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before 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


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

Section 3.21.  Administration of Buydown Funds

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

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

Section 3.22.  Advance Facility

        (a) The Master Servicer is hereby authorized to enter into a financing
or other facility (any such arrangement, an "Advance Facility") under which (1)
the Master Servicer sells, assigns or pledges to another Person (an "Advancing
Person") the Master Servicer's rights under this Agreement to be reimbursed for
any Advances or Servicing Advances and/or (2) an Advancing Person agrees to fund
some or all Advances and/or Servicing Advances required to be made by the Master
Servicer pursuant to this Agreement. No consent of the Depositor, the Trustee,
the Certificateholders or any other party shall be required before the Master
Servicer may enter into an Advance Facility. Notwithstanding the existence of
any Advance Facility under which an Advancing Person agrees to fund Advances
and/or Servicing Advances on the Master Servicer's behalf, the Master Servicer
shall remain obligated pursuant to this Agreement to make Advances and Servicing
Advances pursuant to and as required by this Agreement. If the Master Servicer
enters into an Advance Facility, and for so long as an Advancing Person remains
entitled to receive reimbursement for any Advances including Nonrecoverable


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Advances ("Advance Reimbursement Amounts") and/or Servicing Advances including
Nonrecoverable Advances ("Servicing Advance Reimbursement Amounts" and together
with Advance Reimbursement Amounts, "Reimbursement Amounts") (in each case to
the extent such type of Reimbursement Amount is included in the Advance
Facility), as applicable, pursuant to this Agreement, then the Master Servicer
shall identify such Reimbursement Amounts consistent with the reimbursement
rights set forth in Section 3.10(a)(ii) and (vii) and remit such Reimbursement
Amounts in accordance with this Section 3.22 or otherwise in accordance with the
documentation establishing the Advance Facility to such Advancing Person or to a
trustee, agent or custodian (an "Advance Facility Trustee") designated by such
Advancing Person in an Advance Facility Notice described below in Section
3.22(b). Notwithstanding the foregoing, if so required pursuant to the terms of
the Advance Facility, the Master Servicer may direct, and if so directed in
writing the Trustee is hereby authorized to and shall pay to the Advance
Facility Trustee the Reimbursement Amounts identified pursuant to the preceding
sentence. An Advancing Person whose obligations hereunder are limited to the
funding of Advances and/or Servicing Advances shall not be required to meet the
qualifications of a Master Servicer or a Subservicer pursuant to Section 3.02(a)
or 6.02(c) hereof and shall not be deemed to be a Subservicer under this
Agreement. Notwithstanding anything to the contrary herein, in no event shall
Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts be
included in the Available Distribution Amount or distributed to
Certificateholders.

        (b) If the Master Servicer enters into an Advance Facility and makes the
election set forth in Section 3.22(a), the Master Servicer and the related
Advancing Person shall deliver to the Certificate Insurer and the Trustee a
written notice and payment instruction (an "Advance Facility Notice"), providing
the Trustee with written payment instructions as to where to remit Advance
Reimbursement Amounts and/or Servicing Advance Reimbursement Amounts (each to
the extent such type of Reimbursement Amount is included within the Advance
Facility) on subsequent Distribution Dates. The payment instruction shall
require the applicable Reimbursement Amounts to be distributed to the Advancing
Person or to an Advance Facility Trustee designated in the Advance Facility
Notice. An Advance Facility Notice may only be terminated by the joint written
direction of the Master Servicer and the related Advancing Person (and any
related Advance Facility Trustee). The Master Servicer shall provide the
Certificate Insurer, if any, with notice of any termination of any Advance
Facility pursuant to this Section 3.22(b).

        (c) Reimbursement Amounts shall consist solely of amounts in respect of
Advances and/or Servicing Advances made with respect to the Mortgage Loans for
which the Master Servicer would be permitted to reimburse itself in accordance
with Section 3.10(a)(ii) and (vii) hereof, assuming the Master Servicer or the
Advancing Person had made the related Advance(s) and/or Servicing Advance(s).
Notwithstanding the foregoing, except with respect to reimbursement of
Nonrecoverable Advances as set forth in Section 3.10(c) of this Agreement, no
Person shall be entitled to reimbursement from funds held in the Collection
Account for future distribution to Certificateholders pursuant to this
Agreement. Neither the Depositor nor the Trustee shall have any duty or
liability with respect to the calculation of any Reimbursement Amount, nor shall
the Depositor or the Trustee have any responsibility to track or monitor the
administration of the Advance Facility or have any responsibility to track,

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Person or Advance Facility Trustee; provided, however, the Trustee shall
maintain records with respect to the payment of such Reimbursement Amounts as it
does with respect to other distributions made pursuant to this Agreement. The
Master Servicer shall maintain and provide to any Successor Master Servicer a
detailed accounting on a loan-by-loan basis as to amounts advanced by, sold,
pledged or assigned to, and reimbursed to any Advancing Person. The Successor
Master Servicer shall be entitled to rely on any such information provided by
the Master Servicer and the Successor Master Servicer shall not be liable for
any errors in such information.

        (d) Upon the direction of and at the expense of the Master Servicer, the
Trustee agrees to execute such acknowledgments reasonably satisfactory to the
Trustee provided by the Master Servicer recognizing the interests of any
Advancing Person or Advance Facility Trustee in such Reimbursement Amounts as
the Master Servicer may cause to be made subject to Advance Facilities pursuant
to this Section 3.22.

(e) Reimbursement Amounts collected with respect to each Mortgage Loan shall be
allocated to outstanding unreimbursed Advances or Servicing Advances (as the
case may be) made with respect to that Mortgage Loan on a "first-in, first out"
("FIFO") basis, subject to the qualifications set forth below:

               (i) Any successor Master Servicer to Residential Funding (a
        "Successor Master Servicer") and the Advancing Person or Advance
        Facility Trustee shall be required to apply all amounts available in
        accordance with this Section 3.22(e) to the reimbursement of Advances
        and Servicing Advances in the manner provided for herein; provided,
        however, that after the succession of a Successor Master Servicer, (A)
        to the extent that any Advances or Servicing Advances with respect to
        any particular Mortgage Loan are reimbursed from payments or recoveries,
        if any, from the related Mortgagor, and Liquidation Proceeds or
        Insurance Proceeds, if any, with respect to that Mortgage Loan,
        reimbursement shall be made, first, to the Advancing Person or Advance
        Facility Trustee in respect of Advances and/or Servicing Advances
        related to that Mortgage Loan to the extent of the interest of the
        Advancing Person or Advance Facility Trustee in such Advances and/or
        Servicing Advances, second to the Master Servicer in respect of Advances
        and/or Servicing Advances related to that Mortgage Loan in excess of
        those in which the Advancing Person or Advance Facility Trustee Person
        has an interest, and third, to the Successor Master Servicer in respect
        of any other Advances and/or Servicing Advances related to that Mortgage
        Loan, from such sources as and when collected, and (B) reimbursements of
        Advances and Servicing Advances that are Nonrecoverable Advances shall
        be made pro rata to the Advancing Person or Advance Facility Trustee, on
        the one hand, and any such Successor Master Servicer, on the other hand,
        on the basis of the respective aggregate outstanding unreimbursed
        Advances and Servicing Advances that are Nonrecoverable Advances owed to
        the Advancing Person, Advance Facility Trustee or Master Servicer
        pursuant to this Agreement, on the one hand, and any such Successor
        Master Servicer, on the other hand, and without regard to the date on
        which any such Advances or Servicing Advances shall have been made. In
        the event that, as a result of the FIFO allocation made pursuant to this
        Section 3.22(e), some or all of a Reimbursement Amount paid to the
        Advancing Person or Advance Facility Trustee relates to Advances or
        Servicing Advances that were made by a Person other than Residential
        Funding or the Advancing Person or Advance Facility Trustee, then the
        Advancing Person or Advance Facility Trustee shall be required to remit


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        any portion of such Reimbursement Amount to the Person entitled to such
        portion of such Reimbursement Amount. Without limiting the generality of
        the foregoing, Residential Funding shall remain entitled to be
        reimbursed by the Advancing Person or Advance Facility Trustee for all
        Advances and Servicing Advances funded by Residential Funding to the
        extent the related Reimbursement Amount(s) have not been assigned or
        pledged to an Advancing Person or Advance Facility Trustee. The
        documentation establishing any Advance Facility shall require
        Residential Funding to provide to the related Advancing Person or
        Advance Facility Trustee loan by loan information with respect to each
        Reimbursement Amount distributed to such Advancing Person or Advance
        Facility Trustee on each date of remittance thereof to such Advancing
        Person or Advance Facility Trustee, to enable the Advancing Person or
        Advance Facility Trustee to make the FIFO allocation of each
        Reimbursement Amount with respect to each Mortgage Loan.

               (ii) By way of illustration, and not by way of limiting the
        generality of the foregoing, if the Master Servicer resigns or is
        terminated at a time when the Master Servicer is a party to an Advance
        Facility, and is replaced by a Successor Master Servicer, and the
        Successor Master Servicer directly funds Advances or Servicing Advances
        with respect to a Mortgage Loan and does not assign or pledge the
        related Reimbursement Amounts to the related Advancing Person or Advance
        Facility Trustee, then all payments and recoveries received from the
        related Mortgagor or received in the form of Liquidation Proceeds with
        respect to such Mortgage Loan (including Insurance Proceeds collected in
        connection with a liquidation of such Mortgage Loan) will be allocated
        first to the Advancing Person or Advance Facility Trustee until the
        related Reimbursement Amounts attributable to such Mortgage Loan that
        are owed to the Master Servicer and the Advancing Person, which were
        made prior to any Advances or Servicing Advances made by the Successor
        Master Servicer, have been reimbursed in full, at which point the
        Successor Master Servicer shall be entitled to retain all related
        Reimbursement Amounts subsequently collected with respect to that
        Mortgage Loan pursuant to Section 3.10 of this Agreement. To the extent
        that the Advances or Servicing Advances are Nonrecoverable Advances to
        be reimbursed on an aggregate basis pursuant to Section 3.10 of this
        Agreement, the reimbursement paid in this manner will be made pro rata
        to the Advancing Person or Advance Facility Trustee, on the one hand,
        and the Successor Master Servicer, on the other hand, as described in
        clause (i)(B) above.

        (f) The Master Servicer shall remain entitled to be reimbursed for all
Advances and Servicing Advances funded by the Master Servicer to the extent the
related rights to be reimbursed therefor have not been sold, assigned or pledged
to an Advancing Person.

        (g) Any amendment to this Section 3.22 or to any other provision of this
Agreement that may be necessary or appropriate to effect the terms of an Advance
Facility as described generally in this Section 3.22, including amendments to
add provisions relating to a successor master servicer, may be entered into by
the Trustee, the Certificate Insurer, Depositor and the Master Servicer without


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the consent of any Certificateholder, with written confirmation from each Rating
Agency that the amendment 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, notwithstanding anything to the contrary in
Section 11.01 of or elsewhere in this Agreement.

        (h) Any rights of set-off that the Trust Fund, the Trustee, the
Depositor, any Successor Master Servicer or any other Person might otherwise
have against the Master Servicer under this Agreement shall not attach to any
rights to be reimbursed for Advances or Servicing Advances that have been sold,
transferred, pledged, conveyed or assigned to any Advancing Person.

        (i) At any time when an Advancing Person shall have ceased funding
Advances and/or Servicing Advances (as the case may be) and the Advancing Person
or related Advance Facility Trustee shall have received Reimbursement Amounts
sufficient in the aggregate to reimburse all Advances and/or Servicing Advances
(as the case may be) the right to reimbursement for which were assigned to the
Advancing Person, then upon the delivery of a written notice signed by the
Advancing Person and the Master Servicer or its successor or assign) to the
Trustee terminating the Advance Facility Notice (the "Notice of Facility
Termination"), the Master Servicer or its Successor Master Servicer shall again
be entitled to withdraw and retain the related Reimbursement Amounts from the
Custodial Account pursuant to Section 3.10.

        (j) After delivery of any Advance Facility Notice, and until any such
Advance Facility Notice has been terminated by a Notice of Facility Termination,
this Section 3.22 may not be amended or otherwise modified without the prior
written consent of the related Advancing Person.


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ARTICLE IV


                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

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

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


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Servicer shall forward to the Trustee and the Trustee shall either forward by
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,
and the rules and regulations of the Commission thereunder. In connection with


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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 Servicemembers Civil Relief Act,
as amended, or similar legislation or regulations then in effect, on the
Outstanding Mortgage Loans as of the related Due Date, which Monthly Payments
were 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


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<PAGE>

before 11:00 A.M. New York time on any future Certificate Account Deposit Date
to the extent that funds attributable to the Mortgage Loans that are available
in the Custodial Account for deposit in the Certificate Account on such
Certificate Account Deposit Date shall be less than payments to
Certificateholders required to be made on the following Distribution Date. The
Master Servicer shall be entitled to use any Advance made by a Subservicer as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before such Distribution Date as part of the Advance made by the Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding Advances on any Distribution Date
shall be allocated to specific Monthly Payments due but delinquent for previous
Due Periods, which allocation shall be made, to the extent practicable, to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations shall be conclusive for purposes of reimbursement to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master Servicer determines as of the Business Day preceding any
Certificate Account Deposit Date that it will be unable to deposit in the
Certificate Account an amount equal to the Advance required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy), not later than
3:00 P.M., New York time, on such Business Day, specifying the portion of such
amount that it will be unable to deposit. Not later than 3:00 P.M., New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by telecopy) that the Master Servicer shall have directly or indirectly
deposited in the Certificate Account such portion of the amount of the Advance
as to which the Master Servicer shall have given notice pursuant to the
preceding sentence, pursuant to Section 7.01, (a) terminate all of the rights
and obligations of the Master Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and obligations of the Master Servicer
hereunder, including the obligation to deposit in the Certificate Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

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

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Section 4.05.  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

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

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

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.

        As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the Certificate Account, then the Trustee shall
execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan, and all
security and documents relative thereto. Such assignment shall be an assignment
outright and not for security. The Master Servicer will thereupon own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If, however, the Master Servicer shall have exercised its right to
repurchase a Mortgage Loan pursuant to this Section 4.07 upon the written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred such Mortgage Loan to the Junior Certificateholder, the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.

        (a) If a Required Surety Payment is payable pursuant to the Surety Bond
with respect to any Additional Collateral Loan, the Master Servicer shall so
notify the Trustee as soon as reasonably practicable and the Trustee shall
promptly complete the notice in the form of Attachment 1 to the Surety Bond and
shall promptly submit such notice to the Surety as a claim for a Required
Surety. The Master Servicer shall upon request assist the Trustee in completing
such notice and shall provide any information requested by the Trustee in
connection therewith.

        (b) Upon receipt of a Required Surety Payment from the Surety on behalf
of the Holders of Certificates, the Trustee shall deposit such Required Surety
Payment in the Certificate Account and shall distribute such Required Surety
Payment, or the proceeds thereof, in accordance with the provisions of Section
4.02.

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<PAGE>

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

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ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.

        (a) The 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


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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
a 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
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 Certificate Principal Balance of
the Definitive Certificate.

        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) If the Class A-V Certificates are Definitive Certificates, 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 to this Agreement as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will


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<PAGE>

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.

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


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<PAGE>

               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
               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


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<PAGE>

          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
          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.

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<PAGE>

                      (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.

          (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.

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<PAGE>


          (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  shall  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.

     (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.


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     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, shall 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.

     (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  (in the  case of the  Insured  Certificates  (as
     defined in the Series Supplement), such determination shall be made without
     giving  effect  to  the  Certificate  Policy  (as  defined  in  the  Series
     Supplement)),  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.

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          (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
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.

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        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 shall 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 distributed to such Certificateholders. Any
sums so held by such Paying Agent shall be held only in Eligible Accounts to the
extent such sums are not distributed to the Certificateholders on the date of
receipt by such Paying Agent.

Section 5.06.  U.S.A. Patriot Act Compliance.

        In order for it to comply with its duties under the U.S.A. Patriot Act,
the Trustee shall obtain and verify certain information from the other parties
hereto, including but not limited to such parties' name, address and other
identifying information.



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ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

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

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

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

        (a) The Company and the Master Servicer shall each keep in full effect
its existence, rights and franchises as a corporation under the laws of the
state of its incorporation, and shall 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 (in the case of the Insured Certificates (as
defined in the Series Supplement), such determination shall be made without
giving effect to the Certificate Policy (as defined in the Series Supplement)),
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 (in the case of the Insured Certificates
(as defined in the Series Supplement), such determination shall be made without
giving effect to the Certificate Policy (as defined in the Series Supplement))


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that have been rated in effect immediately prior to such assignment and
delegation will not be qualified, reduced or withdrawn as a result of such
assignment and delegation (as evidenced by a letter to such effect from each
Rating Agency). In the case of any such assignment and delegation, the Master
Servicer shall be released from its obligations under this Agreement, except
that the Master Servicer shall remain liable for all liabilities and obligations
incurred by it as Master Servicer hereunder prior to the satisfaction of the
conditions to such assignment and delegation set forth in the next preceding
sentence.

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

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


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of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.

Section 6.04.  Company and Master Servicer Not to Resign.

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



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ARTICLE VII

                                     DEFAULT

Section 7.01.  Events of Default.

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

          (i) the Master Servicer shall fail to deposit or cause to be deposited
     into the  Certificate  Account  any  amounts  required  to be so  deposited
     therein at the time  required  pursuant to Section 4.01 or otherwise or 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 each 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

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

        If an Event of Default described in clauses (i)-(v) of this Section
shall occur, then, and in each and every such case, so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the direction of Holders of Certificates entitled to at least 51% of the
Voting Rights, the Trustee shall, by notice in writing to the Master Servicer
(and to the Company if given by the Trustee or to the Trustee if given by the
Company), terminate all of the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof,
other than its rights as a Certificateholder hereunder. If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master Servicer and the Company, immediately terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder as provided in Section 4.04(b). On or after the
receipt by the Master Servicer of such written notice, all authority and power
of the Master Servicer under this Agreement, whether with respect to the
Certificates (other than as a Holder thereof) or the Mortgage Loans or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the Trustee's designee appointed pursuant to Section 7.02; and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments, and to do or accomplish all other acts
or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts which shall at the time be credited to the Custodial Account or the
Certificate Account or thereafter be received with respect to the Mortgage
Loans. No such termination shall release the Master Servicer for any liability
that it would otherwise have hereunder for any act or omission prior to the
effective time of such termination.

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



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

        (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
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


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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.



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ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

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

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

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

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

(i)     Prior to the occurrence of an Event of Default, and after the curing or
        waiver of all such Events of Default which may have occurred, the duties
        and obligations of the Trustee shall be determined solely by the express
        provisions of this Agreement, the Trustee shall not be liable except for
        the performance of such duties and obligations as are specifically set
        forth in this Agreement, no implied covenants or obligations shall be
        read into this Agreement against the Trustee and, in the absence of bad


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        faith on the part of the Trustee, the Trustee may conclusively rely, as
        to the truth of the statements and the correctness of the opinions
        expressed therein, upon any certificates or opinions furnished to the
        Trustee by the Company or the Master Servicer and which on their face,
        do not contradict the requirements of this Agreement;

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

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

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

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

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

Section 8.02.  Certain Matters Affecting the Trustee.

(a)     Except as otherwise provided in Section 8.01:

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

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

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

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

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

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

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

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(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, including, without
        limitation, all costs, liabilities and expenses (including reasonable
        legal fees and expenses) of investigating and defending itself against
        any claim, action or proceeding, pending or threatened, relating to the
        provisions of this paragraph, 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.

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Section 8.07.  Resignation and Removal of the Trustee.

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

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

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


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duties and obligations of its predecessor hereunder, with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor trustee all Mortgage Files and related documents and statements held
by it hereunder (other than any Mortgage Files at the time held by a Custodian,
which shall become the agent of any successor trustee hereunder), and the
Company, the Master Servicer and the predecessor trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

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

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

Section 8.09.  Merger or Consolidation of Trustee.

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


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of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.08 hereof.

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

        (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.

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Section 8.12.  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the address designated in Section 11.05 of the Series Supplement where
Certificates may be surrendered for registration of transfer or exchange. The
Trustee will maintain an office at the address stated in Section 11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.



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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 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 Compliance With Laws Representation,
        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.

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        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) 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. Such notice shall be prepared 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) and mailed by the Trustee to the Certificateholders 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:

(iii)   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,

(iv)    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

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(v)     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
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.

        (b) 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.

        (c) 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


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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
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.

        (d) 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


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        comply with the requirements of this Section 9.02 will not (i) result in
        the imposition on the Trust Fund of taxes on "prohibited transactions,"
        as described in Section 860F of the Code, or (ii) cause any such REMIC
        to fail to qualify as a REMIC at any time that any Certificate is
        outstanding:

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

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

(iii)   If the Master Servicer or the Company is exercising its right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

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

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC Administrator makes two or more separate REMIC elections,
the applicable REMIC shall be terminated on the earlier of the Final
Distribution Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.


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ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

        (a) The REMIC Administrator shall make an election to treat the Trust
Fund as one or more REMICs under the Code and, if necessary, under applicable
state law. The assets of each such REMIC will be set forth in the Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information return (including Form 8811) or any appropriate state return
for the taxable year ending on the last day of the calendar year in which the
Certificates are issued. For the purposes of each REMIC election in respect of
the Trust Fund, Certificates and interests to be designated as the "regular
interests" and the sole class of "residual interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests" (within the meaning of
Section 860G of the Code) in any REMIC elected in respect of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

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

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

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


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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
event at the expense of the Master Servicer or the REMIC Administrator. At all
times as may be required by the Code, the Master Servicer will to the extent
within its control and the scope of its duties more specifically set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as "qualified mortgages" as defined in Section 860G(a)(3) of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on
"net income from foreclosure property" of any such REMIC as defined in Section
860G(c) of the Code, on any contributions to any such REMIC after the Startup
Day therefor pursuant to Section 860G(d) of the Code, or any other tax is
imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Master Servicer, if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations under
this Agreement or the Master Servicer has in its sole discretion determined to
indemnify the Trust Fund against such tax, (ii) to the Trustee, if such tax
arises out of or results from a breach by the Trustee of any of its obligations
under this Article X, or (iii) otherwise against amounts on deposit in the
Custodial Account as provided by Section 3.10 and on the Distribution Date(s)
following such reimbursement the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

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

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

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

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        (k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the "latest possible maturity date" by which the
Certificate Principal Balance of each Class of Certificates (other than the
Interest Only Certificates) representing a regular interest in the applicable
REMIC and the Uncertificated Principal Balance of each Uncertificated REMIC
Regular Interest (other than each Uncertificated 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.

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        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC Administrator and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with respect to compliance with the REMIC Provisions, including
without limitation, any penalties arising from the Trustee's execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

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

        As provided in Section 10.04 of the Series Supplement.

Section 10.05. Compliance with Withholding Requirements.

        As provided in Section 10.05 of the Series Supplement.



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ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

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

(i)     to cure any ambiguity,

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

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

(iv)    to change the timing and/or nature of deposits into the Custodial
        Account or the Certificate Account or to change the name in which the
        Custodial Account is maintained, provided that (A) the Certificate
        Account Deposit Date shall in no event be later than the related
        Distribution Date, (B) such change shall not, as evidenced by an Opinion
        of Counsel, adversely affect in any material respect the interests of
        any Certificateholder and (C) such change shall not result in a
        reduction of the rating assigned to any Class of Certificates below the
        lower of the then-current rating or the rating assigned to such
        Certificates as of the Closing Date (in the case of the Insured
        Certificates (as defined in the Series Supplement), such determination
        shall be made without giving effect to the Certificate Policy (as
        defined in the Series Supplement)), 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 (in the case of the Insured Certificates (as defined in
        the Series Supplement), such determination shall be made without giving
        effect to the Certificate Policy (as defined in the Series Supplement)),
        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,

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


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        instrument or fund shall be held by the Trustee for the benefit of the
        Class B Certificateholders, but shall not be and shall not be deemed to
        be under any circumstances included in the Trust Fund. To the extent
        that any such instrument or fund constitutes a reserve fund for federal
        income tax purposes, (i) any reserve fund so established shall be an
        outside reserve fund and not an asset of the Trust Fund, (ii) any such
        reserve fund shall be owned by the Company, and (iii) amounts
        transferred by the Trust Fund to any such reserve fund shall be treated
        as amounts distributed by the Trust Fund to the Company or any
        successor, all within the meaning of Treasury Regulations Section
        1.860G-2(h) as it reads as of the Cut-off Date. In connection with the
        provision of any such instrument or fund, this Agreement and any
        provision hereof may be modified, added to, deleted or otherwise amended
        in any manner that is related or incidental to such instrument or fund
        or the establishment or administration thereof, such amendment to be
        made by written instrument executed or consented to by the Company but
        without the consent of any Certificateholder and without the consent of
        the Master Servicer or the Trustee being required unless any such
        amendment would impose any additional obligation on, or otherwise
        adversely affect the interests of the 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.

                                      118
<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.

                                      119
<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.

                                      120
<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.


                                      121
<PAGE>

                                    EXHIBIT A


FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE AND
[INTEREST ONLY/CLASS A-V] CERTIFICATE



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

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

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


<PAGE>

Certificate No.                  [        %][Variable] Pass-Through Rate
                                 [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing    [Percentage Interest:       %]
Agreement and Cut-off Date:
___________ 1, ____              Aggregate Initial [Certificate Principal
                                 Balance] [[Interest Only/Class
A-V] Notional
First Distribution Date:         Amount] [Subclass Notional Amount] of the
_________ 25, ____               Class A-     Certificates:

Master Servicer:                 [Initial] [Certificate Principal
Residential Funding              Balance] [Interest Only/Class A-V] [Subclass]
Corporation                      Notional Amount] of this Certificate:
                                 $                          ]
Assumed Final
Distribution Date:               CUSIP 76110F-
___________ 25, ____
                        MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

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

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

        This certifies that ____________ is the registered owner of the
Percentage Interest evidenced by this Certificate [(obtained by dividing the
[Initial Certificate Principal Balance] [Initial [Interest Only/Class A-V]
Notional Amount] of this Certificate by the aggregate [Initial Certificate
Principal Balance of all Class A- Certificates] [Initial [Interest Only/Class
A-V] Notional Amounts of all [Interest Only/Class A-V] Certificates], both as
specified above)] in certain distributions with respect to the Trust Fund
consisting primarily of an interest in a pool of conventional one- to
four-family fixed interest rate first mortgage loans (the "Mortgage Loans"),
formed and sold by Residential Accredit Loans, Inc. (hereinafter called the
"Company," which term includes any successor entity under the Agreement referred

                                        A-2

<PAGE>

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 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

                                        A-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
registered as the owner hereof for all purposes, and neither the Company, the

                                        A-4

<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.

               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.


                                        A-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

                                        A-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.



                                        A-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.



                                        B-1
<PAGE>

        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,
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.


                                        B-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

                                        B-3

<PAGE>

forth hereafter. To the extent not defined herein, the capitalized terms used
herein have the meanings assigned in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class M-
Certificates on such Distribution Date.

               Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the distributions allocable to principal and any Realized Losses allocable
hereto.

               As described above, no transfer of this Class M Certificate will
be made unless (i) the Trustee has received either an opinion of counsel or a
representation letter, each as described in the Agreement, relating to the
permissibility of such transfer under ERISA and Section 4975 of the Code, or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made representations relating to the permissibility of such
transfer under ERISA and Section 4975 of the Code, as described in Section
5.02(e) of the Agreement. In addition, any purported Certificate Owner whose
acquisition or holding of this Certificate (or interest herein) was effected in
violation of the restrictions in Section 5.02(e) of the Agreement shall
indemnify and hold harmless the Company, the Trustee, the Master Servicer, any
Subservicer, and the Trust Fund from and against any and all liabilities,
claims, costs or expenses incurred by such parties as a result of such
acquisition or holding.

               This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Asset-Backed
Pass-Through Certificates of the Series specified hereon (herein collectively
called the "Certificates").

               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

                                        B-4

<PAGE>

reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the

                                        B-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.


                                        B-6


<PAGE>


               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee




                                            By:
                                                 Authorized Signatory


                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class M- Certificates referred to in the
within-mentioned Agreement.




                                            [_________________________],
                                                  as Certificate Registrar



                                            By:
                                                 Authorized Signatory


                                        B-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.

                                        B-7

<PAGE>



                                    EXHIBIT C


                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2 CERTIFICATES] DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE. THE FOLLOWING
INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE U.S. FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE. THE ISSUE
DATE OF THIS CERTIFICATE IS ___________ __, ____. ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE PREPAYMENT SPEED ASSUMPTION (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT), THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER $[1,000] OF INITIAL CERTIFICATE PRINCIPAL BALANCE, THE YIELD TO
MATURITY IS [ ]% AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL
PERIOD IS NO MORE THAN $[ ] PER $[1,000] OF INITIAL CERTIFICATE PRINCIPAL
BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD. NO REPRESENTATION IS MADE THAT
THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION OR AT ANY OTHER RATE.


<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____


                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

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

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

               This certifies that Residential Accredit Loans, Inc. is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the Certificate Principal Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class B- Certificates, both
as specified above) in certain distributions with respect to a Trust Fund
consisting primarily of a pool of conventional one- to four-family fixed
interest rate first mortgage loans (the "Mortgage Loans"), formed and sold by
Residential Accredit Loans, Inc. (hereinafter called the "Company," which term
includes any successor entity under the Agreement referred to below). The Trust
Fund was created pursuant to a Pooling and Servicing Agreement dated as
specified above (the "Agreement") among the Company, the Master Servicer and
__________________, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined

                                        C-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

                                        C-3

<PAGE>

under Section 406 of ERISA or Section 4975 of the Code or (ii) a representation
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

                                        C-4

<PAGE>

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.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                        C-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                                as Trustee



                                            By:
                                                 Authorized Signatory



                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class M- Certificates referred to in the
within-mentioned Agreement.



                                            [___________________________],
                                                 as Certificate Registrar


                                            By:
                                                 Authorized Signatory



                                        C-6
<PAGE>


                                      ASSIGNMENT

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ___________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee) a Percentage Interest evidenced by the within Mortgage Asset-Backed
Pass-Through Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:_____________________________



                                      ______________________________________
Dated:  ______________________        Signature by or on behalf of assignor




                                       _____________________________________
                                       Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The assignee should include the following for purposes of
distribution:

        Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to ____________________ for the account of
________________________ account number __________________, or, if mailed by
check, to ____________________________.


        Applicable statements should be mailed to _____________________ .

        This information is provided by_____________________, the assignee named
above, or _____________________, as its agent.


                                        C-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

<PAGE>


(F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE SATISFIES
CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE
PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE
REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A
DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH
REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

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.

               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

                                        D-2

<PAGE>

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
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.

                                        D-3

<PAGE>

               No transfer of this Class R Certificate will be made unless the
Trustee has received either (i) an opinion of counsel acceptable to and in form
and substance satisfactory to the Trustee, the Company and the Master Servicer
with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975
of the Internal Revenue Code (the "Code") and stating, among other things, that
the transferee's acquisition of a Class R Certificate will not constitute or
result in a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or (ii) a representation letter, in the form as
described by the Agreement, stating that the transferee is not an employee
benefit or other plan subject to the prohibited transaction provisions of ERISA
or Section 4975 of the Code (a "Plan"), or any other person (including an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly, on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Asset-Backed
Pass-Through Certificates of the Series specified hereon (herein collectively
called the "Certificates").

               The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.


                                        D-4

<PAGE>

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer
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.


                                        D-5

<PAGE>

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.



                                        D-6

<PAGE>


               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee




                                            By:
                                                 Authorized Signatory


                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class R Certificates referred to in the
within-mentioned Agreement.




                                            [____________________________],
                                                 as Certificate Registrar



                                            By:
                                                 Authorized Signatory


                                        D-7

<PAGE>


                                      ASSIGNMENT

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ___________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee) a Percentage Interest evidenced by the within Mortgage Asset-Backed
Pass-Through Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:_____________________________



                                      ______________________________________
Dated:  ______________________        Signature by or on behalf of assignor




                                       _____________________________________
                                       Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The assignee should include the following for purposes of
distribution:

        Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to ____________________ for the account of
________________________ account number __________________, or, if mailed by
check, to ____________________________.


        Applicable statements should be mailed to _____________________ .

        This information is provided by_____________________, the assignee named
above, or _____________________, as its agent.


                                        D-8

<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:


<PAGE>

(1)     Each party is duly organized, validly existing, and in good standing
        under the laws of its jurisdiction of organization, is qualified, if
        necessary, to do business and in good standing in each jurisdiction in
        which it is required to be so qualified, and has the requisite power and
        authority to enter into this Contract and all other agreements which are
        contemplated by this Contract and to carry out its obligations hereunder
        and under the Guides and under such other agreements.

(2)     This Contract has been duly authorized, executed and delivered by each
        party and constitutes a valid and legally binding agreement of each
        party enforceable in accordance with its terms.

(3)     There is no action, proceeding or investigation pending or threatened,
        and no basis therefor is known to either party, that could affect the
        validity or prospective validity of this Contract.

(4)     Insofar as its capacity to carry out any obligation under this Contract
        is concerned, neither party is in violation of any charter, articles of
        incorporation, bylaws, mortgage, indenture, indebtedness, agreement,
        instrument, judgment, decree, order, statute, rule or regulation and
        none of the foregoing adversely affects its capacity to fulfill any of
        its obligations under this Contract. Its execution of, and performance
        pursuant to, this Contract will not result in a violation of any of the
        foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the Seller/Servicer pursuant to subparagraph (a) of this
               paragraph 3, the Seller/Servicer makes the representations,
               warranties and covenants set forth in the Guides and, upon
               request, agrees to deliver to Residential Funding the certified
               Resolution of Board of Directors which authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller Default or an Event of Servicer Default shall
occur, Residential Funding may, at its option, exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the Seller/Servicer represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract restates, amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement executed by the Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.


                                                E-2

<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or transferred, in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential Funding may sell, assign, convey, hypothecate, pledge or in any
other way transfer, in whole or in part, without restriction, its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices, requests, demands or other communications that are to be
given under this Contract shall be in writing, addressed to the appropriate
parties and sent by telefacsimile or by overnight courier or by United States
mail, postage prepaid, to the addresses and telefacsimile numbers specified
below. However, another name, address and/or telefacsimile number may be
substituted by the Seller/Servicer pursuant to the requirements of this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential Funding, notices must be sent to the appropriate address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      ______________________________


      Attention:
      Telefacsimile Number:  (      )       -

9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding to enforce or defend any right under this Contract or otherwise
arising from any loan sale or servicing relationship existing in connection with
this Contract, and each of the parties irrevocably agrees that all claims in
respect of any such action or proceeding may be heard or determined in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient forum to the maintenance of any such action or proceeding and any
other substantive or procedural rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum. Each of the
parties agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner provided by law. Each of the parties further agrees not
to institute any legal actions or proceedings against the other party or any
director, officer, employee, attorney, agent or property of the other party,
arising out of or relating to this Contract in any court other than as
hereinabove specified in this paragraph 9.


                                        E-3
<PAGE>

10.     MISCELLANEOUS.

        This Contract, including all documents incorporated by reference herein,
constitutes the entire understanding between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions contemplated by this Contract. All paragraph headings contained
herein are for convenience only and shall not be construed as part of this
Contract. Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provision in any
other jurisdiction, and, to this end, the provisions hereof are severable. This
Contract shall be governed by, and construed and enforced in accordance with,
applicable federal laws and the laws of the State of Minnesota.

                                        E-4

<PAGE>


        IN WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer
and Residential Funding have executed this Seller/Servicer Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                      (Name of Seller/Servicer)
By:                                     By:
      (Signature) (Signature)

By:                                     By:
      (Typed Name)                                    (Typed Name)
Title:                                  Title:
======================================= =======================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
      (Signature) (Signature)

By:                                     By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:



                                        E-5
<PAGE>



                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the administration of the pool of Mortgage Loans held by you
for the referenced pool, we request the release of the Mortgage Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby certify that all amounts received or to be received in connection
with such payments which are required to be deposited have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

_______________________________
Residential Funding Corporation
Authorized Signature

******************************************************************************

TO CUSTODIAN/TRUSTEE: Please acknowledge this request, and check off documents
being enclosed with a copy of this form. You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ]  Primary Insurance Policy
                             [ ]  Mortgage or Deed of Trust
                             [ ]  Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name: _______________________
Title:
Date:


<PAGE>



                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the "Owner")), a [savings institution] [corporation] duly organized and
existing under the laws of [the State of ] [the United States], on behalf of
which he makes this affidavit and agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing large partnership as of [date of transfer] within the meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code, (ii) will endeavor to remain other than a disqualified organization
for so long as it retains its ownership interest in the Class R Certificates,
and (iii) is acquiring the Class R Certificates for its own account or for the
account of another Owner from which it has received an affidavit and agreement
in substantially the same form as this affidavit and agreement. (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States, any state or political subdivision
thereof, any agency or instrumentality of any of the foregoing (other than an
instrumentality all of the activities of which are subject to tax and, except
for the Federal Home Loan Mortgage Corporation, a majority of whose board of
directors is not selected by any such governmental entity) or any foreign
government, international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on transfers of
Class R Certificates to disqualified organizations or electing large
partnerships, under the Code, that applies to all transfers of Class R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or, with respect to transfers to electing large partnerships, on each such
partnership), or, if such transfer is through an agent (which person includes a
broker, nominee or middleman) for a disqualified organization, on the agent;
(iii) that the person (other than with respect to transfers to electing large
partnerships) otherwise liable for the tax shall be relieved of liability for
the tax if the transferee furnishes to such person an affidavit that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates may be "noneconomic residual interests" within the
meaning of Treasury regulations promulgated pursuant to the Code and that the


                                        G-1-1
<PAGE>

transferor of a noneconomic residual interest will remain liable for any taxes
due with respect to the income on such residual interest, unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R Certificates if either the pass-through entity is an electing large
partnership under Section 775 of the 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.


                                        G-2-1
<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.

                                        G-3-1

<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__.



                                        G-4-1

<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


                                        G-5-1
<PAGE>

    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.
    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.


                                        G-6-1

<PAGE>

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
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.

                                        G-7-1
<PAGE>

    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
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

                                        G-8-1
<PAGE>

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

                                        G-9-1

<PAGE>

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
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


                                        G-10-1

<PAGE>

    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


                                        G-11-1
<PAGE>

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 * * *





                                        G-12-1

<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

                                        G-2-1

<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: __________________________
                                            Title:


                                        G-2-2


<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.


<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,

                                        H-2

<PAGE>

        (d) make any general solicitation by means of general advertising or in
        any other manner or (e) take any other action, that (as to any of (a)
        through (e) above) would constitute a distribution of any Certificate
        under the Act, that would render the disposition of any Certificate a
        violation of Section 5 of the Act or any state securities law, or that
        would require registration or qualification pursuant thereto. The
        Purchaser will not sell or otherwise transfer any of the Certificates,
        except in compliance with the provisions of the Pooling and Servicing
        Agreement.

6.             The Purchaser

        (a) is not an employee benefit or other plan subject to the prohibited
transaction provisions of the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as
amended (a "Plan"), or any other person (including an investment manager, a
named fiduciary or a trustee of any Plan) acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any Plan within
the meaning of the Department of Labor ("DOL") regulation at 29 C.F.R.
ss.2510.3-101; or

        (b) is an insurance company, the source of funds to be used by it to
purchase the Certificates is an "insurance company general account" (within the
meaning of DOL Prohibited Transaction Class Exemption ("PTCE") 95-60), and the
purchase is being made in reliance upon the availability of the exemptive relief
afforded under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Master Servicer that the
Purchaser will not transfer such Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.


                                            Very truly yours,





                                            By:____________________
                                            Name:
                                            Title:



                                        H-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.


                                            Very truly yours,

                                            __________________________
                                           (Seller)



                                            By: ________________________
                                            Name:
                                            Title:

<PAGE>




                                    EXHIBIT J


                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                   Description of Rule 144A Securities, including numbers:

                   _______________________________________________________



               The undersigned seller, as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities described above to the undersigned
buyer (the "Buyer").

1.      In connection with such transfer and in accordance with the agreements
        pursuant to which the Rule 144A Securities were issued, the Seller
        hereby certifies the following facts: Neither the Seller nor anyone
        acting on its behalf has offered, transferred, pledged, sold or
        otherwise disposed of the Rule 144A Securities, any interest in the Rule
        144A Securities or any other similar security to, or solicited any offer
        to buy or accept a transfer, pledge or other disposition of the Rule
        144A Securities, any interest in the Rule 144A Securities or any other
        similar security from, or otherwise approached or negotiated with
        respect to the Rule 144A Securities, any interest in the Rule 144A
        Securities or any other similar security with, any person in any manner,
        or made any general solicitation by means of general advertising or in
        any other manner, or taken any other action, that would constitute a
        distribution of the Rule 144A Securities under the Securities Act of
        1933, as amended (the "1933 Act"), or that would render the disposition
        of the Rule 144A Securities a violation of Section 5 of the 1933 Act or
        require registration pursuant thereto, and that the Seller has not
        offered the Rule 144A Securities to any person other than the Buyer or
        another "qualified institutional buyer" as defined in Rule 144A under
        the 1933 Act.

2.      The Buyer warrants and represents to, and covenants with, the Seller,
        the Trustee and the Master Servicer (as defined in the Pooling and
        Servicing Agreement (the "Agreement"), dated as of ___________ 1, ____
        among Residential Funding Corporation as Master Servicer, Residential
        Accredit Loans, Inc. as depositor pursuant to Section 5.02 of the
        Agreement and __________________, as trustee, as follows:

(a)     The Buyer understands that the Rule 144A Securities have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers itself a substantial, sophisticated institutional
        investor having such knowledge and experience in financial and business
        matters that it is capable of evaluating the merits and risks of
        investment in the Rule 144A Securities.


<PAGE>

(c)     The Buyer has been furnished with all information regarding the Rule
        144A Securities that it has requested from the Seller, the Trustee or
        the Servicer.

(d)     Neither the Buyer nor anyone acting on its behalf has offered,
        transferred, pledged, sold or otherwise disposed of the Rule 144A
        Securities, any interest in the Rule 144A Securities or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Rule 144A Securities, any interest in
        the Rule 144A Securities or any other similar security from, or
        otherwise approached or negotiated with respect to the Rule 144A
        Securities, any interest in the Rule 144A Securities or any other
        similar security with, any person in any manner, or made any general
        solicitation by means of general advertising or in any other manner, or
        taken any other action, that would constitute a distribution of the Rule
        144A Securities under the 1933 Act or that would render the disposition
        of the Rule 144A Securities a violation of Section 5 of the 1933 Act or
        require registration pursuant thereto, nor will it act, nor has it
        authorized or will it authorize any person to act, in such manner with
        respect to the Rule 144A Securities.

(e)     The Buyer is a "qualified institutional buyer" as that term is defined
        in Rule 144A under the 1933 Act and has completed either of the forms of
        certification to that effect attached hereto as Annex 1 or Annex 2. The
        Buyer is aware that the sale to it is being made in reliance on Rule
        144A. The Buyer is acquiring the Rule 144A Securities for its own
        account or the accounts of other qualified institutional buyers,
        understands that such Rule 144A Securities may be resold, pledged or
        transferred only (i) to a person reasonably believed to be a qualified
        institutional buyer that purchases for its own account or for the
        account of a qualified institutional buyer to whom notice is given that
        the resale, pledge or transfer is being made in reliance on Rule 144A,
        or (ii) pursuant to another exemption from registration under the 1933
        Act.

               [3. The Buyer

(a)     is not an employee benefit or other plan subject to the prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986, as amended (a "Plan"), or any other person (including an
        investment manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly, on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an insurance company, the source of funds to be used by it to
        purchase the Certificates is an "insurance company general account"
        (within the meaning of DOL Prohibited Transaction Class Exemption
        ("PTCE") 95-60), and the purchase is being made in reliance upon the
        availability of the exemptive relief afforded under Sections I and III
        of PTCE 95-60.]

4.      This document may be executed in one or more counterparts and by the
        different parties hereto on separate counterparts, each of which, when
        so executed, shall be deemed to be an original; such counterparts,
        together, shall constitute one and the same document.

               IN WITNESS WHEREOF, each of the parties has executed this
document as of the date set forth below.


Print Name of Seller                              Print Name of Buyer
By:                                               By:
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
Date:                                             Date:



<PAGE>



                              ANNEX 1 TO EXHIBIT J


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the Buyer's most recent fiscal year (such amount
being calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

--      Corporation, etc. The Buyer is a corporation (other than a bank, savings
        and loan association or similar institution), Massachusetts or similar
        business trust, partnership, or charitable organization described in
        Section 501(c)(3) of the Internal Revenue Code.

--      Bank. The Buyer (a) is a national bank or banking institution organized
        under the laws of any State, territory or the District of Columbia, the
        business of which is substantially confined to banking and is supervised
        by the State or territorial banking commission or similar official or is
        a foreign bank or equivalent institution, and (b) has an audited net
        worth of at least $25,000,000 as demonstrated in its latest annual
        financial statements, a copy of which is attached hereto.

--      Savings and Loan. The Buyer (a) is a savings and loan association,
        building and loan association, cooperative bank, homestead association
        or similar institution, which is supervised and examined by a State or
        Federal authority having supervision over any such institutions or is a
        foreign savings and loan association or equivalent institution and (b)
        has an audited net worth of at least $25,000,000 as demonstrated in its
        latest annual financial statements.

--      Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15
        of the Securities Exchange Act of 1934.


<PAGE>

--      Insurance Company. The Buyer is an insurance company whose primary and
        predominant business activity is the writing of insurance or the
        reinsuring of risks underwritten by insurance companies and which is
        subject to supervision by the insurance commissioner or a similar
        official or agency of a State or territory or the District of Columbia.

--      State or Local Plan. The Buyer is a plan established and maintained by a
        State, its political subdivisions, or any agency or instrumentality of
        the State or its political subdivisions, for the benefit of its
        employees.

--      ERISA Plan. The Buyer is an employee benefit plan within the meaning of
        Title I of the Employee Retirement Income Security Act of 1974.

--      Investment Adviser. The Buyer is an investment adviser registered under
        the Investment Advisers Act of 1940.

--      SBIC. The Buyer is a Small Business Investment Company licensed by the
        U.S. Small Business Administration under Section 301(c) or (d) of the
        Small Business Investment Act of 1958.

--      Business Development Company. The Buyer is a business development
        company as defined in Section 202(a)(22) of the Investment Advisers Act
        of 1940.

--      Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust
        company and whose participants are exclusively (a) plans established and
        maintained by a State, its political subdivisions, or any agency or
        instrumentality of the State or its political subdivisions, for the
        benefit of its employees, or (b) employee benefit plans within the
        meaning of Title I of the Employee Retirement Income Security Act of
        1974, but is not a trust fund that includes as participants individual
        retirement accounts or H.R. 10 plans.

3. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer, (ii) securities that are part of an
unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding paragraph. Further, in determining such aggregate amount, the
Buyer may have included securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting principles and if the
investments of such subsidiaries are managed under the Buyer's direction.
However, such securities were not included if the Buyer is a majority-owned,
consolidated subsidiary of another enterprise and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer acknowledges that it is familiar with Rule 144A and understands
that the seller to it and other parties related to the Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Buyer may be in reliance on Rule 144A.


                                        J-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:


                                        J-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.


<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:


                                            IF AN ADVISER:



                                            Print Name of Buyer


                                            Date:


<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

<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

<PAGE>

then-current rating assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument constitutes a legal, valid and
binding obligation of the substitute guarantor or obligor, enforceable in
accordance with its terms, and concerning such other matters as the Master
Servicer and the Trustee shall reasonably request. Neither the Company, the
Master Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited Guaranty or Subordinate Certificate Loss Obligation under any
circumstance.

               Section 12.02. Amendments Relating to the Limited Guaranty.
Notwithstanding Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended, superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended, reduced or canceled, and (iii) any
other provision of this Agreement which is related or incidental to the matters
described in this Article XII may be amended in any manner; in each case by
written instrument executed or consented to by the Company and Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master Servicer or the Trustee being required unless any such amendment
would impose any additional obligation on, or otherwise adversely affect the
interests of, the Master Servicer or the Trustee, as applicable; provided that
the Company shall also obtain a letter from each nationally recognized credit
rating agency that rated the Class B Certificates at the request of the Company
to the effect that such amendment, reduction, deletion or cancellation will not
lower the rating on the Class B Certificates below the lesser of (a) the
then-current rating assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding or an Affiliate of Residential Funding, or (B) such amendment,
reduction, deletion or cancellation is made in accordance with Section 11.01(e)
and, provided further that the Company obtains (subject to the provisions of
Section 10.01(f) as if the Company was substituted for the Master Servicer
solely for the purposes of such provision), in the case of a material amendment
or supercession (but not a reduction, cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation), an Opinion of Counsel
(which need not be an opinion of Independent counsel) to the effect that any
such amendment or supercession will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on "prohibited transactions" under Section 860F(a)(1) of the Code or on
"contributions after the startup date" under Section 860G(d)(1) of the Code or
(b) the Trust Fund to fail to qualify as a REMIC at any time that any
Certificate is outstanding. A copy of any such instrument shall be provided to
the Trustee and the Master Servicer together with an Opinion of Counsel that
such amendment complies with this Section 12.02.

<PAGE>


                                    EXHIBIT L


                           [FORM OF LIMITED GUARANTY]


                                LIMITED GUARANTY


                        RESIDENTIAL ACCREDIT LOANS, INC.


                       Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___


                                               ____________ , 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
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.


<PAGE>

               (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.


                                        L-2

<PAGE>

               IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be
executed and delivered by its respective officers thereunto duly authorized as
of the day and year first above written.



                                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION


                                            By:________________________
                                            Name:
                                            Title:


Acknowledged by:


__________________,
    as Trustee


By:
Name:
Title:



RESIDENTIAL ACCREDIT LOANS, INC.


By:
Name:
Title:

                                        L-3

<PAGE>


                                    EXHIBIT M


                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN


                                                   _________ , 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:
                                            Title:


<PAGE>







                                    EXHIBIT N


                          FORM OF REQUEST FOR EXCHANGE

                                                       [DATE]

__________________
__________________
__________________

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation, as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates, hereby requests the
Trustee to exchange the above-referenced Certificates for the Subclasses
referred to below:

1.                    [Interest Only/Class A-V]- Certificates, corresponding to
                      the following Uncertificated REMIC Regular Interests:
                      [List numbers corresponding to the related loans and Pool
                      Strip Rates from the Mortgage Loan Schedule]. The initial
                      Subclass Notional Amount and the Initial Pass-Through Rate
                      on the [Interest Only/Class A-V]- Certificates will be $
                      and %, respectively.

2.                    [Repeat as appropriate.]

               The Subclasses requested above will represent in the aggregate
all of the Uncertificated REMIC Regular Interests represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized terms used but not defined herein shall have the
meanings set forth in the Pooling and Servicing Agreement, dated as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.



                                            RESIDENTIAL FUNDING CORPORATION



                                            By: ___________________________
                                          Name:
                                         Title:



<PAGE>



                                    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:







<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

<PAGE>


                                   APPENDIX I


              CALCULATION OF REMIC I Y PRINCIPAL REDUCTION AMOUNTS


        REMIC I Y Principal  Reduction  Amounts:  For any Distribution  Date the
amounts by which the  Uncertificated  Principal  Balances of the REMIC I Regular
Interests  Y-I,  Y-II,  Y-III  and Y-IV  respectively  will be  reduced  on such
distribution  date by the allocation of Realized Losses and the  distribution of
principal, determined as follows:

        First for each of Loan Group CB-I, Loan Group CB-II, Loan Group NB-I and
Loan Group NB-II determine the weighted average  pass-through rate for that Loan
Group for  distributions  of interest  that will be made on the next  succeeding
Distribution  Date (the "Group Interest Rate").  The Principal  Reduction Amount
for each of the REMIC I Y Regular  Interests will be determined  pursuant to the
"Generic solution for the REMIC I Y Principal Reduction Amounts" set forth below
(the "Generic Solution") by making  identifications among the actual Loan Groups
and their  related REMIC I Y Regular  Interests and REMIC I Z Regular  Interests
and weighted average pass-through rates and the Loan Groups named in the Generic
Solution and their  related  REMIC I Y Regular  Interests  and REMIC I Z Regular
Interests as follows:

        A. Determine  which Loan Group has the lowest Group Interest Rate.  That
Loan Group will be identified with Group AA and the REMIC I Y Regular  Interests
and REMIC I Z Regular  Interests related to that Loan Group will be respectively
identified with the REMIC I Y-aa and REMIC I Z-aa Regular  Interests.  The Group
Interest  Rate for that Loan  Group will be  identified  with J%. If two or more
Loan  Groups  have the lowest  Group  Interest  Rate pick one for this  purpose,
subject to the  restriction  that each Loan Group may be picked only once in the
course  of any such  selections  pursuant  to  paragraphs  A  through  D of this
definition.

        B. Determine which Loan Group has the second lowest Group Interest Rate.
That  Loan  Group  will be  identified  with  Group BB and the REMIC I Y Regular
Interests  and REMIC I Z Regular  Interests  related  to that Loan Group will be
respectively  identified  with  the  REMIC  I Y-bb  and  REMIC  I  Z-bb  Regular
Interests.  The Group Interest Rate for that Loan Group will be identified  with
K%. If two or more Loan Groups have the second  lowest Group  Interest Rate pick
one for this  purpose,  subject to the  restriction  that each Loan Group may be
picked only once in the course of any such  selections  pursuant to paragraphs A
through D of this definition.

        C. Determine  which Loan Group has the third lowest Group Interest Rate.
That  Loan  Group  will be  identified  with  Group CC and the REMIC I Y Regular
Interests  and REMIC I Z Regular  Interests  related  to that Loan Group will be
respectively  identified  with  the  REMIC  I Y-cc  and  REMIC  I  Z-cc  Regular
Interests.  The Group Interest Rate for that Loan Group will be identified  with
L%. If two or more Loan Groups have the third  lowest Group  Interest  Rate pick
one for this  purpose,  subject to the  restriction  that each Loan Group may be
picked only once in the course of any such  selections  pursuant to paragraphs A
through D of this definition.

        D. Determine which Loan Group has the fourth lowest Group Interest Rate.
That  Loan  Group  will be  identified  with  Group DD and the REMIC I Y Regular
Interests  and REMIC I Z Regular  Interests  related  to that Loan Group will be
respectively  identified  with  the  REMIC  I Y-dd  and  REMIC  I  Z-dd  Regular
Interests.  The Group Interest Rate for that Loan Group will be identified  with
M%. If two or more Loan Groups have the fourth  lowest Group  Interest Rate pick
one for this  purpose,  subject to the  restriction  that each Loan Group may be
picked only once in the course of any such  selections  pursuant to paragraphs A
through D of this definition.

        Second,  apply the Generic  Solution  set forth below to  determine  the
REMIC I Y  Principal  Reduction  Amounts  for the  Distribution  Date  using the
identifications made above.


<PAGE>


               REMIC I Y Principal Reduction Amounts: For any Distribution Date,
the amounts by which the Uncertificated  Principal Balances of the REMIC I Y-aa,
REMIC I Y-bb,  REMIC I Y-cc and REMIC I Y-dd  Regular  Interests,  respectively,
will be reduced on such  Distribution  Date by the allocation of Realized Losses
and the distribution of principal, determined as follows:

        For purposes of the succeeding formulas the following symbols shall have
        the meanings set forth below:

PAAB    = the  Subordinate  Amount for Group AA after the allocation of Realized
        Losses and distributions of principal on such Distribution Date.

PBBB    = the  Subordinate  Amount for Group BB after the allocation of Realized
        Losses and distributions of principal on such Distribution Date.

PCCB    = the  Subordinate  Amount for Group CC after the allocation of Realized
        Losses and distributions of principal on such Distribution Date.

PDDB    = the  Subordinate  Amount for Group DD after the allocation of Realized
        Losses and distributions of principal on such Distribution Date.

R   = the Pass-Through Rate on the Subordinate Certificates = (J%PAAB + K%PBBB +
    L%PCCB + M%PDDB)/( PAAB + PBBB + PCCB + PDDB)

R1      = the weighted average of the Uncertificated REMIC II Pass-Through Rates
        on the Group AA-M,  Group BB-M and Group CC-M Regular  Interests  (other
        than any  REMIC II P-M or REMIC II X-M  Regular  Interests  or  portions
        thereof related to such Groups)
    =

        (J%(Pjj   -   (DELTA)Pjj)   +   K%(Pkk   -   (DELTA)Pkk)   +   M%(Pll  -
        (DELTA)Pll))/(Pjj - (DELTA)Pjj + Pkk - (DELTA)Pkk + Pll - (DELTA)Pll)

R2      = the weighted average of the Uncertificated REMIC II Pass-Through Rates
        on the Group BB-M,  Group CC-M and Group DD-M Regular  Interests  (other
        than any  REMIC II X-M or REMIC II P-M  Regular  Interests  or  portions
        thereof related to such Groups)
     =

        (K%(Pkk   -   (DELTA)Pkk)   +   L%(Pll   -   (DELTA)Pll)   +   M%(Pmm  -
        (DELTA)Pmm))/(Pkk - (DELTA)Pkk + Pll - (DELTA)Pll + Pmm - (DELTA)Pmm)

R3      = the weighted average of the Uncertificated REMIC II Pass-Through Rates
        on the Group AA-M and Group BB-M Regular Interests (other than any REMIC
        II P-M or REMIC II X-M Regular  Interests or portions thereof related to
        such Groups)

        = (J%(Pjj - (DELTA)Pjj) + K%(Pkk -  (DELTA)Pkk))/(Pjj - (DELTA)Pjj + Pkk
        - (DELTA)Pkk)

R4      = the weighted average of the Uncertificated REMIC II Pass-Through Rates
        on the Group CC-M and Group DD-M Regular Interests (other than any REMIC
        II X-M or REMIC II P-M Regular  Interests or portions thereof related to
        such Groups)
             =

        (L%(Pll - (DELTA)Pll) + M%(Pmm -  (DELTA)Pmm))/(Pll - (DELTA)Pll + Pmm -
        (DELTA)Pmm)

r1      = the  weighted  average  of the REMIC I Y-aa,  REMIC I Y-bb and REMIC I
        Y-cc Uncertificated REMIC I Pass-Through Rates
   =    (J% Yjj + K% Ykk + L% Yll)/(Yjj + Ykk + Yll)

r2      = the  weighted  average  of the REMIC I Y-bb,  REMIC I Y-cc and REMIC I
        Y-dd Uncertificated REMIC I Pass-Through Rates
        = (K% Ykk + L% Yll + M% Ymm)/(Ykk + Yll + Ymm)

r3      =  the  weighted   average  of  the  REMIC  I  Y-aa  and  REMIC  I  Y-bb
        Uncertificated REMIC I Pass-Through Rates
   =     (J% Yjj + K% Ykk)/(Yjj + Ykk)

r4      =  the  weighted   average  of  the  REMIC  I  Y-cc  and  REMIC  I  Y-dd
        Uncertificated REMIC I Pass-Through Rates
   =    (L% Yll + M% Ymm)/(Yll + Ymm)

Yjj     = the  Uncertificated  Principal  Balance  of the  REMIC I Y-aa  Regular
        Interests after distributions on the prior Distribution Date.

Ykk     = the  Uncertificated  Principal  Balance  of the  REMIC I Y-bb  Regular
        Interests after distributions on the prior Distribution Date.

Yll     = the  Uncertificated  Principal  Balance  of the  REMIC I Y-cc  Regular
        Interests after distributions on the prior Distribution Date.

Ymm     = the  Uncertificated  Principal  Balance  of the  REMIC I Y-dd  Regular
        Interests after distributions on the prior Distribution Date.


<PAGE>

(DELTA)Yjj = the REMIC I Y-aa Principal Reduction Amount.

(DELTA)Ykk = the REMIC I Y-bb Principal Reduction Amount.

(DELTA)Yll = the REMIC I Y-cc Principal Reduction Amount.

(DELTA)Ymm = the REMIC I Y-dd Principal Reduction Amount.

Pjj     = the aggregate Uncertificated Principal Balance of the REMIC I Y-aa and
        REMIC  I  Z-aa  Regular  Interests  after  distributions  on  the  prior
        Distribution Date, which is equal to the aggregate  principal balance of
        the Group AA Loans reduced by the portion, if any, of the Uncertificated
        Principal  Balance  derived  from  Group AA  Loans  of any  REMIC II P-M
        Regular Interest or Class R Certificate.

Pkk     = the aggregate Uncertificated Principal Balance of the REMIC I Y-bb and
        REMIC  I  Z-bb  Regular  Interests  after  distributions  on  the  prior
        Distribution Date, which is equal to the aggregate  principal balance of
        the Group BB Loans reduced by the portion, if any, of the Uncertificated
        Principal  Balance  derived  from  Group BB  Loans  of any  REMIC II P-M
        Regular Interest or Class R Certificate.

Pll     = the aggregate Uncertificated Principal Balance of the REMIC I Y-cc and
        REMIC  I  Z-cc  Regular  Interests  after  distributions  on  the  prior
        Distribution Date, which is equal to the aggregate  principal balance of
        the Group CC Loans reduced by the portion, if any, of the Uncertificated
        Principal  Balance  derived  from  Group CC  Loans  of any  REMIC II P-M
        Regular Interest or Class R Certificate.

Pmm     = the aggregate Uncertificated Principal Balance of the REMIC I Y-dd and
        REMIC  I  Z-dd  Regular  Interests  after  distributions  on  the  prior
        Distribution Date, which is equal to the aggregate  principal balance of
        the Group DD Loans reduced by the portion, if any, of the Uncertificated
        Principal  Balance  derived  from  Group DD  Loans  of any  REMIC II P-M
        Regular Interest or Class R Certificate.

(DELTA)Pjj = the aggregate  principal  reduction  resulting on such Distribution
        Date on the  Group  AA  Loans as a  result  of  principal  distributions
        (exclusive  of any amounts  distributed  pursuant  to clauses  (e)(i) or
        (e)(ii) of the definition of REMIC I Distribution Amount) to be made and
        realized losses to be allocated on such  Distribution  Date,  reduced by
        the  portion,  if any, of such  reduction  allocable to any REMIC II P-M
        Regular Interest or Class R Certificate, which is equal to the aggregate
        of the REMIC I Y-aa and REMIC I Z-aa Principal Reduction Amounts.

(DELTA)Pkk= the aggregate  principal  reduction  resulting on such  Distribution
        Date on the  Group  BB  Loans as a  result  of  principal  distributions
        (exclusive  of any amounts  distributed  pursuant  to clauses  (e)(i) or
        (e)(ii) of the definition of REMIC I Distribution Amount) to be made and
        realized losses to be allocated on such  Distribution  Date,  reduced by
        the  portion,  if any, of such  reduction  allocable to any REMIC II P-M
        Regular Interest or Class R Certificate, which is equal to the aggregate
        of the REMIC I Y-bb and REMIC I Z-bb Principal Reduction Amounts.

(DELTA)Pll = the aggregate  principal  reduction  resulting on such Distribution
        Date on the  Group  CC  Loans as a  result  of  principal  distributions
        (exclusive  of any amounts  distributed  pursuant  to clauses  (e)(i) or
        (e)(ii) of the definition of REMIC I Distribution Amount) to be made and
        realized losses to be allocated on such  Distribution  Date,  reduced by
        the  portion,  if any, of such  reduction  allocable to any REMIC II P-M
        Regular Interest or Class R Certificate, which is equal to the aggregate
        of the REMIC I Y-cc and REMIC I Z-cc Principal Reduction Amounts.
<PAGE>

(DELTA)Pmm = the aggregate  principal  reduction  resulting on such Distribution
        Date on the  Group  DD  Loans as a  result  of  principal  distributions
        (exclusive  of any amounts  distributed  pursuant  to clauses  (e)(i) or
        (e)(ii) of the definition of REMIC I Distribution Amount) to be made and
        realized losses to be allocated on such  Distribution  Date,  reduced by
        the  portion,  if any, of such  reduction  allocable to any REMIC II P-M
        Regular Interest or Class R Certificate, which is equal to the aggregate
        of the REMIC I Y-dd and REMIC I Z-dd Principal Reduction Amounts.

(alpha) = .0005

(gamma)1= (R - R1)/(M% - R). If R=>L%,  (gamma)1 is a non-negative number unless
        its denominator is zero, in which event it is undefined.

(gamma)2= (R -  J%)/(R2  - R). If R less  than K%,  (gamma)2  is a  non-negative
        number.

(gamma)3= (R -  R3)/(R4  - R).  If  K%less  than=Rless  than=L%,  (gamma)3  is a
        non-negative  number unless its denominator is zero, in which case it is
        undefined.

If      (gamma)1 is undefined,  (DELTA)Yjj = Yjj, (DELTA)Ykk = Ykk, (DELTA)Yll =
        Yll, and (DELTA)Ymm = (Ymm/Pmm)(DELTA)Pmm.

If      (gamma)2 is zero,  (DELTA)Yjj =  (Yjj/Pjj)(DELTA)Pjj,  (DELTA)Ykk = Ykk,
        (DELTA)Yll = Yll and (DELTA)Ymm = Ymm.

If      K%<=R<=L% and (gamma)3 is undefined, (DELTA)Yjj = Yjj, (DELTA)Ykk = Ykk,
        (DELTA)Ymm = Ymm, and (DELTA)Yll = (Yll/Pll)(DELTA)Pll.

If      K%<=R<=L%  and  (gamma)3  is  zero,  (DELTA)Ykk  =  (Ykk/Pkk)(DELTA)Pkk,
        (DELTA)Yjj = Yjj, (DELTA)Yll = Yll and (DELTA)Ymm = Ymm.

In      the  remaining  situations,   (DELTA)Yjj,   (DELTA)Ykk,  (DELTA)Yll  and
        (DELTA)Ymm shall be defined as follows:

I. If R=>L%, make the following additional definitions:

(delta)Yjj = 0, if R1less thanr1;  (R1- r1)( Yjj + Ykk + Yll)Yjj/((R1 - J%)Yjj +
        (R1 - K%)Ykk), if R1=> r1 and R1=>K%; and (R1- r1)( Yjj + Ykk + Yll)/(R1
        - J%), if R1=> r1 and R1less thanK%;

(delta)Ykk = 0, if R1 less than r1 and R1=greater thanK%;  (R1- r1)( Yjj + Ykk +
Yll)Ykk/((R1 - K%)Ykk + (R1 - L%)Yll), if R1less than r1 and R1less thanK%; (R1-
        r1)(
        Yjj + Ykk + Yll)Ykk/((R1 - J%)Yjj + (R1 - K%)Ykk), if R1=greater than r1
        and R1=>K%; and 0, if R1=> r1 and R1less thanK%; and

(delta)Yll = (R1- r1)( Yjj + Ykk + Yll)/(R1 - L%), if R1less than r1 and R1=>K%;
        (R1- r1)( Yjj + Ykk + Yll)Yll/((R1  - K%)Ykk + (R1 - L%)Yll),  if R1< r1
        and R1less thanK%; and 0, if R1=greater than> r1.


(delta)Y1, (delta)Ykk,  and (delta)Yll are numbers between Yjj and 0, Ykk and 0,
        and Yll and 0, respectively, such that (J%(Yjj - (delta)Yjj) + K%( Ykk.-
        (delta)Ykk)  +  L%(  Yll.-   (delta)Yll))/(Yjj   -  (delta)Yjj  +  Ykk.-
        (delta)Ykk + Yll.- (delta)Yll) = R1.

Y5 =    Yjj - (delta)Yjj + Ykk.- (delta)Ykk + Yll.- (delta)Yll

P5 =    Pjj + Pkk + Pll.

(DELTA)P5 = (DELTA)Pjj + (DELTA)Pkk + (DELTA)Pll.

AY5 =   AYjj - (delta)Yjj + AYkk.- (delta)Ykk + AYll.- (delta)Yll


1.      If Ymm - (alpha)(Pmm - (DELTA)Pmm)  => 0, Y5- (alpha)(P5 - (DELTA)P5) =>
        0, and (gamma)1(P5 - (DELTA)P5) < (Pmm - (DELTA)Pmm), (DELTA)Ymm = Ymm -
        (alpha)(gamma)1(P5  -  (DELTA)P5)  and  (DELTA)Y5  = Y5 -  (alpha)(P5  -
        (DELTA)P5).

2.      If Ymm - (alpha)(Pmm - (DELTA)Pmm) => 0, Y5 - (alpha)(P5 - (DELTA)P5) =>
        0, and (gamma)1(P5 - (DELTA)P5) => (Pmm - (DELTA)Pmm),  (DELTA)Ymm = Ymm
        - (alpha)(Pmm - (DELTA)Pmm) and (DELTA)Y5 = Y5 -  ((alpha)/(gamma)1)(Pmm
        - (DELTA)Pmm).

3.      If Ymm -  (alpha)(Pmm  -  (DELTA)Pmm)  less  than 0, Y5 -  (alpha)(P5  -
        (DELTA)P5)   =>  0,  and  Y5  -  (alpha)(P5   -   (DELTA)P5)   =>  Y5  -
        (Ymm/(gamma)1),  (DELTA)Ymm = Ymm -  (alpha)(gamma)1(P5 - (DELTA)P5) and
        (DELTA)Y5 = Y5 - (alpha)(P5 - (DELTA)P5).

4.      If Ymm - (alpha)(Pmm - (DELTA)Pmm) less than 0, Y5 -  (Ymm/(gamma)1)  =>
        0, and Y5 -  (alpha)(P5  -  (DELTA)P5)  less than= Y5 -  (Ymm/(gamma)1),
        (DELTA)Ymm = 0 and (DELTA)Y5 = Y5 - (Ymm/(gamma)1).

5.      If Y5 - (alpha)(P5 - (DELTA)P5)  less than 0, Y5 -  (Ymm/(gamma)1)  < 0,
        and Ymm -  (alpha)(Pmm  -  (DELTA)Pmm)  less  than= Ymm -  ((gamma)1Y5),
        (DELTA)Ymm = Ymm - ((gamma)1Y5) and (DELTA)Y5 = 0.

6.      If Y5 -  (alpha)(P5  -  (DELTA)P5)  less  than 0,  Ymm -  (alpha)(Pmm  -
        (DELTA)Pmm)  =>  0,  and  Ymm  -  (alpha)(Pmm  -  (DELTA)Pmm)  =>  Ymm -
        ((gamma)1Y5), (DELTA)Ymm = Ymm - (alpha)(Pmm - (DELTA)Pmm) and (DELTA)Y5
        = Y5 - ((alpha)/(gamma)1)(Pmm - (DELTA)Pmm).

AYjj    = (delta)Yjj + [(Yjj -  (delta)Yjj)/(Yjj - (delta)Yjj + Ykk - (delta)Ykk
        + Yll - (delta)Yll)] AY5

AYkk    = (delta)Ykk + [(Ykk -  (delta)Ykk)/(Yjj - (delta)Yjj + Ykk - (delta)Ykk
        + Yll - (delta)Yll)]AY5

AYll    = (delta)Yll + [(Yll -  (delta)Yll)/(Yjj - (delta)Yjj + Ykk - (delta)Ykk
        + Yll - (delta)Yll)]AY5
<PAGE>

The purpose of the foregoing  definitional  provisions together with the related
provisions  allocating  Realized Losses and defining the REMIC I Y and REMIC I Z
Principal  Distribution  Amounts is to  accomplish  the  following  goals in the
following order of priority:

    1.  Making the ratio of Ymm to Y5 equal to (gamma)1  after taking account of
        the allocation  Realized Losses and the distributions  that will be made
        through end of the Distribution Date to which such provisions relate and
        assuring  that the  Principal  Reduction  Amount for each of the REMIC I
        Y-aa,  REMIC I Y-bb,  REMIC I Y-cc,  REMIC I Y-dd, REMIC I Z-aa, REMIC I
        Z-bb, REMIC I Z-cc and REMIC I Z-dd Regular Interests is greater than or
        equal to zero for such Distribution Date;

    2.  Making the REMIC I Y-aa  Uncertificated  Principal  Balance less than or
        equal  to  0.0005  of the  sum of the  REMIC  I Y-aa  and  REMIC  I Z-aa
        Uncertificated  Principal  Balances,  the  REMIC  I Y-bb  Uncertificated
        Principal Balance less than or equal to 0.0005 of the sum of the REMIC I
        Y-bb and REMIC I Z-bb  Uncertificated  Principal  Balances,  the REMIC I
        Y-bb  Uncertificated  Principal  Balance less than or equal to 0.0005 of
        the sum of the  REMIC I Y-cc and REMIC I Z-cc  Uncertificated  Principal
        Balances and the REMIC I Y-dd Uncertificated Principal Balance less than
        or  equal to  0.0005  of the sum of the  REMIC I Y-dd  and  REMIC I Z-dd
        Uncertificated  Principal  Balances in each case after giving  effect to
        allocations of Realized Losses and  distributions to be made through the
        end of the Distribution Date to which such provisions relate; and

    3.  Making the larger of (a) the fraction  whose  numerator is Ymm and whose
        denominator is the sum of Ymm and REMIC I Z-dd Uncertificated  Principal
        Balance and (b) the fraction whose numerator is Y5 and whose denominator
        is the sum of Y5, the REMIC I Z-aa Uncertificated Principal Balance, the
        REMIC I Z-bb  Uncertificated  Principal  Balance  and  the  REMIC I Z-cc
        Uncertificated  Principal  Balance as large as possible while  remaining
        less than or equal to 0.0005.

        In the event of a failure of the foregoing  portion of the definition of
REMIC I Y Principal  Reduction Amount to accomplish both of goals 1 and 2 above,
the amounts  thereof should be adjusted to so as to accomplish such goals within
the requirement that each REMIC I Y Principal Reduction Amount must be less than
or  equal to the sum of (a) the  principal  portion  of  Realized  Losses  to be
allocated on the related  Distribution Date for the related Loan Group remaining
after the allocation of such Realized Losses to the related REMIC II P-M Regular
Interest (if any) and (b) the  remainder of the portion of the REMIC I Available
Distribution  Amount derived from the related Loan Group after reduction thereof
by the  distributions  to be made on such  Distribution  Date (i) to the related
REMIC II P-M Regular Interest (if any), (ii) to the related REMIC II X-M Regular
Interests  and (iii) in respect of interest on the related REMIC I Y and REMIC I
Z Regular  Interests,  or, if both of such goals cannot be  accomplished  within
such  requirement,  such  adjustment as is necessary shall be made to accomplish
goal  1  within  such  requirement.  In the  event  of any  conflict  among  the
provisions of the definition of the REMIC I Y Principal Reduction Amounts,  such
conflict  shall be resolved on the basis of the goals and their  priorities  set
forth above within the requirement set forth in the preceding  sentence.  If the
formula  allocation of AY5 among AYjj, AYkk and AYll cannot be achieved  because
either  AYjj as so defined is greater  than APjj,  AYkk as so defined is greater
than APkk or AYll as so defined is greater than APll,  such an allocation  shall
be made as close as possible to the formula  allocation  within the  requirement
that AYjj < APjj, AYkk < APkk and AYll < APll.
<PAGE>

II. If R<=K%, make the following additional definitions:

(delta)Ykk = 0, if R2< r2; (R2- r2)( Ykk + Yll +  Ymm)Ykk/((R2  - K%)Ykk + (R2 -
        L%)Yll),  if R2=> r2 and  R2=>L%;  and (R2- r2)( Ykk + Yll +  Ymm)/(R2 -
        K%), if R2=greater than r2 and R2less thanL%;

(delta)Yll = 0, if R2less than r2 and R2=greater  than L%; (R2- r2)( Ykk + Yll +
        Ymm)Yll/((R2  - L%)Yll + (R2 -  M%)Ymm),  if R2less  than r2 and  R2less
        thanL%;  (R2- r2)( Ykk + Yll + Ymm)Yll/((R2 - K%)Ykk + (R2 - L%)Yll), if
        R2=greater  than r2 and R2=greater than L%; and 0, if R2=greater than r2
        and R2less thanL%; and

(delta)Ymm = (R2- r2)( Ykk + Yll + Ymm)/(R2 - M%), if R2less than r2 and R2=>L%;
        (R2- r2)( Ykk + Yll + Ymm)Ymm/((R2  - L%)Yll + (R2 - M%)Ymm),  if R2less
        than r2 and R2less thanL%; and 0, if R2=> r2.


(delta)Ykk, (delta)Yll, and (delta)Ymm are numbers between Ykk and 0, Yll and 0,
        and Ymm and 0, respectively, such that (K%(Ykk - (delta)Ykk) + L%( Yll.-
        (delta)Yll)  +  M%(  Ymm.-   (delta)Ymm))/(Ykk   -  (delta)Ykk  +  Yll.-
        (delta)Yll + Ymm.- (delta)Ymm) = R2.

Y6 =    Ykk - (delta)Ykk + Yll.- (delta)Yll + Ymm.- (delta)Ymm

P6 =    Pkk + Pll + Pmm.

(DELTA)P6 = (DELTA)Pkk + (DELTA)Pll + (DELTA)Pmm.

AY6 =   AYkk - (delta)Ykk + AYll.- (delta)Yll + AYmm.- (delta)Ymm


1.  If Y6 - (alpha)(P6 - (DELTA)P6) => 0, Yjj-  (alpha)(Pjj - (DELTA)Pjj)  => 0,
    and  (gamma)2(Pjj  -  (DELTA)Pjj)  <  (P6  -  (DELTA)P6),  (DELTA)Y6  = Y6 -
    (alpha)(gamma)2(Pjj  -  (DELTA)Pjj)  and  (DELTA)Yjj = Yjj -  (alpha)(Pjj  -
    (DELTA)Pjj).

2.  If Y6 - (alpha)(P6 - (DELTA)P6) => 0, Yjj - (alpha)(Pjj - (DELTA)Pjj)  => 0,
    and  (gamma)2(Pjj  -  (DELTA)Pjj)  =>  (P6 -  (DELTA)P6),  (DELTA)Y6  = Y6 -
    (alpha)(P6  - (DELTA)P6)  and  (DELTA)Yjj  = Yjj -  ((alpha)/(gamma)2)(P6  -
    (DELTA)P6).

3.      If Y6 -  (alpha)(P6  -  (DELTA)P6)  less  tha  0,  Yjj -  (alpha)(Pjj  -
        (DELTA)Pjj)  =>  0,  and  Yjj  -  (alpha)(Pjj  -  (DELTA)Pjj)  =>  Yjj -
        (Y6/(gamma)2),  (DELTA)Y6 = Y6 -  (alpha)(gamma)2(Pjj  - (DELTA)Pjj) and
        (DELTA)Yjj = Yjj - (alpha)(Pjj - (DELTA)Pjj).

4.      If Y6 - (alpha)(P6 - (DELTA)P6) less tha0, Yjj - (Y6/(gamma)2) => 0, and
        Yjj - (alpha)(Pjj - (DELTA)Pjj)  <= Yjj -  (Y6/(gamma)2),  (DELTA)Y6 = 0
        and (DELTA)Yjj = Yjj - (Y6/(gamma)2).

5.  If Yjj - (alpha)(Pjj -  (DELTA)Pjj) < 0, Yjj -  (Y6/(gamma)2)  < 0, and Y6 -
    (alpha)(P6  -  (DELTA)P6)   <=  Y6  -   ((gamma)2Yjj),   (DELTA)Y6  =  Y6  -
    ((gamma)2Yjj) and (DELTA)Yjj = 0.

6.      If Yjj -  (alpha)(Pjj  -  (DELTA)Pjj)  less  than0,  Y6 -  (alpha)(P6  -
        (DELTA)P6) => 0, and Y6 - (alpha)(P6 - (DELTA)P6) => Y6 - ((gamma)2Yjj),
        (DELTA)Y6  = Y6 -  (alpha)(P6  -  (DELTA)P6)  and  (DELTA)Yjj  =  Yjj  -
        ((alpha)/(gamma)2)(P6 - (DELTA)P6).

AYkk    = (delta)Ykk + [(Ykk -  (delta)Ykk)/(Ykk - (delta)Ykk + Yll - (delta)Yll
        + Ymm - (delta)Ymm)] AY6

AYll    = (delta)Yll + [(Yll -  (delta)Yll)/(Ykk - (delta)Ykk + Yll - (delta)Yll
        + Ymm - (delta)Ymm)] AY6

AYmm    = (delta)Ymm + [(Ymm -  (delta)Ymm)/(Ykk - (delta)Ykk + Yll - (delta)Yll
        + Ymm - (delta)Ymm)]A Y6

        The purpose of the foregoing  definitional  provisions together with the
related  provisions  allocating  Realized  Losses and defining the REMIC I Y and
REMIC I Z Principal Distribution Amounts is to accomplish the following goals in
the following order of priority:
<PAGE>

    1.  Making the ratio of Y6 to Yjj equal to (gamma)2  after taking account of
        the allocation  Realized Losses and the distributions  that will be made
        through end of the Distribution Date to which such provisions relate and
        assuring  that the  Principal  Reduction  Amount for each of the REMIC I
        Y-aa,  REMIC I Y-bb,  REMIC I Y-cc,  REMIC I Y-dd, REMIC I Z-aa, REMIC I
        Z-bb, REMIC I Z-cc and REMIC I Z-dd Regular Interests is greater than or
        equal to zero for such Distribution Date;

    2.  Making the REMIC I Y-aa  Uncertificated  Principal  Balance less than or
        equal  to  0.0005  of the  sum of the  REMIC  I Y-aa  and  REMIC  I Z-aa
        Uncertificated  Principal  Balances,  the  REMIC  I Y-bb  Uncertificated
        Principal Balance less than or equal to 0.0005 of the sum of the REMIC I
        Y-bb and REMIC I Z-bb  Uncertificated  Principal  Balances,  the REMIC I
        Y-bb  Uncertificated  Principal  Balance less than or equal to 0.0005 of
        the sum of the  REMIC I Y-cc and REMIC I Z-cc  Uncertificated  Principal
        Balances and the REMIC I Y-dd Uncertificated Principal Balance less than
        or  equal to  0.0005  of the sum of the  REMIC I Y-dd  and  REMIC I Z-dd
        Uncertificated  Principal  Balances in each case after giving  effect to
        allocations of Realized Losses and  distributions to be made through the
        end of the Distribution Date to which such provisions relate; and

    3.  Making the larger of (a) the fraction  whose  numerator is Yjj and whose
        denominator is the sum of Yjj and REMIC I Z-aa Uncertificated  Principal
        Balance and (b) the fraction whose numerator is Y6 and whose denominator
        is the sum of Y6, the REMIC I Z-bb Uncertificated Principal Balance, the
        REMIC I Z-cc  Uncertificated  Principal  Balance  and  the  REMIC I Z-dd
        Uncertificated  Principal  Balance as large as possible while  remaining
        less than or equal to 0.0005.

        In the event of a failure of the foregoing  portion of the definition of
REMIC I Y Principal  Reduction Amount to accomplish both of goals 1 and 2 above,
the amounts  thereof should be adjusted to so as to accomplish such goals within
the requirement that each REMIC I Y Principal Reduction Amount must be less than
or  equal to the sum of (a) the  principal  portion  of  Realized  Losses  to be
allocated on the related  Distribution Date for the related Loan Group remaining
after the allocation of such Realized Losses to the related REMIC II P-M Regular
Interest (if any) and (b) the  remainder of the portion of the REMIC I Available
Distribution  Amount derived from the related Loan Group after reduction thereof
by the  distributions  to be made on such  Distribution  Date (i) to the related
REMIC II P-M Regular Interest (if any), (ii) to the related REMIC II X-M Regular
Interests  and (iii) in respect of interest on the related REMIC I Y and REMIC I
Z Regular  Interests,  or, if both of such goals cannot be  accomplished  within
such  requirement,  such  adjustment as is necessary shall be made to accomplish
goal  1  within  such  requirement.  In the  event  of any  conflict  among  the
provisions of the definition of the REMIC I Y Principal Reduction Amounts,  such
conflict  shall be resolved on the basis of the goals and their  priorities  set
forth above within the requirement set forth in the preceding  sentence.  If the
formula  allocation of AY6 among AYkk, AYll and AYmm cannot be achieved  because
either  AYkk as so defined is greater  than APkk,  AYll as so defined is greater
than APll or AYmm as so defined is greater than APmm,  such an allocation  shall
be made as close as possible to the formula  allocation  within the  requirement
that AYkk < APkk, AYll < APll and AYmm < APmm.
<PAGE>

III. If K%<=R<=L%, make the following additional definitions:

(delta)Yjj =   0,                                      if R3< r3; and
        (R3- r3)( Yjj + Ykk)/(R3 - J%),                if R3=> r3;

(delta)Ykk =   0,                                      if R3=> r3; and
        (R3- r3)( Yjj + Ykk)/(R3 - K%),                if R3< r3;

(delta)Yll =   0,                                      if R4< r4; and
        (R4- r4)(Yll + Ymm)/(R4 - L%),                 if R4=> r4; and

(delta)Ymm =   (R4- r4)(Yll + Ymm)/(R4 - M%),                  if R4< r4; and
        0,                                             if R4=> r4.

(delta)Yjj, (delta)Ykk,  (delta)Yll,  and (delta)Ymm are numbers between Yjj and
        0, Ykk and 0, Yll and 0, and Ymm and 0, respectively,  such that (J%(Yjj
        -  (delta)Yjj)  +  K%(Ykk.-   (delta)Ykk))/(Yjj  -  (delta)Yjj  +  Ykk.-
        (delta)Ykk) = R3 and (L%(Yll - (delta)Yll) + M%(Ymm.-  (delta)Ymm))/(Yll
        - (delta)Yll + Ymm.- (delta)Ymm) = R4.


Y7 =    Yjj - (delta)Yjj + Ykk.- (delta)Ykk

P7 = Pjj + Pkk.

(DELTA)P7 = (DELTA)Pjj + (DELTA)Pkk.

AY7 = AYjj - (delta)Yjj + AYkk.- (delta)Ykk.

Y8 = Yll.- (delta)Yll + Ymm.- (delta)Ymm.

P8 = Pll + Pmm.

(DELTA)P8 = (DELTA)Pll + (DELTA)Pmm.

AY8 =   AYll.- (delta)Yll + AYmm.- (delta)Ymm


1.  If Y8 - (alpha)(P8 - (DELTA)P8) => 0, Y7-  (alpha)(P7 - (DELTA)P7) => 0, and
    (gamma)3(P7   -   (DELTA)P7)   <  (P8  -   (DELTA)P8),   (DELTA)Y8  =  Y8  -
    (alpha)(gamma)3(P7   -  (DELTA)P7)   and  (DELTA)Y7  =  Y7  -  (alpha)(P7  -
    (DELTA)P7).

2.  If Y8 - (alpha)(P8 - (DELTA)P8) => 0, Y7 - (alpha)(P7 - (DELTA)P7) => 0, and
    (gamma)3(P7 - (DELTA)P7) => (P8 - (DELTA)P8),  (DELTA)Y8 = Y8 - (alpha)(P8 -
    (DELTA)P8) and (DELTA)Y7 = Y7 - ((alpha)/(gamma)3)(P8 - (DELTA)P8).

3.      If  Y8 -  (alpha)(P8  -  (DELTA)P8)  less  than  0,  Y7 -  (alpha)(P7  -
        (DELTA)P7) => 0, and Y7 - (alpha)(P7 - (DELTA)P7) => Y7 - (Y8/(gamma)3),
        (DELTA)Y8 = Y8 -  (alpha)(gamma)3(P7  - (DELTA)P7)  and (DELTA)Y7 = Y7 -
        (alpha)(P7 - (DELTA)P7).

4.      If Y8 - (alpha)(P8 - (DELTA)P8)  less than 0, Y7 -  (Y8/(gamma)3)  => 0,
        and Y7 - (alpha)(P7 - (DELTA)P7)  <= Y7 -  (Y8/(gamma)3),  (DELTA)Y8 = 0
        and (DELTA)Y7 = Y7 - (Y8/(gamma)3).

5.      If Y7 - (alpha)(P7 -  (DELTA)P7) < 0, Y7 -  (Y8/(gamma)3)  < 0, and Y8 -
        (alpha)(P8  -  (DELTA)P8)  <=  Y8  -  ((gamma)3Y7),  (DELTA)Y8  =  Y8  -
        ((gamma)3Y7) and (DELTA)Y7 = 0.

6.      If  Y7 -  (alpha)(P7  -  (DELTA)P7)  less  than  0,  Y8 -  (alpha)(P8  -
        (DELTA)P8) => 0, and Y8 - (alpha)(P8 - (DELTA)P8) => Y8 -  ((gamma)3Y7),
        (DELTA)Y8  =  Y8  -  (alpha)(P8  -  (DELTA)P8)  and  (DELTA)Y7  =  Y7  -
        ((alpha)/(gamma)3)(P8 - (DELTA)P8).
<PAGE>

AYjj = (delta)Yjj + [(Yjj -  (delta)Yjj)/(Yjj  - (delta)Yjj + Ykk - (delta)Ykk)]
AY7

AYkk  =  (delta)Ykk  +  [(Ykk  -   (delta)Ykk)/(   Yjj  -  (delta)Yjj  +  Ykk  -
(delta)Ykk)]AY7

AYll = (delta)Yll + [(Yll -  (delta)Yll)/(Yll  - (delta)Yll + Ymm - (delta)Ymm)]
AY8

AYmm = (delta)Ymm + [(Ymm -  (delta)Ymm)/(Yll  - (delta)Yll + Ymm - (delta)Ymm)]
AY8

        The purpose of the foregoing  definitional  provisions together with the
related  provisions  allocating  Realized  Losses and defining the REMIC I Y and
REMIC I Z Principal Distribution Amounts is to accomplish the following goals in
the following order of priority:

    1.  Making the ratio of Y8 to Y7 equal to (gamma)3  after taking  account of
        the allocation  Realized Losses and the distributions  that will be made
        through end of the Distribution Date to which such provisions relate and
        assuring  that the  Principal  Reduction  Amount for each of the REMIC I
        Y-aa,  REMIC I Y-bb,  REMIC I Y-cc,  REMIC I Y-dd, REMIC I Z-aa, REMIC I
        Z-bb, REMIC I Z-cc and REMIC I Z-dd Regular Interests is greater than or
        equal to zero for such Distribution Date;
    2.  Making the REMIC I Y-aa  Uncertificated  Principal  Balance less than or
        equal  to  0.0005  of the  sum of the  REMIC  I Y-aa  and  REMIC  I Z-aa
        Uncertificated  Principal  Balances,  the  REMIC  I Y-bb  Uncertificated
        Principal Balance less than or equal to 0.0005 of the sum of the REMIC I
        Y-bb and REMIC I Z-bb  Uncertificated  Principal  Balances,  the REMIC I
        Y-bb  Uncertificated  Principal  Balance less than or equal to 0.0005 of
        the sum of the  REMIC I Y-cc and REMIC I Z-cc  Uncertificated  Principal
        Balances and the REMIC I Y-dd Uncertificated Principal Balance less than
        or  equal to  0.0005  of the sum of the  REMIC I Y-dd  and  REMIC I Z-dd
        Uncertificated  Principal  Balances in each case after giving  effect to
        allocations of Realized Losses and  distributions to be made through the
        end of the Distribution Date to which such provisions relate; and
    3.  Making the larger of (a) the  fraction  whose  numerator is Y7 and whose
        denominator is the sum of Y7, the REMIC I Z-aa Uncertificated  Principal
        Balance and the REMIC I Z-bb  Uncertificated  Principal  Balance and (b)
        the fraction whose  numerator is Y8 and whose  denominator is the sum of
        Y8, the REMIC I Z-cc  Uncertificated  Principal  Balance and the REMIC I
        Z-dd  Uncertificated  Principal  Balance  as  large  as  possible  while
        remaining less than or equal to 0.0005.

In the event of a failure of the foregoing  portion of the definition of REMIC I
Y Principal  Reduction  Amount to  accomplish  both of goals 1 and 2 above,  the
amounts  thereof should be adjusted to so as to accomplish such goals within the
requirement that each REMIC I Y Principal  Reduction Amount must be less than or
equal to the sum of (a) the principal portion of Realized Losses to be allocated
on the related  Distribution Date for the related Loan Group remaining after the
allocation of such Realized Losses to the related REMIC II P-M Regular  Interest
(if  any)  and  (b) the  remainder  of the  portion  of the  REMIC  I  Available
Distribution  Amount derived from the related Loan Group after reduction thereof
by the  distributions  to be made on such  Distribution  Date (i) to the related
REMIC II P-M Regular Interest (if any), (ii) to the related REMIC II X-M Regular
Interests  and (iii) in respect of interest on the related REMIC I Y and REMIC I
Z Regular  Interests,  or, if both of such goals cannot be  accomplished  within
such  requirement,  such  adjustment as is necessary shall be made to accomplish
goal  1  within  such  requirement.  In the  event  of any  conflict  among  the
provisions of the definition of the REMIC I Y Principal Reduction Amounts,  such
conflict  shall be resolved on the basis of the goals and their  priorities  set
forth above within the requirement set forth in the preceding  sentence.  If the
formula allocation of AY7 between AYjj and AYkk, or of AY8 between AYll and AYmm
cannot be achieved  because either AYjj as so defined is greater than APjj, AYkk
as so defined is greater  than APkk,  AYll as so defined is greater than APll or
AYmm as so defined is greater  than APmm,  such an  allocation  shall be made as
close as possible to the formula  allocation  within the requirement that AYjj <
APjj, AYkk < APkk, AYll < APll and AYmm < APmm.

<PAGE>



</TEXT>
</DOCUMENT>
