GMACM Home Loan Trust 2004-HLTV1
EX 10.2  INSURANCE POLICY
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<TYPE>EX-10
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<FILENAME>hltv1ins.txt
<DESCRIPTION>EX 10.2  INSURANCE POLICY
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Microsoft Word 10.0.6612;SWDocIDFinancial Guaranty Insurance Company
125 Park Avenue
New York, New York 10017
(212) 312-3000 (800) 352-0001

SURETY BOND

Form 9133
Page 1 of 5

Issuer: GMACM Home Loan                         Policy Number:  04030036
        Trust 2004-HLTV1                        Control Number:  0010001

Insured Obligations:
---------------------------------------------------------
$175,000,000 in aggregate  maximum  principal  amount of GMACM Home  Loan-Backed
Term Notes,  Series  2004-HLTV1,  Class A-1, Class A-2, Class A-3 and Class A-4,
Series 2004-HLTV1, (collectively, the "Notes")
---------------------------------------------------------


Indenture Trustee:  JPMorgan Chase Bank

Financial Guaranty Insurance Company  ("Financial  Guaranty"),  a New York stock
insurance  company,  in  consideration  of the right of  Financial  Guaranty  to
receive  monthly  premiums  pursuant to the Indenture (as defined below) and the
Insurance Agreement referred to therein, and subject to the terms of this Surety
Bond, hereby  unconditionally and irrevocably agrees to pay each Insured Amount,
to the extent set forth in the Indenture,  to the Indenture  Trustee named above
or its successor,  as trustee for the Holders of the Notes,  except as otherwise
provided herein with respect to Preference  Amounts.  Capitalized terms used and
not otherwise  defined herein shall have the meanings  assigned to such terms in
the Annex A attached  to the  Indenture  as in effect and  executed  on the date
hereof.

The term "Insured  Amount" for any Payment Date means (1) any Deficiency  Amount
for such  Payment  Date and the Notes and (2) any  Preference  Amount to be paid
pursuant to the terms of this Surety Bond on the Payment  Date in respect of the
Notes.

The term  "Deficiency  Amount"  means,  with respect to any Payment Date and the
Notes, as applicable, an amount, if any, equal to the sum of:

        (1)     the amount by which the aggregate  amount of accrued interest on
                the Notes,  excluding any Relief Act Shortfalls for that Payment
                Date, at the respective  Note Rates on that Payment Date exceeds
                the amount on deposit in the Note Payment Account  available for
                interest distributions on the Notes on that Payment Date; and

        (2)     (i) with  respect  to any  Payment  Date  that is not the  Final
                Payment Date,  any  Liquidation  Loss Amount with respect to the
                Mortgage  Loans  for  that  Payment  Date,  to  the  extent  not
                distributed as part of the Liquidated Loss  Distribution  Amount
                to the Holders of the Notes on such  Payment  Date or applied to
                reduce the Overcollateralization Amount on such Payment Date; or

                (ii)  on the  Final  Payment  Date,  the  aggregate  outstanding
                principal  balance of the Notes to the extent otherwise not paid
                on that date.

The term "Final Payment Date" for each Class of the Notes means the Payment Date
occurring in March, 2030.

Financial  Guaranty  will pay a  Deficiency  Amount with respect to the Notes by
12:00 noon (New York City Time) in immediately  available funds to the Indenture
Trustee on the later of (i) the second  Business Day  following the Business Day
on which Financial  Guaranty shall have received Notice that a Deficiency Amount
is due in respect of the Notes,  and (ii) the Payment  Date on which the related
Deficiency  Amount  is  payable  to the  Holders  of the Notes  pursuant  to the
Indenture,  for  disbursement  to the Holders of the Notes in the same manner as
other  payments  with respect to the Notes are  required to be made.  Any Notice
received by  Financial  Guaranty  after 12:00 noon New York City time on a given
Business  Day or on any day that is not a  Business  Day shall be deemed to have
been received by Financial Guaranty on the next succeeding Business Day.

Upon payment of a Deficiency Amount hereunder, Financial Guaranty shall be fully
subrogated  to the rights of the  Holders of the Notes to receive  the amount so
paid. Financial Guaranty's  obligations with respect to the Notes hereunder with
respect to each Payment Date shall be discharged to the extent funds  consisting
of the related Deficiency Amount are received by the Indenture Trustee on behalf
of the  Holders of the Notes for  payment to such  Holders,  as  provided in the
Indenture  and  herein,  whether or not such funds are  properly  applied by the
Indenture Trustee.

If any  portion  or all of  any  amount  that  is  insured  hereunder  that  was
previously  distributed to a holder of Notes is  recoverable  and recovered from
such Holder as a voidable  preference by a trustee in bankruptcy pursuant to the
U.S.  Bankruptcy  Code,  pursuant  to a final  non-appealable  order  of a court
exercising  proper  jurisdiction  in an insolvency  proceeding (a "Final Order")
(such recovered amount, a "Preference  Amount"),  Financial Guaranty will pay on
the guarantee  described in the first paragraph  hereof, an amount equal to each
such  Preference  Amount by 12:00  noon on the  second  Business  Day  following
receipt by Financial  Guaranty on a Business Day of (x) a certified  copy of the
court order  requiring  the return of the  Preference  Amount,  together with an
opinion of counsel  satisfactory  to Financial  Guaranty that the order is final
and not  subject  to  appeal  (a  "Final  Order"),  (y) an  assignment,  in form
reasonably   satisfactory  to  Financial  Guaranty,   irrevocably  assigning  to
Financial  Guaranty all rights and claims of the Indenture  Trustee  and/or such
Holder of the Notes  relating to or arising  under any Notes  against the debtor
who paid such Preference Amount and constituting an appropriate  instrument,  in
form satisfactory to Financial  Guaranty,  appointing  Financial Guaranty as the
agent of the Indenture  Trustee and/or such Holder in respect of such Preference
Amount,  including  without  limitation in any legal  proceeding  related to the
Preference Amount, and (z) a Notice appropriately  completed and executed by the
Indenture Trustee or such Holder, as the case may be. Such payment shall be made
to the  receiver,  conservator,  debtor-in-possession  or trustee in  bankruptcy
named in the Final Order and not to the Indenture Trustee or Holder of the Notes
directly  (unless the Holder has  previously  paid such amount to such receiver,
conservator,  debtor-in-possession or trustee named in such Final Order in which
case payment  shall be made to the  Indenture  Trustee for  distribution  to the
Holder  upon  delivery  of  proof of such  payment  reasonably  satisfactory  to
Financial Guaranty).  Notwithstanding the foregoing, in no event shall Financial
Guaranty be (i)  required to make any payment  under this Surety Bond in respect
of any Preference  Amount to the extent such  Preference  Amount is comprised of
amounts  previously paid by Financial Guaranty  hereunder,  or (ii) obligated to
make any payment in respect of any Preference Amount, which payment represents a
payment  of the  principal  amount  of any  Notes,  prior to the time  Financial
Guaranty otherwise would have been required to make a payment in respect of such
principal,  in which  case  Financial  Guaranty  shall  pay the  balance  of the
Preference Amount when such amount otherwise would have been required.

Any of the  documents  required  under  clauses (x) through (z) of the preceding
paragraph that are received by Financial Guaranty after 12:00 noon New York City
time on a given  Business  Day or on any day that is not a Business Day shall be
deemed  to have been  received  by  Financial  Guaranty  on the next  succeeding
Business Day. If any notice received by Financial Guaranty is not in proper form
or is otherwise insufficient for the purpose of making a claim under this Surety
Bond,  it will be deemed not to have been  received by Financial  Guaranty,  and
Financial  Guaranty  will  promptly  so advise the  Indenture  Trustee,  and the
Indenture  Trustee may submit an amended Notice.  All payments made by Financial
Guaranty  hereunder in respect of Preference Amounts will be made with Financial
Guaranty's own funds.

This Surety Bond is non-cancelable for any reason,  including  nonpayment of any
premium.  The  premium on this  Surety  Bond is not  refundable  for any reason,
including the payment of any Notes prior to their  respective  maturities.  This
Surety  Bond  shall  expire  and  terminate  without  any  action on the part of
Financial  Guaranty or any other Person on the date that is the later of (i) the
date that is one year and one day  following  the date on which the Notes  shall
have been paid in full and (ii) if any  insolvency  proceeding  with  respect to
which the  Depositor  is the debtor has been  commenced  on or prior to the date
specified  in  clause  (i)  above,  the 30th  day  after  the  entry of a final,
non-appealable order in resolution or settlement of such proceeding.

A monthly  premium  shall be due and  payable  in  arrears  as  provided  in the
Indenture and the Insurance Agreement.

This Surety Bond is subject to and shall be governed by the laws of the State of
New York, without giving effect to the conflicts of laws principles thereof. The
proper  venue for any  action or  proceeding  on this  Surety  Bond shall be the
County of New York,  State of New York.  The  insurance  provided by this Surety
Bond is not covered by the New York  Property/Casualty  Insurance  Security Fund
(New York Insurance Code, Article 76).

To the fullest extent  permitted by applicable  law,  Financial  Guaranty hereby
waives,  solely for the benefit of Holders of the Notes all defenses of any kind
(including,  without limitation, the defense of fraud in inducement or fact, any
defense  based on any duty  claimed to arise from the  doctrine of "utmost  good
faith" or any similar or related doctrine or any other  circumstances that would
have the effect of discharging a surety, guarantor or any other person in law or
in equity) that Financial Guaranty otherwise might have asserted as a defense to
its  obligation  to pay in full any amounts  that have become due and payable in
accordance  with the  terms  and  conditions  of this  Policy.  Nothing  in this
paragraph,  however,  shall be deemed  to  constitute  a waiver  of any  rights,
remedies,  claims or counterclaims that Financial Guaranty may have with respect
to the Issuer or GMACM, or any of their affiliates.

"Notice"  means a written notice in the form of Exhibit A to this Surety Bond by
registered or certified mail or telephonic or telegraphic  notice,  subsequently
confirmed by written notice delivered via telecopy,  telex or hand delivery from
the Indenture Trustee to Financial Guaranty specifying the information set forth
therein.  "Holder"  means, as to a particular  Note, the person,  other than the
Issuer, who, on the applicable Payment Date, is entitled under the terms of such
Note to a distribution thereon.  "Indenture" means the Indenture relating to the
Notes by and between GMACM Home Loan Trust 2004-HLTV1,  as Issuer,  and JPMorgan
Chase Bank, as Indenture  Trustee,  dated as of September  29, 2004.  "Insurance
Agreement"  means  the  Insurance  and  Indemnity  Agreement,   among  Financial
Guaranty,  GMAC Mortgage  Corporation,  Walnut Grove Mortgage Loan Trust 2003-A,
Residential Asset Mortgage Products, Inc., GMACM Home Loan Trust 2004-HLTV1, and
the Indenture  Trustee,  dated as of September 29, 2004.  "Servicing  Agreement"
means the Servicing  Agreement  relating to the Notes by and among GMAC Mortgage
Corporation,  as Servicer, GMACM Home Loan Trust 2004-HLTV1,  as Issuer, and the
Indenture Trustee, dated as of September 29, 2004.

In the event  that  payments  under  any Note are  accelerated,  nothing  herein
contained shall obligate  Financial Guaranty to make any payment of principal or
interest  on such Note on an  accelerated  basis,  unless such  acceleration  of
payment by Financial  Guaranty is at the sole option of Financial  Guaranty;  it
being  understood  that a payment  shortfall in respect of the redemption of any
Note by reason of the repurchase of the Trust Estate pursuant to Section 8.08 of
the  Servicing  Agreement  does not  constitute  acceleration  for the  purposes
hereof.



<PAGE>


IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its  corporate  seal and to be signed  by its duly  authorized  officer  in
facsimile to become  effective and binding upon Financial  Guaranty by virtue of
the countersignature of its duly authorized representative.


President                                   Authorized Representative

Effective Date:  September 29, 2004



<PAGE>



                                    EXHIBIT A

                              NOTICE OF NONPAYMENT
                    AND DEMAND FOR PAYMENT OF INSURED AMOUNTS

To:            Financial Guaranty Insurance Company
               125 Park Avenue
               New York, New York 10017
               (212) 312-3000
               Attention:    General Counsel

               Telephone: (212) 312-3000
               Telecopier:  (212) 312-3220

---------------------------------------------------------
$175,000,000 in aggregate  maximum  principal  amount of GMACM Home  Loan-Backed
Term Notes,  Series  2004-HLTV1,  Class A-1, Class A-2, Class A-3 and Class A-4,
Series 2004-HLTV1, (collectively, the "Notes")
---------------------------------------------------------
Re:







               Policy No.  04030036 (the "Surety Bond")

Payment Date:  ___________________________

We refer to that  certain  Indenture,  dated as of September  29,  2004,  by and
between GMACM Home Loan Trust 2004-HLTV1, as Issuer, and JPMorgan Chase Bank, as
Indenture Trustee (the "Indenture"), relating to the above referenced Notes. All
capitalized  terms not otherwise defined herein or in the Surety Bond shall have
the same respective meanings assigned to such terms in the Indenture.

(a)     The Indenture Trustee has determined under the Indenture that in respect
        of the Payment Date:

        (1)    The insured  portion of the  distribution on the Notes in respect
               of the Payment Date that is due to be received on  ______________
               under the Indenture, is equal to $_____________, consisting of

               (A)    $ ___________  in respect of interest on the Notes,  which
                      is calculated as the amount by which:

                      (i)    $____________, constituting the aggregate amount of
                             accrued interest on the Notes, excluding any Relief
                             Act Shortfalls, for the Payment Date; exceeds

                      (ii)   $___________, representing the amount on deposit in
                             the Note  Payment  Account  available  for interest
                             distributions  to the  Notes on the  Payment  Date;
                             plus

               (B)    $_____________ in respect of principal of the Notes, which
                      is calculated as the amount by which

                      (i)    Liquidation   Loss  Amounts  with  respect  to  the
                             Mortgage  Loans for the Payment  Date,  which total
                             $_________, exceed

                      (ii)   the sum of

                          (y)    $___________, representing the Liquidation Loss
                                  Distribution Amount for the Payment Date; and

                          (z)    $____________,  representing  the  amount of
                                 the  reduction in the  Overcollateralization
                                 Amount for the Payment Date.

        (2) [The  amount  to be paid to the  Holders  of the  Notes on the Final
        Payment Date, which occurs on _____________, is $____________.]

        (3) The amounts  available in the Note Payment Account to be distributed
        on such Payment Date on the Notes  pursuant to the  Indenture in payment
        of the items  identified  in items (1) and (2) above,  as reduced by any
        portion  thereof that has been deposited in the Note Payment Account but
        may not be withdrawn  therefrom  pursuant to an order of a United States
        bankruptcy court of competent  jurisdiction  imposing a stay pursuant to
        Section 362 of the United States Bankruptcy Code), is
        $_______________.

        Please be advised that, accordingly,  a Deficiency Amount exists for the
Payment Date identified  above for the Notes in the amount of $__________.  This
Deficiency  Amount  constitutes an Insured Amount payable by Financial  Guaranty
under the Surety Bond.

[In addition,  attached hereto is a copy of the Final Order in connection with a
Preference  Amount in the amount set forth therein,  together with an assignment
of rights and  appointment of agent and other  documents  required by the Surety
Bond in respect of Preference  Amounts.  The amount of the Preference  Amount is
$______________. This Preference Amount constitutes an Insured Amount payable by
Financial Guaranty under the Surety Bond.]

Accordingly,  pursuant to the Indenture, this statement constitutes a notice for
payment  of  an  Insured   Amount  by  Financial   Guaranty  in  the  amount  of
$_______________ under the Surety Bond.

(b) No payment  claimed  hereunder is in excess of the amount  payable under the
Surety Bond.

        The  amount  requested  in  this  Notice  should  be paid  to:  [Payment
Instructions]

Any person who  knowingly  and with intent to defraud any  insurance  company or
other person files an application for insurance or statement of claim containing
any  materially  false  information  or conceals for the purpose of  misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act,  which is a crime,  and shall  also be subject  to a civil  penalty  not to
exceed Five Thousand  Dollars  ($5,000.00) and the stated value of the claim for
each such violation.

        IN WITNESS  WHEREOF,  the  Indenture  Trustee has executed and delivered
this Notice of Nonpayment  and Demand for Payment of Insured  Amounts this _____
day of
______________________.


                                    ________________________________________,
                                        as Indenture Trustee

                                    By:     ___________________________________

                                    Title:  ___________________________________







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