Residential Accredit Loans Inc – ‘8-K’ for 11/13/97 – EX-19

On:  Wednesday, 11/12/97   ·   As of:  11/13/97   ·   For:  11/13/97   ·   Accession #:  949493-97-77   ·   File #:  33-95932

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Current Report   —   Form 8-K
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Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         1997-Qs11                                              4      9K 
 2: EX-19       1997-Qs11 Pooling and Servicing Agreement            529±  1.91M 

EX-19   —   1997-Qs11 Pooling and Servicing Agreement
Exhibit Table of Contents

EX-19
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DOCSNY1:411472.4
EXECUTION COPY

 RESIDENTIAL ACCREDIT LOANS, INC.,

Company,

RESIDENTIAL FUNDING CORPORATION,

Master Servicer,

 and

BANKERS TRUST COMPANY,

 Trustee

POOLING AND SERVICING AGREEMENT   

Dated as of October 1, 1997   

Mortgage Asset-Backed Pass-Through Certificates   

Series 1997-QS11  

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DOCSNY1:411472.4  1                                                             

TABLE OF CONTENTS   

ARTICLE I                                                                       
    Section 1.01. Definitions..............................................2
          Accrued Certificate Interest.....................................2
          Addendum and Assignment Agreement................................2
          Additional Collateral............................................2
          Additional Collateral Loan.......................................3
          Adjusted Mortgage Rate...........................................3
Advance 3                                               
          Affiliate........................................................3
          Agreement........................................................3
          Amount Held for Future Distribution..............................3
          Appraised Value..................................................3
          Assignment.......................................................3
          Assignment Agreement.............................................3
          Assignment of Proprietary Lease..................................3
          Available Distribution Amount....................................4
          Bankruptcy Amount................................................4
          Bankruptcy Code..................................................4
          Bankruptcy Loss..................................................4
          Book-Entry Certificate...........................................5
          Business Day.....................................................5
          Buydown Funds....................................................5
          Buydown Mortgage Loan............................................5
          Cash Liquidation.................................................5
          Certificate......................................................5
          Certificate Account..............................................5
          Certificate Account Deposit Date.................................5
          Certificateholder or Holder......................................5
          Certificate Owner................................................6
          Certificate Principal Balance....................................6
          Certificate Register and Certificate Registrar...................6
Class   6                                               
          Class A Certificate..............................................6
          Class A-6 Collection Shortfall...................................7
          Class A-6 Principal Distribution Amount..........................7
          Class A-7 Notional Amount........................................7
          Class B Certificate..............................................7
          Class B Percentage...............................................7
          Class B-1 Percentage.............................................7
          Class B-1 Prepayment Distribution Trigger........................7
          Class B-2 Percentage.............................................7
          Class B-2 Prepayment Distribution Trigger........................7
          Class B-3 Percentage.............................................7
          Class B-3 Prepayment Distribution Trigger........................8
          Class M Certificate..............................................8
          Class M Percentage...............................................8
          Class M-1 Percentage.............................................8
          Class M-2 Percentage.............................................8
          Class M-2 Prepayment Distribution Trigger........................8
          Class M-3 Percentage.............................................8
          Class M-3 Prepayment Distribution Trigger........................8
          Class R Certificate..............................................8
          Closing Date.....................................................9
Code    9                                               
          Compensating Interest............................................9
          Cooperative......................................................9
          Cooperative Apartment............................................9
          Cooperative Lease................................................9
          Cooperative Loans................................................9
          Cooperative Stock................................................9
          Cooperative Stock Certificate....................................9
          Corporate Trust Office...........................................9
          Credit Support Depletion Date....................................9
          Curtailment.....................................................10
          Custodial Account...............................................10
          Custodial Agreement.............................................10
          Custodian.......................................................10
          Cut-off Date....................................................10
          Cut-off Date Principal Balance..................................10
DCR     10                                              
          Debt Service Reduction..........................................10
          Defaulted Mortgage Loss.........................................10
          Deficient Valuation.............................................10
          Definitive Certificate..........................................10
          Deleted Mortgage Loan...........................................10
          Depository......................................................10
          Depository Participant..........................................11
          Destroyed Mortgage Note.........................................11
          Determination Date..............................................11
          Discount Fraction...............................................11
          Discount Mortgage Loan..........................................11
          Disqualified Organization.......................................11
          Distribution Date...............................................11
          Due Date........................................................11
          Due Period......................................................11
          Eligible Account................................................12
          Eligible Funds..................................................12
          Event of Default................................................12
          Excess Bankruptcy Loss..........................................12
          Excess Fraud Loss...............................................12
          Excess Special Hazard Loss......................................12
          Excess Subordinate Principal Amount.............................12
          Extraordinary Events............................................13
          Extraordinary Losses............................................13
FASIT   13                                              
FDIC    13                                              
FHLMC   13                                              
          Final Distribution Date.........................................13
Fitch   13                                              
FNMA    14                                              
          Foreclosure Profits.............................................14
          Fraud Loss Amount...............................................14
          Fraud Losses....................................................14
          Independent.....................................................14
          Initial Certificate Principal Balance...........................14
          Initial Class A-7 Notional Amount:..............................14
          Insurance Proceeds..............................................15
Insurer 15                                              
          Interest Accrual Period.........................................15
          International Borrower..........................................15
          Late Collections................................................15
          Liquidation Proceeds............................................15
          Loan-to-Value Ratio.............................................15
          Maturity Date...................................................15
MLCC    15                                              
          Modified Mortgage Loan..........................................15
          Modified Net Mortgage Rate......................................15
          Monthly Payment.................................................15
Moody's 16                                              
          Mortgage........................................................16
          Mortgage 100SM Loan.............................................16
          Mortgage File...................................................16
          Mortgage Loan Schedule..........................................16
          Mortgage Loans..................................................17
          Mortgage Note...................................................17
          Mortgage Rate...................................................17
          Mortgaged Property..............................................17
          Mortgagor.......................................................17
          Net Mortgage Rate...............................................17
          Non-Discount Mortgage Loan......................................17
          Non-Primary Residence Loans.....................................17
          Non-United States Person........................................17
          Nonrecoverable Advance..........................................17
          Nonsubserviced Mortgage Loan....................................17
          Officers' Certificate...........................................18
          Opinion of Counsel..............................................18
          Outstanding Mortgage Loan.......................................18
          Ownership Interest..............................................18
          Parent PowerSM Loan.............................................18
          Pass-Through Rate...............................................18
          Paying Agent....................................................18
          Percentage Interest.............................................18
          Permitted Investments...........................................19
          Permitted Transferee............................................20
Person  20                                              
          Pledged Asset Mortgage Servicing Agreement......................20
          Pool Stated Principal Balance...................................20
          Pool Strip Rate.................................................20
          Prepayment Assumption...........................................20
          Prepayment Distribution Percentage..............................20
          Prepayment Distribution Trigger.................................21
          Prepayment Interest Shortfall...................................21
          Prepayment Period...............................................21
          Primary Insurance Policy........................................22
          Principal Prepayment............................................22
          Principal Prepayment in Full....................................22
          Program Guide...................................................22
          Purchase Price..................................................22
          Qualified Substitute Mortgage Loan..............................22
          Rating Agency...................................................23
          Realized Loss...................................................23
          Record Date.....................................................23
          Regular Certificate.............................................23
REMIC   23                                              
          REMIC Administrator.............................................23
          REMIC Provisions................................................24
          REO Acquisition.................................................24
          REO Disposition.................................................24
          REO Imputed Interest............................................24
          REO Proceeds....................................................24
          REO Property....................................................24
          Request for Release.............................................24
          Required Insurance Policy.......................................24
          Required Surety Payment.........................................24
          Residential Funding.............................................24
          Responsible Officer.............................................24
          Schedule of Discount Fractions..................................25
          Security Agreement..............................................25
Seller  25                                              
          Senior Accelerated Distribution Percentage......................25
          Seller's Agreement..............................................26
          Senior Percentage...............................................26
          Senior Principal Distribution Amount............................26
          Servicing Accounts..............................................26
          Servicing Advances..............................................26
          Servicing Fee...................................................26
          Servicing Modification..........................................26
          Servicing Officer...............................................26
          Special Hazard Amount...........................................26
          Special Hazard Loss.............................................27
          Special Hazard Percentage.......................................27
          Standard & Poor's...............................................27
          Stated Principal Balance........................................27
          Subclass........................................................27
          Subclass Notional Amount........................................27
          Subordinate Percentage..........................................28
          Subordinate Principal Distribution Amount.......................28
          Subserviced Mortgage Loan.......................................28
          Subservicer.....................................................28
          Subservicer Advance.............................................28
          Subservicing Account............................................28
          Subservicing Agreement..........................................28
          Subservicing Fee................................................28
Surety  29                                              
          Surety Bond.....................................................29
          Tax Returns.....................................................29
          Transfer........................................................29
          Transferee......................................................29
          Transferor......................................................29
          Trust Fund......................................................29
          Uncertificated REMIC Regular Interests..........................29
          Uniform Single Attestation Program for Mortgage Bankers.........29
          Uninsured Cause.................................................30
          United States Person............................................30
          Voting Rights...................................................30

ARTICLE II                                                                      
    Section 2.01. Conveyance of Mortgage Loans............................31
    Section 2.02. Acceptance by Trustee...................................35
Section 2.03. Representations, Warranties and Covenants of the      
          Master Servicer and the Company.................................36
    Section 2.04. Representations and Warranties of Sellers...............39
    Section 2.05. Execution and Authentication of Certificates............41

ARTICLE III                                                                     
    Section 3.01. Master Servicer to Act as Servicer......................42
Section 3.02. Subservicing Agreements Between Master Servicer and   
Subservicers; Enforcement of Subservicers' and Sellers' 
          Obligations.....................................................43
    Section 3.03. Successor Subservicers..................................43
    Section 3.04. Liability of the Master Servicer........................44
Section 3.05. No Contractual Relationship Between Subservicer and   
          Trustee or Certificateholders...................................44
Section 3.06. Assumption or Termination of Subservicing             
          Agreements by Trustee...........................................44
Section 3.07. Collection of Certain Mortgage Loan Payments;         
          Deposits to Custodial Account...................................45
    Section 3.08. Subservicing Accounts; Servicing Accounts...............47
Section 3.09. Access to Certain Documentation and Information       
          Regarding the Mortgage Loans....................................48
    Section 3.10. Permitted Withdrawals from the Custodial Account........48
Section 3.11. Maintenance of the Primary Insurance Policies;        
          Collections Thereunder..........................................50
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and    
          Modification Agreements; Certain Assignments....................52
    Section 3.14. Realization Upon Defaulted Mortgage Loans...............53
    Section 3.15. Trustee to Cooperate; Release of Mortgage Files.........56
Section 3.16. Servicing and Other Compensation; Compensating        
          Interest........................................................57
    Section 3.17. Reports to the Trustee and the Company..................57
    Section 3.18. Annual Statement as to Compliance.......................58
Section 3.20. Rights of the Company in Respect of the Master        
          Servicer........................................................58
    Section 3.21. Administration of Buydown Funds.........................59

ARTICLE IV                                                                      
    Section 4.01. Certificate Account.....................................60
    Section 4.02. Distributions...........................................60
    Section 4.03. Statements to Certificateholders........................66
Section 4.04. Distribution of Reports to the Trustee and the        
          Company; Advances by the Master Servicer........................68
    Section 4.05. Allocation of Realized Losses...........................70
Section 4.06. Reports of Foreclosures and Abandonment               
          of Mortgaged Property...........................................71
    Section 4.08. Surety Bond.............................................71

ARTICLE V                                                                       
    Section 5.01. The Certificates........................................72
    Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.......78
    Section 5.04. Persons Deemed Owners...................................78
    Section 5.05. Appointment of Paying Agent.............................78
    Section 5.06. Optional Purchase of Certificates.......................78

ARTICLE VI                                                                      
Section 6.01. Respective Liabilities of the Company and the         
          Master Servicer.................................................81
    Section 6.04. Company and Master Servicer Not to Resign...............82

ARTICLE VII                                                                     
    Section 7.01. Events of Default.......................................83
    Section 7.02. Trustee or Company to Act; Appointment of Successor.....84
    Section 7.03. Notification to Certificateholders......................85
    Section 7.04. Waiver of Events of Default.............................85

ARTICLE VIII                                                                    
    Section 8.01. Duties of Trustee.......................................86
    Section 8.02. Certain Matters Affecting the Trustee...................87
Section 8.03. Trustee Not Liable for Certificates or Mortgage       
Loans   88                                              
    Section 8.04. Trustee May Own Certificates............................89
    Section 8.06. Eligibility Requirements for Trustee....................89
    Section 8.07. Resignation and Removal of the Trustee..................90
    Section 8.08. Successor Trustee.......................................90
    Section 8.09. Merger or Consolidation of Trustee......................91
    Section 8.10. Appointment of Co-Trustee or Separate Trustee...........91
    Section 8.11. Appointment of Custodians...............................92
    Section 8.12. Appointment of Office or Agency.........................92

ARTICLE IX                                                                      
Section 9.01. Termination Upon Purchase by the Master Servicer or   
          the Company or Liquidation of All Mortgage Loans................93
    Section 9.02. Additional Termination Requirements.....................95

ARTICLE X                                                                       
    Section 10.01.......................................REMIC Administration
96                                                      
Section 10.02.Master Servicer, REMIC Administrator and Trustee      
         Indemnification .................................................  98

ARTICLE XI                                                                      
    Section 11.01..................................................Amendment
100                                                     
    Section 11.02.....................Recordation of Agreement; Counterparts
102                                                     
    Section 11.03.................Limitation on Rights of Certificateholders
102                                                     
    Section 11.04..............................................Governing Law
103                                                     
    Section 11.05....................................................Notices
103                                                     
    Section 11.06...................................Notices to Rating Agency
103                                                     
    Section 11.07.................................Severability of Provisions
104                                                     
    Section 11.08....................................Supplemental Provisions
104                                                     

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EXHIBITS  

Exhibit A:  Form of Class A Certificate                                         
Exhibit B:  Form of Class M Certificate                                         
Exhibit C:  Form of Class B Certificate                                         
Exhibit D:  Form of Class R Certificate                                         
Exhibit E:  Form of Custodial Agreement                                         
Exhibit F:  Mortgage Loan Schedule                                              
Exhibit G:  Form of Seller/Servicer Contract                                    
Exhibit H:  Forms of Request for Release                                        
Exhibit I-1:      Form of Transfer Affidavit and Agreement                      
Exhibit I-2:      Form of Transferor Certificate                                
Exhibit J-1:      Form of Investor Representation Letter                        
Exhibit J-2:      Form of ERISA Representation Letter                           
Exhibit K:  Form of Transferor Representation Letter                            
Exhibit L:  Form of Rule 144A Investment Representation Letter                  
Exhibit M:  Text of Amendment to Pooling and Servicing  Agreement  Pursuant to  
Section 11.01(e) for a Limited Guaranty                 
Exhibit N:  Form of Limited Guaranty                                            
Exhibit O:  Form of Lender Certification for Assignment of Mortgage Loan        
Exhibit P:  Schedule of Discount Fractions                                      
Exhibit Q:  Request for Exchange Form                                           

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DOCSNY1:411472.4  1                                                             

      This is a Pooling and  Servicing  Agreement,  dated as of October 1, 1997,
among  RESIDENTIAL  ACCREDIT  LOANS,  INC.,  as the company  (together  with its
permitted   successors  and  assigns,   the  "Company"),   RESIDENTIAL   FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns, the "Master Servicer"), and BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee").                      

PRELIMINARY STATEMENT:  

      The   Company   intends  to  sell   mortgage   pass-through   certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein).  As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets described in
the definition of Trust Fund herein,  and subject to this  Agreement  (including
the Mortgage Loans),  as a real estate mortgage  investment  conduit (a "REMIC")
for federal income tax purposes. The Class A-1, Class A-2, Class M-1, Class M-2,
Class  M-3,   Class  B-1,  Class  B-2  and  Class  B-3   Certificates   and  the
Uncertificated REMIC Regular Interests (as defined herein), the rights in and to
which  will be  initially  represented  by the Class A-3  Certificates,  will be
"regular  interests" in the REMIC, and the Class R Certificates will be the sole
class of "residual  interests"  therein for purposes of the REMIC Provisions (as
defined herein) under federal income tax law.                                   

      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.                                  

                                                                [Download Table]


                         Aggregate                                                
                          Initial                                                 
            Pass-ThroughCertificate                                               
Designation    Rate      Principal         Features     Maturity Date Moody's  DCR
                          Balance                                                 

                                                                                  
 Class A-1     7.00%    $99,650,000.00      Senior       October 25,    Aaa    AAA
                                                            2012                  
 Class A-2     0.00%     $43,142.76       Principal      October 25,    Aaa    AAA
                                         Only/Senior        2012                  
 Class A-3   Variable      $0.00           Variable      October 25,    Aaa    AAA
               Rate                      Strip/Senior       2012                  
  Class R      7.00%      $100.00      Residual/Senior   October 25,    Aaa    AAA
                                                            2012                  
 Class M-1     7.00%    $3,043,000.00     Mezzanine      October 25,    N/A     AA
                                                            2012                  
 Class M-2     7.00%    $892,000.00       Mezzanine      October 25,    N/A     A 
                                                            2012                  
 Class M-3     7.00%    $419,700.00       Mezzanine      October 25,    N/A    BBB
                                                            2012                  
 Class B-1     7.00%    $367,000.00      Subordinate     October 25,    N/A     BB
                                                            2012                  
 Class B-2     7.00%    $262,400.00      Subordinate     October 25,    N/A     B 
                                                            2012                  
 Class B-3     7.00%    $263,388.53      Subordinate     October 25,    N/A    N/A
                                                            2012                  

      The Mortgage Loans have an aggregate  Cut-off Date Principal Balance equal
to $104,940,731.29.  The Mortgage Loans are fixed-rate first lien mortgage loans
having  terms to maturity at  origination  or  modification  of not more than 15
years.                                                                          

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

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ARTICLE I   

DEFINITIONS   

Section 1.01.     Definitions.                                      

      Whenever used in this Agreement,  the following words and phrases,  unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.                                                                        

      Accrued Certificate  Interest:  With respect to each Distribution Date, as
to any Class A Certificate  (other than the Class A-2 Certificates and Class A-3
Certificates),  any Class M Certificate,  any Class B Certificate or any Class R
Certificate,  interest accrued during the related Interest Accrual Period at the
related   Pass-Through  Rate  on  the  Certificate   Principal  Balance  thereof
immediately prior to such  Distribution  Date. With respect to each Distribution
Date, as to the Class A-3 Certificates in the aggregate, interest accrued during
the related  Interest  Accrual  Period at the related  Pass-Through  Rate on the
Class A-3 Notional  Amount.  With respect to each  Distribution  Date, as to any
Subclass of Class A-3 Certificates, interest accrued during the related Interest
Accrual Period at the related Pass-Through Rate on the Subclass Notional Amount.
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 of  Certificates  will be  reduced  by the  amount  of (i)  Prepayment
Interest  Shortfalls  (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  (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
previously  made with respect to a Mortgage Loan or REO Property  which remained
unreimbursed  following the Cash Liquidation or REO Disposition of such Mortgage
Loan or REO  Property  that were made with  respect to  delinquencies  that were
ultimately  determined to be Excess Special Hazard Losses,  Excess Fraud Losses,
Excess  Bankruptcy  Losses or  Extraordinary  Losses and (iv) any other interest
shortfalls not covered by the subordination provided by the Class M Certificates
and Class B Certificates,  including  interest that is not collectible  from the
Mortgagor  pursuant to the Soldiers'  and Sailors'  Civil Relief Act of 1940, as
amended,  or similar  legislation or regulations as in effect from time to time,
with all such reductions  allocated among all of the  Certificates in proportion
to their  respective  amounts of Accrued  Certificate  Interest  payable on such
Distribution Date which would have resulted absent such reductions.  Any portion
of the  reductions  described in the  immediately  preceding  sentence  that are
allocated to the Class A-3 Certificates  shall be allocated among the Subclasses
thereof,   if  any,  in  proportion  to  their  respective  amounts  of  Accrued
Certificate Interest payable on such Distribution Date which would have resulted
absent such reductions.  In addition to that portion of the reductions described
in the second  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:  With  respect to any  Mortgage  100SM  Loan,  the
marketable  securities  held from time to time as security for the  repayment of
such Mortgage 100SM Loan and any related collateral.  With respect to any Parent
PowerSM Loan, the third-party  guarantee for such Parent PowerSM Loan,  together
with (i) any  marketable  securities  held from time to time as security for the
performance of such  guarantee and any related  collateral or (ii) any mortgaged
property  securing the  performance of such  guarantee,  the related home equity
line of credit loan and any related collateral.                                 

    Additional  Collateral  Loan:  Each  Mortgage  Loan that is supported by
Additional Collateral.                                                          

      Adjusted  Mortgage Rate: With respect to any Mortgage Loan and any date of
determination,  the Mortgage Rate borne by the related  Mortgage Note,  less the
rate at which the related Subservicing Fee accrues.                             

    Advance:  As to any  Mortgage  Loan,  any  advance  made  by the  Master
Servicer, pursuant to Section 4.04.                                             

      Affiliate:  With  respect to any  Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.                        

    Agreement:  This  Pooling and  Servicing  Agreement  and all  amendments
hereof and supplements hereto.                                                  

      Amount Held for Future  Distribution:  As to any  Distribution  Date,  the
total of the amounts held in the  Custodial  Account at the close of business on
the  preceding  Determination  Date  on  account  of (i)  Liquidation  Proceeds,
Insurance Proceeds, Principal Prepayments, Mortgage Loan purchases made pursuant
to  Section  2.02,  2.03,  2.04 or 4.07 and  Mortgage  Loan  substitutions  made
pursuant  to  Section  2.03  or 2.04  received  or  made  in the  month  of such
Distribution Date (other than such Liquidation Proceeds,  Insurance Proceeds and
purchases  of Mortgage  Loans that the Master  Servicer  has deemed to have been
received in the  preceding  month in accordance  with Section  3.07(b)) and (ii)
payments which  represent  early receipt of scheduled  payments of principal and
interest due on a date or dates subsequent to the related Due Date.             

      Appraised  Value:  As to any  Mortgaged  Property,  the  lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.                                                                    

      Assignment:   An  assignment  of  the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.       

      Assignment  Agreement:  The  Assignment and  Assumption  Agreement,  dated
October 30, 1997,  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, an amount
equal to (a) the sum of (i) the amount on deposit in the Custodial Account as of
the  close of  business  on the  immediately  preceding  Determination  Date and
amounts  deposited in the Custodial  Account in connection with the substitution
of Qualified  Substitute  Mortgage Loans, (ii) the amount of any Advance made on
the immediately  preceding  Certificate  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)  and (vi) any amount
received  by the  Trustee  pursuant  to the  Surety  Bond  in  respect  of  such
Distribution  Date,  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).     

      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)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05.   

      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) (i) if the aggregate  principal balance of the Non-Primary
Residence Loans as of the Relevant  Anniversary is less than 10%, $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%,  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%,
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%,  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%
times 0.75%, in each case as of the Relevant Anniversary, 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.                                            

Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.          

      Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient  Valuation
or Debt Service Reduction; provided, however, that neither a Deficient Valuation
nor a Debt Service Reduction shall be deemed a Bankruptcy Loss hereunder so long
as the Master  Servicer  has  notified  the  Trustee in writing  that the Master
Servicer is diligently  pursuing any remedies that may exist in connection  with
the  representations and warranties made regarding the related Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

    Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee.                                                      

      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.                                                              

      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:  Any  Class A  Certificate,  Class M  Certificate,  Class B
Certificate or Class R Certificate.                                             

      Certificate   Account:  The  separate  account  or  accounts  created  and
maintained  pursuant to Section  4.01,  which shall be entitled  "Bankers  Trust
Company, as trustee, in trust for the registered holders of Residential Accredit
Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates,  Series 1997-QS11"
and which must be an Eligible Account.                                          

    Certificate  Account  Deposit Date:  As to any  Distribution  Date,  the
Business Day prior thereto.                                                     

      Certificateholder  or Holder:  The Person in whose name a  Certificate  is
registered  in the  Certificate  Register,  except that  neither a  Disqualified
Organization  nor a  Non-United  States  Person  shall be a holder  of a Class R
Certificate  for  purposes  hereof  and,  solely  for the  purpose of giving any
consent or direction pursuant to this Agreement,  any Certificate,  other than a
Class R Certificate,  registered in the name of the Company, the Master Servicer
or  any  Subservicer  or  any  Affiliate  thereof  shall  be  deemed  not  to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken  into  account  in  determining  whether  the  requisite  amount of
Percentage  Interests or Voting  Rights  necessary to effect any such consent or
direction   has  been   obtained.   All   references   herein  to  "Holders"  or
"Certificateholders"  shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof,  except as otherwise  specified  herein;  provided,  however,  that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the  Person  in  whose  name a  Certificate  is  registered  in the  Certificate
Register.                                                                       

      Certificate  Owner: With respect to a Book-Entry  Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.                                   

      Certificate  Principal  Balance:  With respect to each Class A Certificate
(other than any Class A-3 Certificate)  and Class R 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,  minus (ii) 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. With
respect to each Class M  Certificate,  on any date of  determination,  an amount
equal  to (i)  the  Initial  Certificate  Principal  Balance  of  such  Class  M
Certificate  as  specified  on the face  thereof,  minus (ii) 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 if the Certificate Principal Balances of the Class B Certificates have been
reduced to zero, the Certificate  Principal  Balance of each Class M Certificate
of those Class M Certificates outstanding with the highest numerical designation
at any given  time  shall  thereafter  be  calculated  to equal  the  Percentage
Interest evidenced by such Certificate times the excess, if any, of (A) the then
aggregate  Stated  Principal  Balance  of the  Mortgage  Loans over (B) the then
aggregate  Certificate  Principal  Balance of all other Classes of  Certificates
then  outstanding.  With  respect  to each Class B  Certificate,  on any date of
determination,  an amount equal to (i) the Initial Certificate  Princial Balance
of such Class B Certificate as specified on the face thereof, minus (ii) 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 Class B Certificate of
those Class B Certificates outstanding with the highest numerical designation at
any given time shall be calculated to equal the Percentage Interest evidenced by
such  Certificate  times the excess,  if any, of (A) the then  aggregate  Stated
Principal Balance of the Mortgage Loans over (B) the then aggregate  Certificate
Principal  Balance of all other Classes of Certificates  then  outstanding.  The
Class A-3 Certificates will have no Certificate Principal Balance.              

    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.                                                                    

      Class A  Certificate:  Any one of the  Class  A-1,  Class A-2 or Class A-3
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form  annexed  hereto as  Exhibit  A, each such
Certificate  (other  than the Class A-3  Certificates)  evidencing  an  interest
designated  as a  "regular  interest"  in the  REMIC for  purposes  of the REMIC
Provisions.  The Class A-3  Certificates  will  represent the entire  beneficial
ownership interest in the Uncertificated  REMIC Regular Interests.  On and after
the date of  issuance  of any  Subclass  of Class A-3  Certificates  pursuant to
Section  5.01(c),  any such Subclass will  represent  the  Uncertificated  REMIC
Regular  Interest or Interests  specified by the initial Holder of the Class A-3
Certificates pursuant to said Section.                                          

      Class A-2 Collection  Shortfall:  With respect to the Cash  Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).                                          

    Class  A-2  Principal   Distribution   Amount:  As  defined  in  Section
4.02(b)(i).                                                                     

    Class A-3  Certificates:  The Class A  Certificates  designated as Class
A-3 Certificates, including any Subclass thereof.                               

      Class A-3 Notional Amount:  As of any  Distribution  Date, with respect to
the Class A-3  Certificates,  the  aggregate  Stated  Principal  Balance  of the
Mortgage Loans immediately prior to such Distribution Date.                     

      Class B  Certificate:  Any one of the  Class B-1  Certificates,  Class B-2
Certificates or Class B-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
C and evidencing an interest designated as a "regular interest" in the REMIC for
purposes of the REMIC Provisions.                                               

    Class B Percentage:  The Class B-1 Percentage,  Class B-2 Percentage and
Class B-3 Percentage.                                                           

      Class B-1 Percentage:  With respect to any Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class B-1 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.                                                                           

      Class  B-1   Prepayment   Distribution   Trigger:   With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-1  Certificates,  Class  B-2  Certificates  and  Class B-3  Certificates
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 0.85%.  

      Class B-2 Percentage:  With respect to any Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class B-2 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.                                                                           

      Class  B-2   Prepayment   Distribution   Trigger:   With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-2  Certificates  and Class B-3  Certificates  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 0.50%.                            

      Class B-3 Percentage:  With respect to any  Distribution  Date, a fraction
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class B-3 Certificates  immediately prior to such date
and the denominator of which is the aggregate  Stated  Principal  Balance of all
the Mortgage Loans (or related REO Properties)  (other than the related Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.                                                                           

      Class  B-3   Prepayment   Distribution   Trigger:   With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-3 Certificates  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 0.25%.                                                                 

      Class M  Certificate:  Any one of the  Class M-1  Certificates,  Class M-2
Certificates or Class M-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
B and evidencing an interest designated as a "regular interest" in the REMIC for
purposes of the REMIC Provisions.                                               

    Class M Percentage:  The Class M-1 Percentage,  Class M-2 Percentage and
Class M-3 Percentage.                                                           

      Class M-1 Percentage:  With respect to any Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class M-1 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.                                                                           

      Class M-2 Percentage:  With respect to any Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class M-2 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.                                                                           

      Class  M-2   Prepayment   Distribution   Trigger:   With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class M-2 Certificates,  Class M-3 Certificates,  Class B-1 Certificates,  Class
B-2  Certificates  and  Class  B-3  Certificates   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 2.10%.                            

      Class M-3 Percentage:  With respect to any Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class M-3 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.                                                                           

      Class  M-3   Prepayment   Distribution   Trigger:   With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class M-3 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class
B-3  Certificates  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 1.25%.                                                                       

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

Closing Date:  October 30, 1997.                                    

Code:  The Internal Revenue Code of 1986.                           

      Compensating  Interest:  With respect to any Distribution  Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full during the related  Prepayment  Period, but not more than the lesser of (a)
one-twelfth  of 0.125% of the Stated  Principal  Balance of the  Mortgage  Loans
immediately  preceding such  Distribution  Date and (b) the sum of the Servicing
Fee,  all income  and gain on  amounts  held in the  Custodial  Account  and the
Certificate Account and payable to the  Certificateholders  with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi);  provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced  pursuant to
Section  7.02  except as may be required  pursuant to the last  sentence of such
Section.                                                                        

      Cooperative:  A private,  cooperative housing corporation  organized under
the laws of,  and  headquartered  in, the State of New York which owns or leases
land and all or part of a  building  or  buildings  located  in the State of New
York, 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.                                                                          

      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 Four  Albany  Street,  New  York,  New  York  10006,
Attention: Residential Funding Corporation Series 1997-QS11.                    

      Credit Support  Depletion Date: The first  Distribution  Date on which the
Certificate  Principal  Balances  of  the  Class  M  Certificates  and  Class  B
Certificates have been reduced to zero.                                         

    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 in  substantially  
the form of Exhibit E hereto.                                                   

Custodian:  A custodian appointed pursuant to a Custodial Agreement.

Cut-off Date: October 1, 1997.                                      

      Cut-off  Date  Principal  Balance:  As to any  Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.     

    DCR:  Duff  and  Phelps  Credit  Rating  Company,  or its  successor  in
interest.                                                                       

      Debt Service Reduction:  With respect to any Mortgage Loan, a reduction in
the  scheduled  Monthly  Payment for such  Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.                                                       

      Defaulted  Mortgage  Loss:  With respect to any Mortgage  Loan, a Realized
Loss that is  attributable  to the  Mortgagor's  failure to make any  payment of
principal or interest as required under the Mortgage Note, not including Special
Hazard Losses,  Extraordinary Losses (or any other loss resulting from damage to
the related  Mortgaged  Property (or, with respect to a  Cooperative  Loan,  the
related Cooperative  Apartment)),  Bankruptcy Losses, Fraud Losses and any other
interest shortfalls not covered by the subordination  described in Section 4.05,
including  interest that is not collectible  from the Mortgagor  pursuant to the
Soldiers'  and  Sailors'  Civil  Relief  Act of 1940 or similar  legislation  or
regulations as in effect from time to time.                                     

      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 definitive, fully registered Certificate.

    Deleted  Mortgage  Loan: A Mortgage Loan replaced or to be replaced with
a Qualified Substitute Mortgage Loan.                                           

      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(3) 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: With respect to any  Distribution  Date, the 20th day
(or if such  20th  day is not a  Business  Day,  the  Business  Day  immediately
following such 20th day) of the month of the related Distribution Date.         

      Discount  Fraction:  With  respect to each  Discount  Mortgage  Loan,  the
fraction  expressed as a  percentage,  the numerator of which is 7.00% 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 7.00%.  The  Discount
Fraction with respect to each  Discount  Mortgage Loan is set forth on Exhibit P
attached hereto.                                                                

      Discount  Mortgage  Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial  Net  Mortgage  Rate) of less than 7.00% per annum and any  Mortgage
Loan  deemed to be a  Discount  Mortgage  Loan  pursuant  to the  definition  of
Qualified Substitute Mortgage Loan.                                             

      Disqualified  Organization:  Any  organization  defined as a "disqualified
organization"  under Section  860E(e)(5) of the Code,  which includes any of the
following:  (i) the United States, any State or political  subdivision  thereof,
any possession of the United States, or any agency or  instrumentality of any of
the foregoing  (other than an  instrumentality  which is a corporation if all of
its activities  are subject to tax and,  except for the FHLMC, a majority of its
board of directors is not selected by such  governmental  unit),  (ii) a foreign
government, any international organization,  or any agency or instrumentality of
any of the  foregoing,  (iii) any  organization  (other  than  certain  farmers'
cooperatives  described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code  (including  the tax  imposed by Section 511 of
the  Code on  unrelated  business  taxable  income),  (iv)  rural  electric  and
telephone  cooperatives  described in Section 1381(a)(2)(C) of the Code, (v) any
"electing  large  partnership" as defined in Section 775(a) of the Code and (vi)
any other Person so  designated  by the Trustee based upon an Opinion of Counsel
that the  holding of an  Ownership  Interest  in a Class R  Certificate  by such
Person may cause the Trust Fund or any Person  having an  Ownership  Interest in
any Class of Certificates  (other than such Person) to incur a liability for any
federal tax imposed  under the Code that would not  otherwise be imposed but for
the Transfer of an Ownership  Interest in a Class R Certificate  to such Person.
The terms "United States",  "State" and "international  organization" shall have
the meanings set forth in Section 7701 of the Code or successor provisions.     

      Distribution  Date:  The  25th day of any  month  beginning  in the  month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.                                                                  

    Due Date:  With respect to any  Distribution  Date, the first day of the
month in which such Distribution Date occurs.                                   

    Due  Period:   With  respect  to  any  Distribution   Date,  the  period
commencing  on the  second  day of the  month  preceding  the  month  of  such  
Distribution Date and ending on the related Due Date.                           

      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,  either (A) a trust
account or accounts  maintained in the corporate  trust  department of The First
National  Bank of  Chicago  or (B) an  account  or  accounts  maintained  in the
corporate  asset services  department of The First National Bank of Chicago,  as
long as its short term debt  obligations  are rated P-1 (or the  equivalent)  or
better by each Rating Agency and its long term debt obligations are rated A2 (or
the  equivalent) or better,  by each Rating  Agency,  or (iv) in the case of the
Certificate  Account,  a trust  account or accounts  maintained in the corporate
trust  division  of Bankers  Trust  Company,  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).                                                                        

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

Event of Default:  As defined in Section 7.01.                      

    Excess  Bankruptcy Loss: Any Bankruptcy Loss, or portion thereof,  which
exceeds the then applicable Bankruptcy Amount.                                  

    Excess Fraud Loss:  Any Fraud Loss,  or portion  thereof,  which exceeds
the then applicable Fraud Loss Amount.                                          

    Excess  Special  Hazard  Loss:  Any  Special  Hazard  Loss,  or  portion
thereof, that exceeds the then applicable Special Hazard Amount.                

      Excess Subordinate Principal Amount: With respect to any Distribution Date
on which the  Certificate  Principal  Balance of the most  subordinate  class or
classes of Certificates (as established in Section 4.05 hereof) then outstanding
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
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).                                                                  
      Extraordinary  Events:  Any of the following  conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:                                              

            (a)  losses  that  are of the type  that  would  be  covered  by the
      fidelity bond and the errors and omissions insurance policy required to be
      maintained  pursuant to Section  3.12(b) but are in excess of the coverage
maintained thereunder;                                              

            (b)  nuclear   reaction   or  nuclear   radiation   or   radioactive
      contamination,  all whether  controlled or uncontrolled,  and whether such
      loss be direct or indirect,  proximate or remote or be in whole or in part
      caused  by,  contributed  to or  aggravated  by a  peril  covered  by  the
definition of the term "Special Hazard Loss";                       

            (c)  hostile  or warlike  action in time of peace or war,  including
      action in hindering,  combating or defending against an actual,  impending
or expected attack:                                                 

                      1. by any  government or sovereign  power,  de jure or
            de facto,  or by any authority  maintaining  or using  military,
naval or air forces; or                             

2.   by military, naval or air forces; or   

                      3.  by  an  agent  of  any  such  government,   power,
authority or forces;                                

            (d) any weapon of war employing atomic fission or radioactive  force
whether in time of peace or war; or                                 

            (e) insurrection, rebellion, revolution, civil war, usurped power or
      action  taken  by  governmental  authority  in  hindering,   combating  or
      defending  against  such  an  occurrence,  seizure  or  destruction  under
      quarantine or customs regulations, confiscation by order of any government
      or public authority;  or risks of contraband or illegal  transportation or
trade.                                                              

    Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by
or resulting from an Extraordinary Event.                                       

    FASIT: A "financial asset  securitization  investment  trust" within the
meaning of Section 860L of the Code.                                            

  FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

      FHLMC: Federal Home Loan Mortgage Corporation, a corporate instrumentality
of the United States  created and existing under Title III of the Emergency Home
Finance Act of 1970, as amended, or any successor thereto.                      

      Final  Distribution  Date:  The  Distribution  Date  on  which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.03.                        

Fitch:  Fitch Investors Service, L.P. or its successor in interest. 

      FNMA:  Federal National Mortgage  Association,  a federally  chartered and
privately owned  corporation  organized and existing under the Federal  National
Mortgage Association Charter Act, or any successor thereto.                     

      Foreclosure Profits: As to any Distribution Date or related  Determination
Date and any  Mortgage  Loan,  the  excess,  if any,  of  Liquidation  Proceeds,
Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable  therefrom
pursuant  to  Section  3.10(a)(ii))  in  respect  of each  Mortgage  Loan or REO
Property for which a Cash Liquidation or REO Disposition occurred in the related
Prepayment  Period over the sum of the unpaid principal balance of such Mortgage
Loan  or REO  Property  (determined,  in the  case  of an  REO  Disposition,  in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.                        

      Fraud Loss Amount: As of any date of determination after the Cut-off Date,
an amount  equal to: (X) prior to the first  anniversary  of the Cut-off Date an
amount equal to 2.00% of the aggregate  outstanding  principal balance of all of
the Mortgage  Loans as of the Cut-off Date minus the  aggregate  amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance  with  Section  4.05  since  the  Cut-off  Date  up to  such  date of
determination  and (Y) from the first to the fifth  anniversary  of the  Cut-off
Date,  an amount  equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most  recent  anniversary  of the  Cut-off  Date and (b) 1.00% of the  aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (2) the 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.                                            

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

      Independent:  When used with respect to any specified Person, means such a
Person who (i) is in fact  independent of the Company,  the Master  Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.                                                                      

      Initial  Certificate  Principal  Balance:  With  respect  to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date as set forth in the Preliminary Statement hereto.           

      Initial  Class  A-3  Notional  Amount:  With  respect  to  any  Class  A-3
Certificate,   the  Cut-off  Date  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
Class A-3 Certificate.                                                          
      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,  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:  With  respect  to any  Certificate,  and any
Distribution  Date,  the  calendar  month  preceding  the month in which  such  
Distribution Date occurs.                                                       

      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.                                                              

      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-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.                       

      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
Class A-3 Certificates which have no Certificate Principal Balance) representing
a regular  interest in the REMIC would be reduced to zero,  which is October 25,
2012, the Distribution Date immediately  following the latest scheduled maturity
date  of  any  Mortgage  Loan.  The  latest  possible  Maturity  Date  for  each
Uncertificated  REMIC  Regular  Interest  is  October  25,  2012,  which  is the
Distribution  Date immediately  following the latest scheduled  maturity date of
any Mortgage Loan.                                                              

  MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

    Modified  Mortgage  Loan: Any Mortgage Loan that has been the subject of
a Servicing Modification.                                                       

      Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject of
a  Servicing  Modification,  the Net  Mortgage  Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.                      
      Monthly  Payment:  With respect to any Mortgage  Loan  (including  any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).                                                                 

    Moody's:  Moody's Investors Service, Inc., or its successor in interest.

      Mortgage:  With respect to each  Mortgage  Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.                             

      Mortgage  100SM Loan: A Mortgage  Loan that has a  Loan-to-Value  Ratio at
origination in excess of 80.00% and that is secured by Additional Collateral and
does not have a Primary Mortgage Insurance Policy.                              

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

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

            (ii) the street address of the Mortgaged  Property (or, with respect
            to a Cooperative Loan, the related Cooperative  Apartment) including
state and zip code ("ADDRESS");                         

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

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

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

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

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

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

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

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

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

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

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

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

      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  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  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto other than a Servicing  
Modification.                                                                   

      Mortgaged Property:  The underlying real property securing a Mortgage Loan
or,  with  respect to a  Cooperative  Loan,  the related  Cooperative  Lease and
Cooperative Stock.                                                              

Mortgagor:  The obligor on a Mortgage Note.                         

      Net Mortgage  Rate: As to each Mortgage Loan, a per annum rate of interest
equal to the  Adjusted  Mortgage  Rate  less  the per  annum  rate at which  the
Servicing Fee is calculated.                                                    

    Non-Discount  Mortgage  Loan:  A  Mortgage  Loan that is not a  Discount
Mortgage Loan.                                                                  

    Non-Primary  Residence  Loans:  The Mortgage Loans designated as secured
by second or vacation residences,  or by non-owner occupied residences, on the  
Mortgage Loan Schedule.                                                         

    Non-United States Person:  Any Person other than a United States Person.

      Nonrecoverable Advance: Any Advance previously made or proposed to be made
by the Master  Servicer  in respect of a  Mortgage  Loan  (other  than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.                           

    Nonsubserviced  Mortgage  Loan:  Any Mortgage  Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.                  

      Officers' Certificate:  A certificate signed by the Chairman of the Board,
the President or a Vice President or Assistant Vice President,  or a Director or
Managing Director, and by the Treasurer,  the Secretary, or one of the Assistant
Treasurers or Assistant  Secretaries of the Company or the Master  Servicer,  as
the case may be, and delivered to the Trustee, as required by this Agreement.   

      Opinion of Counsel: A written opinion of counsel acceptable to the Trustee
and the  Master  Servicer,  who may be  counsel  for the  Company  or the Master
Servicer, provided that any opinion of counsel (i) referred to in the definition
of  "Disqualified  Organization"  or (ii) relating to the  qualification  of the
Trust  Fund as a REMIC 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.                                          

      Parent  PowerSM  Loan: A Mortgage Loan that has a  Loan-to-Value  Ratio at
origination in excess of 80.00%, that is supported by Additional  Collateral and
does not have a Primary Mortgage Insurance Policy.                              

      Pass-Through  Rate:  With respect to the Class A Certificates  (other than
the Class A-2  Certificates and Class A-3  Certificates),  Class M Certificates,
Class B Certificates and Class R Certificates and any Distribution Date, the per
annum rates set forth in the Preliminary  Statement hereto.  With respect to the
Class A-3  Certificates  (other than any Subclass  thereof) and any Distribution
Date, a rate equal to the weighted  average,  expressed as a percentage,  of the
Pool  Strip  Rates of all  Mortgage  Loans as of the Due Date in the month  next
preceding  the month in which such  Distribution  Date  occurs,  weighted on the
basis of the respective Stated Principal  Balances of such Mortgage Loans, which
Stated  Principal  Balances  shall  be the  Stated  Principal  Balances  of such
Mortgage  Loans  at  the  close  of  business  on  the   immediately   preceding
Distribution  Date after giving  effect to  distributions  thereon  allocable to
principal to the Holders of the  Certificates  (or,  with respect to the initial
Distribution  Date, at the close of business on the Cut-off Date).  With respect
to  the  Class  A-3  Certificates  and  the  initial   Distribution   Date,  the
Pass-Through Rate is equal to 1.0068% per annum. With respect to any Subclass of
Class A-3 Certificates  and any Distribution  Date, a rate equal to the weighted
average,  expressed  as a  percentage,  of the Pool Strip Rates of all  Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such Subclass as of the Due Date in the month next  preceding the month in which
such  Distribution  Date occurs,  weighted on the basis of the respective Stated
Principal Balances of such Mortgage Loans, which Stated Principal Balances shall
be the Stated Principal Balances of such Mortgage Loans at the close of business
on  the  immediately   preceding   Distribution  Date  after  giving  effect  to
distributions  thereon allocable to principal to the Holders of the Certificates
(or with respect to the initial  Distribution  Date, at the close of business on
the Cut-off Date). The Class A-2 Certificates  have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.                                   

    Paying  Agent:  Bankers  Trust  Company 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 Class A-3
Notional  Amount thereof (in the case of any Class A-3  Certificate)  divided by
the  aggregate  Initial  Certificate  Principal  Balance or the aggregate of the
Initial Class A-3 Notional  Amounts,  as applicable,  of all the Certificates of
the  same  Class.  With  respect  to a  Class R  Certificate,  the  interest  in
distributions to be made with respect to such Class evidenced thereby, expressed
as a percentage, as stated on the face of each such Certificate.                

Permitted Investments:  One or more of the following:               

            (i) obligations of or guaranteed as to principal and interest by the
      United  States  or  any  agency  or  instrumentality   thereof  when  such
     obligations are backed by the full faith and credit of the United States;

            (ii)  repurchase  agreements on obligations  specified in clause (i)
      maturing  not more than one month  from the date of  acquisition  thereof,
      provided  that  the  unsecured   obligations  of  the  party  agreeing  to
      repurchase such obligations are at the time rated by each Rating Agency in
its highest short-term rating available;                            

            (iii) federal funds,  certificates of deposit, demand deposits, time
      deposits  and  bankers'  acceptances  (which  shall each have an  original
      maturity  of  not  more  than  90  days  and,  in  the  case  of  bankers'
      acceptances,  shall in no event have an original maturity of more than 365
      days or a remaining  maturity of more than 30 days)  denominated in United
      States  dollars  of any  U.S.  depository  institution  or  trust  company
      incorporated  under the laws of the United  States or any state thereof or
      of any  domestic  branch  of a  foreign  depository  institution  or trust
      company; provided that the debt obligations of such depository institution
      or trust company (or, if the only Rating  Agency is Standard & Poor's,  in
      the  case  of  the  principal  depository   institution  in  a  depository
      institution   holding   company,   debt   obligations  of  the  depository
      institution  holding company) at the date of acquisition thereof have been
      rated by each Rating Agency in its highest  short-term  rating  available;
      and provided  further that, if the only Rating Agency is Standard & Poor's
      and if the depository or trust company is a principal subsidiary of a bank
      holding  company  and the  debt  obligations  of such  subsidiary  are not
      separately  rated, the applicable rating shall be that of the bank holding
      company;  and,  provided  further that,  if the original  maturity of such
      short-term  obligations  of a  domestic  branch  of a  foreign  depository
      institution or trust company shall exceed 30 days,  the short-term  rating
      of such  institution  shall be A-1+ in the case of  Standard  & Poor's  if
Standard & Poor's is the Rating Agency;                             

            (iv) commercial paper (having  original  maturities of not more than
      365 days) of any  corporation  incorporated  under the laws of the  United
      States  or any state  thereof  which on the date of  acquisition  has been
      rated by each Rating Agency in its highest  short-term  rating  available;
      provided that such commercial paper shall have a remaining maturity of not
more than 30 days;                                                  

            (v) a money market fund or a qualified investment fund rated by each
Rating Agency in its highest long-term rating available; and        

            (vi) other  obligations  or securities  that are  acceptable to each
      Rating Agency as a Permitted  Investment hereunder and will not reduce the
      rating  assigned to any Class of  Certificates by such Rating Agency below
      the  lower of the  then-current  rating  or the  rating  assigned  to such
      Certificates as of the Closing Date by such Rating Agency, as evidenced in
writing;                                                            

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term  debt shall mean AAA in the case of  Standard & Poor's,  Fitch or DCR,
and Aaa in the case of Moody's,  and  references  herein to the  highest  rating
available on unsecured  commercial paper and short-term debt  obligations  shall
mean A-1 in the case of Standard & Poor's,  P-1 in the case of  Moody's,  F-1 in
the case of Fitch and D-1 in the case of DCR.                                   

    Permitted  Transferee:  Any Transferee of a Class R  Certificate,  other
than a Disqualified Organization or Non-United States Person.                   

      Person:   Any  individual,   corporation,   limited   liability   company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.                                                                        

      Pledged Asset  Mortgage  Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.                                                                       

      Pool  Stated  Principal  Balance:  As to any  date of  determination,  the
aggregate of the Stated  Principal  Balances of each  Mortgage  Loan that was an
Outstanding  Mortgage  Loan on the Due Date in the month  preceding the month of
such date of determination.                                                     

      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)
7.00% per annum (but not less than 0.00%).                                      

      Prepayment   Assumption:   The  prepayment   assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on such  Certificates for federal income tax purposes,  which assumes a
constant  prepayment  rate of 4.0% per annum of the then  outstanding  principal
balance of the  Mortgage  Loans in the first month of the life of such  Mortgage
Loans and an additional  1.090909% per annum in each month  thereafter until the
twelfth month,  and beginning in the twelfth month and in each month  thereafter
during the life of the Mortgage  Loans, a constant  prepayment rate of 16.0% per
annum.                                                                          

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

            (i) For any  Distribution  Date  prior to the  Distribution  Date in
      November 2002 (unless the  Certificate  Principal  Balances of the Class A
      Certificates   (other  than  the  Class  A-2  Certificates)  and  Class  R
Certificates, have been reduced to zero), 0%.                       

            (ii)  For any  Distribution  Date on which  any  Class of Class M or
   Class B Certificates are outstanding not discussed in clause (i) above:

                        (a) in the case of the  Class  of  Class M  Certificates
              then outstanding with the lowest numerical designation,  or in the
              event the Class M  Certificates  are no  longer  outstanding,  the
              Class of Class B  Certificates  then  outstanding  with the lowest
              numerical designation and each other Class of Class M Certificates
              and  Class  B  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 Class
              M  Certificates   then   outstanding  with  the  lowest  numerical
              designation,  or in the  event  the  Class M  Certificates  are no
              longer  outstanding,  the  Class  of  Class  B  Certificates  then
              outstanding  with the  lowest  numerical  designation  and (2) all
              other Classes of Class M Certificates and Class B Certificates for
              which the respective  Prepayment  Distribution  Triggers have been
satisfied; and                                      

                        (b)  in  the  case  of  each  other  Class  of  Class  M
              Certificates  and Class B  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
      (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 Class M
      Certificates  and  Class B  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 Class M  Certificates  and Class B  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.        

    Prepayment  Distribution Trigger: The Class M-2 Prepayment  Distribution
Trigger,  Class M-3  Prepayment  Distribution  Trigger,  Class B-1  Prepayment  
Distribution Trigger,  Class B-2 Prepayment  Distribution Trigger or Class B-3  
Prepayment Distribution Trigger.                                                

      Prepayment  Interest  Shortfall:  As to  any  Distribution  Date  and  any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the subject of (a) a Principal  Prepayment in Full during the related Prepayment
Period,  an  amount  equal to the  excess  of one  month's  interest  at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified  Mortgage
Loan) on the Stated  Principal  Balance of such Mortgage Loan over the amount of
interest  (adjusted to the Net Mortgage  Rate (or Modified Net Mortgage  Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment
Period to the date of such  Principal  Prepayment  in Full or (b) a  Curtailment
during the prior calendar month, an amount equal to one month's  interest at the
Net  Mortgage  Rate (or  Modified  Net  Mortgage  Rate in the case of a Modified
Mortgage Loan) on the amount of such Curtailment.                               

    Prepayment  Period:  As to any  Distribution  Date,  the calendar  month
preceding the month of distribution.                                            
    Primary  Insurance  Policy:  Each  primary  policy of mortgage  guaranty
insurance  or  any  replacement   policy  therefor   referred  to  in  Section  
2.03(b)(iv) and (v).                                                            

      Principal  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  made  by a
Mortgagor of the entire principal balance of a Mortgage Loan.                   

    Program  Guide:  Collectively,  the Seller 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 first day of 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,  (i) have an  outstanding  principal  balance,  after
deduction of the  principal  portion of the monthly  payment due in the month of
substitution  (or in the case of a  substitution  of more than one Mortgage Loan
for a Deleted Mortgage Loan, an aggregate outstanding  principal balance,  after
such deduction),  not in excess of the Stated  Principal  Balance of the Deleted
Mortgage  Loan (the  amount of any  shortfall  to be  deposited  by  Residential
Funding  in the  Custodial  Account in the month of  substitution);  (ii) have a
Mortgage  Rate and a Net  Mortgage  Rate no lower  than and not more than 1% per
annum higher than the Mortgage Rate and Net Mortgage Rate, respectively,  of the
Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value
Ratio at the time of  substitution  no higher than that of the Deleted  Mortgage
Loan at the time of substitution;  (iv) have a remaining term to stated maturity
not  greater  than (and not more than one year less  than)  that of the  Deleted
Mortgage  Loan;  (v) comply with each  representation  and warranty set forth in
Sections  2.03 and 2.04 hereof and Section 4 of the  Assignment  Agreement;  and
(vi)  have a Pool  Strip  Rate  equal to or  greater  than  that of the  Deleted
Mortgage Loan.  Notwithstanding any other provisions herein, (x) with respect to
any Qualified  Substitute  Mortgage Loan substituted for a Deleted Mortgage Loan
which was a Discount  Mortgage  Loan,  such Qualified  Substitute  Mortgage Loan
shall be deemed to be a Discount  Mortgage Loan and to have a Discount  Fraction
equal to the Discount Fraction of the Deleted Mortgage Loan and (y) in the event
that  the  "Pool  Strip  Rate"  of any  Qualified  Substitute  Mortgage  Loan as
calculated  pursuant to the  definition of "Pool Strip Rate" is greater than the
Pool Strip Rate of the related Deleted  Mortgage Loan (i) the Pool Strip Rate of
uch 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-3 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:  DCR and Moody's with respect to the Class A  Certificates
and Class R Certificates and DCR with respect to the Class M-1, Class M-2, Class
M-3, Class B-1 and Class B-2 Certificates. If either 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) as to
which a Cash  Liquidation or REO Disposition  has occurred,  an amount (not less
than zero) equal to (i) the Stated  Principal  Balance of the Mortgage  Loan (or
REO Property) as of the date of Cash Liquidation or REO  Disposition,  plus (ii)
interest  (and REO Imputed  Interest,  if any) at the Net Mortgage Rate from the
Due Date as to which interest was last paid or advanced to Certificateholders up
to the last day of the month in which the Cash  Liquidation (or REO Disposition)
occurred on the Stated Principal Balance of such Mortgage Loan (or REO Property)
outstanding  during each Due Period that such interest was not paid or advanced,
minus (iii) the proceeds,  if any,  received during the month in which such Cash
Liquidation (or REO Disposition)  occurred,  to the extent applied as recoveries
of interest at the Net Mortgage Rate and to principal of the Mortgage  Loan, net
of the portion  thereof  reimbursable  to the Master Servicer or any Subservicer
with respect to related  Advances or expenses as to which the Master Servicer or
Subservicer  is entitled  to  reimbursement  thereunder  but which have not been
previously  reimbursed.  With respect to each Mortgage Loan which is the subject
of a Servicing  Modification,  (a) the amount by which the interest portion of a
Monthly Payment or the principal balance of such Mortgage Loan was reduced,  and
(b) 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.  With respect to each Mortgage Loan 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.  With respect to each  Mortgage Loan which has become the object of a
Debt   Service   Redction,   the   amount  of  such  Debt   Service   Reduction.
Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

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

    Regular  Certificate:  Any of the  Certificates  other  than a  Class  R
Certificate.                                                                    

    REMIC: A "real estate  mortgage  investment  conduit" within the meaning
of Section 860D of the Code.                                                    

      REMIC  Administrator:  Residential  Funding  Corporation.  If  Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.                                               
      REMIC  Provisions:  Provisions  of the federal  income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.                                                       

      REO  Acquisition:  The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.                                                                

      REO  Disposition:  As to any REO Property,  a determination  by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.                                          

      REO Imputed  Interest:  As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.                                                                         

      REO Proceeds:  Proceeds,  net of expenses,  received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.                        

      REO Property: A Mortgaged Property acquired by the Master Servicer through
foreclosure  or deed  in lieu of  foreclosure  in  connection  with a  defaulted
Mortgage Loan.                                                                  

    Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit H hereto.                                                   

      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
Mortgage  Loan that  becomes  a  Liquidated  Mortgage  Loan,  the  lesser of (i)
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 MLCC from the related Additional Collateral.                        

    Residential  Funding:   Residential  Funding  Corporation,   a  Delaware
corporation,  in its capacity as seller of the  Mortgage  Loans to the Company  
and any successor thereto.                                                      

      Responsible Officer: When used with respect to the Trustee, any officer of
the  Corporate  Trust  Department  of the  Trustee,  including  any Senior  Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.                                                        

      Schedule of Discount  Fractions:  The schedule  setting forth the Discount
Fractions  with  respect to the  Discount  Mortgage  Loans,  attached  hereto as
Exhibit P.                                                                      
    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.            

    Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution Date, the percentage indicated below:                              

Distribution Date            Senior Accelerated Distribution Percentage         
November 1997 through        100%                                               
October 2002                                                                    

November 2002 through        Senior  Percentage,  plus 70% of the Subordinate   
October 2003                 Percentage                                         

November 2003 through        Senior  Percentage,  plus 60% of the Subordinate   
October 2004                 Percentage                                         

November 2004 through        Senior  Percentage,  plus 40% of the Subordinate   
October 2005                 Percentage                                         

November 2005 through        Senior  Percentage,  plus 20% of the Subordinate   
October 2006                 Percentage                                         

November 2006 and            Senior Percentage                                  
thereafter                                                                      

provided,  however,  (i) that any scheduled  reduction to the Senior Accelerated
Distribution  Percentages 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
Class  M and  Class B  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
Class M  Certificates  and  Class  B  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 are
less than 10% of the sum of the Initial  Certificate  Principal  Balances of the
Class M Certificates and Class B Certificates and (ii) that for any Distribution
Date on which the Senior  Percentage is greater than the Senior Percentage as of
the  Closing  Date,  the Senior  Accelerated  Distribution  Percentage  for such
Distribution  Date  shall  be  100%.  Notwithstanding  the  foregoing,  upon the
reduction  of the  Certificate  Principal  Balances of the Class A  Certificates
(other than the Class A-2 Certificates)  and Class R Certificates,  to zero, the
Senior Accelerated Distribution Percentage shall thereafter be 0%.              

      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.                                          

      Senior  Percentage:  As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Class A Certificates (other than the Class
A-2   Certificates)   and  Class  R  Certificates   immediately  prior  to  such
Distribution Date and the denominator of which is the aggregate Stated Principal
Balance of all of the Mortgage Loans (or related REO Properties) (other than the
related Discount  Fraction of each Discount  Mortgage Loan) immediately prior to
such Distribution Date.                                                         

      Senior Principal  Distribution  Amount:  As to any Distribution  Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i) and Section 4.02(a)(ii)(X) and (b) the sum of the amounts required to
be distributed to the Class A Certificateholders  and Class R Certificateholders
on such Distribution Date pursuant to Section 4.02(a)(ii)(Y), (xvi) and (xvii). 

    Servicing  Accounts:  The  account or accounts  created  and  maintained
pursuant to Section 3.08.                                                       

      Servicing  Advances:  All  customary,  reasonable  and  necessary  "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or  judicial  proceedings,   including   foreclosures,   (iii)  the
management  and  liquidation  of any REO Property and (iv)  compliance  with the
obligations  under  Sections 3.01,  3.08,  3.12(a) and 3.14,  including,  if the
Master Servicer or any Affiliate of the Master Servicer  provides  services such
as appraisals and brokerage  services that are  customarily  provided by Persons
other  than  servicers  of  mortgage  loans,  reasonable  compensation  for such
services.                                                                       

      Servicing  Fee: With respect to any Mortgage Loan and  Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.              

      Servicing  Modification:  Any  reduction  of the  interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which in the judgment of the Master Servicer, default is reasonably foreseeable,
pursuant to a  modification  of such Mortgage  Loan in  accordance  with Section
3.07(a).                                                                        

      Servicing  Officer:  Any officer of the Master  Servicer  involved  in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.                                                                        

      Special Hazard  Amount:  As of any  Distribution  Date, an amount equal to
$1,961,157  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 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 (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 in the Trust Fund which has the largest outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  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.                                            

      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.                                                                           

      Special Hazard Percentage: As of each anniversary of the Cut-off Date, the
greater of (i) 1.00% of the outstanding  principal balance of all Mortgage Loans
on the Distribution Date immediately preceeding such anniversary, (ii) 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 and (iii) the largest percentage obtained by dividing
the aggregate  outstanding  principal  balance (as of the 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 of the Mortgage Loans as of the immediately
preceding Distribution Date.                                                    

    Standard & Poor's:  Standard & Poor's  Ratings  Services,  a division of
the McGraw-Hill Companies, or its successor in interest.                        

      Stated Principal Balance: With respect to any Mortgage Loan or related REO
Property,  at any given time,  (i) the  Cut-off  Date  Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.                                                              

      Subclass: With respect to the Class A-3 Certificates, any Subclass thereof
issued  pursuant  to Section  5.01(c).  Any such  Subclass  will  represent  the
Uncertificated  REMIC  Regular  Interest or  Interests  specified by the initial
Holder of the Class A-3 Certificates pursuant to Section 5.01(c).               

      Subclass Notional Amount: As of any Distribution Date, with respect to any
Subclass  of Class A-3  Certificates  issued  pursuant to Section  5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated REMIC Regular Interests  represented by such Subclass immediately
prior to such date.                                                             

    Subordinate  Percentage:  As of any  Distribution  Date,  100% minus the
Senior Percentage as of such Distribution Date.                                 

      Subordinate   Principal   Distribution   Amount:   With   respect  to  any
Distribution   Date  and  each  Class  of  Class  M  Certificates  and  Class  B
Certificates,  (a)  the  sum of (i)  the  product  of (x)  the  related  Class M
Percentage  or Class B  Percentage  for such Class and (y) the  aggregate of the
amounts  calculated for such Distribution Date under clauses (1), (2) and (3) of
Section  4.02(a)(ii)(Y)(A);  (ii)  such  Class's  pro rata  share,  based on the
Certificate  Principal Balance of each Class of Class M Certificates and Class B
Certificates then outstanding, of the principal collections described in Section
4.02(a)(ii)(Y)(B)(b)   to  the  extent  such   collections   are  not  otherwise
distributed  to the Class A  Certificates  and Class R  Certificates;  (iii) the
product  of (x)  the  related  Prepayment  Distribution  Percentage  and (y) the
aggregate of all Principal  Prepayments in Full and Curtailments received in the
related  Prepayment  Period  (other than the related  Discount  Fraction of such
Principal  Payments in Full and Curtailments with respect to a Discount Mortgage
Loan)  to the  extent  not  payable  to the  Class A  Certificates  and  Class R
Certificates;  (iv) if such Class is the most senior Class of Certificates  then
outstanding  (as  established  in Section 4.05 hereof),  any Excess  Subordinate
Principal Amount for such  Distribution  Date; and (v) any amounts  described in
clauses (i), (ii) and (iii) as determined  for any previous  Distribution  Date,
that remain  undistributed  to the extent that such amounts are not attributable
to Realized  Losses which have been allocated to a subordinate  Class of Class M
or Class B Certificates  minus (b) any Excess  Subordinate  Principal Amount not
payable to such  Class on such  Distribution  Date  pursuant  to the  definition
thereof;  provided,  however,  that such  amount  shall in no event  exceed  the
outstanding   Certificate  Principal  Balance  of  such  Class  of  Certificates
immediately prior to such date.                                                 

    Subserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is subject to a Subservicing Agreement.                      

      Subservicer:  Any Person with whom the Master  Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.                   

      Subservicer Advance: Any delinquent  installment of principal and interest
on a Mortgage  Loan which is  advanced by the  related  Subservicer  (net of its
Subservicing Fee) pursuant to the Subservicing Agreement.                       

    Subservicing  Account:  An  account  established  by  a  Subservicer  in
accordance with Section 3.08.                                                   

      Subservicing  Agreement:  The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Mortgage  Loans  subserviced  by MLCC,  the  Subservicing  Agreement  shall also
include the Addendum and  Assignment  Agreement and the Pledged  Asset  Mortgage
Servicing Agreement.                                                            

      Subservicing  Fee: As to any Mortgage Loan, the fee payable monthly to the
related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to the
Master Servicer) in respect of subservicing and other  compensation that accrues
at an annual rate equal to the excess of the Mortgage  Rate borne by the related
Mortgage  Note over the rate per annum  designated on the Mortgage Loan Schedule
as the "CURR NET" for such Mortgage Loan.                                       

Surety:  Ambac Assurance Corporation, or its successors in interest.

      Surety Bond: The Limited Purpose Surety Bond (Policy No. AB0039BE),  dated
February 28, 1996,  issued by Ambac  Assurance  Corporation  (formerly  known as
AMBAC Indemnity Corporation) 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 Limited  Purpose Surety Bond covers any  Additional  Collateral
Mortgage Loans.                                                                 

      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 the Trust Fund due to its classification as a REMIC 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,  with  respect to which a
REMIC election is to be made, consisting of:                                    

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

            (ii) all  payments  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;                                                   

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

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

      Uncertificated REMIC Regular Interests:  The 1,116 uncertificated  partial
undivided   beneficial   ownership   interests  in  the  Trust  Fund,   numbered
sequentially  from 1 to 1,116,  each  relating to the  particular  Mortgage Loan
identified by such sequential number on the Mortgage Loan Schedule,  each having
no principal  balance,  and each bearing  interest at the respective  Pool Strip
Rate on the Stated Principal Balance of the related Mortgage Loan.              

      Uniform  Single  Attestation  Program for  Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.                                           

      Uninsured  Cause:  Any cause of damage to  property  subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.                                                  

      United  States  Person:  A citizen or  resident  of the United  States,  a
corporation,   partnership  or  other  entity   (treated  as  a  corporation  or
partnership  for United States income tax purposes)  created or organized in, or
under the laws of, the United  States,  any state  thereof  or the  District  of
Columbia  (except  in the  case of a  partnership,  to the  extent  provided  in
Treasury Regulations),  or an estate that is described in Section 7701(a)(30)(D)
of the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code.

      Voting Rights: The portion of the voting rights of all of the Certificates
which is allocated to any  Certificate.  98.0% of all of the Voting Rights shall
be  allocated  among  Holders  of   Certificates,   other  than  the  Class  A-3
Certificates  and  Class  R  Certificates,  in  proportion  to  the  outstanding
Certificate  Principal  Balances  of their  respective  Certificates;  1% of all
Voting Rights shall be allocated among the Holders of the Class A-3 Certificates
and the  Holders of the Class R  Certificates  shall be entitled to 1% of all of
the  Voting  Rights,  allocated  among the  Certificates  of each such  Class in
accordance with their respective Percentage Interests.                          

EX-19
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ARTICLE II  

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES   

Section 2.01.     Conveyance of Mortgage Loans.                     

      (a) The Company, concurrently with the execution and delivery hereof, does
hereby assign to the Trustee without recourse all the right,  title and interest
of the  Company  in and  to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).                                                    

      (b) In  connection  with such  assignment,  except as set forth in Section
2.01(c)  below,  the Company  does hereby  deliver  to, and  deposit  with,  the
Trustee,  or to and with one or more Custodians,  as the duly appointed agent or
agents of the Trustee for such purpose,  the following  documents or instruments
(or copies thereof as permitted by this Section)                                

(I) with respect to each  Mortgage  Loan so assigned  (other than a  Cooperative
Loan):                                                                          

            (i) The original  Mortgage Note,  endorsed  without  recourse to the
      order of the Trustee and showing an unbroken  chain of  endorsements  from
      the originator thereof to the Person endorsing it to the Trustee,  or with
      respect to any Destroyed  Mortgage  Note, an original lost note  affidavit
      from the related Seller or Residential  Funding  stating that the original
      Mortgage Note was lost,  misplaced or  destroyed,  together with a copy of
the related Mortgage Note;                                          

            (ii) The original  Mortgage  with  evidence of  recording  indicated
      thereon or a copy of the Mortgage certified by the public recording office
in which such Mortgage has been recorded;                           

            (iii) An original  Assignment  of the  Mortgage to the Trustee  with
      evidence  of  recording  indicated  thereon  or a copy of such  assignment
      certified by the public recording office in which such assignment has been
recorded;                                                           

            (iv) The original recorded assignment or assignments of the Mortgage
      showing  an  unbroken  chain of title from the  originator  thereof to the
      Person  assigning  it to the  Trustee  or a copy  of  such  assignment  or
      assignments of the Mortgage  certified by the public  recording  office in
which such assignment or assignments have been recorded; and        

            (v) The  original  of each  modification,  assumption  agreement  or
      preferred loan agreement, if any, relating to such Mortgage Loan or a copy
      of each  modification,  assumption  agreement or preferred  loan agreement
      certified by the public  recording  office in which such document has been
recorded.                                                           

and (II) with respect to each Cooperative Loan so assigned:                     

            (i) The original  Mortgage Note,  endorsed  without  recourse to the
      order of the Trustee and showing an unbroken  chain of  endorsements  from
      the originator thereof to the Person endorsing it to the Trustee,  or with
      respect to any Destroyed  Mortgage  Note, an original lost note  affidavit
      from the related Seller or Residential  Funding  stating that the original
      Mortgage Note was lost,  misplaced or  destroyed,  together with a copy of
the related Mortgage Note;                                          

            (ii) A counterpart  of the  Cooperative  Lease and the Assignment of
      Proprietary   Lease  to  the  originator  of  the  Cooperative  Loan  with
      intervening  assignments  showing  an  unbroken  chain of title  from such
originator to the Trustee;                                          

            (iii) The related  Cooperative Stock  Certificate,  representing the
      related  Cooperative  Stock pledged with respect to such Cooperative Loan,
      together  with an  undated  stock  power  (or  other  similar  instrument)
executed in blank;                                                  

            (iv) The original  recognition  agreement by the  Cooperative of the
    interests of the mortgagee with respect to the related Cooperative Loan;

(v)   The Security Agreement;                           

            (vi)  Copies of the  original  UCC-1  financing  statement,  and any
      continuation statements,  filed by the originator of such Cooperative Loan
      as secured party, each with evidence of recording thereof,  evidencing the
      interest of the originator under the Security Agreement and the Assignment
of Proprietary Lease;                                               

            (vii) Copies of the filed UCC-3 assignments of the security interest
      referenced  in clause (vi) above  showing an unbroken  chain of title from
      the  originator to the Trustee,  each with evidence of recording  thereof,
      evidencing the interest of the originator under the Security Agreement and
the Assignment of Proprietary Lease;                                

            (viii) An executed  assignment of the interest of the  originator in
      the  Security   Agreement,   Assignment  of  Proprietary   Lease  and  the
      recognition agreement referenced in clause (iv) above, showing an unbroken
chain of title from the originator to the Trustee;                  

            (ix) The  original of each  modification,  assumption  agreement  or
    preferred loan agreement, if any, relating to such Cooperative Loan; and

            (x)  An  executed  UCC-1  financing  statement  showing  the  Master
      Servicer  as  debtor,  the  Company as  secured  party and the  Trustee as
      assignee and an executed UCC-1 financing  statement showing the Company as
      debtor and the Trustee as secured  party,  each in a form  sufficient  for
     filing, evidencing the interest of such debtors in the Cooperative Loans.

      (c) The Company  may, in lieu of  delivering  the  documents  set forth in
Section  2.01(b)(I)(iv) and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and
(x) to the Trustee or the Custodian or Custodians, deliver such documents to the
Master Servicer,  and the Master Servicer shall hold such documents in trust for
the use and benefit of all present and future Certificateholders until such time
as is set forth below. Within ten Business Days following the earlier of (i) the
receipt of the  original of each of the  documents or  instruments  set forth in
Section  2.01(b)(I)(iv) and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and
(x) (or copies  thereof as permitted by such  Section) for any Mortgage Loan and
(ii) a written request by the Trustee to deliver those documents with respect to
any or all of the  Mortgage  Loans then being held by the Master  Servicer,  the
Master Servicer shall deliver a complete set of such documents to the Trustee or
the Custodian or Custodians  that are the duly appointed  agent or agents of the
Trustee.                                                                        

      On the Closing Date, the Master  Servicer shall certify that it has in its
possession an original or copy of each of the  documents  referred to in Section
2.01(b)(I)(iv) and (v) and Section (b)(II)(ii),  (iv), (vii), (ix) and (x) which
has been  delivered  to it by the  Company.  Every six months  after the Closing
Date, for so long as the Master Servicer is holding  documents  pursuant to this
Section  2.01(c),  the Master Servicer shall deliver to (i) Moody's if it is one
of the Rating  Agencies,  (ii) the  Trustee  and (iii) each  Custodian  a report
setting forth the status of the documents  which it is holding  pursuant to this
Section 2.01(c).                                                                

      (d) In the event that in  connection  with any  Mortgage  Loan the Company
cannot deliver the Mortgage, any assignment, modification,  assumption agreement
or preferred loan agreement (or copy thereof  certified by the public  recording
office) with evidence of recording  thereon  concurrently with the execution and
delivery  of this  Agreement  solely  because  of 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,  the Company  shall deliver or cause to be delivered to the Trustee
or the  respective  Custodian a true and  correct  photocopy  of such  Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.     

      The Company shall promptly cause to be recorded in the appropriate  public
office for real property  records the Assignment  referred to in clause (I)(iii)
of Section 2.01(b), except in states where, in the opinion of counsel acceptable
to the  Trustee  and the Master  Servicer,  such  recording  is not  required to
protect the  Trustee's  interests in the Mortgage  Loan against the claim of any
subsequent  transferee  or any  successor  to or  creditor of the Company or the
originator of such Mortgage Loan and shall  promptly  cause to be filed the Form
UCC-3 assignment and UCC-1 financing  statement  referred to in clause (II)(vii)
and (x), respectively, of Section 2.01(b). If any Assignment, Form UCC-3 or Form
UCC-1, as applicable,  is lost or returned  unrecorded to the Company because of
any defect  therein,  the Company  shall prepare a substitute  Assignment,  Form
UCC-3 or Form UCC-1, as applicable, or cure such defect, as the case may be, and
cause such  Assignment to be recorded in  accordance  with this  paragraph.  The
Company  shall  promptly  deliver or cause to be delivered to the Trustee or the
respective Custodian such Mortgage or Assignment or Form UCC-3 or Form UCC-1, as
applicable,  (or copy  thereof  certified by the public  recording  office) with
evidence of recording  indicated  thereon  upon receipt  thereof from the public
recording  office  or from  the  related  Subservicer.  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.                          

      In the event that the Company  delivers to the  Trustee or  Custodian  any
Mortgage Note or Assignment of Mortgage in blank,  the Company  shall,  or shall
cause the Custodian to,  complete the  endorsement  of the Mortgage Note and the
Assignment  of  Mortgage  in the name of the  Trustee  within 45 days  after the
Closing Date, as contemplated by Section 2.02.                                  

      Any of the items set forth in Sections 2.01(b)(I)(iv) and (v) and (II)(vi)
and (vii) and that may be  delivered  as a copy rather than the  original may be
delivered in microfiche form.                                                   

      (e)  Residential  Funding  hereby  assigns  to the  Trustee  its  security
interest in and to any Additional  Collateral,  its right to receive payments in
respect of any Additional  Collateral Loans pursuant the Addendum and Assignment
Agreement and the Pledged Asset Mortgage Servicing Agreement,  and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With respect to any Additional  Collateral  Mortgage 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 construed as a sale
by the  Company to the  Trustee  of the  Mortgage  Loans for the  benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge of the  Mortgage  Loans by the Company to the Trustee to secure a
debt or other obligation of the Company. However, in the event that the Mortgage
Loans are held to be property of the Company or of  Residential  Funding,  or if
for any reason this Agreement is held or deemed to create a security interest in
the Mortgage  Loans,  then it is intended that (a) this Agreement  shall also be
deemed to be a security  agreement within the meaning of Articles 8 and 9 of the
New York Uniform  Commercial  Code and the Uniform  Commercial Code of any other
applicable  jurisdiction;  (b) the conveyance provided for in Section 2.01 shall
be deemed to be (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 (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,  Cooperative  Lease,  any  insurance  policies and all other
documents in the related  Mortgage  File and (ii) with respect to each  Mortgage
Loan other than a Cooperative Loan, the related Mortgage Note, the Mortgage, 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 and (C) any and all general  intangibles  consisting of, arising from or
relating to any of the foregoing, and 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 proprty 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) and (C) granted by Residential
Funding to the Company pursuant to the Assignment Agreement;  (c) the possession
by the  Trustee,  the  Custodian  or any other  agent of the Trustee of Mortgage
Notes  or such  other  items  of  property  as  constitute  instruments,  money,
negotiable  documents or chattel paper shall be deemed to be  "possession by the
secured  party," or  possession  by a purchaser or a person  designated  by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable jurisdiction (including,  without limitation, Section 9-305, 8-313 or
8-321 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, financial intermediaries, bailees or agents (as applicable) of 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
deemed  to  create a  security  interest  in the  Mortgage  Loans  and the other
property  described  above,  such  security  interest  would be  deemed  to be a
perfected  security  interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.  Without  limiting the
generality  of the  foregoing,  the  Company  shall  prepare  and deliver to the
Trustee  not less than 15 days prior to any filing date and,  the Trustee  shall
forward for filing, or shall cause to be forwarded for filing, at the expense of
the Company, all filings necessary to maintain the effectiveness of any original
filings  necessary  under  the  Uniform  Commercial  Code  as in  effect  in any
jurisdiction  to  perfect  the  Trustee's  security  interest  in or lien on the
Mortgage  Loans,  as  evidenced  by an  Officer's  Certificate  of the  Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company or (3) any  transfer  of any  interest  of
Residential Funding or the Company in any Mortgage Loan.                        

(g)   [Reserved]                                                    

Section 2.02.     Acceptance by Trustee.                            

      The Trustee  acknowledges  receipt  (or,  with  respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be in blank) and declares  that it, or a Custodian as its agent,  holds and will
hold such documents and the other documents  constituting a part of the Mortgage
Files  delivered  to it,  or a  Custodian  as  its  agent,  and  the  rights  of
Residential  Funding with respect to any  Additional  Collateral  and the Surety
Bond assigned to the Trustee  pursuant to Section 2.01, in trust for the use and
benefit of all present and future  Certificateholders.  The Trustee or Custodian
(such Custodian being so obligated under a Custodial  Agreement) agrees, for the
benefit of  Certificateholders,  to review each  Mortgage  File  delivered to it
pursuant to Section  2.01(b)  within 45 days after the Closing Date to ascertain
that all required documents (specifically as set forth in Section 2.01(b)), have
been executed and received, and that such documents relate to the Mortgage Loans
identified  on the  Mortgage  Loan  Schedule,  as  supplemented,  that have been
conveyed to it. Upon delivery of the Mortgage Files by the Company or the Master
Servicer,  the Trustee shall  acknowledge  receipt (or, with respect to Mortgage
Loans  subject to a  Custodial  Agreement,  and based  solely  upon a receipt or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(c) above. The Trustee or Custodian (such Custodian being so obligated under
a Custodial  Agreement)  agrees to review each  Mortgage  File  delivered  to it
pursuant to Section  2.01(c)  within 45 days after receipt  thereof to ascertain
that all  documents  equired to be delivered  pursuant to such Section have been
received, and that such documents relate to the Mortgage Loans identified on the
Mortgage Loan Schedule, as supplemented, that have been conveyed to it.         

      If the Custodian,  as the Trustee's agent, finds any document or documents
constituting  a part  of a  Mortgage  File to be  missing  or  defective  in any
material  respect,  the Trustee shall promptly so notify the Master Servicer and
the Company.  Pursuant to Section 2.3 of the Custodial Agreement,  the Custodian
will  notify  the  Master  Servicer,  the  Company  and the  Trustee of any such
omission or defect found by it in respect of any  Mortgage  File held by it. The
Master Servicer shall promptly notify the related  Subservicer or Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released pursuant ereto and thereafter such Mortgage Loan shall not be part
of the Trust Fund. It is understood and agreed that the obligation of the Seller
or the Subservicer, as the case may be, to so cure or purchase any Mortgage Loan
as to which a material  defect in or omission of a constituent  document  exists
shall constitute the sole remedy respecting such defect or omission available to
Certificateholders or the Trustee on behalf of the Certificateholders.          

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

      (a) The Master Servicer hereby  represents and warrants to the Trustee for
the benefit of the Certificateholders that:                                     

            (i) The Master  Servicer is a corporation  duly  organized,  validly
      existing and in good  standing  under the laws  governing its creation and
      existence and is or will be in  compliance  with the laws of each state in
      which any Mortgaged  Property is located to the extent necessary to ensure
      the  enforceability  of each Mortgage Loan in accordance with the terms of
this Agreement;                                                     

            (ii) The  execution  and  delivery of this  Agreement  by the Master
      Servicer  and its  performance  and  compliance  with  the  terms  of this
      Agreement   will  not  violate  the  Master   Servicer's   Certificate  of
      Incorporation  or Bylaws or  constitute  a material  default  (or an event
      which,  with notice or lapse of time, or both, would constitute a material
      default)  under,  or  result  in the  material  breach  of,  any  material
      contract,  agreement or other instrument to which the Master Servicer is a
      party or which may be  applicable  to the  Master  Servicer  or any of its
assets;                                                             

            (iii) This  Agreement,  assuming due  authorization,  execution  and
      delivery by the Trustee and the Company,  constitutes  a valid,  legal and
      binding  obligation  of the  Master  Servicer,  enforceable  against it in
      accordance  with  the  terms  hereof  subject  to  applicable  bankruptcy,
      insolvency,  reorganization,  moratorium  and  other  laws  affecting  the
      enforcement of creditors'  rights  generally and to general  principles of
      equity,  regardless  of  whether  such  enforcement  is  considered  in  a
proceeding in equity or at law;                                     

            (iv) The Master Servicer is not in default with respect to any order
      or decree of any court or any order,  regulation or demand of any federal,
      state,   municipal  or  governmental  agency,  which  default  might  have
      consequences  that would  materially  and  adversely  affect the condition
      (financial  or  other)  or  operations  of  the  Master  Servicer  or  its
      properties  or might have  consequences  that would  materially  adversely
affect its performance hereunder;                                   

            (v) No  litigation  is  pending  or,  to  the  best  of  the  Master
      Servicer's  knowledge,  threatened against the Master Servicer which would
      prohibit its entering into this  Agreement or performing  its  obligations
under this Agreement;                                               

            (vi) The Master Servicer will comply in all material respects in the
      performance of this Agreement with all reasonable  rules and  requirements
of each insurer under each Required Insurance Policy;               

            (vii) No information, certificate of an officer, statement furnished
      in  writing or report  delivered  to the  Company,  any  Affiliate  of the
      Company or the Trustee by the Master  Servicer  will,  to the knowledge of
      the Master  Servicer,  contain any untrue  statement of a material fact or
      omit a  material  fact  necessary  to make the  information,  certificate,
statement or report not misleading; and                             

            (viii) The Master  Servicer has  examined  each  existing,  and will
      examine each new,  Subservicing  Agreement and is or will be familiar with
      the terms thereof. The terms of each existing  Subservicing  Agreement and
      each designated  Subservicer are acceptable to the Master Servicer and any
      new  Subservicing  Agreements  will comply with the  provisions of Section
3.02.                                                               

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

      Upon discovery by either the Company, the Master Servicer,  the Trustee or
any  Custodian of a breach of any  representation  or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure 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) 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 one month or more  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 F hereto with respect to
      each Mortgage Loan or the Mortgage  Loans, as the case may be, is true and
      correct in all  material  respects at the date or dates  respecting  which
such information is furnished;                                      

            (iii) The Mortgage Loans are  fully-amortizing,  fixed-rate mortgage
      loans with level  Monthly  Payments due on the first day of each month and
      terms to  maturity  at  origination  or  modification  of not more than 15
years;                                                              

            (iv) To the best of the Company's knowledge,  except with respect to
      34 Mortgage Loans representing approximately 4.6% of the Mortgage Loans by
      aggregate Stated Principal Balance (25 of which are Additional  Collateral
      Loans  representing  approximately 3.9% of the Mortgage Loans by aggregate
      Stated  Principal  Balance),  if a Mortgage Loan is secured by a Mortgaged
      Property with a Loan-to-Value  Ratio at origination in excess of 80%, such
      Mortgage  Loan is the subject of a Primary  Insurance  Policy that insures
      that  portion of the  principal  balance  thereof  that exceeds the amount
      equal to 75% of the Appraised Value of the related Mortgaged Property.  To
      the best of the Company's knowledge, each such Primary Insurance Policy is
      in full force and  effect and the  Trustee  is  entitled  to the  benefits
thereunder;                                                         

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

            (vi) No more than 0.4% of the  Mortgage  Loans by  aggregate  Stated
      Principal  Balance  as of  the  Cut-off  Date  are  secured  by  Mortgaged
      Properties located in any one zip code area in California and no more than
      1.1% of the Mortgage Loans by aggregate Stated Principal Balance as of the
      Cut-off  Date are secured by Mortgaged  Properties  located in any one zip
      code  area  outside  California,  and  none  of the  Mortgage  Loans  is a
Cooperative Loan;                                                   

            (vii)  If  the  improvements  securing  a  Mortgage  Loan  are  in a
      federally  designated  special flood hazard area,  flood  insurance in the
      amount  required  under the Program  Guide  covers the  related  Mortgaged
      Property (either by coverage under the federal flood insurance  program or
by coverage by private insurers);                                   

            (viii)  Immediately prior to the assignment of the Mortgage Loans to
      the  Trustee,  the  Company  had good title to, and was the sole owner of,
      each  Mortgage  Loan free and clear of any pledge,  lien,  encumbrance  or
      security   interest   (other   than  rights  to   servicing   and  related
      compensation)  and such  assignment  validly  transfers  ownership  of the
      Mortgage  Loans  to the  Trustee  free  and  clear  of any  pledge,  lien,
encumbrance or security interest;                                   

            (ix) Approximately  23.25% of the Mortgage Loans by aggregate Stated
      Principal Balance as of the Cut-off Date were underwritten under a reduced
      loan documentation  program and approximately 24.57% of the Mortgage Loans
      by  aggregate  Stated  Principal  Balance  as of  the  Cut-off  Date  were
underwritten under a no-stated income program;                      

            (x)  Approximately  30.92% of the Mortgage Loans by aggregate Stated
      Principal Balance as of the Cut-off Date are non-owner occupied properties
as of the date of origination of such Mortgage Loans;               

          (xi)  None of the  Mortgage  Loans by aggregate  Stated  Principal
Balance as of the Cut-off Date were Buydown Mortgage Loans;         

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

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

            (xiv) 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)  Interest on each Mortgage Loan is calculated on the basis of a
360-day year consisting of twelve 30-day months;                    

            (xvi)  0.1% of the  Mortgage  Loans by  aggregate  Stated  Principal
      Balance as of the  Cut-off  Date  contain in the related  Mortgage  File a
Destroyed Mortgage Note;                                            

            (xvii) Not more than 3.3% of the Mortgage Loans by aggregate  Stated
      Principal  Balance  as  of  the  Cut-off  Date  will  have  been  made  to
      International  Borrowers,  and no such  Mortgagor is a member of a foreign
diplomatic mission with diplomatic rank; and                        

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

      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) 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);  provided, however, that in the event of
a breach of the representation  and warranty set forth in Section  2.03(b)(xii),
the party  discovering  such breach  shall give such notice  within five days of
discovery.  Within 90 days of its  discovery or its receipt of notice of breach,
the Company  shall either (i) cure such breach in all material  respects or (ii)
purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the
manner set forth in  Section  2.02;  provided  that the  Company  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered.  Any such  substitution  shall be effected by the Company
under  the  same  terms  and   conditions   as  provided  in  Section  2.04  for
substitutions  by  Residential  Funding.  It is  understood  and agreed that the
obligation  of the Company to cure such  breach or to so purchase or  substitute
for any Mortgage  Loan as to which such a breach has occurred and is  continuing
shall  constitute  the sole  remedy  respecting  such  breach  available  to the
Certificateholders   or  the  Trustee  on  behalf  of  the   Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.           

Section 2.04.     Representations and Warranties of Sellers.        

      The  Company,  as assignee of  Residential  Funding  under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement  or  such  Seller's  Agreement  relates  to  the  representations  and
warranties made by Residential  Funding or the related Seller in respect of such
Mortgage  Loan and any  remedies  provided  thereunder  for any  breach  of such
representations  and warranties,  such right, title and interest may be enforced
by the Master Servicer on behalf of the Trustee and the Certificateholders. Upon
the discovery by the Company, the Master Servicer,  the Trustee or any Custodian
of a breach of any of the  representations  and  warranties  made in a  Seller's
Agreement or the  Assignment  Agreement  (which,  for purposes  hereof,  will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure or  substitution  must  occur  within 90 days from the date the  breach was
discovered.  In the  event  that  Residential  Funding  elects to  substitute  a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04,  Residential  Funding shall deliver to the Trustee for the
benefit of the  Certificateholders  with  respect to such  Qualified  Substitute
Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an Assignment
of the Mortgage in recordable  form,  and such other  documents  and  agreements
asare  required by Section 2.01,  with the Mortgage Note endorsed as required by
Section  2.01.  No  substitution  will be made in any  calendar  month after the
Determination  Date  for such  month.  Monthly  Payments  due  with  respect  to
Qualified  Substitute  Mortgage Loans in the month of substitution  shall not be
part of the Trust Fund and will be retained by the Master  Servicer and remitted
by  the  Master   Servicer  to  Residential   Funding  on  the  next  succeeding
Distribution  Date.  For  the  month  of  substitution,   distributions  to  the
Certificateholders  will include the Monthly  Payment due on a Deleted  Mortgage
Loan for such month and  thereafter  Residential  Funding  shall be  entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule,  and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions,  for the benefit of the  Certificateholders to reflect the removal of
such Deleted  Mortgage Loan and the  substitution  of the  Qualified  Substitute
Mortgage  Loan or Loans  and the  Master  Servicer  shall  deliver  the  amended
Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan was a Discount Loan,
the  amended  Schedule  of  Discount  Fractions,   to  the  Trustee.  Upon  such
substitution,  the Qualified  Substitute Mortgage Loan or Loans shall be subject
to the terms of this  Agreement  and the related  Subservicing  Agreement in all
respects,  the related  Seller shall be deemed to have made the  representations
and warranties with respect to the Qualified  Substitute Mortgage Loan contained
in the  related  Seller's  Agreement  as of the  date of  substitution,  and the
Company and the Master Servicer shall be deemed to have made with respect to any
Qualified Substitute Mortgage Loan or Loans, as of the date of substitution, the
covenants,  representations  and  warranties  set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall  be  obligated  to  repurchaseor  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 the
Trust  Fund to fail to qualify  as a REMIC at any time that any  Certificate  is
outstanding.                                                                    

      It is  understood  and  agreed  that  the  obligation  of  the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding all of the 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.     

      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,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.                                             

EX-19
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ARTICLE III   

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS  

Section 3.01.     Master Servicer to Act as Servicer.               

      (a) The Master Servicer shall service and administer the Mortgage Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain, the taking of a deed in lieu of foreclosure,  the completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a Mortgaged  Property to the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of  foreclosure,  or the  management,  marketing  and  conveyance of any
property  acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage Loans and with respect to the Mortgaged Properties. Notwithstanding
the foregoing,  subject to Section 3.07(a), the Master Servicer shall not permit
any modification  with respect to any Mortgage Loan that would both constitute a
sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the
Code and  anyproposed,  temporary or final  regulations  promulgated  thereunder
(other than in  connection  with a proposed  conveyance  or  assumption  of such
Mortgage  Loan that is treated as a  Principal  Prepayment  in Full  pursuant to
Section  3.13(d)  hereof)  and cause the Trust  Fund to fail to  qualify as such
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 to this
Agreement as Exhibit G. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.        

      (b) As part of its servicing  activities  hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable  efforts to enforce the  obligations  of each  Subservicer  under the
related  Subservicing  Agreement  and of each Seller under the related  Seller's
Agreement,  to the extent that the  non-performance of any such obligation would
have a material  and  adverse  effect on a  Mortgage  Loan,  including,  without
limitation,  the  obligation to purchase a Mortgage Loan on account of defective
documentation,  as  described  in Section  2.02,  or on account of a breach of a
representation  or warranty,  as described in Section  2.04.  Such  enforcement,
including,  without limitation,  the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate,  and the pursuit
of other appropriate remedies,  shall be in such form and carried out to such an
extent and at such time as the Master  Servicer  would  employ in its good faith
business  judgment  and  which are  normal  and  usual in its  general  mortgage
servicing  activities.   The  Master  Servicer  shall  pay  the  costs  of  such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such enforcement is directed.                                

Section 3.03.     Successor Subservicers.                           

      The Master  Servicer  shall be  entitled  to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.             

Section 3.04.     Liability of the Master Servicer.                 

      Notwithstanding any Subservicing Agreement,  any of the provisions of this
Agreement relating to agreements or arrangements  between the Master Servicer or
a Subservicer  or reference to actions taken through a Subservicer or otherwise,
the Master  Servicer  shall remain  obligated  and liable to the Trustee and the
Certificateholders  for the servicing and administering of the Mortgage Loans in
accordance  with the  provisions  of Section  3.01  without  diminution  of such
obligation   or  liability  by  virtue  of  such   Subservicing   Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.              

    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) In the event the Master Servicer shall for any reason no longer be the
master servicer (including by reason of an Event of Default),  the Trustee,  its
designee  or  its  successor  shall  thereupon  assume  all of  the  rights  and
obligations of the Master  Servicer under each  Subservicing  Agreement that may
have been entered into. The Trustee,  its designee or the successor servicer for
the  Trustee  shall be  deemed  to have  assumed  all of the  Master  Servicer's
interest  therein  and to have  replaced  the Master  Servicer as a party to the
Subservicing  Agreement to the same extent as if the Subservicing  Agreement had
been assigned to the assuming  party except that the Master  Servicer  shall not
thereby be relieved  of any  liability  or  obligations  under the  Subservicing
Agreement.                                                                      

      (b) The Master  Servicer  shall,  upon  request of the  Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.                              

    Section 3.07.     Collection   of  Certain   Mortgage   Loan   Payments;
Deposits to Custodial Account.              

      (a) The Master  Servicer  shall  make  reasonable  efforts to collect  all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver  or  extension  will not  impair  the  coverage  of any  related  Primary
Insurance  Policy  or  materially  adversely  affect  the  lien  of the  related
Mortgage.  In the event of any such arrangement,  the Master Servicer shall make
timely  advances on the related  Mortgage  Loan during the  scheduled  period in
accordance  with  the  amortization  schedule  of  such  Mortgage  Loan  without
modification  thereof by reason of such arrangements  unless otherwise agreed to
by the  Holders  of the  Classes of  Certificates  affected  thereby;  provided,
however,  that no such  extension  shall be made if any such advance  would be a
Nonrecoverable Advance.  Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the  postponement  of strict  compliance  with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver,  modification,  postponement or indulgence is not materially  adverse to
the  interests of the  Certificateholders  (taking  into  account any  estimated
Realized Loss that might result absent such action); provided, however, that the
Master  Servicer may not modify  materially or permit any  Subservicer to modify
any Mortgage Loan,  including  without  limitation any  modification  that would
change the  Mortgage  Rate,  forgive  the payment of any  principal  or interest
(unless in  connection  with the  liquidation  of the related  Mortgage  Loan or
except in connection with prepayments to the extent that such  reamortization is
not  inconsistent  with the terms of the  Mortgage  Loan),  or extend  the final
maturity date of such Mortgage Loan, unless such Mortgage Loan is in default or,
in the judgment of the Master Servicer,  such default is reasonably foreseeable;
and provided,  further, that no such modification shall reduce the interest rate
on a Mortgage Loan below the sum of the Pool Strip Rate and the sum of the rates
at  which  the  Servicing  Fee and the  Subservicing  Fee with  respect  to such
Mortgage Loan accrues.  In connection  with any  Curtailment of a Mortgage Loan,
the  Master  Servicer,  to the  extent  not  inconsistent  with the terms of the
Mortgage  Note and local law and  practice,  may permit the Mortgage  Loan to be
reamortized such that the Monthly Payment is recalculated as an amount that will
fully amortize the remaining  Stated  Principal  Balance thereof by the original
Maturity  Date  based  on  the  original  Mortgage  Rate;  provided,  that  such
re-amortization  shall not be permitted if it would  constitute a reissuance  of
the Mortgage Loan for federal income tax purposes.                              

      (b) The Master Servicer shall  establish and maintain a Custodial  Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):
            (i) All  payments  on  account  of  principal,  including  Principal
      Prepayments  made by  Mortgagors  on the Mortgage  Loans and the principal
      component of any  Subservicer  Advance or of any REO Proceeds  received in
      connection with an REO Property for which an REO Disposition has occurred;

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

            (iii)  Insurance  Proceeds  and  Liquidation  Proceeds  (net  of any
related expenses of the Subservicer);                               

            (iv) All  proceeds  of any  Mortgage  Loans  purchased  pursuant  to
      Section 2.02,  2.03, 2.04 or 4.07 and all amounts required to be deposited
      in connection  with the  substitution of a Qualified  Substitute  Mortgage
Loan pursuant to Section 2.03 or 2.04;                              

            (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); and           

            (vii)  Any  amounts  realized  by MLCC and  received  by the  Master
Servicer in respect of any Additional Collateral.                   

      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 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  acquied  by the  Trust  Fund  by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.                     

      (b) The  Subservicer  may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v). 

      (c) In addition to the Custodial Account and the Certificate  Account, the
Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.                

      (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.               

      In the event that  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 or expenses made pursuant to Sections 3.01, 3.07(a),
      3.08, 3.11, 3.12(a),  3.14 and 4.04 or otherwise  reimbursable pursuant to
      the terms of this  Agreement,  such  withdrawal  right  being  limited  to
      amounts  received  on  particular  Mortgage  Loans  (including,  for  this
      purpose,  REO  Proceeds,  Insurance  Proceeds,  Liquidation  Proceeds  and
      proceeds  from the purchase of a Mortgage  Loan  pursuant to Section 2.02,
      2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of  Monthly
      Payments  for which any such  advance was made in the case of  Subservicer
      Advances  or  Advances  pursuant  to Section  4.04 and (B)  recoveries  of
      amounts  in  respect  of  which  such  advances  were  made in the case of
Servicing Advances;                                                 

            (iii) to pay to itself or the related Subservicer (if not previously
      retained by such  Subservicer)  out of each payment received by the Master
      Servicer  on account of  interest on a Mortgage  Loan as  contemplated  by
      Sections 3.14 and 3.16, an amount equal to that  remaining  portion of any
      such payment as to interest  (but not in excess of the  Servicing  Fee and
      the Subservicing  Fee, if not previously  retained) which,  when deducted,
      will result in the remaining amount of such interest being interest at the
      Net Mortgage  Rate (or the  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  deposited in the Custodial
Account that it is entitled to withdraw pursuant to Section 3.07(c);

            (v)  to pay to  itself  as  additional  servicing  compensation  any
      Foreclosure  Profits, and any amounts remitted by Subservicers as interest
in respect of Curtailments pursuant to Section 3.08(b);             

            (vi) to pay to itself, a Subservicer, a Seller, Residential Funding,
      the  Company or any other  appropriate  Person,  as the case may be,  with
      respect to each Mortgage Loan or property acquired in respect thereof that
      has been  purchased or  otherwise  transferred  pursuant to Section  2.02,
      2.03, 2.04, 4.07 or 9.01, all amounts received thereon and not required to
      be  distributed  to the  Certificateholders  as of the date on  which  the
related Stated Principal Balance or Purchase Price is determined;   

            (vii)  to  reimburse  itself  or the  related  Subservicer  for  any
      Nonrecoverable  Advance  or  Advances  in the  manner  and  to the  extent
      provided in subsection  (c) below,  any Advance made in connection  with a
      modification of a Mortgage Loan that is in default,  or in the judgment of
      the Master Servicer, default is reasonably foreseeable pursuant to Section
      3.07(a),  to the extent the  amount of the  Advance  has been added to the
      outstanding  principal  balance  of the  Mortgage  Loan,  or  any  Advance
 reimbursable to the Master Servicer pursuant to Section 4.02(a)(iii);

            (viii) to reimburse  itself or the Company for expenses  incurred by
      and reimbursable to it or the Company pursuant to Sections 3.13,  3.14(c),
      6.03, 10.01 or otherwise,  or in connection with enforcing any repurchase,
      substitution  or  indemnification  obligation of any Seller (other than an
 Affiliate of the Company) pursuant to the related Seller's Agreement;

            (ix) to reimburse  itself for amounts expended by it (a) pursuant to
      Section 3.14 in good faith in connection  with the restoration of property
      damaged by an Uninsured  Cause, and (b) in connection with the liquidation
      of a Mortgage  Loan or  disposition  of an REO  Property to the extent not
otherwise reimbursed pursuant to clause (ii) or (viii) above; and   

            (x) to withdraw any amount  deposited in the Custodial  Account that
was not required to be deposited therein pursuant to Section 3.07.  

      (b) Since, in connection with withdrawals pursuant to clauses (ii), (iii),
(v)  and  (vi),  the  Master  Servicer's   entitlement  thereto  is  limited  to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.                                     

      (c) The Master  Servicer  shall be  entitled  to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).                                                           

    Section 3.11.     Maintenance   of  the  Primary   Insurance   Policies;
Collections Thereunder.                     

      (a) The Master Servicer shall not take, or permit any Subservicer to take,
any action  which would  result in  non-coverage  under any  applicable  Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.      

      (b) In connection with its activities as administrator and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.                                            

    Section 3.12.     Maintenance  of  Fire   Insurance  and   Omissions and
Fidelity Coverage.                          

      (a) The Master  Servicer  shall cause to be  maintained  for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  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 lcated at the time of  origination  of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).                          

      In the event that the Master  Servicer shall obtain and maintain a blanket
fire insurance policy with extended  coverage  insuring against hazard losses on
all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.                                                  

      (b) The Master  Servicer  shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required  by FNMA or FHLMC,  whichever  is greater,  with  respect to the Master
Servicer if the Master  Servicer were servicing and  administering  the Mortgage
Loans for FNMA or FHLMC.  In the event that any such bond or policy ceases to be
in effect,  the Master  Servicer shall obtain a comparable  replacement  bond or
policy from an issuer or insurer,  as the case may be, meeting the requirements,
if any, of the Program  Guide and  acceptable  to the  Company.  Coverage of the
Master  Servicer  under a policy or bond  obtained by an Affiliate of the Master
Servicer and  providing  the coverage  required by this  Section  3.12(b)  shall
satisfy the requirements of this Section 3.12(b).                               

    Section 3.13.     Enforcement  of  Due-on-Sale  Clauses;  Assumption and
 Modification Agreements; Certain Assignments.

      (a) When any Mortgaged  Property is conveyed by the Mortgagor,  the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:    

            (i) the Master  Servicer  shall not be deemed to be in default under
      this  Section  3.13(a) by reason of any transfer or  assumption  which the
Master Servicer is restricted by law from preventing; and           

            (ii) if the Master Servicer  determines that it is reasonably likely
      that any  Mortgagor  will bring,  or if any  Mortgagor  does bring,  legal
      action to declare invalid or otherwise avoid  enforcement of a due-on-sale
      clause  contained in any Mortgage  Note or Mortgage,  the Master  Servicer
      shall not be required to enforce the due-on-sale clause or to contest such
action.                                                             

      (b)  Subject to the Master  Servicer's  duty to  enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such  terms  and   requirements   shall  both  (i)   constitute  a  "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the Code (or final,  temporary  or  proposed  Treasury  Regulations  promulgated
thereunder)  and (ii) cause the Trust  Fund 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 constitute  "contributions"  after the start-up
date under the REMIC  Provisions.  The Master Servicer shall execute and deliver
such  documents  only if it  reasonably  determines  that (i) its  execution and
delivery  thereof will not conflict with or violate any terms of this  Agreement
or  cause  the  unpaid   balance  and  interest  on  the  Mortgage  Loan  to  be
uncollectible in whole or in part, (ii) any required  consents of insurers under
any Required  Insurance  Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first  mortgage lien pursuant to the terms
of the Mortgage,  (B) such  transaction  will not adversely  affect the coverage
under any Required Insurance Policies, (C) the Mortgage Loan will fully amortize
over the  remaining  term  thereof,  (D) no material  term of the Mortgage  Loan
(including  the interest rate on the Mortgage Loan) will be altered nor will the
term of the  Mortgage  Loan be changed and (E) if the  seller/transferor  of the
Mortgaged  Property is to be released from liability on the Mortgage Loan,  such
release will not (based on the Master  Servicer's  or  Subservicer's  good faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or sch 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) 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 the Trust
Fund 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 the
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 O, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that 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) that the substance of the  assignment is, and is intended to
be, a refinancing of such Mortgage Loan and that the form of the  transaction is
solely to comply with, or facilitate  the  transaction  under,  such local laws;
(iii) 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 (iv) that such assignment
is at the request of the borrower under the related Mortgage Loan. Upon approval
of an assignment in lieu of satisfaction  with respect to any Mortgage Loan, the
Master  Servicer  shall receive cash in an amount equal to the unpaid  principal
balance of and accrued  interest on such Mortgage  Loan and the Master  Servicer
shall treat such amount as a Principal  Prepayment  in Full with respect to such
Mortgage Loan for all purposes hereof.                                          

Section 3.14.     Realization Upon Defaulted Mortgage Loans.        

      (a) The Master  Servicer  shall  foreclose  upon or  otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section  3.10.  In addition to the  foregoing,  the Master  Servicer
shall use its best reasonabe  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. 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 unschedule 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) In the event that title to any  Mortgaged  Property is acquired by the
Trust Fund as an REO Property by foreclosure or by deed in lieu of  foreclosure,
the deed or certificate of sale shall be issued to the Trustee or to its nominee
on behalf of  Certificateholders.  Notwithstanding any such acquisition of title
and  cancellation of the related  Mortgage Loan, such REO Property shall (except
as otherwise  expressly  provided  herein) be  considered  to be an  Outstanding
Mortgage  Loan held in the Trust Fund until such time as the REO Property  shall
be  sold.  Consistent  with  the  foregoing  for  purposes  of all  calculations
hereunder so long as such REO Property  shall be considered to be an Outstanding
Mortgage Loan it shall be assumed that,  notwithstanding  that the  indebtedness
evidenced by the related Mortgage Note shall have been discharged, such Mortgage
Note and the  related  amortization  schedule  in effect at the time of any such
acquisition  of title  (after  giving  effect to any previous  Curtailments  and
before any adjustment  thereto by reason of any bankruptcy or similar proceeding
or any moratorium or similar waiver or grace period) remain in effect.          

      (c) In the  event  that  the  Trust  Fund  acquires  any REO  Property  as
aforesaid  or otherwise in  connection  with a default or imminent  default on a
Mortgage Loan, the Master  Servicer on behalf of the Trust Fund shall dispose of
such REO  Property  within  three  full  years  after  the  taxable  year of its
acquisition by the Trust Fund for purposes of Section 860G(a)(8) of the Code or,
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 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 the Trust Fund to
fail to qualify as a REMIC at any time that any Certificates are outstanding, in
which case the Trust Fund may continue to hold such REO Property (subject to any
conditions  contained in such Opinion of Counsel).  The Master Servicer shall be
entitled to be reimbursed  from the Custodial  Account for any costs incurred in
obtaining such Opinion of Counsel, as provided in Section 3.10.  Notwithstanding
any other  provision of this  Agreement,  no REO Property  acquired by the Trust
Fund shall be rented (or allowed to continue to be rented) or otherwise  used by
or on behalf of the Trust  Fund in such a manner or  pursuant  to any terms that
would (i) cause such REO Property to fail to qualify as  "foreclosure  property"
within the meaning of Section  860G(a)(8)  of the Code or (ii) subject the Trust
Fund to the  imposition  of any federal  income taxes on the income  earned from
such REO Property,  including any taxes imposed by reason of Section  860G(c) of
the Code,  unless the Master  Servicer has agreed to indemnify and hold harmless
the Trust Fund with respect to the imposition of any such taxes.                

      (d) The proceeds of any Cash  Liquidation,  REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property) (provided that if
any such Class of  Certificates  to which such Realized Loss was allocated is no
longer outstanding, such subsequent recovery shall be distributed to the persons
who were the Holders of such Class of Certificates when it was retired); fourth,
to all Servicing Fees and  Subservicing  Fees payable  therefrom (and the Master
Servicer  and the  Subservicer  shall have no claims for any  deficiencies  with
respect to such fees which result from the foregoing allocation);  and fifth, to
Foreclosure Profits.                                                            

      (e) In the  event of a  default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.                                                                  

Section 3.15.     Trustee to Cooperate; Release of Mortgage Files.  

      (a) Upon  becoming  aware of the payment in full of any Mortgage  Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially  in one of the forms  attached  hereto  as  Exhibit H
requesting   delivery  to  it  of  the  Mortgage  File.  Upon  receipt  of  such
certification  and request,  the Trustee shall  promptly  release,  or cause the
Custodian to release,  the related  Mortgage  File to the Master  Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the  Mortgage  Note with,  as  appropriate,  written  evidence  of  cancellation
thereon.  No expenses incurred in connection with any instrument of satisfaction
or deed of  reconveyance  shall be chargeable  to the  Custodial  Account or the
Certificate Account.                                                            

      (b) From time to time as is  appropriate  for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit H hereto, requesting that possession of all, or
any document  constituting  part of, the Mortgage File be released to the Master
Servicer and  certifying as to the reason for such release and that such release
will not invalidate any insurance  coverage  provided in respect of the Mortgage
Loan under any Required  Insurance  Policy.  Upon receipt of the foregoing,  the
Trustee shall deliver,  or cause the Custodian to deliver,  the Mortgage File or
any document  therein to the Master  Servicer.  The Master  Servicer shall cause
each  Mortgage  File or any  document  therein so released to be returned to the
Trustee, or the Custodian as agent for the Trustee when the need therefor by the
Master  Servicer  no  longer  exists,  unless  (i) the  Mortgage  Loan  has been
liquidated and the Liquidation  Proceeds relating to the Mortgage Loan have been
deposited in the  Custodial  Account or (ii) the Mortgage  File or such document
has been  delivered  directly or through a Subservicer  to an attorney,  or to a
public  trustee or other  public  official as required by law,  for  purposes of
initiating or pursuing legal action or other  proceedings for the foreclosure of
the  Mortgaged  Property  either  judicially or  non-judicially,  and the Master
Servicer  has  delivered  directly  or through a  Subservicer  to the  Trustee a
certificate of a Servicing Officer  certifying as to the name and address of the
Person to which  such  Mortgage  File or such  document  was  delivered  and the
purpose or  purposes  of such  delivery.  In the event of the  liquidation  of a
Mortgage  Loan,  the Trustee  shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.                                                       

      (c) The  Trustee or the Master  Servicer  on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.                      

    Section 3.16.     Servicing   and   Other   Compensation;   Compensating
Interest.                                   

      (a) The Master  Servicer,  as compensation  for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.                           

      (b) Additional  servicing  compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.                                                               

      (c) The Master Servicer shall be required to pay, or cause to be paid, all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.                                                                  

      (d) The Master Servicer's right to receive servicing  compensation may not
be transferred in whole or in part except in connection with the transfer of all
of its  responsibilities  and  obligations  of the  Master  Servicer  under this
Agreement.                                                                      

      (e)  Notwithstanding  any other provision herein,  the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled  pursuant to Section  3.10(a)(iii);  second,  to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively; and third, to any amounts
of servicing  compensation to which the Master Servicer is entitled  pursuant to
Section  3.10(a)(v) or (vi). In making such  reduction,  the Master Servicer (i)
will not withdraw from the Custodial Account any such amount representing all or
a portion  of the  Servicing  Fee to which it is  entitled  pursuant  to Section
3.10(a)(iii);  (ii) will not withdraw from the Custodial  Account or Certificate
Account any such amount to which it is entitled  pursuant to Section  3.07(c) or
4.01(b) and (iii) will not withdraw from the  Custodial  Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi).                                                                        

Section 3.17.     Reports to the Trustee and the Company.           

      Not later  than  fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.                                           

Section 3.18.     Annual Statement as to Compliance.                

      The Master  Servicer  will  deliver to the  Company  and the Trustee on or
before March 31 of each year,  beginning  with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof,  that (i) a review of the activities of the Master Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material
respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.                                      

    Section 3.19.     Annual  Independent  Public   Accountants'   Servicing
Report.                                     

      On or before March 31 of each year, beginning with the first March 31 that
occurs at least six months after the Cut-off  Date,  the Master  Servicer at its
expense shall cause a firm of  independent  public  accountants,  which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.                                                              

    Section 3.20.     Rights  of  the   Company  in  Respect   of the Master
Servicer.                                   

      The Master  Servicer  shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.                                                         

Section 3.21.     Administration of Buydown Funds.                  

      (a) With  respect  to any  Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.                           

      (b) If the  Mortgagor on a Buydown  Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.                          

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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 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 on such
Distribution  Date and (ii) any other investment may mature on such Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.                                                         

Section 4.02.     Distributions.                                    

      (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),  the amount required to be distributed to the Master Servicer or a
Subservicer pursuant to Section 4.02(a)(iii),  and to each  Certificateholder of
record on the next preceding Record Date (other than as provided in Section 9.01
respecting the final  distribution)  either in immediately  available  funds (by
wire transfer or otherwise) to the account of such  Certificateholder  at a bank
or   other   entity   having   appropriate    facilities   therefor,   if   such
Certificateholder  has so notified the Master  Servicer or the Paying Agent,  as
the case may be, or, if such  Certificateholder  has not so notified  the Master
Servicer  or the  Paying  Agent by the  Record  Date,  by check  mailed  to such
Certificateholder  at the address of such Holder  appearing  in the  Certificate
Register  such  Certificateholder's  share (which share (A) with respect to each
Class of Certificates  (other than any Subclass of the Class A-3  Certificates),
shall be based on the  aggregate  of the  Percentage  Interests  represented  by
Certificates of the applicable  Class held by such Holder or (B) with respect to
the Class A-3  Certificates,  shall be equal to the amount (if any)  distributed
pursuant to Section  4.02(a)(i)  below to each Holder of a Subclass  thereof) of
the  following  amounts,  in the  following  order of  priority  (subject to the
provisions  of Section  4.02(b)),  in each case to the  extent of the  Available
Distribution Amount:                                                            

            (i) to the  Class A  Certificateholders  (other  than the  Class A-2
      Certificateholders)  and Class R  Certificateholders,  on a pro rata basis
      based on Accrued  Certificate  Interest payable on such  Certificates with
      respect to such Distribution  Date, Accrued  Certificate  Interest on such
      Classes of  Certificates  (or Subclass,  if any, with respect to the Class
      A-3 Certificates) for such Distribution Date, plus any Accrued Certificate
      Interest  thereon  remaining  unpaid from any previous  Distribution  Date
 except as provided in the last paragraph of this Section 4.02(a); and

            (ii)  (X)  to  the  Class  A-2  Certificateholders,  the  Class  A-2
Principal Distribution Amount; and                                  

                  (Y) to the Class A  Certificateholders  (other  than the Class
      A-2 Certificateholders) and Class R Certificateholders,  in the priorities
      and  amounts  set forth in  Section  4.02(b)(ii)  and  (iii)  and  Section
      4.02(c),  the sum of the  following  (applied  to reduce  the  Certificate
      Principal  Balances of such Class A Certificates  or Class R Certificates,
as applicable):                                                     

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

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

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

                        (3)  the  principal  portion  of all  other  unscheduled
                  collections  (other  than  Principal  Prepayments  in Full and
                  Curtailments  and amounts  received in connection  with a Cash
                  Liquidation or REO Disposition of a Mortgage Loan described in
                  Section   4.02(a)(ii)(Y)(B),   including  without   limitation
                  Insurance  Proceeds,  Liquidation  Proceeds and REO  Proceeds)
                  received  during the related  Prepayment  Period (or deemed to
                  have been so received in accordance  with Section  3.07(b)) to
                  the extent  applied by the Master  Servicer as  recoveries  of
                  principal  of the related  Mortgage  Loan  pursuant to Section
                  3.14  (other  than  the  related  Discount   Fraction  of  the
                  principal  portion  of  such  unscheduled  collections,   with
respect to each Discount Mortgage Loan);    

                  (B)  with  respect  to each  Mortgage  Loan  for  which a Cash
            Liquidation  or  a  REO  Disposition  occurred  during  the  related
            Prepayment Period (or was deemed to have occurred during such period
            in accordance with Section 3.07(b)) and did not result in any Excess
            Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses
            or  Extraordinary  Losses,  an amount equal to the lesser of (a) the
            Senior  Percentage  for such  Distribution  Date  times  the  Stated
            Principal  Balance of such  Mortgage  Loan  (other  than the related
            Discount Fraction of such Stated Principal Balance,  with respect to
            each  Discount  Mortgage  Loan)  and  (b)  the  Senior   Accelerated
            Distribution Percentage for such Distribution Date times the related
            unscheduled  collections  (including  without  limitation  Insurance
            Proceeds,  Liquidation  Proceeds  and REO  Proceeds)  to the  extent
            applied by the Master  Servicer as  recoveries  of  principal of the
            related  Mortgage  Loan pursuant to Section 3.14 (in each case other
            than the portion of such unscheduled collections,  with respect to a
   Discount Mortgage Loan, included in Section 4.02(b)(i)(C));

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

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

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

            (iii)  if  the  Certificate   Principal  Balances  of  the  Class  M
      Certificates  and Class B  Certificates  have not been reduced to zero, to
      the Master  Servicer or a  Subservicer,  by  remitting  for deposit to the
      Custodial Account,  to the extent of and in reimbursement for any Advances
      or Subservicer  Advances previously made with respect to any Mortgage Loan
      or REO Property  which remain  unreimbursed  in whole or in part following
      the Cash  Liquidation  or REO  Disposition  of such  Mortgage  Loan or REO
      Property,  minus  any  such  Advances  that  were  made  with  respect  to
      delinquencies  that ultimately  constituted  Excess Special Hazard Losses,
  Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses;

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

            (v) to the Holders of the Class M-1 Certificates, an amount equal to
      (x) the  Subordinate  Principal  Distribution  Amount  for  such  Class of
      Certificates for such Distribution Date, minus (y) the amount of any Class
      A-2 Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant to clause (x) of Sections 4.02(a)(vii), (ix), (xi), (xiii), (xiv)
      and  (xv)  are  insufficient   therefor,   applied  in  reduction  of  the
Certificate Principal Balance of the Class M-1 Certificates;        

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

            (vii) to the Holders of the Class M-2 Certificates,  an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such Distribution Date, minus (y) the amount of any Class
      A-2 Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant to clause (x) of Sections  4.02(a)(ix),  (xi), (xiii),  (xiv) and
      (xv) are  insufficient  therefor,  applied in reduction of the Certificate
Principal Balance of the Class M-2 Certificates;                    

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

            (ix) to the Holders of the Class M-3  Certificates,  an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such  Distribution Date minus (y) the amount of any Class
      A-2 Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant to clause (x) of Sections 4.02(a)(xi), (xiii), (xiv) and (xv) are
      insufficient  therefor,  applied in reduction of the Certificate Principal
Balance of the Class M-3 Certificates;                              

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

            (xi) to the Holders of the Class B-1  Certificates,  an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such  Distribution Date minus (y) the amount of any Class
      A-2 Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant  to  clause  (x) of  Sections  4.02(a)(xiii),  (xiv) and (xv) are
      insufficient  therefor,  applied in reduction of the Certificate Principal
Balance of the Class B-1 Certificates;                              

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

            (xiii) to the Holders of the Class B-2 Certificates, an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such  Distribution Date minus (y) the amount of any Class
      A-2 Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant to clause (x) of Sections  4.02(a)(xiv) and (xv) are insufficient
      therefor, applied in reduction of the Certificate Principal Balance of the
Class B-2 Certificates;                                             

            (xiv) to the Holders of the Class B-3 Certificates,  an amount equal
      to (x) the Accrued  Certificate  Interest  thereon  for such  Distribution
      Date, plus any Accrued Certificate  Interest thereon remaining unpaid from
      any previous  Distribution  Date, except as provided below,  minus (y) the
      amount of any Class A-2 Collection  Shortfalls for such  Distribution Date
      or remaining unpaid for all previous Distribution Dates, to the extent the
      amounts  available  pursuant  to clause  (x) of Section  4.02(a)  (xv) are
insufficient therefor;                                              

            (xv) to the Holders of the Class B-3  Certificates,  an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such  Distribution Date minus (y) the amount of any Class
      A-2 Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for  all  previous   Distribution   Dates  applied  in  reduction  of  the
Certificate Principal Balance of the Class B-3 Certificates;        

            (xvi)   to   the   Class   A   Certificateholders    and   Class   R
      Certificateholders,  in the  priority  set forth in Section  4.02(b),  the
      portion, if any, of the Available  Distribution Amount remaining after the
      foregoing  distributions,  applied  to reduce  the  Certificate  Principal
      Balances of such Class A Certificates and Class R Certificates,  but in no
      event more than the  aggregate of the  outstanding  Certificate  Principal
      Balances  of  each  such  Class  of  Class  A  Certificates  and  Class  R
      Certificates,  and thereafter,  to each Class of Class M Certificates then
      outstanding   beginning   with  such  Class  with  the  lowest   numerical
      designation,  any portion of the Available  Distribution  Amount remaining
      after the Class A Certificates and Class R Certificates have been retired,
      applied to reduce the Certificate  Principal Balance of each such Class of
      Class  M  Certificates,   but  in  no  event  more  than  the  outstanding
      Certificate  Principal Balance of each such Class of Class M Certificates;
      and thereafter to each such Class of Class B Certificates then outstanding
      beginning  with such  Class  with the lowest  numerical  designation,  any
      portion of the Available  Distribution  Amount remaining after the Class M
      Certificates  have  been  retired,   applied  to  reduce  the  Certificate
      Principal  Balance of each such Class of Class B  Certificates,  but in no
      event more than the outstanding Certificate Principal Balance of each such
Class of Class B Certificates; and                                  

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

      Notwithstanding  the foregoing,  on any Distribution Date, with respect to
the Class of Class B Certificates outstanding on such Distribution Date with the
highest numerical  designation,  or in the event the Class B Certificates are no
longer outstanding,  the Class of Class M Certificates then outstanding with the
highest  numerical  designation,  or in the event the Class B  Certificates  and
Class  M  Certificates  are no  longer  outstanding,  the  Class  A and  Class R
Certificates,  Accrued  Certificate  Interest thereon remaining unpaid remaining
unpaid from any previous  Distribution  Date will be  distributable  only to the
extent  that such  unpaid  Accrued  Certificate  Interest  was  attributable  to
interest  shortfalls  relating to  Nonrecoverable  Advances as determined by the
Master  Servicer  with respect to the related  Mortgage Loan where such Mortgage
Loan has not yet been the subject of a Cash Liquidation or REO Disposition.     

      (b)  Distributions  of principal on the Class A  Certificates  and Class R
Certificates on each  Distribution Date occurring prior to the occurrence of the
Credit Support Depletion Date will be made as follows:                          

            (i)  first,  to the Class A-2  Certificates,  until the  Certificate
      Principal  Balance  thereof is reduced to zero,  an amount (the "Class A-2
Principal Distribution Amount") equal to the aggregate of:          

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

                  (B) the related Discount  Fraction of the principal portion of
            all unscheduled  collections on each Discount Mortgage Loan received
            during the preceding  calendar month (other than amounts received in
            connection with a Cash  Liquidation or REO Disposition of a Discount
            Mortgage Loan  described in clause (C) below),  including  Principal
            Prepayments in Full,  Curtailments and repurchases (including deemed
            repurchases  under Section 3.07(b)) of Discount  Mortgage Loans (or,
            in the  case of a  substitution  of a  Deleted  Mortgage  Loan,  the
            Discount  Fraction of the amount of any  shortfall  deposited in the
Custodial Account in connection with such substitution);

                  (C) in connection with the Cash Liquidation or REO Disposition
            of a  Discount  Mortgage  Loan  that did not  result  in any  Excess
            Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses
            or  Extraordinary  Losses,  an amount equal to the lesser of (1) the
            applicable Discount Fraction of the Stated Principal Balance of such
            Discount  Mortgage Loan immediately  prior to such Distribution Date
            and (2) the  aggregate  amount of the  collections  on such Mortgage
Loan to the extent applied as recoveries of principal;  

                  (D) any  amounts  allocable  to  principal  for  any  previous
            Distribution  Date  (calculated  pursuant to clauses (A) through (C)
above) that remain undistributed; and                   

                  (E) the amount of any Class A-2 Collection Shortfalls for such
            Distribution  Date  and  the  amount  of any  Class  A-2  Collection
            Shortfalls remaining unpaid for all previous Distribution Dates, but
            only to the extent of the Eligible Funds for such Distribution Date;

            (ii) the Senior Principal  Distribution  Amount shall be distributed
      to the  Class R  Certificates  until  the  Certificate  Principal  Balance
thereof has been reduced to zero;                                   

            (iii)  the  balance  of the  Senior  Principal  Distribution  Amount
      remaining after the distribution,  if any,  described in clause (ii) above
      shall be distributed to the Class A-1  Certificates  until the Certificate
Principal Balance thereof has been reduced to zero.                 

      (c) On or after the occurrence of the Credit Support  Depletion  Date, all
priorities  relating to  distributions  as described in Section 4.02(b) above in
respect of principal  among the various  classes of Class A Certificates  (other
than the Class A-2  Certificates)  and Class R Certificates  will be disregarded
and an  amount  equal to the  Discount  Fraction  of the  principal  portion  of
scheduled or  unscheduled  payments  received or advanced in respect of Discount
Mortgage Loans will be distributed to the Class A-2  Certificates and the Senior
Principal  Distribution  Amount will be distributed among all classes of Class A
Certificates (other than the Class A-2 Certificates) pro rata in accordance with
their respective  outstanding  Certificate Principal Balances and the amount set
forth in Section 4.02(a)(i) will be distributed as set forth therein.           

      (d) After reduction of the Certificate  Principal  Balances of the Class A
Certificates (other than the Class A-2 Certificates) and Class R Certificates to
zero but prior to the occurrence of the Credit Support Depletion Date, the Class
A Certificates  (other than the Class A-2 Certificates) and Class R Certificates
will be  entitled  to no further  distributions  of  principal  thereon  and the
Available  Distribution  Amount  will be paid solely to the holders of the Class
A-2,  Class A-3,  Class M and Class B  Certificates,  in each case as  described
herein.                                                                         

      (e) In  addition  to the  foregoing  distributions,  with  respect  to any
Mortgage Loan that was  previously  the subject of a Cash  Liquidation or an REO
Disposition that resulted in a Realized Loss, in the event that within two years
of the date on which such  Realized  Loss was  determined  to have  occurred the
Master Servicer receives amounts,  which the Master Servicer reasonably believes
to represent subsequent recoveries (net of any related liquidation expenses), or
determines that it holds surplus amounts previously  reserved to cover estimated
expenses, specifically related to such Mortgage Loan (including, but not limited
to,  recoveries in respect of the  representations  and  warranties  made by the
related  Seller  pursuant  to the  applicable  Seller's  Agreement),  the Master
Servicer shall distribute such amounts to the applicable  Certificateholders  of
the Class or Classes to which such Realized Loss was  allocated,  if applicable,
(with the amounts to be  distributed  allocated  among such  Classes in the same
proportions as such Realized Loss was allocated),  subject to the following:  No
such distribution shall be in an amount that would result in total distributions
on the  Certificates  of any such  Class  in  excess  of the  total  amounts  of
principal and interest that would have been  distributable  thereon if such Cash
Liquidation or REO  Disposition had occurred but had resulted in a Realized Loss
equal to zero. Notwithstanding the foregoing, no such distribution shall be made
with respect to the Certificates of any Class to the extent that either (i) such
Class was protected against the related Realized Loss pursuant to any instrument
or fund  established  under Section  11.01(e) or (ii) such Class of Certificates
has been deposited into a separate trust fund or other  structuring  vehicle and
separate certificates or other instruments  representing  interests therein have
been issued in one or more  classes,  and any of such separate  certificates  or
other  instruments was protected  against the related  Realized Loss pursuant to
any limited guaanty,  payment obligation,  irrevocable letter of credit,  surety
bond, insurance policy or similar instrument or a reserve fund, or a combination
thereof. Any amount to be so distributed with respect to the Certificates of any
Class shall be distributed by the Master Servicer to the  Certificateholders  of
record as of the Record Date immediately preceding the date of such distribution
(i) with  respect to the  Certificates  of any Class  (other  than the Class A-3
Certificates),  on a pro rata basis based on the Percentage Interest represented
by each  Certificate  of such Class as of such Record Date and (ii) with respect
to the Class A-3  Certificates,  to the Class A-3  Certificates  or any Subclass
thereof in the same proportion as the related  Realized Loss was allocated.  Any
amounts to be so distributed  shall not be remitted to or  distributed  from the
Trust Fund, and shall constitute  subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.                              

      (f) Each  distribution  with respect to a Book-Entry  Certificate shall be
paid  to the  Depository,  as  Holder  thereof,  and  the  Depository  shall  be
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" or "indirect  participating  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  except as  otherwise  provided  by this  Agreement  or
applicable law.                                                                 

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

Section 4.03.     Statements to Certificateholders.                 

      (a) Concurrently with each distribution charged to the Certificate Account
and with respect to each  Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee shall forward by mail to each Holder and the Company
a  statement  setting  forth  the  following  information  as to each  Class  of
Certificates to the extent applicable:                                          

            (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;                                                        

          the  amount  of such  distribution  to  Holders  of such  Class of
Certificates allocable to interest;                                 

            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;                                                          

          the  amount of any  Advance  by the Master  Servicer  pursuant  to
Section 4.04;                                                       

            the number and Pool Stated  Principal  Balance of the Mortgage Loans
      after giving effect to the distribution of principal on such  Distribution
Date;                                                               

            the  aggregate  Certificate  Principal  Balance  of  each  Class  of
      Certificates,  and each of the  Senior,  Class M and Class B  Percentages,
      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;               

          the  related   Subordinate   Principal   Distribution  Amount  and
Prepayment Distribution Percentage, if applicable;                  

            on  the  basis  of  the  most  recent  reports  furnished  to  it by
      Subservicers,  the number and  aggregate  principal  balances  of Mortgage
      Loans  that are  delinquent  (A) one  month,  (B) two months and (C) three
      months and the number and aggregate  principal  balance of Mortgage  Loans
that are in foreclosure;                                            

          the number,  aggregate principal balance and book value of any REO
Properties;                                                         

            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;                                     

            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;                      

            the weighted average Pool Strip Rate for such  Distribution Date and
      the Pass-Through  Rate with respect to the Class A-3 Certificates and each
Subclass, if any, thereof;                                          

        the Class A-3 Notional Amount and each Subclass Notional Amount;

the occurrence of the Credit Support Depletion Date;    

          the Senior Accelerated  Distribution Percentage applicable to such
distribution;                                                       

the Senior Percentage for such Distribution Date;       

          the  aggregate  amount of  Realized  Losses for such  Distribution
Date;                                                               

          the aggregate  amount of any  recoveries on previously  foreclosed
loans from Sellers due to a breach of representation or warranty;   

            the  weighted  average  remaining  term to maturity of the  Mortgage
      Loans after giving effect to the amounts  distributed on such Distribution
Date; and                                                           

            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. In addition to the statement provided to the Trustee as set
forth in this Section 4.03(a),  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.                       

      (b)  Within a  reasonable  period of time  after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a  statement  containing  the  information  set forth in clauses (i) and (ii) of
subsection  (a) above  aggregated  for such calendar year or applicable  portion
thereof during which such Person was a Certificateholder. Such obligation of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.                                       

      (c)  Within a  reasonable  period of time  after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.                                       

      (d)  Upon  the  written  request  of  any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.                                         

    Section 4.04.     Distribution   of  Reports  to  the   Trustee and  the
Company; Advances by the Master Servicer.   

      (a) Prior to the close of business  on the  Business  Day next  succeeding
each  Determination  Date, the Master Servicer shall furnish a written statement
to the  Trustee,  any Paying  Agent and the  Company  (the  information  in such
statement to be made available to  Certificateholders  by the Master Servicer on
request)  setting  forth (i) the  Available  Distribution  Amount;  and (ii) the
amounts  required to be withdrawn from the Custodial  Account and deposited into
the  Certificate  Account  on the  immediately  succeeding  Certificate  Account
Deposit Date pursuant to clause (iii) of Section 4.01(a).  The  determination by
the Master  Servicer of such amounts shall,  in the absence of obvious error, be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.                                                                   

      (b) On or before  2:00  P.M.  New York  time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or  before  such  Distribution  Date as par 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)(iii) 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 a certificate of a Servicing Officer delivered to
the Seller and the Trustee.                                                     

      In the event that 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.                                              

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 in the month in which such Distribution Date occurs. The
amount of each Realized Loss shall be evidenced by an Officers' Certificate. All
Realized Losses, other than Excess Special Hazard Losses,  Extraordinary Losses,
Excess Bankruptcy Losses or Excess Fraud Losses,  shall be allocated as follows:
first, to the Class B-3  Certificates  until the Certificate  Principal  Balance
thereof has been reduced to zero;  second,  to the Class B-2 Certificates  until
the Certificate  Principal  Balance thereof has been reduced to zero;  third, to
the Class B-1 Certificates  until the Certificate  Principal Balance thereof has
been  reduced  to  zero;  fourth,  to  the  Class  M-3  Certificates  until  the
Certificate  Principal  Balance thereof has been reduced to zero;  fifth, to the
Class M-2 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  sixth,  to the Class M-1  Certificates  until the  Certificate
Principal  Balance  thereof has been reduced to zero; and,  thereafter,  if such
Realized Losses are on a Discount  Mortgage Loan, to the Class A-2 Certificates,
in an amount equal to the Discount  Fraction of the principal  portion  thereof,
and the remainder of such Realized Losses and the entire amount of such Realized
Losses on Non-Discount  Mortgage Loans among all the Class A Certificates (other
than the Class A-2 Certificates) and Class R Certificates,  on a pro rata basis,
as  described  below.  The  principal  portion of any Excess  Special cess Fraud
Losses and Extraordinary  Losses on Discount Mortgage Loans will be allocated to
the Class A-2 Certificates in an amount equal to the related  Discount  Fraction
thereof,  and the  remainder of such losses on Discount  Mortgage  Loans and the
entire amount of such losses on  Non-Discount  Mortgage  Loans will be allocated
among the Class A Certificates (other than the Class A-2 Certificates), Class M,
Class B and Class R Certificates, on a pro rata basis, as described below.      

      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.  Any
allocation of the principal  portion of Realized Losses (other than Debt Service
Reductions)  to the Class B  Certificates  or, after the  Certificate  Principal
Balances of the Class B Certificates  have been reduced to zero, to the Class of
Class M Certificates  then  outstanding with the highest  numerical  designation
shall be made by operation of the definition of "Certificate  Principal Balance"
and by  operation  of the  provisions  of Section  4.02(a).  Allocations  of the
interest  portions of Realized  Losses shall be made in proportion to the amount
of Accrued  Certificate  Interest and by operation of the definition of "Accrued
Certificate  Interest" and by operation of the  provisions  of Section  4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the  provisions  of Section  4.02(a).  All Realized  Losses and all
other losses  allocated to a Class of  Certificates  hereunder will be allocated
among the  Certificates of such Class in proportion to the Percentage  Interests
evidenced thereby;  providd that if any Subclasses of the Class A-3 Certificates
have been issued  pursuant to Section  5.01(c),  all  Realized  Losses and other
losses  allocated to the Class A-3  Certificates  shall be allocated  among such
Subclasses  in  proportion  to the  respective  amounts of  Accrued  Certificate
Interest payable on such  Distribution Date that would have resulted absent such
reductions.                                                                     

    Section 4.06.     Reports of Foreclosures  and Abandonment  of Mortgaged
Property.                                   

      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.  Notwithstanding
anything  to the  contrary  in this  Section  4.07,  the Master  Servicer  shall
continue to service any such  Mortgage  Loan after the date of such  purchase in
accordance  with the terms of this  Agreement  and,  if any  Realized  Loss with
respect to such Mortgage  Loan occurs,  allocate such Realized Loss to the Class
or  Classes  of  Certificates  that  would  have  borne  such  Realized  Loss in
accordance  with  the  terms  hereof  as if such  Mortgage  Loan had not been so
purchased.  For purposes of this  Agreement,  a payment of the Purchase Price by
the Master Servicer  pursuant to this Section 4.07 will be viewed as an advance,
and the  amount  of any  Realized  Loss  shall be  recoverable  pursuant  to the
provisions for the recovery of  unreimbursed  Advances under Section 4.02(a) or,
to the extent not recoverable under such provisions, as a Nonrecoverable Advance
as set forth herein.                                                            

Section 4.08.     Surety Bond.                                      

      (a) If a Required  Surety  Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.                                                           

      (b) Upon receipt of a Required Surety Payment from the Surety on behalf of
the Holders of  Certificates,  the Trustee shall  deposit such  Required  Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.                                                                           

      (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.          

EX-19
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ARTICLE V   

THE CERTIFICATES  

Section 5.01.     The Certificates.                                 

      (a) The Class A, Class M, Class B and Class R Certificates,  respectively,
shall be  substantially  in the forms set  forth in  Exhibits  A, B, C and D 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,  other than the Class R
Certificates  and Class A-3  Certificates,  shall be issuable in minimum  dollar
denominations  of $25,000 (or $250,000 in the case of the Class M-2,  Class M-3,
Class B-1, Class B-2 and Class B-3 Certificates)  plus integral  multiples of $1
(in the case of the Class A Certificates, other than the Class A-2 Certificates)
or $1,000 (in the case of the Class A-2,  Class M and Class B  Certificates)  in
excess thereof, except that one Certificate of each of the Class A-2, Class M-3,
Class B-2 and Class B-3  Certificates  may be issued in a denomination  equal to
the  denomination  set  forth  as  follows  for  such  Class  or the sum of such
denomination plus an integral multiple of $1,000:                               

      Class A-2 $43,142.76 Class M-3 $419,700.00 Class B-2 $262,400.00 Class B-3
$263,388.53                                                         

      The Class R Certificates and Class A-3  Certificates  shall be issuable in
minimum  denominations  of not less than a 20%  Percentage  Interest;  provided,
however, that one Class R Certificate will be issuable to Residential Funding as
"tax  matters  person"  pursuant  to  Section  10.01(c)  and  (e)  in a  minimum
denomination  representing  a Percentage  Interest of not less than 0.01%.  Each
Subclass of Class A-3 Certificates  shall be issuable as a single certificate as
provided in Section 5.01(c).                                                    

      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) The Class A Certificates,  other than the Class A-2  Certificates  and
Class A-3  Certificates,  shall initially be issued as one or more  Certificates
registered in the name of the Depository or its nominee and,  except as provided
below,  registration of such  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 Class A
Certificateholders  shall hold their  respective  Ownership  Interests in and to
each of the Class A  Certificates,  other  than the Class A-2  Certificates  and
Class A-3 Certificates, through the book-entry facilities of the Depository and,
except as provided  below,  shall not be entitled to Definitive  Certificates in
respect of such  Ownership  Interests.  All transfers by  Certificate  Owners of
their respective  Ownership  Interests in the Book-Entry  Certificates  shall be
made in accordance with the procedures established by the Depository Participant
or  brokerage  firm  representing   such  Certificate   Owner.  Each  Depository
Participant  shall  transfer  the  Ownership  Interests  only in the  Book-Entry
Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository's normal procedures.         

      The  Trustee,  the Master  Servicer  and the Company may for all  purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.                                   

      If (i)(A) the Company  advises the Trustee in writing that the  Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.                                                

      (c) From time to time  Residential  Funding,  as the initial Holder of the
Class A-3  Certificates,  may exchange such Holder's Class A-3  Certificates for
Subclasses  of Class A-3  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit Q executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated  REMIC Regular Interests  corresponding to the
Class A-3 Certificates so surrendered for exchange. Any Subclass so issued shall
bear  a  numerical  designation  commencing  with  Class  A-3-1  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  REMIC Regular Interests  corresponding to
any Subclass,  the initial Subclass 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  REMIC  Regular  Interest
designated  on an 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-3  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 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 and
(B) the Trustee shall require the transferee to execute a representation letter,
substantially in the form of Exhibit J hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of
Exhibit K 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  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 L 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  proposedtransferor  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) In the case of any Class M, Class B or Class R  Certificate  presented
for registration in the name of any Person, either (i) 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 M, Class B or Class R Certificate is permissible  under
applicable  law,  will not  constitute  or result in any  non-exempt  prohibited
transaction under Section 406 of the Employee  Retirement Income Security Act of
1974,  as  amended  ("ERISA"),  or  Section  4975  of the  Code  (or  comparable
provisions of any subsequent enactments),  and will not subject the Trustee, the
Company  or the  Master  Servicer  to any  obligation  or  liability  (including
obligations or liabilities  under ERISA or Section 4975 of the Code) in addition
to those undertaken in this Agreement,  which Opinion of Counsel shall not be an
expense  of the  Trustee,  the  Company  or the  Master  Servicer  or  (ii)  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 J-1 (with respect to any Class B Certificate),  Exhibit J-2 (with
respect to any Class M Certificate)  or paragraph  fourteen of Exhibit I-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  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.                            

      (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 I-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  I-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
I-2.                                                    

                  (E) Each Person holding or acquiring an Ownership  Interest in
            a Class R Certificate,  by purchasing an Ownership  Interest in such
            Certificate,  agrees to give the Trustee written notice that it is a
            "pass-through  interest  holder"  within the  meaning  of  Temporary
            Treasury  Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
            acquiring an Ownership Interest in a Class R Certificate,  if it is,
            or is holding an  Ownership  Interest  in a Class R  Certificate  on
behalf of, a "pass-through interest holder."            

            (ii)  The  Trustee  will  register  the  Transfer  of  any  Class  R
      Certificate  only if it shall have  received  the Transfer  Affidavit  and
      Agreement,  a certificate  of the Holder  requesting  such transfer in the
      form  attached  hereto as Exhibit I-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.  Such purchaser may be the Master  Servicer  itself or any
            Affiliate of the Master Servicer.  The proceeds of such sale, net of
            the commissions (which may include commissions payable to the Master
            Servicer or its Affiliates), expenses and taxes due, if any, will be
            remitted by the Master  Servicer to such purported  Transferee.  The
            terms and conditions of any sale under this clause (iii)(B) shall be
            determined in the sole  discretion of the Master  Servicer,  and the
            Master  Servicer  shall  not be  liable  to  any  Person  having  an
            Ownership  Interest  in a Class R  Certificate  as a  result  of its
exercise of such discretion.                            

            (iv) The  Master  Servicer,  on behalf of the  Trustee,  shall  make
      available,   upon  written  request  from  the  Trustee,  all  information
      necessary to compute any tax imposed (A) as a result of the Transfer of an
      Ownership  Interest  in a  Class  R  Certificate  to any  Person  who is a
      Disqualified  Organization,  including the information  regarding  "excess
      inclusions"  of such Class R  Certificates  required to be provided to the
      Internal  Revenue  Service and certain  Persons as  described  in Treasury
      Regulations  Sections  1.860D-1(b)(5)  and  1.860E-2(a)(5),  and  (B) as a
      result of any regulated investment company,  real estate investment trust,
      common trust fund, partnership, trust, estate or organization described in
      Section  1381 of the Code that holds an  Ownership  Interest  in a Class R
      Certificate  having as among its record holders at any time any Person who
      is a Disqualified Organization. Reasonable compensation for providing such
information may be required by the Master Servicer from such Person.

            (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 Class A,  Class M, Class B or
            Class R 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),  a 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 the Trust  Fund to cease to  qualify as a
            REMIC  and will not cause (x) the  Trust  Fund to be  subject  to an
            entity-level  tax caused by the Transfer of any Class R  Certificate
            to  a  Person  that  is  a  Disqualified   Organization   or  (y)  a
            Certificateholder or another Person to be subject to a REMIC-related
            tax caused by the Transfer of a Class R Certificate to a Person that
is not a Permitted Transferee.                          

      (g) No  service  charge  shall be made for any  transfer  or  exchange  of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.                       

      (h) All  Certificates  surrendered  for  transfer  and  exchange  shall be
destroyed by the Certificate Registrar.                                         

Section 5.03.     Mutilated, Destroyed, Lost or Stolen Certificates.

      If (i)  any  mutilated  Certificate  is  surrendered  to  the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.                                                                           

Section 5.04.     Persons Deemed Owners.                            

      Prior to due  presentation of a Certificate for  registration of transfer,
the Company, the Master Servicer, the Trustee, the Certificate Registrar and any
agent of the  Company,  the Master  Servicer,  the  Trustee  or the  Certificate
Registrar  may treat the Person in whose name any  Certificate  is registered as
the  owner  of such  Certificate  for the  purpose  of  receiving  distributions
pursuant to Section 4.02 and for all other purposes whatsoever, except as and to
the extent  provided in the definition of  "Certificateholder,"  and neither the
Company,  the Master Servicer,  the Trustee,  the Certificate  Registrar nor any
agent of the  Company,  the Master  Servicer,  the  Trustee  or the  Certificate
Registrar  shall be  affected  by notice to the  contrary  except as provided in
Section 5.02(f).                                                                

Section 5.05.     Appointment of Paying Agent.                      

      The  Trustee  may  appoint  a  Paying  Agent  for the  purpose  of  making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.                        

      The Trustee  shall  cause each Paying  Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.                                                           

Section 5.06.     Optional Purchase of Certificates.                

      (a) On any Distribution Date on which the Pool Stated Principal Balance is
less than ten  percent of the Cut-off  Date  Principal  Balance of the  Mortgage
Loans,  either the Master  Servicer or the Company shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal  Balance of the Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously unpaid Accrued Certificate Interest.                  

      (b) The Master  Servicer or the  Company,  as  applicable,  shall give the
Trustee not less than 60 days' prior  notice of the  Distribution  Date on which
the Master  Servicer or the Company,  as  applicable,  anticipates  that it will
purchase  the  Certificates  pursuant  to  Section  5.06(a).  Notice of any such
purchase,  specifying the Distribution Date upon which the Holders may surrender
their  Certificates  to the Trustee for payment in accordance  with this Section
5.06,  shall be  given  promptly  by the  Master  Servicer  or the  Company,  as
applicable,  by letter  to  Certificateholders  (with a copy to the  Certificate
Registrar and each Rating  Agency)  mailed not earlier than the 15th day and not
later  than the 25th day of the month  next  preceding  the month of such  final
distribution, specifying:                                                       

            (i) the Distribution Date upon which purchase of the Certificates is
      anticipated   to  be  made  upon   presentation   and  surrender  of  such
   Certificates at the office or agency of the Trustee therein designated,

(ii)  the purchase price therefor, if known, and        

            (iii) that the Record Date otherwise applicable to such Distribution
      Date is not  applicable,  payments being made only upon  presentation  and
      surrender  of the  Certificates  at the  office or  agency of the  Trustee
therein specified.                                                  

      If either the Master  Servicer or the Company  gives the notice  specified
above, the Master Servicer or the Company,  as applicable,  shall deposit in the
Certificate  Account before the Distribution Date on which the purchase pursuant
to Section  5.06(a) is to be made, in  immediately  available  funds,  an amount
equal to the purchase price for the Certificates computed as provided above.    

      (c) Upon  presentation  and surrender of the  Certificates to be purchased
pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall distribute
to such Holders an amount equal to the outstanding Certificate Principal Balance
thereof  plus the sum of Accrued  Certificate  Interest  thereon for the related
Interest Accrual Period and any previously unpaid Accrued  Certificate  Interest
with respect thereto.                                                           

      (d) In the  event  that  any  Certificateholders  do not  surrender  their
Certificates on or before the Distribution  Date on which a purchase pursuant to
this Section 5.06 is to be made,  the Trustee shall on such date cause all funds
in the  Certificate  Account  deposited  therein by the Master  Servicer  or the
Company,  as applicable,  pursuant to Section 5.06(b) to be withdrawn  therefrom
and   deposited  in  a  separate   escrow   account  for  the  benefit  of  such
Certificateholders, and the Master Servicer or the Company, as applicable, shall
give a second  written  notice to such  Certificateholders  to  surrender  their
Certificates  for payment of the purchase price  therefor.  If within six months
after the second  notice any  Certificate  shall not have been  surrendered  for
cancellation, the Trustee shall take appropriate steps as directed by the Master
Servicer  or the  Company,  as  applicable,  to  contact  the  Holders  of  such
Certificates concerning surrender of their Certificates.  The costs and expenses
of maintaining the escrow account and of contacting  Certificateholders shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any  Certificates  shall not have been  surrendered  for
cancellation  in accordance with this Section 5.06, the Trustee shall pay to the
Master Servicer or the Company, as applicable,  all amounts distributable to the
Holders  thereof and the Master  Servicer or the Company,  as applicable,  shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master  Servicer or the Company,  as  applicable,  as a
result of such  Certificateholder's  failure to surrender its Certificate(s) for
payment in  accordance  with this  Section  5.06.  Any  Certificate  that is not
surrendered  on the  Distribution  Date on  which a  purchase  pursuant  to this
Section 5.06 occurs as provided  above will be deemed to have been purchased and
the Holder as of such date will have no righs  with  respect  thereto  except to
receive the purchase price therefor minus any costs and expenses associated with
such escrow account and notices allocated thereto. Any Certificates so purchased
or  deemed  to have  been  purchased  on such  Distribution  Date  shall  remain
outstanding hereunder. The Master Servicer or the Company, as applicable,  shall
be for all purposes the Holder thereof as of such date.                         

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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 will each keep in full effect its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.                      

      (b) Any Person into which the Company or the Master Servicer may be merged
or consolidated,  or any corporation  resulting from any merger or consolidation
to which the  Company or the  Master  Servicer  shall be a party,  or any Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified  to service  mortgage  loans on behalf of FNMA or FHLMC;  and
provided  further  that each Rating  Agency's  ratings,  if any, of the Class A,
Class M, Class B or Class R  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).      

      (c) Notwithstanding anything else in this Section 6.02 and Section 6.04 to
the contrary,  the Master Servicer may assign its rights and delegate its duties
and obligations  under this Agreement;  provided that the Person  accepting such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage  loans on behalf of FNMA or FHLMC,  is reasonably  satisfactory  to the
Trustee and the Company,  is willing to service the Mortgage  Loans and executes
and delivers to the Company and the Trustee an agreement,  in form and substance
reasonably  satisfactory  to the  Company  and the  Trustee,  which  contains an
assumption by such Person of the due and punctual  performance and observance of
each covenant and  condition to be performed or observed by the Master  Servicer
under this Agreement;  provided  further that each Rating Agency's rating of the
Classes of Certificates that have been rated in effect immediately prior to such
assignment  and  delegation  will not be  qualified,  reduced or  withdrawn as a
result of such  assignment  and  delegation  (as  evidenced  by a letter to such
effect  from  each  Rating  Agency).  In the  case of any  such  assignment  and
delegation,  the Master  Servicer shall be released from its  obligations  under
this  Agreement,  except that the Master  Servicer  shall remain  liable for all
liabilities and obligations incurred by it as Master Servicer hereunder prior to
the  satisfaction  of the conditions to such assignment and delegation set forth
in the next preceding sentence.                                                 
    Section 6.03.     Limitation  on Liability  of the  Company,  the Master
Servicer and Others.                        

      Neither  the  Company,  the  Master  Servicer  nor  any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.                                                                      

      Neither the Company nor the Master  Servicer shall be under any obligation
to  appear  in,  prosecute  or  defend  any  legal  or  administrative   action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.                                                             

Section 6.04.     Company and Master Servicer Not to Resign.        

      Subject to the  provisions  of Section  6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.                                    

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ARTICLE VII   

DEFAULT   

Section 7.01.     Events of Default.                                

      Event of Default,  wherever  used herein,  means any one of the  following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):                                           

            (i) the  Master  Servicer  shall fail to  distribute  or cause to be
      distributed to the Holders of Certificates  of any Class any  distribution
      required to be made under the terms of the  Certificates of such Class and
      this Agreement and, in either case, such failure shall continue unremedied
      for a period of 5 days  after the date upon which  written  notice of such
      failure,  requiring such failure to be remedied,  shall have been given to
      the  Master  Servicer  by the  Trustee  or the  Company  or to the  Master
      Servicer,  the Company and the Trustee by the Holders of  Certificates  of
      such Class evidencing  Percentage Interests aggregating not less than 25%;
or                                                                  

            (ii) the  Master  Servicer  shall  fail to observe or perform in any
      material  respect any other of the  covenants or agreements on the part of
      the Master Servicer  contained in the Certificates of any Class or in this
      Agreement and such failure shall  continue  unremedied  for a period of 30
      days (except that such number of days shall be 15 in the case of a failure
      to pay the premium for any Required  Insurance  Policy)  after the date on
      which written  notice of such failure,  requiring the same to be remedied,
      shall  have  been  given to the  Master  Servicer  by the  Trustee  or the
      Company,  or to the Master  Servicer,  the  Company and the Trustee by the
      Holders of Certificates of any Class  evidencing,  in the case of any such
Class, Percentage Interests aggregating not less than 25%; or       

            (iii)  a  decree  or  order  of a court  or  agency  or  supervisory
      authority having jurisdiction in the premises in an involuntary case under
      any present or future federal or state  bankruptcy,  insolvency or similar
      law  or  appointing  a  conservator  or  receiver  or  liquidator  in  any
      insolvency, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings,  or for the winding-up or liquidation of its affairs,
      shall have been  entered  against the Master  Servicer  and such decree or
      order shall have remained in force  undischarged  or unstayed for a period
of 60 days; or                                                      

            (iv) the  Master  Servicer  shall  consent to the  appointment  of a
      conservator or receiver or liquidator in any  insolvency,  readjustment of
      debt, marshalling of assets and liabilities, or similar proceedings of, or
      relating  to,  the  Master   Servicer  or  of,  or  relating  to,  all  or
substantially all of the property of the Master Servicer; or        

            (v) the Master  Servicer shall admit in writing its inability to pay
      its debts  generally as they become due, file a petition to take advantage
      of, or  commence a voluntary  case under,  any  applicable  insolvency  or
      reorganization  statute,  make  an  assignment  for  the  benefit  of  its
creditors, or voluntarily suspend payment of its obligations; or    

            (vi) the Master  Servicer  shall  notify  the  Trustee  pursuant  to
      Section 4.04(b) that it is unable to deposit in the Certificate Account an
amount equal to the Advance.                                        

      If an Event of Default  described in clauses (i)-(v) of this Section shall
occur,  then,  and in each and every such case, so long as such Event of Default
shall not have been remedied,  either the Company or the Trustee may, and at the
direction  of Holders  of  Certificates  entitled  to at least 51% of the Voting
Rights,  the Trustee shall,  by notice in writing to the Master Servicer (and to
the Company if given by the Trustee or to the Trustee if given by the  Company),
terminate all of the rights and  obligations  of the Master  Servicer under this
Agreement and in and to the Mortgage Loans and the proceeds thereof,  other than
its rights as a Certificateholder hereunder. If an Event of Default described in
clause (vi) hereof  shall  occur,  the  Trustee  shall,  by notice to the Master
Servicer  and  the  Company,   immediately  terminate  all  of  the  rights  and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder,  incuding, 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. 

  Section 7.02.     Trustee or Company to Act; Appointment of Successor.

      On and after the time the Master Servicer receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which is also a FNMA- or FHLMC-approved mortgage servicing institution, having a
net worth of not less than  $10,000,000 as the successor to the Master  Servicer
hereunder in the assumption of all or any part of the  responsibilities,  duties
or  liabilities  of the Master  Servicer  hereunder.  Pending  appointment  of a
successor to the Master Servicer  hereunder,  the Trustee shall become successor
to the Master  Servicer and shall act in such capacity as hereinabove  provided.
In connection with such  appointment  and assumption,  the Trustee may make such
arrangements  for the compensation of such successor out of payments on Mortgage
Loans as it and such  successor  shall agree;  provided,  however,  that no such
compensation  shall be in excess of that permitted the initial  Master  Servicer
hereunder. The Company, the Trustee, the Custodian and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate
any  such  succession.  The  Servicing  Fee for any  successor  Master  Servicer
appointed  pursuant to this  Section  7.02 will be lowered with respect to those
Mortgage  Loans,  if any, where the  Subservicing  Fee accrues at a rate of less
than  0.20% per annum in the event that the  successor  Master  Servicer  is not
servicing  such Mortgage Loans directly and it is necessary to raise the related
Subservicing  Fee to a rate of 0.20%  per  annum in order to hire a  Subservicer
with respect to such Mortgage Loans.                                            

Section 7.03.     Notification to Certificateholders.               

      (a) Upon any such  termination or appointment of a successor to the Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.                                                                       

      (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),  (ii) or (iii). 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 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 the Trust Fund as a REMIC under the REMIC  Provisions and (subject to Section
10.01(f))  to prevent the  imposition  of any  federal,  state or local  income,
prohibited  transaction,  contribution  or other  tax on the  Trust  Fund to the
extent that  maintaining  such  status and  avoiding  such taxes are  reasonably
within the  control of the Trustee  and are  reasonably  within the scope of its
duties under this Agreement.                                                    

      (c) No  provision  of this  Agreement  shall be  construed  to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:                  

            (i) Prior to the  occurrence  of an Event of Default,  and after the
      curing or waiver of all such  Events of Default  which may have  occurred,
      the duties and  obligations  of the Trustee shall be determined  solely by
      the express provisions of this Agreement,  the Trustee shall not be liable
      except  for  the  performance  of  such  duties  and  obligations  as  are
      specifically  set  forth  in  this  Agreement,  no  implied  covenants  or
      obligations  shall be read into this Agreement against the Trustee and, in
      the  absence  of bad faith on the part of the  Trustee,  the  Trustee  may
      conclusively  rely, as to the truth of the statements and the  correctness
      of the  opinions  expressed  therein,  upon any  certificates  or opinions
      furnished  to the Trustee by the Company or the Master  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;                           

            (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),  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 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.                                                          

      (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 the Trust Fund to fail to
qualify as a REMIC at any time that any  Certificates  are  outstanding  or (ii)
cause  the  Trust  Fund to be  subject  to any  federal  tax as a result of such
contribution  (including  the  imposition  of any  federal  tax  on  "prohibited
transactions" imposed under Section 860F(a) of the Code).                       

    Section 8.03.     Trustee Not Liable for Certificates or Mortgage Loans.

      The  recitals  contained  herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related  document.  Except as
otherwise  provided herein,  the Trustee shall not be accountable for the use or
application by the Company or the Master Servicer of any of the  Certificates or
of the proceeds of such Certificates, or for the use or application of any funds
paid to the Company or the Master  Servicer in respect of the Mortgage  Loans or
deposited in or withdrawn from the Custodial Account or the Certificate  Account
by the Company or the Master Servicer.                                          

Section 8.04.     Trustee May Own Certificates.                     

      The Trustee in its  individual or any other  capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.                                                                        

    Section 8.05.     Master  Servicer to Pay Trustee's  Fees  and Expenses;
Indemnification.                            

      (a) The Master Servicer covenants and agrees to pay to the Trustee and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.                          

      (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 its part,  arising out of, or in connection
with, the acceptance and  administration of the Trust Fund,  including the costs
and expenses (including  reasonable legal fees and expenses) of defending itself
against any claim in connection  with the exercise or  performance of any of its
powers or duties under this  Agreement  and the  Custodial  Agreement,  provided
that:                                                                           

            (i) with respect to any such claim, the Trustee shall have given the
      Master  Servicer  written notice thereof  promptly after the Trustee shall
have actual knowledge thereof;                                      

            (ii) while  maintaining  control over its own  defense,  the Trustee
      shall  cooperate and consult  fully with the Master  Servicer in preparing
such defense; and                                                   

            (iii)  notwithstanding  anything in this  Agreement to the contrary,
      the Master Servicer shall not be liable for settlement of any claim by the
      Trustee  entered  into  without the prior  consent of the Master  Servicer
which consent shall not be unreasonably withheld.                   

      No termination of this Agreement shall affect the  obligations  created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.                                  

      Notwithstanding the foregoing,  the indemnification provided by the Master
Servicer in this  Section  8.05(b)  shall not pertain to any loss,  liability or
expense of the Trustee,  including  the costs and  expenses of defending  itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.                                                                      

Section 8.06.     Eligibility Requirements for Trustee.             

      The Trustee  hereunder  shall at all times be a corporation  or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.        

Section 8.07.     Resignation and Removal of the Trustee.           

      (a) The Trustee may at any time resign and be  discharged  from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by 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 suc Certificates.                                

      (c) The  Holders of  Certificates  entitled  to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.                             

      (d) Any  resignation  or  removal  of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.                                                                   

Section 8.08.     Successor Trustee.                                

      (a) Any  successor  trustee  appointed  as provided in Section  8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.       

      (b) No  successor  trustee  shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.                                  

      (c) Upon  acceptance of appointment by a successor  trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.             

Section 8.09.     Merger or Consolidation of Trustee.               

      Any corporation or national banking association into which the Trustee may
be merged or converted or with which it may be  consolidated  or any corporation
or  national  banking  association  resulting  from any  merger,  conversion  or
consolidation  to which the  Trustee  shall be a party,  or any  corporation  or
national banking association succeeding to the business of the Trustee, shall be
the successor of the Trustee  hereunder,  provided such  corporation or national
banking  association  shall be eligible  under the  provisions  of Section 8.06,
without the  execution  or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding.  The
Trustee  shall  mail  notice  of  any  such  merger  or   consolidation  to  the
Certificateholders at their address as shown in the Certificate Register.       

Section 8.10.     Appointment of Co-Trustee or Separate Trustee.    

      (a)  Notwithstanding  any other  provisions  hereof,  at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.                         

      (b) In the case of any  appointment  of a co-trustee  or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.            

      (c) Any notice,  request or other  writing  given to the Trustee  shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.                                

      (d) Any separate  trustee or co-trustee  may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.                                                              

Section 8.11.     Appointment of Custodians.                        

      The Trustee may, with the consent of the Master  Servicer and the Company,
appoint one or more Custodians who are not Affiliates of the Company, the Master
Servicer or any Seller to hold all or a portion of the  Mortgage  Files as agent
for the  Trustee,  by entering  into a Custodial  Agreement.  Subject to Article
VIII, the Trustee  agrees to comply with the terms of each  Custodial  Agreement
and to enforce the terms and  provisions  thereof  against the Custodian for the
benefit  of  the  Certificateholders.  Each  Custodian  shall  be  a  depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.                                                                   

Section 8.12.     Appointment of Office or Agency.                  

      The  Trustee  will  maintain  an  office or agency in the City of New York
where  Certificates may be surrendered for registration of transfer or exchange.
The Trustee initially  designates its offices located at Four Albany Street, New
York, New York, 10006, for the purpose of keeping the Certificate Register.  The
Trustee will maintain an office at the address stated in Section 11.05(c) hereof
where  notices and  demands to or upon the Trustee in respect of this  Agreement
may be served.                                                                  

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ARTICLE IX  

TERMINATION   

    Section 9.01.     Termination  Upon  Purchase by the Master  Servicer or
     the Company or Liquidation of All Mortgage Loans.

      (a)   Subject  to   Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:                                                                             

            (i) the  later of the final  payment  or other  liquidation  (or any
      Advance with respect  thereto) of the last Mortgage Loan  remaining in the
      Trust Fund or the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan, or                

            (ii) the  purchase  by the  Master  Servicer  or the  Company of all
      Mortgage  Loans and all property  acquired in respect of any Mortgage Loan
      remaining  in the  Trust  Fund at a  price  equal  to  100% of the  unpaid
      principal  balance  of each  Mortgage  Loan or, if less  than such  unpaid
      principal  balance,  the  fair  market  value  of the  related  underlying
      property of such Mortgage Loan with respect to Mortgage  Loans as to which
      title has been acquired if such fair market value is less than such unpaid
      principal  balance  (net  of any  unreimbursed  Advances  attributable  to
      principal) on the day of repurchase plus accrued  interest  thereon at the
      Net Mortgage  Rate (or the  Modified  Net  Mortgage  Rate in the case of a
      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 the Trust Fund as a
REMIC.                                                              

      The right of the Master Servicer or the Company to purchase all the assets
of the Trust Fund  pursuant  to clause (ii) above is  conditioned  upon the Pool
Stated Principal  Balance as of the Final  Distribution Date being less than ten
percent of the Cut-off Date  Principal  Balance of the Mortgage  Loans.  If such
right is exercised by the Master  Servicer,  the Master Servicer shall be deemed
to have  been  reimbursed  for the  full  amount  of any  unreimbursed  Advances
theretofore  made by it with respect to the  Mortgage  Loans.  In addition,  the
Master Servicer or the Company, as applicable,  shall provide to the Trustee the
certification  required by Section 3.15 and the Trustee and any Custodian shall,
promptly following payment of the purchase price, release to the Master Servicer
or the Company,  as applicable,  the Mortgage  Files  pertaining to the Mortgage
Loans being purchased.                                                          

      (b) The  Master  Servicer  or,  in the case of a final  distribution  as a
result of the exercise by the Company of its right to purchase the assets of the
Trust  Fund,  the  Company  shall give the  Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company,  as
applicable,   anticipates   that  the  final   distribution   will  be  made  to
Certificateholders  (whether as a result of the exercise by the Master  Servicer
or the  Company  of its  right to  purchase  the  assets  of the  Trust  Fund or
otherwise).  Notice  of  any  termination,   specifying  the  anticipated  Final
Distribution  Date (which shall be a date that would otherwise be a Distribution
Date) upon which the  Certificateholders may surrender their Certificates to the
Trustee  (if  so  required  by the  terms  hereof)  for  payment  of  the  final
distribution and cancellation, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust  Fund),  or by the  Trustee  (in any  other  case) by letter to the
Certificateholders  mailed not earlier  than the 15th day and not later than the
25th day of the  month  next  preceding  the  month of such  final  distribution
specifying:                                                                     

            (i) the anticipated Final Distribution Date upon which final payment
      of the  Certificates  is  anticipated  to be made  upon  presentation  and
      surrender of  Certificates  at the office or agency of the Trustee therein
designated,                                                         

(ii) the amount of any such final payment, if known, and

            (iii) that the Record Date otherwise applicable to such Distribution
      Date is not applicable,  and in the case of the Class A, Class M and Class
      R  Certificates,  that  payment  will be made only upon  presentation  and
      surrender  of the  Certificates  at the  office or  agency of the  Trustee
therein specified.                                                  

      If the Master Servicer or the Company, as applicable, is obligated to give
notice to  Certificateholders  as  aforesaid,  it shall give such  notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, shall deposit in the Certificate Account
before the Final  Distribution  Date in  immediately  available  funds an amount
equal to the purchase  price for the assets of the Trust Fund  computed as above
provided.                                                                       

      (c) In the case of the Class A, Class M and the Class R Certificates, upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master Servicer's or the Company's election to repurchase, or (ii) if the Master
Servicer  or the  Company  elected to so  repurchase,  an amount  determined  as
follows:  (A) with  respect  to each  Certificate  the  outstanding  Certificate
Principal  Balance thereof,  plus Accrued  Certificate  Interest for the related
Interest  Accrual Period thereon and any previously  unpaid Accrued  Certificate
Interest,  subject to the  priority set forth in Section  4.02(a),  and (B) with
respect to the Class R  Certificates,  any excess of the amounts  available  for
distribution  (including  the  repurchase  price  specified  in  clause  (ii) of
subsection  (a) of this  Section)  over the total amount  distributed  under the
immediately preceding clause (A).                                               

      (d) In the event that 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 or
the Company,  as applicable (if it exercised its right to purchase the assets of
the Trust Fund),  or the Trustee (in any other case) shall give a second written
notice to the remaining  Certificateholders  to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.  If within
six  months  after  the  second  notice  any  Certificate  shall  not have  been
surrendered  for  cancellation,  the  Trustee  shall take  appropriate  steps as
directed by the Master  Servicer or the Company,  as applicable,  to contact the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer or the Company, as applicable, all amounts distributable to the holders
thereof and the Master Servicer or the Company, as applicable,  shall thereafter
hold such amounts until distributed to such holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  or the  Company,  as  applicable,  as a result of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.                                   

Section 9.02.     Additional Termination Requirements.              

      (a) 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 the Trust Fund to comply with the  requirements of this Section 9.02 will not
(i) result in the imposition on the Trust of taxes on "prohibited transactions,"
as described  in Section 860F of the Code,  or (ii) cause the Trust Fund 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 the Trust Fund,  as the case may be, 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
      the Trust Fund,  as the case may be,  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;
      provided,  however,  that in the event that a calendar  quarter ends after
      the commencement of the 90-day  liquidation  period but prior to the Final
      Distribution  Date, the Master  Servicer or the Company shall not purchase
      any of the assets of the Trust  Fund  prior to the close of that  calendar
quarter.                                                            

      (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 the Trust Fund at the expense of the Trust Fund
in accordance with the terms and conditions of this Agreement.                  

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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 a REMIC under the Code and, if necessary,  under  applicable  state law. 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 the REMIC  election in respect of
the Trust  Fund,  each of the Class A (other  than the Class A-3  Certificates),
Class M and Class B Certificates and the Uncertificated  REMIC Regular Interests
shall be  designated  as the "regular  interests"  and the Class R  Certificates
shall be designated as the sole class of "residual  interests" in the REMIC. The
REMIC  Administrator  and the  Trustee  shall not  permit  the  creation  of any
"interests"  (within the meaning of Section 860G of the Code) in the REMIC other
than the Certificates and the Uncertificated REMIC Regular Interests.           

      (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 of all Class R Certificates and shall be designated
as "the tax matters  person"  with  respect to the REMIC in the manner  provided
under  Treasury   regulations   section   1.860F-4(d)  and  temporary   Treasury
regulations  section  301.6231(a)(7)-1T.  Residential  Funding,  as tax  matters
person,  shall (i) act on behalf of the 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 the 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.                                                                        

      (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 of the REMIC. 

      (f) The  Master  Servicer  and the  REMIC  Administrator  shall  take such
actions and shall cause the 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  thereof  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 the
REMIC as a REMIC  or (ii)  result  in the  imposition  of a tax  upon the  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 the 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 prceding  sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and  that all  other  preconditions  to the  taking  of such  action  have  been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized   hereunder)   as  to  which  the  Master   Servicer   or  the  REMIC
Administrator,  as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect  that an Adverse  REMIC  Event could occur with
respect to such action. In addition,  prior to taking any action with respect to
the REMIC or its assets,  or causing the 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 the REMIC,  and the Trustee  shall not take
any such  action  or cause  the  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 the REMIC 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
the REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net  income  from  foreclosure  property"  of the REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to the 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 the REMIC 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 the REMIC 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 the 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 the REMIC will receive a fee or
other  compensation for services nor permit the 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.   

      (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  Class A-3
Certificates)  representing a regular  interest in the REMIC would be reduced to
zero is October 25, 2012, which is the Distribution  Date immediately  following
the latest scheduled maturity of any Mortgage Loan. The latest possible Maturity
Date for each  Uncertificated  REMIC Regular Interest is October 25, 2012, which
is the  Distribution  Date immediately  following the latest scheduled  maturity
date of any Mortgage Loan.                                                      

      (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 the REMIC.                                 

      (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 the REMIC, (iii) the termination of
the 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 the REMIC,  nor sell or dispose of any  investments  in the Custodial
Account or the Certificate  Account for gain nor accept any contributions to the
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 the 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 the 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 and
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. 

      (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.       

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ARTICLE XI  

MISCELLANEOUS PROVISIONS  

Section 11.01.    Amendment.                                        

      (a) This Agreement or any Custodial  Agreement may be amended from time to
time by the Company, the Master Servicer and the Trustee, without the consent of
any of the Certificateholders:                                                  

(i)   to cure any ambiguity,                            

            (ii) to correct or  supplement  any  provisions  herein or  therein,
      which may be inconsistent  with any other provisions  herein or therein or
to correct any error,                                               

            (iii) to modify,  eliminate or add to any of its  provisions to such
      extent as shall be necessary or desirable to maintain the qualification of
      the Trust Fund as a REMIC at all times that any Certificate is outstanding
      or to avoid or minimize the risk of the imposition of any tax on the Trust
      Fund  pursuant  to the Code that would be a claim  against the Trust Fund,
      provided that the Trustee has received an Opinion of Counsel to the effect
      that  (A)  such  action  is  necessary  or  desirable  to  maintain   such
      qualification  or to avoid or minimize the risk of the  imposition  of any
      such tax and (B) such action  will not  adversely  affect in any  material
respect the interests of any Certificateholder,                     

            (iv) to  change  the  timing  and/or  nature  of  deposits  into the
      Custodial  Account  or the  Certificate  Account  or to change the name in
      which  the  Custodial  Account  is  maintained,   provided  that  (A)  the
      Certificate  Account  Deposit  Date  shall in no  event be later  than the
      related  Distribution  Date, (B) such change shall not, as evidenced by an
      Opinion of Counsel, adversely affect in any material respect the interests
      of any  Certificateholder  and (C)  such  change  shall  not  result  in a
      reduction of the rating  assigned to any Class of  Certificates  below the
      lower  of  the  then-current   rating  or  the  rating  assigned  to  such
      Certificates  as of the Closing  Date,  as evidenced by a letter from each
Rating Agency to such effect,                                       

            (v) to modify, eliminate or add to the provisions of Section 5.02(f)
      or  any  other  provision  hereof  restricting  transfer  of the  Class  R
      Certificates,  by virtue of their being the  "residual  interests"  in the
      REMIC,  respectively,  provided  that (A) such change  shall not result in
      reduction of the rating assigned to any such Class of  Certificates  below
      the  lower of the  then-current  rating  or the  rating  assigned  to such
      Certificates  as of the Closing  Date,  as evidenced by a letter from each
      Rating  Agency to such  effect,  and (B) such change shall not (subject to
      Section  10.01(f)),  as evidenced by an Opinion of Counsel (at the expense
      of the party  seeking so to  modify,  eliminate  or add such  provisions),
      cause  the Trust  Fund 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, or                       

            (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.                                                  

      (b) This  Agreement or any  Custodial  Agreement  may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage  Interests of each Class of Certificates  affected thereby
for the  purpose  of adding  any  provisions  to or  changing  in any  manner or
eliminating any of the provisions of this Agreement or such Custodial  Agreement
or of modifying in any manner the rights of the Holders of  Certificates of such
Class; provided, however, that no such amendment shall:                         

            (i)  reduce in any  manner  the  amount  of, or delay the timing of,
      payments which are required to be distributed on any  Certificate  without
the consent of the Holder of such Certificate,                      

            (ii) reduce the aforesaid  percentage of  Certificates  of any Class
      the Holders of which are required to consent to any such amendment, in any
      such case without the consent of the Holders of all  Certificates  of such
Class then outstanding.                                             

      (c) Notwithstanding any contrary provision of this Agreement,  the Trustee
shall not consent to any amendment to this Agreement  unless it shall have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust  Fund or cause the Trust  Fund 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  each
Certificateholder.   It   shall   not  be   necessary   for   the   consent   of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.            

      (e) The Company shall have the option,  in its sole discretion,  to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established 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 Class A
Certificateholders,    the   Class   R    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) o 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) the Trust Fund 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  M  (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  N,  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.                                                            

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.                                                                      

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 (a) in the case of the  Company,  8400
Normandale Lake Boulevard,  Suite 700, Minneapolis,  Minnesota 55437, Attention:
President,  or such other  address as may  hereafter  be furnished to the Master
Servicer  and the  Trustee  in writing  by the  Company,  (b) in the case of the
Master Servicer, 10 Universal City Plaza, Suite 2100, Universal City, California
91608, Attention: Ms. Becker or such other address as may be hereafter furnished
to the  Company and the  Trustee by the Master  Servicer in writing,  (c) in the
case of the Trustee,  Corporate Trust Services Division,  3 Park Plaza,  Irvine,
California 92714,  Attention:  Residential Accredit Loans, Inc. Series 1997-QS11
or such other  address as may  hereafter  be  furnished  to the  Company and the
Master Servicer in writing by the Trustee, (d) in the case of Moody's, 99 Church
Street,  New York,  New York  10007 or such other  address  as may be  hereafter
furnished to the Company,  Trustee and Master Servicer by Moody's and (e) in the
case of DCR, 17 State Street, New York, New York 10004, or such other address as
may hereafter be furnished to the Company,  the Trustee and the Master  Servicer
in  writing  by  DCR.  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.    Notices to Rating Agency.                         

      The Company,  the Master  Servicer or the Trustee,  as  applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:                                                      

(a)   a material change or amendment to this Agreement, 

(b)   the occurrence of an Event of Default,            

            (c) the termination or appointment of a successor Master Servicer or
Trustee or a change in the majority ownership of the Trustee,       

            (d) the  filing of any claim  under the  Master  Servicer's  blanket
      fidelity bond and the errors and omissions  insurance  policy  required by
      Section 3.12 or the  cancellation  or  modification  of coverage under any
such instrument,                                                    

            (e) the  statement  required to be  delivered to the Holders of each
Class of Certificates pursuant to Section 4.03,                     

            (f) the  statements  required to be  delivered  pursuant to Sections
3.18 and 3.19,                                                      

            (g) a  change  in the  location  of  the  Custodial  Account  or the
Certificate Account,                                                

            (h) the occurrence of any monthly cash flow shortfall to the Holders
      of any Class of  Certificates  resulting  from the  failure  by the Master
Servicer to make an Advance pursuant to Section 4.04,               

(i)   the occurrence of the Final Distribution Date, and

      (j)   the repurchase of or substitution for any Mortgage Loan,

      provided,  however,  that with respect to notice of the  occurrence of the
events  described in clauses (d), (g) or (h) above,  the Master  Servicer  shall
provide prompt  written notice to each Rating Agency and the  Subservicer of any
such event known to the Master Servicer.                                        

Section 11.07.    Severability of Provisions.                       

      If any one or more of the  covenants,  agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or 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).                             

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DOCSNY1:411472.4                                                                

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

                        RESIDENTIAL ACCREDIT LOANS, INC.

[Seal]                                                                          
               By:   /s/ Randy Van Zee
           Name: Randy Van Zee
                  Title:      Vice President

Attest:     /s/ Timothy A. Kruse                                                
Name: Timothy A. Kruse                                                          
Title:       Vice President                                                     

                       RESIDENTIAL FUNDING CORPORATION

[Seal]                                                                          
                  By:   /s/ Timothy A. Kruse
              Name: Timothy A. Kruse
             Title:      Associate

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

              BANKERS TRUST COMPANY,
as Trustee

[Seal]                                                                          
                 By:   /s/ Gary R. Vaughan
             Name: Gary R. Vaughan
                  Title:      Vice President

Attest:     /s/ David Co                                                        
Name: David Co                                                                  
Title:       Assistant Vice President                                           

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STATE OF MINNESOTA      )                                                       
) ss.:                          
COUNTY OF HENNEPIN      )                                                       

      On the 30th day of  October,  1997  before me, a notary  public in and for
said  State,  personally  appeared  Randy  Van  Zee,  known  to me to be a  Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.                                     

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

                 Notary Public

[Notarial Seal]                                                                 

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STATE OF MINNESOTA      )                                                       
) ss.:                          
COUNTY OF HENNEPIN      )                                                       

      On the 30th day of  October,  1997  before me, a notary  public in and for
said State, personally appeared Timothy A. Kruse, known to me to be an Associate
of Residential  Funding  Corporation,  one of the corporations that executed the
within  instrument,  and also known to me to be the person  who  executed  it on
behalf  of  said  corporation,  and  acknowledged  to me that  such  corporation
executed the within instrument.                                                 

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

                 Notary Public

[Notarial Seal]                                                                 

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STATE OF CALIFORNIA     )                                                       
) ss.:                          
COUNTY OF ORANGE  )                                                             

      On the 30th day of  October,  1997  before me, a notary  public in and for
said  State,  personally  appeared  Gary R.  Vaughan,  known  to me to be a Vice
President  of Bankers  Trust  Company,  the New York  banking  corporation  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.                        

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

                 Notary Public

[Notarial Seal]                                                                 

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DOCSNY1:411472.4  1                                                             
EXHIBIT A   

FORM OF CLASS A 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.                                                                           

[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 OCTOBER 30, 1997.  ASSUMING
THAT  THE  MORTGAGE  LOANS  PREPAY  AT 100%  OF THE  PREPAYMENT  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  STANDARD
PREPAYMENT  ASSUMPTION  OR AT  ANY  OTHER  RATE  OR AS TO THE  CONSTANCY  OF THE
PASS-THROUGH RATE.]                                                             

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Certificate No. ____                    [____%][Variable]   Pass-Through   Rate 
                            [based on a Notional Amount]
Class A-__ Senior                                                               
Date of Pooling and Servicing Agreement                                         
and Cut-off Date: October 1, 1997       [Percentage Interest: ___%]             

Master Servicer:                        Aggregate     Initial      [Certificate 
Residential Funding Corporation         Principal  Balance] [Class A-3 Notional 
                                       Amount]  [Subclass  Notional Amount] of
                            the Class A-__ Certificates:
              $-------------
First Distribution Date:                [Initial]     [Certificate    Principal 
November 25, 1997                       Balance]  [Class A-3  Notional  Amount] 
                                       [Subclass   Notional  Amount]  of  this
                           Certificate: $_____________

Assumed Final Distribution Date:       CUSIP 76110F-_____                     
October 25, 2012                                                                

MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE  
SERIES 1997-QS11  

      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 Class A-3 Notional Amount]
of this Certificate by the aggregate [Initial  Certificate  Principal Balance of
all Class A-___  Certificates]  [Initial Class A-3 Notional Amounts of all Class
A-3  Certificates],  both as  specified  above)] in certain  distributions  with
respect to the Trust  Fund  consisting  primarily  of an  interest  in a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"Mortgage  Loans"),   formed  and  sold  by  Residential  Accredit  Loans,  Inc.
(hereinafter  called the  "Company,"  which term includes any  successor  entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the Company,  the Master  Servicer and Bankers  Trust  Company,  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 Class A-3 Notional Amount of the Class A-3 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 Class A-3  Certificates.]  [The Subclass Notional
Amount of the Class A-3-_  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 Class A-3-_
Certificates  immediately  prior to such date.] [The Class A-3[-_]  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 Class A-3 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  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.                                                             

      As provided  in the  Agreement,  withdrawals  from the  Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.                                   

      The Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.                      

      As provided in the  Agreement and subject to certain  limitations  therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.            

      The  Certificates  are issuable  only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.                                                   

      No service  charge will be made for any such  registration  of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.               

      The  Company,  the  Master  Servicer,  the  Trustee  and  the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.                                                                   

      This Certificate shall be governed by and construed in accordance with the
laws of the State of New York.                                                  

      The  obligations  created by the Agreement in respect of the  Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.                                                             

      Reference is hereby made to the further provisions of this Certificate set
forth on the reverse  hereof,  which further  provisions  shall for all purposes
have the same effect as if set forth at this place.                             

      Unless the certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.        

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      IN WITNESS  WHEREOF,  the Trustee has caused this  Certificate  to be duly
executed.                                                                       

              BANKERS TRUST COMPANY,
as Trustee

By:     
                        Authorized Signatory

Dated: October 30, 1997                                                         

CERTIFICATE OF AUTHENTICATION   

      This  is  one  of  the  Class  A-__   Certificates   referred  to  in  the
within-mentioned Agreement.                                                     

              BANKERS TRUST COMPANY,
                  as Certificate Registrar

By:     
                        Authorized Signatory

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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:                                           

                             Signature by or on behalf of assignor

            Signature Guaranteed
Dated:                                                                          

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.            

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DOCSNY1:411472.4  1                                                             
EXHIBIT B   

FORM OF CLASS M CERTIFICATE   

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AND CLASS R 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").                                                              

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.       

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.                                

[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 OCTOBER 30, 1997.  ASSUMING
THAT  THE  MORTGAGE  LOANS  PREPAY  AT 100%  OF THE  PREPAYMENT  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 STANDARD PREPAYMENT ASSUMPTION
OR AT ANY OTHER RATE.]                                                          

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Certificate No. ____                    [___]% Pass-Through Rate                

Class M-    Subordinate                                                         
Date of Pooling and Servicing Agreement                                         
and Cut-off Date: October 1, 1997       [Percentage Interest: ___%]             

Master Servicer:                        Aggregate      Initial      Certificate 
Residential Funding Corporation         Principal  Balance  of the  Class  M-__ 
                             Certificates:  $_____________

First Distribution Date:                Initial  Certificate  Principal Balance 
November 25, 1997                       of this Certificate:  $_____________    

Assumed Final Distribution Date:       CUSIP 76110F-_____                     
October 25, 2012                                                                

MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,   
SERIES 1997-QS11  

      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 Bankers  Trust  Company,  as trustee (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.                               

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business  Day, the Business
Day immediately following (the "Distribution Date"),  commencing as described in
the Agreement, to the Person in whose name this Certificate is registered at the
close of  business  on the last day (or if such last day is not a Business  Day,
the Business Day immediately  preceding such last day) of the month  immediately
preceding the month of such distribution (the "Record Date"), from the Available
Distribution Amount in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount (of interest and principal, if any)
required  to be  distributed  to  Holders  of Class  M-__  Certificates  on such
Distribution Date.                                                              

      Distributions  on  this  Certificate  will be made  either  by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.                                                           

      Notwithstanding the above, the final distribution on this Certificate will
be made  after due notice of the  pendency  of such  distribution  and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.  

      No  transfer of this Class M  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 M 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,  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 Section
III of PTCE 95-60.                                                              

      This Certificate is one of a duly authorized issue of Certificates  issued
in several Classes designated as Mortgage Asset-Backed Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates"). 

      The  Certificates  are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.                                                             

      As provided  in the  Agreement,  withdrawals  from the  Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.                                   
      The Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.                      

      As provided in the  Agreement and subject to certain  limitations  therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.            

      The  Certificates  are issuable  only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.                                                   

      No service  charge will be made for any such  registration  of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.               

      The  Company,  the  Master  Servicer,  the  Trustee  and  the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.                                                                   

      This Certificate shall be governed by and construed in accordance with the
laws of the State of New York.                                                  

      The  obligations  created by the Agreement in respect of the  Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.                                                             

      Unless the certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.        

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      IN WITNESS  WHEREOF,  the Trustee has caused this  Certificate  to be duly
executed.                                                                       

              BANKERS TRUST COMPANY,
as Trustee

By:     
                        Authorized Signatory

Dated: October 30, 1997                                                         

CERTIFICATE OF AUTHENTICATION   

      This  is  one  of  the  Class  M-__   Certificates   referred  to  in  the
within-mentioned Agreement.                                                     

              BANKERS TRUST COMPANY,
                  as Certificate Registrar

By:     
                        Authorized Signatory

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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:                                           

                             Signature by or on behalf of assignor

            Signature Guaranteed
Dated:                                                                          

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.            

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DOCSNY1:411472.4  1                                                             
EXHIBIT C   

FORM OF CLASS B CERTIFICATE   

THIS  CERTIFICATE  IS  SUBORDINATED  IN  RIGHT  OF  PAYMENT  TO  THE  CLASS  A  
CERTIFICATES,  CLASS R CERTIFICATES  AND CLASS M CERTIFICATES  AS 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 OCTOBER 30, 1997.  ASSUMING THAT THE MORTGAGE LOANS
PREPAY AT 100% OF THE  PREPAYMENT  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  STANDARD  PREPAYMENT  ASSUMPTION  OR AT ANY OTHER
RATE.                                                                           

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Certificate No. ____                    [___]% Pass-Through Rate                

Class B-__ Subordinate                                                          
Date of Pooling and Servicing Agreement                                         
and Cut-off Date: October 1, 1997       [Percentage Interest: ___%]             

Master Servicer:                        Aggregate      Initial      Certificate 
Residential Funding Corporation         Principal  Balance  of the  Class  B-__ 
                             Certificates:  $_____________

First Distribution Date:                Initial  Certificate  Principal Balance 
November 25, 1997                       of this Certificate:  $_____________    

Assumed Final Distribution Date:       CUSIP 76110F-_____                     
October 25, 2012                                                                

MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,   
SERIES 1997-QS11  

      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 Bankers  Trust
Company,  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 on the first
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last day (or if such last day is
not a Business Day, the Business Day immediately preceding such last day) of the
month next preceding the month of such  distribution  (the "Record Date"),  from
the  Available  Distribution  Amount in an amount  equal to the  product  of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class B
Certificates on such Distribution Date.                                         

      Distributions  on  this  Certificate  will be made  either  by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.                                                           

      Notwithstanding the above, the final distribution on this Certificate will
be made  after due notice of the  pendency  of such  distribution  and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.  

      No transfer of this Class B Certificate  will be made unless such transfer
is exempt from the  registration  requirements of the Securities Act of 1933, as
amended,  and any applicable state securities laws or is made in accordance with
said Act and laws.  In the event  that such a  transfer  is to be made,  (i) the
Trustee or the Company may  require an opinion of counsel  acceptable  to and in
form and  substance  satisfactory  to the  Trustee  and the  Company  that  such
transfer is exempt (describing the applicable  exemption and the basis therefor)
from  or is  being  made  pursuant  to  the  registration  requirements  of  the
Securities Act of 1933, as amended,  and of any applicable  statute of any state
and (ii) the transferee shall execute an investment letter in the form described
by the Agreement.  The Holder hereof desiring to effect such transfer shall, and
does hereby agree to,  indemnify the Trustee,  the Company,  the Master Servicer
and the  Certificate  Registrar  acting  on behalf of the  Trustee  against  any
liability  that may  result if the  transfer  is not so exempt or is not made in
accordance  with  such  Federal  and state  laws.  In  connection  with any such
transfer,  the  Trustee  will also  require  either  (i) an  opinion  of counsel
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Master  Servicer  with respect to the  permissibility  of such  transfer
under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
and Section  4975 of the Internal  Revenue Code (the "Code") and stating,  among
other things,  that the  transferee's  acquisition of a Class B Certificate will
not constitute or result in a non-exempt  prohibited  transaction  under Section
406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited  transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"),  or any other person (including
an  investment  manager,  a nmed  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 Section
III of PTCE 95-60.                                                              

      This Certificate is one of a duly authorized issue of Certificates  issued
in several Classes designated as Mortgage Asset-Backed Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates"). 

      The  Certificates  are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.                                                             

      As provided  in the  Agreement,  withdrawals  from the  Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.                                   

      The Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.                      

      As provided in the  Agreement and subject to certain  limitations  therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.            

      The  Certificates  are issuable  only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.                                                   

      No service  charge will be made for any such  registration  of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.               

      The  Company,  the  Master  Servicer,  the  Trustee  and  the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.                                                                   

      This Certificate shall be governed by and construed in accordance with the
laws of the State of New York.                                                  

      The  obligations  created by the Agreement in respect of the  Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.                                                             

      Unless the certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.        

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      IN WITNESS  WHEREOF,  the Trustee has caused this  Certificate  to be duly
executed.                                                                       

              BANKERS TRUST COMPANY,
as Trustee

By:     
                        Authorized Signatory

Dated: October 30, 1997                                                         

CERTIFICATE OF AUTHENTICATION   

      This  is  one  of  the  Class  B-__   Certificates   referred  to  in  the
within-mentioned Agreement.                                                     

              BANKERS TRUST COMPANY,
                  as Certificate Registrar

By:     
                        Authorized Signatory

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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:                                           

                             Signature by or on behalf of assignor

            Signature Guaranteed
Dated:                                                                          

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.            

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DOCSNY1:411472.4  1                                                             
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 FOREIGN  GOVERNMENT,  ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY
ORGANIZATION  (OTHER THAN A  COOPERATIVE  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,  (C) ANY
ORGANIZATION  DESCRIBED IN SECTION  1381(a)(2)(C)  OF THE CODE, (ANY SUCH PERSON
DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) 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.                                                                      

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Certificate No. ____                    [___]% Pass-Through Rate                

Class R Senior                                                                  
Date of Pooling and Servicing Agreement                                         
and Cut-off Date: October 1, 1997       [Percentage Interest: ___%]             

Master Servicer:                        Aggregate      Initial      Certificate 
Residential Funding Corporation         Principal  Balance  of the  Class  R-__ 
                   Certificates:  $100

First Distribution Date:                Initial  Certificate  Principal Balance 
November 25, 1997                       of this Certificate:  $_____________    

Assumed Final Distribution Date:       CUSIP 76110F-_____                     
October 25, 2012                                                                

MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,   
SERIES 1997-QS11  

      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  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
Bankers Trust Company,  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.                                                                      

      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.                      

      As provided in the  Agreement and subject to certain  limitations  therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.            

      The  Certificates  are issuable  only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.                                                   

      No service  charge will be made for any such  registration  of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.               

      The  Company,  the  Master  Servicer,  the  Trustee  and  the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.                                                                   

      This Certificate shall be governed by and construed in accordance with the
laws of the State of New York.                                                  

      The  obligations  created by the Agreement in respect of the  Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.                                                             

      Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purpose have
the same effect as if set forth at this place.                                  

      Unless the certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.        

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      IN WITNESS  WHEREOF,  the Trustee has caused this  Certificate  to be duly
executed.                                                                       

              BANKERS TRUST COMPANY,
as Trustee

By:     
                        Authorized Signatory

Dated: October 30, 1997                                                         

CERTIFICATE OF AUTHENTICATION   

      This  is  one  of  the   Class   R   Certificates   referred   to  in  the
within-mentioned Agreement.                                                     

              BANKERS TRUST COMPANY,
                  as Certificate Registrar

By:     
                        Authorized Signatory

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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:                                           

                             Signature by or on behalf of assignor

            Signature Guaranteed
Dated:                                                                          

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.            

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DOCSNY1:411472.4  1                                                             
EXHIBIT E   

CUSTODIAL AGREEMENT   

            THIS CUSTODIAL  AGREEMENT (as amended and supplemented  from time to
time, the "Agreement"),  dated as of October 1, 1997, by and among BANKERS TRUST
COMPANY,  as Trustee  (including  its  successors  under the  Pooling  Agreement
defined below, the "Trustee"),  RESIDENTIAL  ACCREDIT LOANS, INC. (together with
any successor in interest, the "Company"),  RESIDENTIAL FUNDING CORPORATION,  as
master servicer  (together with any successor in interest or successor under the
Pooling Agreement  referred to below, the "Master  Servicer"),  and NORWEST BANK
MINNESOTA,  NATIONAL ASSOCIATION (together with any successor in interest or any
successor appointed hereunder, the "Custodian").                                

W I T N E S S E T H T H A T :   

            WHEREAS,  the  Company,  the Master  Servicer,  and the Trustee have
entered  into a Pooling  and  Servicing  Agreement  dated as of October 1, 1997,
relating  to  the  issuance  of  Residential   Accredit  Loans,  Inc.,  Mortgage
Asset-Backed  Pass-Through  Certificates,  Series 1997-QS11 (as in effect on the
date of this  agreement,  the "Original  Pooling  Agreement," and as amended and
supplemented from time to time, the "Pooling Agreement"); and                   

            WHEREAS,  the  Custodian  has agreed to act as agent for the Trustee
for  the  purposes  of  receiving  and  holding  certain   documents  and  other
instruments  delivered by the Company and the Master  Servicer under the Pooling
Agreement,  all upon the terms and  conditions  and  subject to the  limitations
hereinafter set forth;                                                          

            NOW,  THEREFORE,  in  consideration  of the  premises and the mutual
covenants and agreements  hereinafter set forth, the Trustee,  the Company,  the
Master Servicer and the Custodian hereby agree as follows:                      

ARTICLE I   

Definitions   

            Capitalized  terms used in this  Agreement  and not  defined  herein
shall have the  meanings  assigned in the  Original  Pooling  Agreement,  unless
otherwise required by the context herein.                                       

ARTICLE II  

Custody of Mortgage Documents   

            Section  2.1.  Custodian  to Act as Agent;  Acceptance  of  Mortgage
Files.  The  Custodian,  as the duly  appointed  agent of the  Trustee for these
purposes,  acknowledges  receipt of the Mortgage  Files relating to the Mortgage
Loans  identified on the schedule  attached  hereto (the  "Mortgage  Files") and
declares  that it  holds  and  will  hold the  Mortgage  Files as agent  for the
Trustee,  in  trust,  for  the  use  and  benefit  of  all  present  and  future
Certificateholders.                                                             
            Section  2.2.  Recordation  of  Assignments.  If any  Mortgage  File
includes one or more  assignments  to the Trustee of Mortgage  Notes and related
Mortgages that have not been recorded,  each such assignment  shall be delivered
by the  Custodian  to  the  Company  for  the  purpose  of  recording  it in the
appropriate  public office for real  property  records,  and the Company,  at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property  records each such  assignment and, upon receipt
thereof  from such  public  office,  shall  return each such  assignment  to the
Custodian.                                                                      

Section 2.3.  Review of Mortgage Files.                 

            (a) On or prior to the Closing Date, the Custodian  shall deliver to
the Trustee an Initial  Certification  in the form annexed hereto as Exhibit One
evidencing  receipt  of a Mortgage  File for each  Mortgage  Loan  listed on the
Schedule attached hereto (the "Mortgage Loan Schedule").                        

            (b) Within 45 days of the initial issuance of the Certificates,  the
Custodian  agrees,  for  the  benefit  of  Certificateholders,   to  review,  in
accordance  with the provisions of Section 2.02 of the Pooling  Agreement,  each
Mortgage File, and shall deliver to the Trustee an Interim  Certification in the
form annexed hereto as Exhibit Two to the effect that all documents  required to
be  delivered  pursuant to Section  2.01(b) of the Pooling  Agreement  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.  In the  event  that any
Mortgage Note or  Assignment of Mortgage has been  delivered to the Custodian by
the Company in blank,  the Custodian,  upon the direction of the Company,  shall
cause  each such  Mortgage  Note to be  endorsed  to the  Trustee  and each such
Assignment  of Mortgage to be completed in the name of the Trustee  prior to the
date on which such Interim Certification is delivered to the Trustee.  Within 45
days of receipt of the  documents  required to be delivered  pursuant to Section
2.01(c) of the  Pooling  Agreement,  the  Custodian  agrees,  for the benefit of
Certificateholders, to review, in accordance with the provisions of Section 2.02
of the Pooling Agreement,  each such document,  and shall deliver to the Trustee
either (i) an Interim  Certification  in the form attached hereto as Exhibit Two
to the effect that all 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  or (ii) a Final  Certification  as set
forth  in  subsection  (c)  below.  The  Custodian  shall  be  under  no duty or
obligation  to  inspect,   review  or  examine  said   documents,   instruments,
certificates   or  other  papers  to  determine   that  the  same  are  genuine,
enforceable,  or  appropriate  for the  represented  purpose  or that  they have
actually  been  recorded  or that they are other than what they  purpor to be on
their  face.  If in  performing  the review  required  by this  Section  2.3 the
Custodian finds any document or documents constituting a part of a Mortgage File
to be defective in any material respect,  the Custodian shall promptly so notify
the  Company,  the Master  Servicer  and the  Trustee.  Upon  receipt of written
notification from the Master Servicer,  signed by a Servicing Officer,  that the
Master  Servicer or a  Subservicer,  as the case may be, has made a deposit into
the Certificate Account in payment for the purchase of the related Mortgage Loan
in an amount equal to the Purchase  Price for such Mortgage  Loan, the Custodian
shall release to the Master Servicer the related Mortgage File.                 

            (c) Upon  receipt of all  documents  required to be in the  Mortgage
Files the Custodian  shall deliver to the Trustee a Final  Certification  in the
form annexed hereto as Exhibit Three evidencing the completeness of the Mortgage
Files.                                                                          

            Upon  receipt of written  request from the  Trustee,  the  Custodian
shall  as soon  as  practicable  supply  the  Trustee  with a list of all of the
documents relating to the Mortgage Loans then contained in the Mortgage Files.  

            Section  2.4.   Notification  of  Breaches  of  Representations  and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master  Servicer or the Company as set forth in the Pooling
Agreement or by a Seller in a Seller's  Agreement or by  Residential  Funding or
the Company in the Assignment Agreement with respect to a Mortgage Loan relating
to a Mortgage  File,  the  Custodian  shall give  prompt  written  notice to the
Company, the Master Servicer and the Trustee.                                   

            Section 2.5. Custodian to Cooperate; Release of Mortgage Files. Upon
the  repurchase or  substitution  of any Mortgage Loan pursuant to Article II of
the Pooling Agreement or payment in full of any Mortgage Loan, or 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 shall immediately notify
the Custodian by a certification  (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 of the  Pooling  Agreement  have  been or will be so
deposited)  of a  Servicing  Officer  and shall  request  delivery  to it of the
Mortgage  File. The Custodian  agrees,  upon receipt of such  certification  and
request,  promptly to release to the Master Servicer the related  Mortgage File.
The Master  Servicer shall deliver to the Custodian and the Custodian  agrees to
accept the Mortgage Note and other documents constituting the Mortgage File with
respect to any Qualified Substitute Mortgage Loan.                              

            From  time  to  time  as  is   appropriate   for  the  servicing  or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance  Policy,  the Master
Servicer  shall deliver to the Custodian a  certificate  of a Servicing  Officer
requesting  that  possession  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 of the Required Insurance  Policies.  With such certificate,  the
Master  Servicer  shall  deliver to the  Custodian a trust  receipt  signed by a
Servicing  Officer on behalf of the  Master  Servicer,  and upon  receipt of the
foregoing, the Custodian shall deliver the Mortgage File to the Master Servicer.
The Master Servicer shall cause each Mortgage File so released to be returned to
the Custodian  when the need therefor by the Master  Servicer no longer  exists,
unless (i) the Mortgage Loan has been  liquidated and the  Liquidation  Proceeds
relating to the Mortgage Loan have been  deposited in the  Custodial  Account or
(ii)  the  Mortgage  File or any  document  therein  has  been  delivered  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 to the Custodian 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 Custodian
shall deliver the Trust Receipt with respect thereto to the Master Servicer upon
deposit of the related Liquidation Proceeds in the Custodial Account as provided
in the Pooling Agreement.  In addition, upon the request of the Master Servicer,
the Custodian will send to th Master Servicer copies of any documents  contained
in the Mortgage File so requested.                                              

            Section 2.6. Assumption Agreements. In the event that any assumption
agreement or substitution of liability agreement is entered into with respect to
any Mortgage  Loan subject to this  Agreement in  accordance  with the terms and
provisions  of the  Pooling  Agreement,  the Master  Servicer  shall  notify the
Custodian that such assumption or  substitution  agreement has been completed by
forwarding  to the Custodian  the original of such  assumption  or  substitution
agreement,  which  shall be added to the  related  Mortgage  File  and,  for all
purposes, shall be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting parts thereof.                 

ARTICLE III   

Concerning the Custodian  

            Section  3.1.  Custodian  a Bailee  and Agent of the  Trustee.  With
respect to each Mortgage Note,  Mortgage and other documents  constituting  each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage  for the benefit of any person  other than the  Trustee,  holds
such documents for the benefit of  Certificateholders  and undertakes to perform
such  duties  and  only  such  duties  as are  specifically  set  forth  in this
Agreement.  Except upon  compliance  with the  provisions of Section 2.5 of this
Agreement, no Mortgage Note, Mortgage or other document constituting a part of a
Mortgage  File shall be delivered by the  Custodian to the Company or the Master
Servicer or otherwise released from the possession of the Custodian.            

            Section 3.2. Indemnification. The Company hereby agrees to indemnify
and hold the  Custodian  harmless  from and  against  all  claims,  liabilities,
losses,  actions,  suits  or  proceedings  at law  or in  equity,  or any  other
expenses,  fees or charges of any  character or nature,  which the Custodian may
incur or with which the  Custodian  may be threatened by reason of its acting as
custodian  under this  Agreement,  including  indemnification  of the  Custodian
against  any and all  expenses,  including  attorney's  fees if counsel  for the
Custodian  has been  approved  by the  Company,  and the cost of  defending  any
action,  suit  or  proceedings  or  resisting  any  claim.  Notwithstanding  the
foregoing,  it is specifically  understood and agreed that in the event any such
claim,  liability,  loss,  action,  suit or proceeding or other expense,  fee or
charge shall have been caused by reason of any negligent act,  negligent failure
to act or  willful  misconduct  on the part of the  Custodian,  or  which  shall
constitute  a  willful  breach  of its  duties  hereunder,  the  indemnification
provisions of this Agreement shall not apply.                                   

            Section 3.3.  Custodian May Own  Certificates.  The Custodian 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 Custodian.                    

            Section 3.4. Master  Servicer to Pay Custodian's  Fees and Expenses.
The Master  Servicer  covenants and agrees to pay to the Custodian  from time to
time, and the Custodian shall be entitled to,  reasonable  compensation  for all
services rendered by it in the exercise and performance of any of the powers and
duties hereunder of the Custodian, and the Master Servicer will pay or reimburse
the Custodian upon its request for all reasonable  expenses,  disbursements  and
advances  incurred  or made  by the  Custodian  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), except any such expense,  disbursement or advance as may arise from
its negligence or bad faith.                                                    

            Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
Custodian may resign from the  obligations  and duties hereby imposed upon it as
such  obligations  and duties  relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation,  the Trustee shall either take
custody of the  Mortgage  Files  itself and give  prompt  notice  thereof to the
Company, the Master Servicer and the Custodian,  or promptly appoint a successor
Custodian by written  instrument,  in  duplicate,  one copy of which  instrument
shall be  delivered to the  resigning  Custodian  and one copy to the  successor
Custodian. If the Trustee shall not have taken custody of the Mortgage Files and
no  successor   Custodian  shall  have  been  so  appointed  and  have  accepted
appointment  within 30 days after the giving of such notice of resignation,  the
resigning  Custodian  may petition any court of competent  jurisdiction  for the
appointment of a successor Custodian.                                           

            The Trustee may remove the Custodian at any time. In such event, the
Trustee shall appoint, or petition a court of competent jurisdiction to appoint,
a successor Custodian  hereunder.  Any successor Custodian shall be a depository
institution  subject to supervision or examination by federal or state authority
and shall be able to satisfy the other requirements contained in Section 3.7 and
shall be unaffiliated with the Master Servicer or the Company.                  

            Any  resignation  or removal of the Custodian and  appointment  of a
successor  Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian.  The
Trustee shall give prompt  notice to the Company and the Master  Servicer of the
appointment  of  any  successor  Custodian.  No  successor  Custodian  shall  be
appointed  by the  Trustee  without  the prior  approval  of the Company and the
Master Servicer.                                                                

            Section 3.6. Merger or Consolidation  of Custodian.  Any Person into
which  the  Custodian  may be  merged  or  converted  or  with  which  it may be
consolidated,   or  any  Person   resulting  from  any  merger,   conversion  or
consolidation to which the Custodian shall be a party, or any Person  succeeding
to the  business  of the  Custodian,  shall be the  successor  of the  Custodian
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.                                                                

            Section 3.7.  Representations of the Custodian. The Custodian hereby
represents  that  it is a  depository  institution  subject  to  supervision  or
examination by a federal or state authority,  has a combined capital and surplus
of at least  $10,000,000 and is qualified to do business in the jurisdictions in
which it will hold any Mortgage File.                                           

ARTICLE IV  

Miscellaneous Provisions  

            Section 4.1. Notices.  All notices,  requests,  consents and demands
and other communications  required under this Agreement or pursuant to any other
instrument  or document  delivered  hereunder  shall be in writing  and,  unless
otherwise  specifically  provided,  may be delivered personally,  by telegram or
telex,  or by registered or certified  mail,  postage  prepaid,  return  receipt
requested,  at the  addresses  specified on the  signature  page hereof  (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.   

            Section  4.2.  Amendments.   No  modification  or  amendment  of  or
supplement to this Agreement  shall be valid or effective  unless the same is in
writing and signed by all parties  hereto,  and neither the Company,  the Master
Servicer  nor the  Trustee  shall  enter  into any  amendment  hereof  except as
permitted by the Pooling Agreement.  The Trustee shall give prompt notice to the
Custodian of any amendment or  supplement  to the Pooling  Agreement and furnish
the Custodian with written copies thereof.                                      

            Section  4.3.  Governing  Law.  This  Agreement  shall  be  deemed a
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.  

            Section 4.4.  Recordation of Agreement.  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
evidencing  undivided  interests  in the  aggregate  of not less than 25% of the
Trust  Fund),  but only upon  direction  accompanied  by an  Opinion  of Counsel
reasonably satisfactory to the Master Servicer to the effect that the failure to
effect  such  recordation  is likely to  materially  and  adversely  affect  the
interests of the Certificateholders.                                            

            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.                                                            

            Section 4.5.  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.                                           

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            IN WITNESS WHEREOF,  this Agreement is executed as of the date first
above written.                                                                  

              BANKERS TRUST COMPANY,
as Trustee
Address:                                                                        
3 Park Plaza                                                                    
Irvine, California  92714                                                       
Attn: Residential Accredit Loans, Inc.                                          
Series 1997-QS11                                                                
By:     
Name:   
Title:  

                        RESIDENTIAL ACCREDIT LOANS, INC.
Address:                                                                        
8400 Normandale Lake Boulevard                                                  
Minneapolis, Minnesota  55437                                                   
By:     
Name:   
                  Title:      Vice President

                        RESIDENTIAL FUNDING CORPORATION,
          as Master Servicer
Address:                                                                        
8400 Normandale Lake Boulevard                                                  
Minneapolis, Minnesota 55437                                                    
By:     
Name:   
            Title:      Director

               NORWEST BANK MINNESOTA,
              NATIONAL ASSOCIATION
Address:                                                                        
401 Second Avenue South                                                         
Minneapolis, Minnesota  55479                                                   
By:     
Name:   
Title:  

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STATE OF          )                                                             
) ss.:                                      
COUNTY OF         )                                                             

            On the 30th day of October,  1997, before me, a notary public in and
for said State, personally appeared _______________________, known to me to be a
______________ of Bankers Trust Company,  the New York banking  corporation that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.                        

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

                                         Notary Public

[SEAL]                                                                          

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STATE OF MINNESOTA      )                                                       
) ss.:                          
COUNTY OF HENNEPIN      )                                                       

            On the 30th day of October,  1997, before me, a notary public in and
for said State,  personally  appeared  ___________________,  known to me to be a
Trust  Officer of  Norwest  Bank  Minnesota,  National  Association,  a national
banking association that executed the within instrument, and also known to me to
be the person who executed it on behalf of said  national  banking  association,
and  acknowledged  to me that such  national  banking  association  executed the
within instrument.                                                              

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

                                         Notary Public

[SEAL]                                                                          

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STATE OF MINNESOTA      )                                                       
) ss.:                          
COUNTY OF HENNEPIN      )                                                       

            On the 30th day of October,  1997, before me, a notary public in and
for said State, personally appeared  ________________,  known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.                                     

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

                                         Notary Public

[Notarial Seal]                                                                 

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STATE OF MINNESOTA            )                                                 
) ss:               
COUNTY OF HENNEPIN            )                                                 

            On the 30th day of October,  1997, before me, a notary public in and
for  said  State,  personally  appeared  ________________,  known  to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.                                     

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

                                         Notary Public

[Notarial Seal]                                                                 

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EXHIBIT ONE   

FORM OF CUSTODIAN INITIAL CERTIFICATION   

October 30, 1997  

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       
Attention:  Residential Accredit Loans, Inc., Series 1997-QS11                  

    Re:   Custodial  Agreement  dated as of October  1,  1997,  by and among
          Bankers  Trust  Company,   Residential   Accredit   Loans,   Inc.,
          Residential   Funding  Corporation  and  Norwest  Bank  Minnesota,
          National   Association,    Mortgage   Asset-Backed    Pass-Through
Certificates, Series 1997-QS11                          

Ladies and Gentlemen:                                                           

            In  accordance  with  Section 2.3 of the  above-captioned  Custodial
Agreement,   and  subject  to  Section  2.02  of  the  Pooling  Agreement,   the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which  contains an original  Mortgage  Note) to the extent  required in Section
2.01(b) of the Pooling  Agreement  with respect to each  Mortgage Loan listed in
the Mortgage Loan Schedule.                                                     

            Capitalized  words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.           

               NORWEST BANK MINNESOTA,
            NATIONAL ASSOCIATION

By:     
Name:   
Title:  

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EXHIBIT TWO   

FORM OF CUSTODIAN INTERIM CERTIFICATION   

____________________, 1997  

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       
Attention: Residential Accredit Loans, Inc., Series 1997-QS11                   

    Re:   Custodial  Agreement  dated as of October  1,  1997,  by and among
          Bankers  Trust  Company,   Residential   Accredit   Loans,   Inc.,
          Residential   Funding  Corporation  and  Norwest  Bank  Minnesota,
          National   Association,    Mortgage   Asset-Backed    Pass-Through
Certificates, Series 1997-QS11                          

Ladies and Gentlemen:                                                           

            In  accordance  with  Section 2.3 of the  above-captioned  Custodial
Agreement, the undersigned,  as Custodian, hereby certifies that it has received
a  Mortgage  File to the extent  required  pursuant  to  Section  2.01(b) of the
Pooling Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule,  and it has reviewed the Mortgage  File and the Mortgage Loan Schedule
and has determined that: all required  documents have been executed and received
and that such documents related to the Mortgage Loans identified on the Mortgage
Loan Schedule, with any exceptions listed on Schedule A attached hereto.        

            Capitalized  words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.           

               NORWEST BANK MINNESOTA,
            NATIONAL ASSOCIATION

By:     
Name:   
Title:  

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EXHIBIT THREE   

FORM OF CUSTODIAN FINAL CERTIFICATION   

_____________ ___, 1997   

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       
Attention:  Residential Accredit Loans, Inc. Series 1997-QS11                   

    Re:   Custodial  Agreement  dated as of October  1,  1997,  by and among
          Bankers  Trust  Company,   Residential   Accredit   Loans,   Inc.,
          Residential   Funding  Corporation  and  Norwest  Bank  Minnesota,
          National   Association,    Mortgage   Asset-Backed    Pass-Through
Certificates, Series 1997-QS11                          

Ladies and Gentlemen:                                                           

            In  accordance  with  Section 2.3 of the  above-captioned  Custodial
Agreement, the undersigned,  as Custodian, hereby certifies that it has received
a Mortgage  File with respect to each  Mortgage Loan listed in the Mortgage Loan
Schedule containing                                                             

(I) with respect to each such Mortgage Loan (other than a Cooperative Loan):    

            (i) The original  Mortgage Note,  endorsed  without  recourse to the
      order of the Trustee and showing an unbroken  chain of  endorsements  from
      the  originator  thereof to the Person  endorsing  it to the Trustee or an
      original  lost note  affidavit  from the  related  Seller  or  Residential
      Funding  stating that the original  Mortgage  Note was lost,  misplaced or
destroyed, together with a copy of the related Mortgage Note;       

            (ii) The original  Mortgage  with  evidence of  recording  indicated
      thereon or a copy of the Mortgage certified by the public recording office
in which such mortgage has been recorded;                           

            (iii) An original  Assignment  of the  Mortgage to the Trustee  with
      evidence  of  recording  indicated  thereon  or a copy of such  assignment
      certified by the public recording office in which such assignment has been
recorded;                                                           

            (iv) With  respect to each  Mortgage  Loan other than a  Cooperative
      Loan,  the original  recorded  assignment or  assignments  of the Mortgage
      showing  an  unbroken  chain of title from the  originator  thereof to the
      Person  assigning  it to the  Trustee  or a copy  of  such  assignment  or
      assignments of the Mortgage  certified by the public  recording  office in
which such assignment or assignments have been recorded; and        

            (v) The  original  of each  modification,  assumption  agreement  or
      preferred loan agreement, if any, relating to such Mortgage Loan or a copy
      of each  modification,  assumption  agreement or preferred  loan agreement
      certified by the public  recording  office in which such document has been
recorded;                                                           

and (II) with respect to each Cooperative Loan so assigned:                     
          (i)   The original  Mortgage Note,  endorsed  without  recourse to
the order of the Trustee and showing an unbroken chain of endorsements  from the
originator thereof to the Person endorsing it to the Trustee, or with respect to
any Destroyed  Mortgage  Note, an original lost note  affidavit from the related
Seller or Residential  Funding stating that the original Mortgage Note was lost,
misplaced or destroyed, together with a copy of the related Mortgage Note;      

            (ii) A counterpart  of the  Cooperative  Lease and the Assignment of
Proprietary  Lease to the originator of the  Cooperative  Loan with  intervening
assignments  showing  an  unbroken  chain of title from such  originator  to the
Trustee;                                                                        

            (iii) The related  Cooperative Stock  Certificate,  representing the
related  Cooperative  Stock  pledged  with  respect  to such  Cooperative  Loan,
together with an undated stock power (or other similar  instrument)  executed in
blank;                                                                          

            (iv) The original  recognition  agreement by the  Cooperative of the
interests of the mortgagee with respect to the related Cooperative Loan;        

(v)   The Security Agreement;                           

            (vi)  Copies of the  original  UCC-1  financing  statement,  and any
continuation  statements,  filed by the originator of such  Cooperative  Loan as
secured party, each with evidence of recording thereof,  evidencing the interest
of the originator under the Security Agreement and the Assignment of Proprietary
Lease;                                                                          

            (vii) Copies of the filed UCC-3 assignments of the security interest
referenced  in clause  (vi) above  showing an  unbroken  chain of title from the
originator to the Trustee,  each with evidence of recording thereof,  evidencing
the interest of the originator  under the Security  Agreement and the Assignment
of Proprietary Lease;                                                           

            (viii) An executed  assignment of the interest of the  originator in
the Security  Agreement,  Assignment of  Proprietary  Lease and the  recognition
agreement  referenced in clause (iv) above,  showing an unbroken  chain of title
from the originator to the Trustee;                                             

            (ix) The  original of each  modification,  assumption  agreement  or
preferred loan agreement, if any, relating to such Cooperative Loan; and        

            (x)  An  executed  UCC-1  financing  statement  showing  the  Master
Servicer as debtor, the Company as secured party and the Trustee as assignee and
an  executed  UCC-1  financing  statement  showing the Company as debtor and the
Trustee as secured party,  each in a form sufficient for filing,  evidencing the
interest of such debtors in the Cooperative Loans.                              

            Capitalized  words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.           

               NORWEST BANK MINNESOTA,
            NATIONAL ASSOCIATION

By:     
Name:   
Title:  

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DOCSNY1:411472.4  1                                                             
EXHIBIT F   

MORTGAGE LOAN SCHEDULE  

RUN ON     : 10/21/97           RFC DISCLOSURE SYSTEM       RFFSD177-01     
 AT         : 07.45.38          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
 SERIES     : RALI 1997-QS11 15YR                            CUTOFF : 10/01/97
POOL       : 0004265                                                        
:                                                     
:                                                     
POOL STATUS: F                                                              

RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                               ORIG TERM     PRINCIPAL BAL    # OF UNITS
ADDRESS                          ORIG RATE     ORIGINAL P+I     LTV         
ADDRESS LINE 2                   CURR NET      CURRENT P+I      VALUE       
CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE  
SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG      
SELLER LOAN #                    OCCP CODE     MATURITY DATE                
INVESTOR LOAN #                                                             
  ______________________________________________________________________________

1419886          A12/K01             F           36,950.00         ZZ   
                                  180         33,999.74          2
215-217 RUSTWOOD DRIVE             9.000            374.77         85   
                                     8.750            374.77       43,500.00
ATHENS           GA   30606          1            06/13/95         23   
0459905535                           05           08/01/95          0   
0101113                              N            07/01/10              
0                                                                       

1419888          A12/K01             F           36,950.00         ZZ   
                                  180         33,999.74          2
225-227 RUSTWOOD DRIVE             9.000            374.77         85   
                                     8.750            374.77       43,500.00
ATHENS           GA   30606          1            06/13/95         23   
0459905519                           05           08/01/95          0   
0101113                              N            07/01/10              
0                                                                       

1422025          120/K01             F           29,300.00         ZZ   
                                  120         25,220.57          1
5623 WILLOWS AVENUE                9.350            376.73         85   
                                     9.100            376.73       34,500.00
PHILADELPHIA     PA   19143          5            08/02/95         10   
0459907853                           07           10/01/95         12   
70045911                             O            09/01/05              
0                                                                       

1454861          E22/K01             F          322,000.00         ZZ   
                                  180        301,924.19          1
2890 FORRESTER DRIVE               8.500          3,170.86         77   
                                     8.250          3,170.86      420,000.00
LOS ANGELES      CA   90064          2            12/04/95         00   
0459969754                           05           02/01/96          0   
1                                                                               

0410026942                           N            01/01/11              
0                                                                       

1488774          A22/K01             F           89,500.00         ZZ   
                                  180         85,391.82          2
149-59 TAHOE STREET                7.875            848.86         34   
                                     7.625            848.86      265,000.00
OZONE PARK       NY   11417          2            06/07/96         00   
0459950002                           05           08/01/96          0   
608879894                            O            07/01/11              
0                                                                       

1494445          661/661             F          350,000.00         ZZ   
                                  180        302,843.81          1
PRIVATE HOUSE 3RD HOUSE            8.125          3,370.09         70   
                                     7.875          3,370.09      500,000.00
WAINSCOTT        NY   11975          5            04/28/94         00   
1817516                              05           06/01/94          0   
1817516                              O            05/01/09              
0                                                                       

1494510          661/661             F          716,000.00         ZZ   
                                  180        668,590.05          1
800 ISLAND WAY                     8.375          6,998.37         75   
                                     8.125          6,998.37      955,000.00
CLEARWATER       FL   34630          2            11/02/95         00   
2365369                              05           01/01/96          0   
2365369                              O            12/01/10              
0                                                                       

1503434          526/K01             F           33,200.00         ZZ   
                                  180         31,480.63          1
1505 LAKESIDE DRIVE                8.750            331.82         85   
                                     8.500            331.82       39,100.00
GARLAND          TX   75042          1            03/15/96         04   
0459942504                           05           05/01/96         20   
00107695                             N            04/01/11              
0                                                                       

1506197          687/K01             F           32,700.00         ZZ   
                                  180         31,274.91          1
15 MARLOWE AVENUE                  8.500            322.01         85   
                                     8.250            322.01       38,500.00
BLASDELL         NY   14219          1            06/03/96         01   
0459947446                           05           08/01/96         12   
517986                               N            07/01/11              
0                                                                       

1                                                                               

1506303          769/G02             F           51,000.00         ZZ   
                                  180         49,240.87          1
1400 WASHINGTON STREET             8.500            502.22         85   
                                     8.250            502.22       60,000.00
EASTON           PA   18042          2            09/16/96         01   
0430098939                           05           11/01/96         25   
1166000279                           N            10/01/11              
0                                                                       

1507714          F86/F86             F          134,000.00         ZZ   
                                  180        107,113.68          1
14 PRISCILLA LANE                  6.625          1,176.51         80   
                                     6.375          1,176.51      168,000.00
QUINCY           MA   02169          2            04/09/93         00   
1718456                              05           06/01/93          0   
1718456                              O            05/01/08              
0                                                                       

1508114          E22/K01             F           40,500.00         ZZ   
                                  180         38,817.14          1
116 HEMLOCK AVENUE                 9.875            432.12         90   
                                     9.625            432.12       45,000.00
KANNAPOLIS       NC   28081          1            05/17/96         04   
0459974176                           05           07/01/96         25   
410118863                            N            06/01/11              
0                                                                       

1509822          661/661             F          180,000.00         T    
                                  180        143,906.52          1
1007 GULF DRIVE                    8.000          1,720.17        100   
  UNIT 112                           7.750          1,720.17      180,000.00
BRADENTON BEACH  FL   34217          1            04/12/96         92   
2497436                              01           06/01/96         30   
2497436                              O            05/01/11              
0                                                                       

1513946          105/K01             F          111,500.00         ZZ   
                                  180        106,640.77          1
927 POINT PLEASANT ROAD            8.500          1,097.98         85   
                                     8.250          1,097.98      132,000.00
GLEN BURNIE      MD   21061          5            06/27/96         10   
0459961405                           02           08/01/96         30   
0967588                              O            07/01/11              
0                                                                       

1514674          661/661             F          291,000.00         ZZ   
                                  180        217,376.27          1
1755 TODD ROAD                     6.875          2,595.30        100   
                                     6.625          2,595.30      291,000.00
1                                                                               

DOVER TOWNSHIP   NJ   08755          2            01/26/96         92   
23V8459                              05           03/01/96         30   
23V8459                              O            02/01/11              
0                                                                       

1515419          A52/G02             F          618,750.00         ZZ   
                                  180        613,349.86          1
4 MODENA WAY                       8.000          5,913.10         75   
                                     7.750          5,913.10      825,000.00
SAVANNAH         GA   31411          2            06/20/97         00   
0430262345                           05           08/01/97          0   
208161                               O            07/01/12              
0                                                                       

1515981          526/G02             F           35,700.00         ZZ   
                                  180         33,793.07          1
1822 AMBERLY AVE F-9               8.375            348.95         85   
                                     8.125            348.95       42,000.00
ORLANDO          FL   32822          2            03/07/96         04   
0430006817                           01           05/01/96         17   
0104726                              O            04/01/11              
0                                                                       

1531540          B24/G02             F          125,000.00         ZZ   
                                  180        121,432.74          1
11 BERTMOR DRIVE                   8.500          1,230.92         41   
                                     8.250          1,230.92      305,000.00
STAMFORD         CT   06905          5            11/04/96         00   
0430068064                           05           01/01/97          0   
UNKNOWN                              O            12/01/11              
0                                                                       

1531785          624/G02             F           78,750.00         ZZ   
                                  180         76,398.45          1
6929 SW CAMDEN LANE                9.125            804.60         75   
                                     8.875            804.60      105,000.00
BEAVERTON        OR   97008          5            10/22/96         00   
0430069690                           03           12/01/96          0   
81023960083                          O            11/01/11              
0                                                                       

1532322          E20/G02             F          130,000.00         ZZ   
                                  180        126,241.94          3
2302 BEACH TRAIL                   9.500          1,357.50         39   
                                     9.250          1,357.50      335,000.00
INDIAN ROCKS BE  FL   34635          5            11/07/96         00   
0430103697                           05           12/01/96          0   
UNKNOWN                              N            11/01/11              
0                                                                       
1                                                                               

1534734          526/G02             F           96,000.00         ZZ   
                                  180         92,993.13          1
3001 WINCHESTER DRIVE              9.625          1,009.71         75   
                                     9.375          1,009.71      128,000.00
NEWBERG          OR   97132          2            09/27/96         00   
0430069740                           05           11/01/96          0   
00146956                             N            10/01/11              
0                                                                       

1537155          624/G02             F           43,200.00         ZZ   
                                  180         42,008.77          1
UNIT C-1, BELLA VISTA CONDOMIN     9.000            439.16         90   
                                     8.750            439.16       48,000.00
ANGEL FIRE       NM   87710          1            11/14/96         01   
0430081489                           01           01/01/97         25   
65023060023                          N            12/01/11              
0                                                                       

1537240          076/076             F           50,000.00         ZZ   
                                  180         48,299.49          1
60 HAYDEN ROWE STREET              8.500            492.37         30   
                                     8.250            492.37      170,000.00
HOPKINTON        MA   01748          5            10/15/96         00   
7060648                              05           12/01/96          0   
7060648                              O            11/01/11              
0                                                                       

1537390          E22/G02             F           31,450.00         ZZ   
                                  180         30,550.75          1
6209 E MARSHALL STREET             9.625            330.78         90   
                                     9.375            330.78       34,999.00
TULSA            OK   74115          1            10/17/96         04   
0410262778                           05           12/01/96         25   
410262778                            N            11/01/11              
0                                                                       

1538259          758/G02             F           90,000.00         ZZ   
                                  180         87,644.30          4
406 MANUEL DRIVE                   9.500            939.80         90   
                                     9.250            939.80      100,000.00
COLLEGE STATION  TX   77840          2            11/13/96         04   
0430083311                           05           01/01/97         25   
UNKNOWN                              N            12/01/11              
0                                                                       

1539744          909/G02             F           99,600.00         ZZ   
                                  180         96,805.48          1
1                                                                               

790 TWINING AVENUE                 8.875          1,002.82         60   
                                     8.625          1,002.82      166,000.00
SAN DIEGO        CA   92154          5            11/12/96         00   
0430082537                           05           01/01/97          0   
6003425                              N            12/01/11              
0                                                                       

1539893          966/G02             F          143,950.00         ZZ   
                                  180        139,958.47          1
10409 WATERS DRIVE                 8.375          1,407.01         80   
                                     8.125          1,407.01      179,990.00
IRVING           TX   75036          1            12/18/96         00   
0430118364                           03           02/01/97          0   
30002694                             O            01/01/12              
0                                                                       

1540766          E22/G02             F           99,900.00         ZZ   
                                  180         97,105.02          4
10561-10567 STARCREST DRIVE        9.875          1,065.90         90   
                                     9.625          1,065.90      111,000.00
SAN ANTONIO      TX   78217          1            10/17/96         04   
0410261580                           05           12/01/96         25   
410261580                            N            11/01/11              
0                                                                       

1541083          F27/G02             F           45,000.00         ZZ   
                                  180         43,745.78          1
15 GEORGETOWN GREEN                7.500            417.16         43   
                                     7.250            417.16      106,000.00
CHARLOTTESVILLE  VA   22901          5            12/16/96         00   
0430278580                           09           02/01/97          0   
6232185                              N            01/01/12              
0                                                                       

1541291          526/G02             F           27,000.00         ZZ   
                                  180         23,757.53          1
311 EAST FREEMAN STREET            9.625            283.99         90   
                                     9.375            283.99       30,000.00
DUNCANVILLE      TX   75137          1            10/31/96         10   
0430084418                           05           12/01/96         25   
150902                               N            11/01/11              
0                                                                       

1544781          560/560             F           63,050.00         ZZ   
                                  180         61,418.89          2
4201-03 MARQUETTE STREET           8.375            616.27         85   
                                     8.125            616.27       74,200.00
RACINE           WI   53402          1            12/03/96         10   
450590146                            05           02/01/97         20   
1                                                                               

450590146                            N            01/01/12              
0                                                                       

1546355          661/661             F          180,000.00         ZZ   
                                  180        174,807.81          1
201 EAST CHESTNUT STREET           8.375          1,759.37         98   
  UNIT 24E                           8.125          1,759.37      185,000.00
CHICAGO          IL   60611          5            11/07/96         92   
2605715                              06           01/01/97         30   
2605715                              O            12/01/11              
0                                                                       

1546672          G80/225             F           45,630.00         ZZ   
                                  180         44,474.67          1
202 SOUTHWEST MURPHEY ROAD         8.625            452.69         90   
                                     8.375            452.69       50,700.00
BURLESON         TX   76028          1            12/31/96         04   
0000000                              05           02/01/97         25   
803155100                            N            01/01/12              
0                                                                       

1546751          201/G02             F          201,200.00         ZZ   
                                  180        196,050.62          1
4603 LAUREL CANYON DRIVE           8.500          1,981.30         80   
                                     8.250          1,981.30      251,500.00
AUSTIN           TX   78731          1            12/06/96         00   
0430105510                           05           02/01/97          0   
8800953476                           O            01/01/12              
0                                                                       

1547017          G80/225             F           62,100.00         ZZ   
                                  180         60,676.93          1
2926 ISAACS PL                     8.375            606.99         90   
                                     8.125            606.99       69,000.00
GREENSBORO       NC   27408          1            01/09/97         10   
803349000                            05           03/01/97         25   
803349000                            O            02/01/12              
0                                                                       

1547101          757/757             F          153,000.00         T    
                                  180        146,451.58          1
117 TYLER COURT                    8.375          1,495.47         90   
                                     8.125          1,495.47      170,000.00
EATONTON         GA   31024          2            12/17/96         10   
2873362                              05           02/01/97         25   
2873362                              O            01/01/12              
0                                                                       

1                                                                               

1548877          F27/G02             F          115,000.00         ZZ   
                                  180        112,249.18          1
2921 KNOLL ACRES DRIVE             7.875          1,090.72         80   
                                     7.625          1,090.72      145,000.00
BALTIMORE        MD   21234          5            01/22/97         00   
0430280180                           05           03/01/97          0   
6233415                              O            02/01/12              
0                                                                       

1549639          E22/G02             F           72,450.00         ZZ   
                                  180         70,454.90          1
1331 CHEROKEE DRIVE                9.500            756.54         90   
                                     9.250            756.54       80,500.00
RICHARDSON       TX   75080          1            12/05/96         04   
0410288831                           05           02/01/97         25   
410288831                            N            01/01/12              
0                                                                       

1550084          E22/G02             F          136,500.00         ZZ   
                                  180        132,975.75          1
42 DUSTY TRAIL ROAD                8.625          1,354.19         63   
                                     8.375          1,354.19      219,000.00
PLACITAS         NM   87043          5            12/26/96         00   
0410266308                           05           02/01/97          0   
410266308                            N            01/01/12              
0                                                                       

1550557          661/661             F          144,500.00         ZZ   
                                  180        130,564.96          1
3132 WOLFE ROAD                    8.375          1,412.38        100   
                                     8.125          1,412.38      144,500.00
CLEARWEATER      FL   34619          5            12/10/96         92   
2688109                              05           02/01/97         30   
2688109                              O            01/01/12              
0                                                                       

1551918          129/G02             F           98,000.00         ZZ   
                                  180         95,598.12          1
155 GUNSON ST                      9.250          1,008.61         70   
                                     8.875          1,008.61      140,000.00
EAST LANSING     MI   48823          2            12/30/96         00   
0430125187                           05           02/01/97          0   
3800017117                           N            01/01/12              
0                                                                       

1552496          129/G02             F           94,500.00         ZZ   
                                  180         92,159.46          1
147 GUNSON ST                      9.125            965.52         70   
                                     8.875            965.52      135,000.00
1                                                                               

EAST LANSING     MI   48823          5            12/30/96         00   
0430127209                           05           02/01/97          0   
3800017265                           N            01/01/12              
0                                                                       

1552513          129/G02             F           87,750.00         ZZ   
                                  180         85,599.31          1
172 GUNSON ST                      9.250            903.12         65   
                                     9.000            903.12      135,000.00
EAST LANSING     MI   48823          5            12/30/96         00   
0430127381                           05           02/01/97          0   
3800017125                           N            01/01/12              
0                                                                       

1555579          590/G02             F           77,500.00         T    
                                  180         75,829.52          1
8230 NW 10TH STREET UNIT 7         9.000            786.06         80   
                                     8.750            786.06       96,900.00
MIAMI            FL   33126          1            02/21/97         00   
0430170415                           01           04/01/97          0   
501016190                            O            03/01/12              
0                                                                       

1555738          129/G02             F           50,000.00         ZZ   
                                  180         49,201.03          1
321 MADISON AVE SE                 9.125            510.86         44   
                                     8.875            510.86      115,500.00
GRAND RAPIDS     MI   49503          2            03/24/97         00   
0430203059                           05           05/01/97          0   
3020074286                           O            04/01/12              
0                                                                       

1555771          480/G02             F          300,000.00         ZZ   
                                  180        294,418.74          1
13513 SCOTTISH AUTUMN LANE         7.375          2,759.77         66   
                                     7.125          2,759.77      460,000.00
DARNESTOWN       MD   20878          1            03/31/97         00   
0430198564                           05           05/01/97          0   
2121283                              O            04/01/12              
0                                                                       

1556128          405/405             F           78,400.00         ZZ   
                                  180         76,867.17          1
3445 L HONOAPIILANI ROAD #624      8.625            777.80         70   
                                     8.375            777.80      112,000.00
LAHAINA          HI   96761          1            02/25/97         00   
4131090                              02           04/01/97          0   
4131090                              N            03/01/12              
0                                                                       
1                                                                               

1556271          F30/G02             F           73,600.00         ZZ   
                                  180         71,949.57          2
851 AND 853 NORTH 460 WEST         8.625            730.17         52   
                                     8.375            730.17      142,000.00
LEHI             UT   84043          2            01/03/97         00   
0430148791                           05           03/01/97          0   
103128                               N            02/01/12              
0                                                                       

1556601          757/757             F           56,700.00         ZZ   
                                  180         55,615.34          1
6144 WHITE OAK DRIVE               8.875            570.89         90   
                                     8.625            570.89       63,000.00
FLOWERY BRANCH   GA   30542          1            02/07/97         01   
2879716                              05           04/01/97         25   
2879716                              N            03/01/12              
0                                                                       

1556748          E22/G02             F          120,000.00         ZZ   
                                  180        117,778.96          2
4001 MENDENHALL LOOP ROAD          9.250          1,235.03         45   
                                     9.000          1,235.03      270,000.00
JUNEAU           AK   99801          5            01/29/97         00   
0410219802                           05           04/01/97          0   
410219802                            N            03/01/12              
0                                                                       

1557282          354/354             F           60,000.00         ZZ   
                                  180         58,345.31          1
4954 OAK RUN DRIVE                 7.625            560.48         38   
  UNIT #223                          7.375            560.48      160,000.00
SARASOTA         FL   34243          1            12/20/96         00   
24727703                             01           02/01/97          0   
24727703                             O            01/01/12              
0                                                                       

1557286          354/354             F           27,200.00         T    
                                  180         26,423.75          1
12211 FOX CHASE DRIVE              8.500            267.85         70   
  UNIT #F2                           8.250            267.85       38,900.00
BAYONET POINT    FL   34668          1            11/05/96         00   
24778672                             01           01/01/97          0   
24778672                             O            12/01/11              
0                                                                       

1557290          354/354             F           51,800.00         ZZ   
                                  180         50,240.89          1
1                                                                               

2172 NANCY WAY                     7.875            491.30         75   
                                     7.625            491.30       69,181.00
LOGANVILLE       GA   30249          1            11/12/96         00   
24825259                             05           01/01/97          0   
24825259                             O            12/01/11              
0                                                                       

1557293          354/354             F          220,000.00         ZZ   
                                  180        209,422.58          1
17002 PRESTON BEND DRIVE           8.250          2,134.31         69   
                                     8.000          2,134.31      320,000.00
DALLAS           TX   75248          1            10/30/96         00   
24830846                             05           12/01/96          0   
24830846                             O            11/01/11              
0                                                                       

1557296          354/354             F           54,950.00         T    
                                  180         53,296.04          1
1134 BEL AIRE DRIVE                7.875            521.18         70   
                                     7.625            521.18       78,500.00
DAYTONA BEACH    FL   32118          1            11/29/96         00   
24838914                             05           01/01/97          0   
24838914                             O            12/01/11              
0                                                                       

1557311          354/354             F           54,500.00         ZZ   
                                  180         52,996.93          1
38 FOREST DRIVE                    7.625            509.11         65   
                                     7.375            509.11       85,000.00
MADISON HEIGHTS  VA   24572          2            12/09/96         00   
24867699                             05           02/01/97          0   
24867699                             O            01/01/12              
0                                                                       

1557330          354/354             F           19,500.00         ZZ   
                                  180         17,867.39          1
1900 NORTH CONGRESS AVENUE,        8.125            187.77         75   
  UNIT #202                          7.875            187.77       26,000.00
WEST PALM BEACH  FL   33401          1            01/10/97         00   
24898629                             01           03/01/97          0   
24898629                             O            02/01/12              
0                                                                       

1557333          354/354             F          100,000.00         ZZ   
                                  180         94,487.87          1
1330 SADDLERIDGE DRIVE             7.875            948.45         59   
                                     7.625            948.45      171,000.00
ORLANDO          FL   32835          1            01/09/97         00   
24903411                             03           03/01/97          0   
1                                                                               

24903411                             O            02/01/12              
0                                                                       

1557345          354/354             F           33,750.00         ZZ   
                                  180         32,832.03          1
6805 NORTHWEST 75TH STREET         8.000            322.54         74   
                                     7.750            322.54       46,000.00
TAMARAC          FL   33321          1            12/19/96         00   
24919847                             03           02/01/97          0   
24919847                             O            01/01/12              
0                                                                       

1557892          637/G02             F          102,900.00         ZZ   
                                  180        101,237.53          2
12 BARTLETT STREET                 9.000          1,043.68         86   
                                     8.750          1,043.68      120,000.00
SACO             ME   04072          2            03/11/97         04   
0430194522                           05           05/01/97         25   
4224663                              N            04/01/12              
0                                                                       

1558691          B75/G02             F           32,000.00         ZZ   
                                  180         31,401.17          1
321 COLLINS STREET                 9.125            326.95         69   
                                     8.875            326.95       47,000.00
HOHENWALD        TN   38462          2            02/10/97         00   
0430156182                           05           04/01/97          0   
2674497                              N            03/01/12              
0                                                                       

1558983          G41/G02             F          104,800.00         ZZ   
                                  180        102,773.33          1
220 HUNTER AVENUE                  8.750          1,047.42         80   
                                     8.500          1,047.42      131,000.00
STATEN ISLAND    NY   10306          1            02/14/97         00   
0430154401                           05           04/01/97          0   
610000871                            N            03/01/12              
0                                                                       

1559107          664/G02             F           81,000.00         ZZ   
                                  180         79,500.76          1
453 OPAL STREET                    9.250            833.65         90   
                                     9.000            833.65       91,000.00
SUTHERLIN        OR   97479          2            01/31/97         01   
0430157982                           05           04/01/97         25   
2247096                              N            03/01/12              
0                                                                       

1                                                                               

1559146          E22/G02             F           75,000.00         ZZ   
                                  180         73,565.39          2
130 EAST 57TH STREET               8.875            755.13         37   
                                     8.625            755.13      207,000.00
BROOKLYN         NY   11203          2            01/30/97         00   
0410339956                           05           04/01/97          0   
410339956                            O            03/01/12              
0                                                                       

1559883          E10/G02             F           88,500.00         T    
                                  180         86,861.58          1
200 FIRST AVE #305                 9.250            910.89         75   
                                     9.000            910.89      118,000.00
ST PETERSBURG B  FL   33706          1            02/19/97         00   
0430196220                           01           04/01/97          0   
019700003                            O            03/01/12              
0                                                                       

1560735          766/G02             F          196,000.00         ZZ   
                                  180        192,412.09          1
5757 COLLINS AVE                   9.375          2,031.92         70   
  UNIT 2004                          9.125          2,031.92      280,000.00
MIAMI BEACH      FL   33140          1            02/19/97         00   
0430175950                           06           04/01/97          0   
96HA1370                             O            03/01/12              
0                                                                       

1561033          180/G02             F          123,250.00         ZZ   
                                  180        121,197.22          1
5211 SOUTH MERRIMAC AVENUE         8.875          1,240.94         85   
                                     8.625          1,240.94      145,000.00
CHICAGO          IL   60638          2            03/26/97         21   
0430205492                           05           05/01/97         17   
4673117                              O            04/01/12              
0                                                                       

1561428          E83/E83             F          277,000.00         ZZ   
                                  180        271,901.50          1
RD 5 BOX 36  DUNDERBERG ROAD       7.500          2,567.82         80   
                                     7.250          2,567.82      350,000.00
MONROE           NY   10950          2            03/24/97         00   
97010030                             05           05/01/97          0   
97010030                             O            04/01/12              
0                                                                       

1561802          E22/G02             F           66,950.00         ZZ   
                                  180         65,683.31          1
200 S WOODLAWN                     9.000            679.05         95   
                                     8.750            679.05       70,500.00
1                                                                               

OKMULGEE         OK   74447          2            02/26/97         04   
0410323448                           05           04/01/97         30   
410323448                            O            03/01/12              
0                                                                       

1563934          129/G02             F           60,000.00         ZZ   
                                  180         59,175.24          1
19758 WILLIAMSON                   8.750            599.67         80   
                                     8.500            599.67       75,000.00
CLINTON TWP      MI   48035          5            03/26/97         00   
0430250738                           05           06/01/97          0   
3060066119                           O            05/01/12              
0                                                                       

1564013          B33/G02             F           45,000.00         ZZ   
                                  120         44,302.01          3
353 EAST 26TH STREET               9.125            573.09         24   
                                     8.875            573.09      189,000.00
BROOKLYN         NY   11226          5            06/13/97         00   
0430264804                           05           08/01/97          0   
971645                               N            07/01/07              
0                                                                       

1564357          A52/G02             F           39,200.00         ZZ   
                                  120         38,199.74          1
102 DZIRKALIS CIRCLE               9.500            507.24         70   
                                     9.250            507.24       56,000.00
MILLEDGEVILLE    GA   31061          5            04/04/97         00   
0430192625                           05           06/01/97          0   
UNKNOWN                              N            05/01/07              
0                                                                       

1564496          638/G02             F          105,300.00         ZZ   
                                  180        103,856.06          1
11813 AMBER VALLEY                 8.750          1,052.42         90   
                                     8.500          1,052.42      117,040.00
FRISCO           TX   75034          1            04/04/97         10   
0430205393                           05           06/01/97         12   
UNKNOWN                              N            05/01/12              
0                                                                       

1564603          455/G02             F           48,800.00         ZZ   
                                  180         47,800.71          1
115 HUNTER COURT                   8.000            466.36         80   
                                     7.750            466.36       61,000.00
MACON            GA   31210          1            02/28/97         04   
0430257733                           09           04/01/97         12   
55805                                N            03/01/12              
0                                                                       
1                                                                               

1564742          E83/E83             F           50,700.00         ZZ   
                                  180         49,965.63          1
10 HUNTINGTON ROAD                 8.125            488.18         65   
                                     7.875            488.18       78,000.00
RHINEBECK        NY   12572          1            04/09/97         00   
141728                               05           06/01/97          0   
141728                               N            05/01/12              
0                                                                       

1564902          074/G02             F          110,700.00         ZZ   
                                  180        108,559.21          1
11056 BELLBROOK DRIVE              8.750          1,106.39         90   
                                     8.500          1,106.39      123,000.00
HOUSTON          TX   77096          2            02/27/97         21   
0430180786                           03           04/01/97         25   
1521034239                           N            03/01/12              
0                                                                       

1565658          003/G02             F           27,000.00         ZZ   
                                  180         26,483.52          1
416 HWY 138 EAST                   8.875            271.85         90   
                                     8.625            271.85       30,000.00
STOCKBRIDGE      GA   30281          1            02/28/97         10   
0430333088                           05           04/01/97         25   
3793924                              N            03/01/12              
0                                                                       

1565896          144/144             F          175,000.00         ZZ   
                                  180        171,879.29          1
67 ANDERSON ROAD                   8.000          1,672.39         68   
                                     7.750          1,672.39      260,000.00
BEDFORD          NY   10536          5            06/25/97         00   
1565896                              05           08/01/97          0   
1565896                              O            07/01/12              
0                                                                       

1566192          076/076             F        1,000,000.00         ZZ   
                                  166        980,578.69          1
52 ST THOMAS DRIVE                 8.500         10,263.37         59   
                                     8.250         10,263.37    1,720,000.00
PALM BEACH GARD  FL   33418          4            03/21/97         00   
7033062                              03           05/01/97          0   
7033062                              O            02/01/11              
0                                                                       

1566423          229/G02             F           27,300.00         ZZ   
                                  180         26,858.89          1
1                                                                               

1256-58 EAST 59TH ST               9.000            276.90         61   
                                     8.750            276.90       45,000.00
CLEVELAND        OH   44103          1            04/04/97         00   
0430251934                           05           05/01/97          0   
NG                                   N            04/01/12              
0                                                                       

1566428          F03/G02             F           75,250.00         ZZ   
                                  180         74,648.92          1
490 KINGS CROSSING ROAD            9.000            763.24         70   
  UNIT 6-634                         8.750            763.24      107,500.00
WINTER PARK      CO   80482          1            06/02/97         00   
0430260968                           01           08/01/97          0   
DEN10735                             N            07/01/12              
0                                                                       

1566810          E22/G02             F           67,450.00         ZZ   
                                  180         66,348.18          1
4718 COLGATE LANE                  8.875            679.12         95   
                                     8.625            679.12       71,000.00
GARLAND          TX   75042          2            03/14/97         04   
0410370142                           05           05/01/97         30   
410370142                            O            04/01/12              
0                                                                       

1567599          229/G02             F          100,800.00         ZZ   
                                  180         99,710.39          1
53 CHURCH STREET                   8.875          1,014.90         80   
                                     8.625          1,014.90      126,000.00
GRAFTON          MA   01519          2            05/07/97         00   
0430265397                           01           07/01/97          0   
0007426802                           O            06/01/12              
0                                                                       

1567769          E10/G02             F           34,320.00         ZZ   
                                  180         33,795.40          1
1816 JACKSON AVENUE                9.625            360.97         66   
                                     9.375            360.97       52,000.00
WINSTON SALEM    NC   27104          5            03/11/97         00   
0430196527                           05           05/01/97          0   
019700027                            N            04/01/12              
0                                                                       

1567770          E10/G02             F           41,250.00         ZZ   
                                  180         40,619.46          1
1812 JACKSON AVENUE                9.625            433.86         75   
                                     9.375            433.86       55,000.00
WINSTON SALEM    NC   27104          5            03/12/97         00   
0430196477                           05           05/01/97          0   
1                                                                               

019700022                            N            04/01/12              
0                                                                       

1568652          F27/G02             F           68,000.00         ZZ   
                                  180         67,025.70          1
714 JOHAHN DRIVE                   8.250            659.70         80   
                                     8.000            659.70       85,000.00
WESTMINSTER      MD   21158          1            04/30/97         00   
0430278531                           09           06/01/97          0   
6249379                              N            05/01/12              
0                                                                       

1568697          661/661             F          150,000.00         ZZ   
                                  180        146,119.47          1
924 SOUTH CREEK                    8.375          1,466.15        100   
                                     8.125          1,466.15      150,000.00
KINGSVILLE       TX   78363          1            12/20/96         92   
2763142                              03           02/01/97         30   
2763142                              N            01/01/12              
0                                                                       

1568753          A38/G02             F           33,700.00         ZZ   
                                  180         33,495.82          1
2604 HILL STREET COVE              7.500            312.40         36   
                                     7.250            312.40       93,700.00
ROUND ROCK       TX   78664          1            07/31/97         00   
0430336883                           05           09/01/97          0   
6910195                              O            08/01/12              
0                                                                       

1569479          098/G02             F          100,000.00         ZZ   
                                  180         98,989.09          3
606 JERSEY AVENUE                  9.625          1,051.79         77   
                                     9.375          1,051.79      130,000.00
JERSEY CITY      NJ   07302          1            05/29/97         00   
0430297986                           07           07/01/97          0   
870201908                            N            06/01/12              
0                                                                       

1569969          E48/E48             F           29,700.00         ZZ   
                                  180         29,257.39          1
613 HILLSBORO ROAD                 9.125            303.45         90   
  A-18                               8.875            303.45       33,000.00
FRANKLIN         TN   37064          1            04/15/97         01   
UNKNOWN                              01           06/01/97         12   
UNKNOWN                              N            05/01/12              
0                                                                       

1                                                                               

1570087          B75/G02             F          115,600.00         ZZ   
                                  180        113,546.44          1
13149 SOUTHEAST DUKE STREET        8.000          1,104.73         85   
                                     7.750          1,104.73      136,000.00
PORTLAND         OR   97236          5            03/13/97         11   
0430201210                           05           05/01/97         12   
2914406                              O            04/01/12              
0                                                                       

1570335          992/G02             F          262,500.00         ZZ   
                                  180        260,355.95          1
88 LUCINDA DRIVE                   8.750          2,623.56         75   
                                     8.500          2,623.56      350,000.00
BABYLON          NY   11702          1            06/02/97         00   
0430261834                           05           08/01/97          0   
323199                               O            07/01/12              
0                                                                       

1570475          286/286             F           48,650.00         ZZ   
                                  180         47,600.45          1
213 13TH AVE NE                    8.375            475.52         75   
                                     8.125            475.52       64,900.00
BIRMINGHAM       AL   35215          1            02/27/97         00   
0008608821                           05           04/01/97          0   
0008608821                           N            03/01/12              
0                                                                       

1570744          225/225             F           29,250.00         ZZ   
                                  180         28,853.27          1
6800 RUTLAND                       8.875            294.51         75   
                                     8.625            294.51       39,000.00
DETROIT          MI   48228          1            05/02/97         00   
8045927                              05           06/01/97          0   
8045927                              N            05/01/12              
0                                                                       

1570826          E22/G02             F           66,100.00         ZZ   
                                  180         65,032.07          1
97 LYNNWOOD LANE                   9.000            670.43         39   
                                     8.750            670.43      170,000.00
GOLDEN           CO   80403          5            03/21/97         00   
0410389597                           05           05/01/97          0   
410389597                            N            04/01/12              
0                                                                       

1571420          129/G02             F          116,800.00         ZZ   
                                  180        114,892.03          1
3233 JEFFERSON RIVER ROAD          8.875          1,176.00         80   
                                     8.625          1,176.00      146,000.00
1                                                                               

JEFFERSON        GA   30549          1            03/31/97         00   
0430201970                           05           05/01/97          0   
3971238                              O            04/01/12              
0                                                                       

1571570          375/G02             F           97,200.00         ZZ   
                                  180         95,448.93          1
9 SHADOW LANE                      7.750            914.92         53   
                                     7.500            914.92      185,000.00
HOUSTON          TX   77080          2            03/14/97         00   
0430257527                           05           05/01/97          0   
647043                               O            04/01/12              
0                                                                       

1571649          B28/G02             F          107,200.00         ZZ   
                                  180        104,597.16          4
122 GENERAL SOMERVELL ST NE        8.875          1,079.34         80   
                                     8.625          1,079.34      134,000.00
ALBUQUERQUE      NM   87123          2            05/13/97         00   
0430258798                           05           07/01/97          0   
05970462                             N            06/01/12              
0                                                                       

1572215          180/G02             F           38,610.00         ZZ   
                                  180         38,192.65          2
1261 BYEWOOD LANE                  8.875            388.74         90   
                                     8.625            388.74       42,900.00
ATLANTA          GA   30310          1            05/27/97         12   
0430255570                           05           07/01/97         25   
4615704                              N            06/01/12              
0                                                                       

1572338          B75/G02             F           92,700.00         ZZ   
                                  180         90,907.30          1
1713 35TH STREET NW                8.750            926.49         90   
                                     8.500            926.49      103,000.00
RIO RANCHO       NM   87124          1            02/28/97         04   
0430204974                           05           04/01/97         25   
2864528                              N            03/01/12              
0                                                                       

1572404          225/225             F          140,250.00         ZZ   
                                  180        138,262.34          1
2601 CAMPO VERDE                   8.375          1,370.85         85   
                                     8.125          1,370.85      165,000.00
SANTA FE         NM   87505          5            04/24/97         12   
8045692                              05           06/01/97         25   
8045692                              O            05/01/12              
0                                                                       
1                                                                               

1572658          313/G02             F           95,000.00         ZZ   
                                  180         93,484.77          1
6 GRACE ROAD                       9.125            970.64         39   
                                     8.875            970.64      245,000.00
BRAINTREE        MA   02184          1            06/25/97         00   
0430301135                           05           08/01/97          0   
6308928                              O            07/01/12              
0                                                                       

1572840          229/G02             F           36,000.00         ZZ   
                                  180         35,517.11          1
7011 GERTRUDE STREET               9.000            365.14         79   
                                     8.750            365.14       46,000.00
LA VISTA         NE   68128          1            04/30/97         04   
0430257568                           05           06/01/97         12   
7423841                              N            05/01/12              
0                                                                       

1572916          225/225             F           46,900.00         ZZ   
                                  180         46,490.65          2
228 MICHIGAN AVENUE                8.000            448.21         70   
                                     7.750            448.21       67,000.00
MONROE           MI   48162          5            06/20/97         00   
8044826                              05           08/01/97          0   
8044826                              N            07/01/12              
0                                                                       

1573627          A19/G02             F           44,000.00         ZZ   
                                  180         43,376.41          1
18L PELICAN CIRCLE                 8.375            430.07         80   
                                     8.125            430.07       55,000.00
DERRY            NH   03038          1            05/01/97         00   
0430212100                           01           06/01/97          0   
196022                               O            05/01/12              
0                                                                       

1573654          076/076             F           32,500.00         ZZ   
                                  180         30,596.55          1
2111 LANGLEY STREET                8.625            322.43         65   
                                     8.375            322.43       50,000.00
GREENSBORO       NC   27403          5            01/24/96         00   
5407002                              05           03/01/96          0   
5407002                              N            02/01/11              
0                                                                       

1573717          405/405             F           92,400.00         T    
                                  180         91,401.17          1
1                                                                               

75-5888 ALII DR #A-5               8.875            930.33         60   
                                     8.625            930.33      154,000.00
KAILUA KONA      HI   96740          1            05/14/97         00   
004211108                            20           07/01/97          0   
004211108                            O            06/01/12              
0                                                                       

1573777          180/G02             F           41,500.00         ZZ   
                                  180         41,056.36          1
7701 O'KEITH COURT                 9.000            420.92         70   
  #1611                              8.625            420.92       60,000.00
RICHMOND         VA   23228          2            05/27/97         00   
0430257824                           01           07/01/97          0   
4798880                              N            06/01/12              
0                                                                       

1574004          225/225             F           35,000.00         ZZ   
                                  180         34,617.43          2
10401-03 EAST 78TH TERRACE         8.750            349.81         43   
                                     8.500            349.81       83,000.00
RAYTOWN          MO   64138          2            05/30/97         00   
8045826                              05           07/01/97          0   
8045826                              N            06/01/12              
0                                                                       

1574304          405/405             F           63,750.00         ZZ   
                                  180         62,896.12          2
1002 LAKE PALMS DRIVE              9.125            651.35         85   
                                     8.875            651.35       75,000.00
LARGO            FL   33771          2            04/09/97         21   
4167680                              05           06/01/97         20   
4167680                              N            05/01/12              
0                                                                       

1574342          225/225             F           50,000.00         ZZ   
                                  180         49,435.11          1
22 CALMAN PLACE                    8.375            488.71         67   
                                     8.125            488.71       75,000.00
CANANDAIGUA      NY   14424          1            05/15/97         00   
8045461                              05           07/01/97          0   
8045461                              O            06/01/12              
0                                                                       

1574378          225/225             F           50,850.00         ZZ   
                                  180         50,324.31          2
397 397-1/2 SOUTH PROSPECT         9.375            527.16         90   
  STREET                             9.125            527.16       56,500.00
MARION           OH   43302          1            05/13/97         04   
804522100                            05           07/01/97         25   
1                                                                               

804522100                            N            06/01/12              
0                                                                       

1574387          638/G02             F          110,000.00         ZZ   
                                  180        108,824.09          1
6480 SW WASHINGTON COURT           9.000          1,115.69         59   
                                     8.750          1,115.69      188,000.00
LAKE OSWEGO      OR   97035          5            05/14/97         00   
0430255745                           05           07/01/97          0   
8639349                              N            06/01/12              
0                                                                       

1575426          B75/G02             F           49,000.00         ZZ   
                                  180         48,452.46          1
803 GRANADA AVE                    8.500            482.52         70   
                                     8.250            482.52       70,000.00
PHARR            TX   78577          1            05/08/97         00   
0430248740                           05           07/01/97          0   
2805489                              O            06/01/12              
0                                                                       

1575638          074/G02             F           54,000.00         ZZ   
                                  180         53,127.59          1
9726 HAMMOCKS BLVD #204            9.000            547.70         90   
                                     8.750            547.70       60,000.00
MIAMI            FL   33196          1            03/31/97         12   
0430214585                           01           05/01/97         25   
1311288930                           N            04/01/12              
0                                                                       

1576303          225/225             F           49,350.00         ZZ   
                                  180         48,798.54          1
5021 KISTLER AVENUE                8.500            485.97         90   
                                     8.250            485.97       54,850.00
CHARLOTTE        NC   28205          2            05/16/97         10   
8043918                              05           07/01/97         25   
8043918                              N            06/01/12              
0                                                                       

1576340          225/225             F           63,000.00         ZZ   
                                  180         62,296.00          1
48 CALLE SAN BLAS NE               8.500            620.39         57   
                                     8.250            620.39      111,000.00
ALBUQUERQUE      NM   87109          2            05/15/97         00   
8047626                              05           07/01/97          0   
8047626                              O            06/01/12              
0                                                                       

1                                                                               

1576722          661/661             F          120,000.00         ZZ   
                                  180        117,813.12          1
12305 EAST MT MORRIS ROAD          7.875          1,138.14        100   
                                     7.625          1,138.14      120,000.00
DAVISON          MI   48423          5            03/14/97         92   
2805885                              05           05/01/97         30   
2805885                              O            04/01/12              
0                                                                       

1576824          609/609             F          424,000.00         T    
                                  180        420,419.76          1
11855 S ORCHARD HILL DRIVE         8.375          4,144.29         80   
                                     8.125          4,144.29      530,000.00
EMPIRE           MI   49630          2            06/11/97         00   
128686                               05           08/01/97          0   
128686                               O            07/01/12              
0                                                                       

1576843          225/225             F           85,000.00         ZZ   
                                  180         84,018.37          1
213 WILLOW AVENUE                  8.125            818.45         84   
                                     7.875            818.45      102,000.00
WOODBURN         OR   97071          5            05/13/97         10   
804666800                            05           07/01/97         12   
804666800                            O            06/01/12              
0                                                                       

1576908          661/661             F          128,000.00         ZZ   
                                  180        125,718.74          1
17 MARION ROAD                     7.875          1,214.02         95   
                                     7.625          1,214.02      135,000.00
DOVER            DE   19904          5            03/21/97         92   
2843902                              05           05/01/97         30   
2843902                              O            04/01/12              
0                                                                       

1576928          661/661             F           50,587.00         ZZ   
                                  180         46,500.54          1
702 SOUTH FRANKLIN STREET          8.500            498.14         94   
                                     8.250            498.14       54,000.00
MOUNT PLEASANT   MI   48858          1            02/26/97         92   
2813285                              05           04/01/97         30   
2813285                              N            03/01/12              
0                                                                       

1576976          A19/G02             F           72,900.00         ZZ   
                                  180         72,343.28          3
55 THORTON STREET                  9.500            761.24         90   
                                     9.250            761.24       81,000.00
1                                                                               

REVERE           MA   02151          1            06/30/97         04   
0430264812                           05           08/01/97         25   
201763                               N            07/01/12              
0                                                                       

1577110          E10/G02             F           31,000.00         ZZ   
                                  180         30,606.71          1
1421 FITCH STREET                  9.625            326.05         57   
                                     9.375            326.05       55,000.00
WINSTON SALEM    NC   27105          2            04/24/97         00   
0430377226                           05           06/01/97          0   
019700132                            N            05/01/12              
0                                                                       

1577306          A52/G02             F           52,500.00         ZZ   
                                  180         51,275.62          1
313 EAST 63RD STREET               8.500            516.99         64   
                                     8.250            516.99       83,000.00
SAVANNAH         GA   31405          5            05/15/97         00   
0430226399                           05           07/01/97          0   
202394                               O            06/01/12              
0                                                                       

1577359          375/G02             F          260,000.00         ZZ   
                                  180        255,611.01          1
6603 SPRING VALLEY ROAD NW         8.500          2,560.32         65   
                                     8.250          2,560.32      400,000.00
SALEM            OR   97304          5            03/21/97         00   
0430347864                           05           05/01/97          0   
649305                               O            04/01/12              
0                                                                       

1577364          377/377             F           38,700.00         ZZ   
                                  180         38,189.41          1
812 DUEBER AVENUE SW               9.500            404.12         90   
                                     9.250            404.12       43,000.00
CANTON           OH   44706          1            05/01/97         04   
3549763                              05           06/01/97         25   
3549763                              N            05/01/12              
0                                                                       

1577519          225/225             F          112,500.00         ZZ   
                                  180        111,591.31          2
17 19 KINDERHOOK STREET            8.875          1,132.70         90   
                                     8.625          1,132.70      125,000.00
CHATHAM          NY   12037          1            06/13/97         10   
8047792                              05           08/01/97         25   
8047792                              N            07/01/12              
0                                                                       
1                                                                               

1577847          637/G02             F           57,000.00         T    
                                  180         56,844.20          1
295 GREENWICH STREET #90-N         8.625            565.49         60   
                                     8.375            565.49       95,000.00
NEW YORK         NY   10009          1            08/08/97         00   
0430391425                           06           10/01/97          0   
9679598                              O            09/01/12              
0                                                                       

1577869          E53/G02             F           68,300.00         ZZ   
                                  180         67,519.81          1
7911 NW 11TH CT                    8.250            662.61         74   
                                     8.000            662.61       93,000.00
PLANTATION       FL   33322          2            05/23/97         00   
0430250811                           09           07/01/97          0   
11108430                             O            06/01/12              
0                                                                       

1577945          H05/H05             F           67,600.00         ZZ   
                                  180         67,066.05          1
1685 TWIN OAKS DRIVE               9.125            690.68         80   
                                     8.875            690.68       84,500.00
PENN YAN         NY   14527          1            06/19/97         00   
7040118                              05           08/01/97          0   
7040118                              O            07/01/12              
0                                                                       

1578215          E83/E83             F          120,200.00         ZZ   
                                  180        118,826.99          1
79 CARTER AVENUE                   8.250          1,166.11         80   
                                     8.000          1,166.11      150,260.00
NEWBURGH         NY   12550          5            05/21/97         00   
97030008                             05           07/01/97          0   
97030008                             O            06/01/12              
0                                                                       

1579044          369/G02             F           40,050.00         ZZ   
                                  180         38,579.53          1
41 SEA ISLAND DRIVE N              8.750            400.28         41   
                                     8.500            400.28      100,000.00
ORMOND BY SEA    FL   32176          1            03/31/97         00   
0430227587                           05           05/01/97          0   
60435500                             O            04/01/12              
0                                                                       

1579436          369/G02             F           18,000.00         ZZ   
                                  180         17,860.97          1
1                                                                               

980 W WILLIAM STREET               9.375            186.61         53   
                                     9.125            186.61       34,000.00
DECATUR          IL   62522          5            06/09/97         00   
0430283960                           05           08/01/97          0   
49750987                             N            07/01/12              
0                                                                       

1579470          405/405             F           40,000.00         ZZ   
                                  180         39,562.79          2
2806 NORTHEAST DRIVE               8.750            399.78         80   
                                     8.500            399.78       50,000.00
AUSTIN           TX   78723          1            05/27/97         01   
4180816                              05           07/01/97         17   
4180816                              N            06/01/12              
0                                                                       

1579477          225/225             F          132,000.00         ZZ   
                                  180        130,873.02          1
1017 NORTH VISTA VERDE DRIVE       8.250          1,280.59         80   
                                     8.000          1,280.59      165,000.00
LITCHFIELD PARK  AZ   85340          1            06/24/97         00   
8048696                              09           08/01/97          0   
8048696                              O            07/01/12              
0                                                                       

1579510          181/181             F           64,000.00         ZZ   
                                  180         61,808.93          1
5970 STATESVILLE BLVD              7.625            597.84         80   
                                     7.375            597.84       80,000.00
SALISBURY        NC   28147          5            03/14/97         00   
5614961                              27           05/01/97          0   
5614961                              O            04/01/12              
0                                                                       

1579567          405/405             F           86,000.00         ZZ   
                                  180         84,788.18          1
1142 E EBEY STREET                 8.500            846.88         75   
                                     8.250            846.88      115,000.00
CHURCH POINT     LA   70525          5            04/11/97         00   
4144838                              05           06/01/97          0   
4144838                              O            05/01/12              
0                                                                       

1579814          286/286             F           14,400.00         T    
                                  180         14,242.57          1
14898 GRANADA DRIVE                8.750            143.93         90   
  #2                                 8.500            143.93       16,000.00
CORPUS CHRISTI   TX   78418          1            05/19/97         10   
9174375                              01           07/01/97         25   
1                                                                               

9174375                              O            06/01/12              
0                                                                       

1579827          225/225             F           45,000.00         ZZ   
                                  180         44,648.51          1
8321 PHILADELPHIA ROAD             9.250            463.14         90   
                                     9.000            463.14       50,000.00
BALTIMORE        MD   21237          1            06/03/97         04   
804878200                            05           08/01/97         30   
804878200                            N            07/01/12              
0                                                                       

1579842          225/225             F           58,500.00         ZZ   
                                  180         58,043.07          1
8317 PHILADELPHIA ROAD             9.250            602.08         90   
                                     9.000            602.08       65,000.00
BALTIMORE        MD   21237          1            06/03/97         04   
804758100                            05           08/01/97         30   
804758100                            N            07/01/12              
0                                                                       

1579976          G81/G02             F           45,430.00         ZZ   
                                  180         45,071.14          1
807 NW 87 AVENUE                   9.125            464.17         70   
  UNIT 514                           8.875            464.17       64,900.00
MIAMI            FL   33172          1            06/10/97         00   
0430293951                           08           08/01/97          0   
021705029                            N            07/01/12              
0                                                                       

1579988          A52/G02             F          108,350.00         ZZ   
                                  180        107,445.15          1
2931 HOLLYWOOD DR                  8.500          1,066.97         80   
                                     8.250          1,066.97      135,670.00
DECATUR          GA   30033          1            06/03/97         00   
0430238196                           05           08/01/97          0   
205147                               N            07/01/12              
0                                                                       

1580020          E46/G02             F           68,500.00         ZZ   
                                  180         67,976.88          1
214 APPLEGATE LANE                 9.500            715.29         60   
  UNIT F                             9.250            715.29      115,000.00
EAST BRUNSWICK   NJ   08816          1            06/20/97         00   
0430266718                           01           08/01/97          0   
25073                                N            07/01/12              
0                                                                       

1                                                                               

1580270          943/943             F          468,000.00         ZZ   
                                  180        460,846.43          1
360 AVENUE OF THE AMERICAS UN      8.000          4,472.46         80   
                                     7.750          4,472.46      585,000.00
NEW YORK         NY   10010          1            04/07/97         00   
7511100828                           08           06/01/97          0   
7511100828                           O            05/01/12              
0                                                                       

1580339          180/G02             F           45,900.00         ZZ   
                                  180         45,381.42          1
1212 DODGE COURT                   8.375            448.64         90   
                                     8.125            448.64       51,000.00
CHEYENNE         WY   82001          1            05/23/97         10   
0430258392                           05           07/01/97         25   
4961033                              N            06/01/12              
0                                                                       

1580408          225/225             F           66,500.00         ZZ   
                                  120         65,454.03          2
846 ADAMS                          8.875            837.91         71   
                                     8.625            837.91       94,500.00
WAUKEGAN         IL   60085          2            06/06/97         00   
8048488                              05           08/01/97          0   
8048488                              O            07/01/07              
0                                                                       

1580480          B75/G02             F          131,500.00         T    
                                  180        131,148.55          1
50 OCEAN LANE DRIVE                8.875          1,324.00         70   
  UNIT 101                           8.625          1,324.00      187,900.00
KEY BISCAYNE     FL   33149          1            08/19/97         00   
0430392712                           08           10/01/97          0   
2890796                              O            09/01/12              
0                                                                       

1580559          766/G02             F          112,800.00         ZZ   
                                  180        110,901.15          1
1614 PENNSYLVANIA AVE              9.250          1,160.93         80   
  #2J                                9.000          1,160.93      141,000.00
MIAMI BEACH      FL   33139          1            05/29/97         00   
0430261024                           01           07/01/97          0   
97AC0005                             O            06/01/12              
0                                                                       

1580837          808/G02             F          168,000.00         ZZ   
                                  180        166,581.40          1
244 BERRENDO DRIVE                 8.375          1,642.08         70   
                                     8.125          1,642.08      240,000.00
1                                                                               

MILPITAS         CA   95035          1            06/09/97         00   
0430282608                           05           08/01/97          0   
9302481                              O            07/01/12              
0                                                                       

1580947          G41/G02             F           42,000.00         ZZ   
                                  180         41,521.89          1
363 LINCOLN STREET                 9.375            435.42         70   
                                     9.125            435.42       60,000.00
EASTON           PA   18042          5            05/27/97         00   
0430265124                           05           07/01/97          0   
NG                                   N            06/01/12              
0                                                                       

1580955          405/405             F           35,000.00         ZZ   
                                  180         34,481.17          1
36 OAKVIEW CIRCLE                  8.500            344.66         53   
                                     8.250            344.66       67,000.00
ORMOND BEACH     FL   32176          1            04/18/97         00   
4169066                              05           06/01/97          0   
4169066                              O            05/01/12              
0                                                                       

1581250          229/G02             F           75,000.00         ZZ   
                                  180         74,036.24          1
11255 S TOWNSHIP ROAD              7.875            711.34         29   
                                     7.625            711.34      260,300.00
CANBY            OR   97013          5            06/13/97         00   
0430289454                           05           08/01/97          0   
7487234                              O            07/01/12              
0                                                                       

1581528          964/G02             F          135,000.00         ZZ   
                                  180        133,330.23          4
424 NORTH "G" STREET A, B, C,      8.625          1,339.31         84   
  & D,                               8.375          1,339.31      161,000.00
OXNARD           CA   93030          1            05/29/97         11   
0430257295                           05           07/01/97         25   
25237                                N            06/01/12              
0                                                                       

1582122          E13/G02             F           49,000.00         ZZ   
                                  180         48,562.87          1
201 PENSACOLA BEACH ROAD           7.750            461.23         70   
                                     7.500            461.23       70,000.00
GULF BREEZE      FL   32561          5            06/09/97         00   
0430255893                           01           08/01/97          0   
203722                               N            07/01/12              
0                                                                       
1                                                                               

1582158          E83/E83             F          105,000.00         ZZ   
                                  180        104,123.12          1
BUTTERMILK FALLS ROAD              8.500          1,033.98         75   
                                     8.250          1,033.98      140,000.00
WARWICK          NY   10990          5            05/30/97         00   
97030054                             05           08/01/97          0   
97030054                             O            07/01/12              
0                                                                       

1582358          A80/G02             F          115,500.00         T    
                                  180        114,577.42          1
9948 NW 43RD TERRACE               9.000          1,171.48         75   
                                     8.750          1,171.48      154,000.00
MIAMI            FL   33178          1            06/18/97         00   
0430281360                           09           08/01/97          0   
9715535                              O            07/01/12              
0                                                                       

1582466          286/286             F           63,700.00         ZZ   
                                  120         61,673.75          1
4801 WEST GAIL DRIVE               8.875            802.63         70   
                                     8.625            802.63       91,000.00
CHANDLER         AZ   85226          5            03/27/97         00   
9166964                              05           05/01/97          0   
9166964                              N            04/01/07              
0                                                                       

1582669          253/253             F          100,000.00         T    
                                  180         98,629.74          1
23019 GULF DR                      8.000            955.66         48   
                                     7.750            955.66      210,000.00
GALVESTON        TX   77554          1            05/29/97         00   
329520                               05           07/01/97          0   
329520                               O            06/01/12              
0                                                                       

1582687          590/G02             F          120,000.00         ZZ   
                                  180        119,341.64          1
10650 NE 10TH PLACE                8.625          1,190.50         80   
                                     8.375          1,190.50      150,000.00
MIAMI SHORE      FL   33138          5            07/09/97         00   
0430293316                           05           09/01/97          0   
501016403                            O            08/01/12              
0                                                                       

1582976          229/G02             F           80,000.00         ZZ   
                                  180         79,360.97          1
1                                                                               

290 PIERCE ROAD                    9.000            811.42         48   
                                     8.750            811.42      167,000.00
SOUTH WINDSOR    CT   06074          5            06/06/97         00   
0430299552                           05           08/01/97          0   
7488336                              N            07/01/12              
0                                                                       

1582981          811/G02             F          109,309.00         T    
                                  180        108,140.49          1
785 VISTA MEADOWS DRIVE            9.000          1,108.68         75   
                                     8.750          1,108.68      145,745.00
FT LAUDERDALE    FL   33327          1            05/30/97         00   
0430285288                           03           07/01/97          0   
FM00104005                           O            06/01/12              
0                                                                       

1583023          638/G02             F           63,700.00         ZZ   
                                  180         63,011.43          2
8242 8244 N 117TH E AVENUE         8.875            641.36         90   
                                     8.625            641.36       70,800.00
OWASSO           OK   74055          1            06/06/97         14   
0430283689                           05           07/01/97         25   
08643081                             N            06/01/12              
0                                                                       

1583065          624/G02             F           43,650.00         ZZ   
                                  180         43,210.99          1
307 NORTH 100 WEST                 9.000            442.73         90   
                                     8.750            442.73       48,500.00
TREMONTON        UT   84337          1            06/03/97         04   
0430255737                           05           08/01/97         20   
65044170013                          N            07/01/12              
0                                                                       

1583239          F42/G02             F           94,500.00         ZZ   
                                  180         93,810.28          2
6808 BROADWAY                     10.000          1,015.50         90   
                                     9.750          1,015.50      105,000.00
GUTTENBERG       NJ   07093          1            06/02/97         01   
0430282848                           05           08/01/97         30   
26470                                N            07/01/12              
0                                                                       

1583299          A33/G02             F           51,750.00         ZZ   
                                  180         51,345.80          1
20563 WESTHAMPTON AVE              9.250            532.61         90   
                                     9.000            532.61       57,500.00
SOUTHFIELD       MI   48075          1            06/04/97         10   
0430252114                           05           08/01/97         25   
1                                                                               

1039151                              N            07/01/12              
0                                                                       

1583513          637/G02             F          147,250.00         ZZ   
                                  180        140,158.74          2
2530 EAST 24TH STREET              8.375          1,439.26         95   
                                     8.125          1,439.26      155,000.00
BROOKLYN         NY   11235          1            05/03/96         04   
0430232751                           05           07/01/96         30   
9100561                              O            06/01/11              
0                                                                       

1583773          201/G02             F           84,000.00         ZZ   
                                  180         83,102.01          1
105 SCOTT LANE                     9.000            851.99         70   
                                     8.750            851.99      120,000.00
WEATHERFORD      TX   76086          4            05/12/97         00   
0430232579                           05           07/01/97          0   
8800981329                           O            06/01/12              
0                                                                       

1584043          G44/G02             F           57,600.00         ZZ   
                                  180         57,160.13          1
30091 SW 148TH AVENUE              9.500            601.47         79   
                                     9.250            601.47       73,000.00
MIAMI            FL   33033          5            06/03/97         00   
0430279570                           05           08/01/97          0   
0597064                              O            07/01/12              
0                                                                       

1584072          560/560             F           30,000.00         ZZ   
                                  180         29,749.44          1
2203 GREENWOOD STREET              8.500            295.43         55   
                                     8.250            295.43       55,000.00
SAVANNAH         GA   31404          5            06/09/97         00   
460935604                            05           08/01/97          0   
460935604                            N            07/01/12              
0                                                                       

1584107          140/G02             F           50,300.00         ZZ   
                                  180         49,893.72          1
195 BARTEE ROAD                    8.875            506.44         90   
                                     8.625            506.44       55,900.00
LACEYS SPRING    AL   35754          1            06/10/97         10   
0430264531                           05           08/01/97         12   
426059                               N            07/01/12              
0                                                                       

1                                                                               

1584281          E53/G02             F           61,750.00         ZZ   
                                  180         61,251.21          1
7200 NW 4TH ST                     8.875            621.73         65   
                                     8.625            621.73       95,000.00
MIAMI            FL   33126          5            06/27/97         00   
0430305912                           05           08/01/97          0   
11108454                             N            07/01/12              
0                                                                       

1584285          225/225             F           86,500.00         T    
                                  120         85,076.99          1
4505 LINDA STREET                  8.125          1,055.21         74   
                                     7.875          1,055.21      117,000.00
CAMBRIDGE        WI   53523          2            06/06/97         00   
8050234                              05           08/01/97          0   
8050234                              O            07/01/07              
0                                                                       

1584671          800/G02             F          141,600.00         ZZ   
                                  180        140,391.07          1
605 FOXWOOD CIRCLE                 8.250          1,373.72         80   
                                     8.000          1,373.72      177,000.00
PEABODY          MA   01960          1            06/30/97         00   
0430285106                           01           08/01/97          0   
970405                               O            07/01/12              
0                                                                       

1584689          074/G02             F          132,000.00         ZZ   
                                  180        130,189.95          1
5926 RICKERHILL LANE               8.750          1,319.27         80   
                                     8.500          1,319.27      165,000.00
AUSTIN           TX   78739          1            04/21/97         00   
0430242099                           03           06/01/97          0   
1520007627                           O            05/01/12              
0                                                                       

1584745          B75/G02             F          187,500.00         ZZ   
                                  180        185,404.80          1
920 130TH AVENUE NORTHEAST         8.500          1,846.39         74   
                                     8.250          1,846.39      254,000.00
BELLEVUE         WA   98005          5            05/08/97         00   
0430248914                           05           07/01/97          0   
2818730                              O            06/01/12              
0                                                                       

1584846          A17/G02             F           28,000.00         ZZ   
                                  180         27,574.87          1
101 WAITE STREET                   9.000            283.99         70   
  UNIT A6                            8.750            283.99       40,000.00
1                                                                               

MALDEN           MA   02148          1            06/30/97         00   
0430283606                           01           08/01/97          0   
UNKNOWN                              N            07/01/12              
0                                                                       

1584866          575/G02             F           96,900.00         ZZ   
                                  180         95,556.67          1
215 LAKE WINNIPESAUKEE DRIVE       8.500            954.21         85   
                                     8.250            954.21      114,000.00
LITTLE EGG HARB  NJ   08087          5            05/13/97         12   
0430291344                           05           07/01/97         12   
972260628                            O            06/01/12              
0                                                                       

1585031          253/253             F           55,920.00         ZZ   
                                  180         55,295.12          1
909 ROBINWOOD COURT                8.500            550.67         80   
                                     8.250            550.67       69,900.00
ARLINGTON        TX   76017          1            05/20/97         00   
329686                               05           07/01/97          0   
329686                               N            06/01/12              
0                                                                       

1585075          225/225             F           20,340.00         ZZ   
                                  180         20,099.64          1
118 ST ROBERT                      8.875            204.80         90   
                                     8.625            204.80       22,600.00
CAHOKIA          IL   62206          1            06/13/97         10   
8050344                              05           08/01/97         25   
8050344                              N            07/01/12              
0                                                                       

1585197          G97/G02             F           82,000.00         ZZ   
                                  180         81,345.01          1
2040 SUDA DRIVE                    9.000            831.70         53   
                                     8.750            831.70      157,000.00
INDIANAPOLIS     IN   46280          1            06/20/97         00   
0430289462                           05           08/01/97          0   
NG                                   O            07/01/12              
0                                                                       

1585217          731/G02             F           44,000.00         ZZ   
                                  180         43,549.08          1
174 JOHNSTON DRIVE                 9.500            459.46         55   
                                     9.250            459.46       80,000.00
BISHOP           CA   93514          5            05/12/97         00   
0430246769                           05           07/01/97          0   
412610880                            N            06/01/12              
0                                                                       
1                                                                               

1585310          076/076             F           67,550.00         ZZ   
                                  180         66,409.64          1
RT 1 BOX 312                       8.500            665.20         85   
                                     8.250            665.20       79,500.00
COMER            GA   30629          1            03/31/97         01   
6863882                              05           05/01/97         25   
6863882                              N            04/01/12              
0                                                                       

1585313          076/076             F           94,500.00         ZZ   
                                  180         92,313.41          1
27547 JAMES ROAD                   9.000            958.49         72   
                                     8.750            958.49      133,000.00
MECHANICSVILLE   MD   20659          5            03/27/97         00   
7078015                              05           05/01/97          0   
7078015                              N            04/01/12              
0                                                                       

1585451          992/G02             F           82,800.00         ZZ   
                                  180         82,350.77          1
149 LENORE LANE                    8.750            827.55         90   
                                     8.500            827.55       92,000.00
CENTEREACH       NY   11720          1            07/02/97         01   
0430415208                           05           09/01/97         25   
339100                               N            08/01/12              
0                                                                       

1585629          661/661             F          226,000.00         ZZ   
                                  180        222,900.92          1
12509 AMERSHIRE LANE               8.750          2,258.76         97   
                                     8.500          2,258.76      235,000.00
GLEN ALLEN       VA   23060          2            04/24/97         92   
2775773                              03           06/01/97         30   
2775773                              O            05/01/12              
0                                                                       

1585703          661/661             F          155,000.00         T    
                                  180        152,711.06          1
6860 W CHERVIL PLACE               8.000          1,481.26         97   
                                     7.750          1,481.26      160,000.00
TUCSON           AZ   85743          2            04/23/97         92   
2841310                              03           06/01/97         30   
2841310                              O            05/01/12              
0                                                                       

1585704          661/661             F          107,000.00         ZZ   
                                  180        105,500.09          1
1                                                                               

3200 NORTH FORTY DRIVE             8.500          1,053.68         80   
                                     8.250          1,053.68      135,000.00
RUSTON           LA   71270          5            04/18/97         00   
2813855                              05           06/01/97          0   
2813855                              O            05/01/12              
0                                                                       

1585711          455/G02             F           44,000.00         ZZ   
                                  180         43,534.82          1
4976 UNION HILL ROAD               9.125            449.56         55   
                                     8.875            449.56       80,000.00
ALPHARETTA       GA   30201          5            05/20/97         00   
0430289769                           05           07/01/97          0   
55559                                O            06/01/12              
0                                                                       

1585771          637/G02             F          100,000.00         ZZ   
                                  180         99,126.92          1
6634 MAYHEWS LANDING ROAD          8.500            984.74         56   
                                     8.250            984.74      179,000.00
NEWARK           CA   94560          5            06/13/97         00   
0430306456                           05           08/01/97          0   
9895970                              N            07/01/12              
0                                                                       

1585823          638/G02             F           40,000.00         ZZ   
                                  180         39,669.64          1
5010 AMBOY COURT                   8.625            396.83         62   
                                     8.375            396.83       64,900.00
VIRGINIA BEACH   VA   23462          1            06/13/97         00   
0430279182                           09           08/01/97          0   
08646293                             O            07/01/12              
0                                                                       

1585883          405/405             F           77,500.00         ZZ   
                                  180         76,164.40          3
33 OAK STREET                      9.000            786.06         62   
                                     8.750            786.06      125,000.00
YONKERS          NY   10701          1            05/15/97         00   
4193439                              05           07/01/97          0   
4193439                              N            06/01/12              
0                                                                       

1586089          229/G02             F          130,000.00         ZZ   
                                  180        129,019.60          1
68 MARBLEHEAD ROAD                 7.625          1,214.37         52   
                                     7.375          1,214.37      252,000.00
WINDHAM          NH   03087          5            07/16/97         00   
0430349795                           05           09/01/97          0   
1                                                                               

0007488653                           O            08/01/12              
0                                                                       

1586098          B75/G02             F           87,200.00         ZZ   
                                  180         86,503.48          1
1032 COMMODORE ST                  9.000            884.44         90   
                                     8.750            884.44       96,900.00
CLEARWATER       FL   34615          1            06/17/97         10   
0430294801                           05           08/01/97         20   
2892933                              N            07/01/12              
0                                                                       

1586128          E22/G02             F           90,600.00         ZZ   
                                  180         89,430.73          1
5828 TEXTILE ROAD                  8.500            892.17         63   
                                     8.250            892.17      146,000.00
YPSILANTI TWP.   MI   48197          5            05/16/97         00   
0410377816                           05           07/01/97          0   
410377816                            O            06/01/12              
0                                                                       

1586143          E13/G02             F           92,000.00         ZZ   
                                  180         91,122.43          1
4924 WILLOW LAWN DRIVE             8.375            899.24         77   
                                     8.125            899.24      121,000.00
CHATTANOOGA      TN   37416          1            06/09/97         00   
0430257337                           05           08/01/97          0   
204742                               O            07/01/12              
0                                                                       

1586185          A93/G02             F          186,000.00         ZZ   
                                  180        184,933.23          1
254 THOMPSON AVENUE                8.125          1,790.96         80   
                                     7.875          1,790.96      232,500.00
OCEANSIDE        NY   11572          1            07/02/97         00   
0430278143                           05           09/01/97          0   
209067                               O            08/01/12              
0                                                                       

1586251          638/G02             F          133,200.00         ZZ   
                                  180        132,124.09          4
2305 STEWART AVENUE                8.875          1,341.12         90   
                                     8.625          1,341.12      148,000.00
LAS VEGAS        NV   89101          1            06/18/97         04   
0430282384                           05           08/01/97         25   
08646534                             N            07/01/12              
0                                                                       

1                                                                               

1586365          003/G02             F           73,600.00         ZZ   
                                  180         72,558.27          2
163 & 161 SCARLET WAY              9.375            763.01         80   
                                     9.125            763.01       92,000.00
LAWRENCEVILLE    GA   30245          1            05/29/97         00   
0430304071                           05           07/01/97          0   
3812666                              N            06/01/12              
0                                                                       

1586468          992/G02             F           45,000.00         ZZ   
                                  180         44,025.85          1
12 AVENUE A                        8.750            449.76         90   
                                     8.500            449.76       50,000.00
FREEHOLD         NJ   07728          1            06/27/97         14   
0430279067                           05           08/01/97         25   
319400                               N            07/01/12              
0                                                                       

1586527          405/405             F          300,000.00         ZZ   
                                  180        296,497.33          1
6347 TREMONT STREET                8.000          2,866.96         80   
                                     7.750          2,866.96      378,000.00
DALLAS           TX   75214          2            05/14/97         00   
4179768                              05           07/01/97          0   
4179768                              O            06/01/12              
0                                                                       

1586547          225/225             F          110,000.00         ZZ   
                                  180        109,121.34          4
1831 SUL ROSS STREET               9.000          1,115.70         90   
                                     8.750          1,115.70      122,500.00
HOUSTON          TX   77098          1            07/17/97         14   
8048065                              05           08/01/97         25   
8048065                              N            07/01/12              
0                                                                       

1586628          937/G02             F          199,500.00         ZZ   
                                  180        197,319.46          1
1169 SOUTH 2000 EAST               8.750          1,993.90         67   
                                     8.500          1,993.90      300,000.00
SALT LAKE CITY   UT   84108          5            05/22/97         00   
0430251033                           05           07/01/97          0   
7712070                              O            06/01/12              
0                                                                       

1586691          F34/G02             F           90,000.00         T    
                                  180         89,005.33          1
1348 NW 157 AVENUE                 8.625            892.88         46   
                                     8.375            892.88      197,500.00
1                                                                               

PEMBROKE PINES   FL   33028          1            05/30/97         00   
0430250787                           03           07/01/97          0   
9700144                              O            06/01/12              
0                                                                       

1586708          180/G02             F           40,500.00         ZZ   
                                  180         40,067.04          1
2126 CHERRY STREET                 9.000            410.78         90   
                                     8.750            410.78       45,000.00
MONTGOMERY       AL   36107          1            05/15/97         10   
0430250563                           05           07/01/97         25   
4821104                              N            06/01/12              
0                                                                       

1586755          E22/G02             F          163,900.00         ZZ   
                                  180        157,481.15          1
348 POR LA MAR CIRCLE UNIT 245     8.375          1,602.00         80   
                                     8.125          1,602.00      204,875.00
SANTA BARBARA    CA   93103          1            05/29/97         00   
0410412829                           01           08/01/97          0   
410412829                            O            07/01/12              
0                                                                       

1586806          225/225             F           33,000.00         ZZ   
                                  180         32,708.75          1
4066 RIDGEWAY STREET               8.750            329.82         51   
                                     8.500            329.82       65,000.00
WILLIAMSON       NY   14589          5            07/03/97         00   
8050760                              05           09/01/97          0   
8050760                              N            08/01/12              
0                                                                       

1586814          624/G02             F           38,500.00         ZZ   
                                  180         38,155.98          1
190 10TH STREET                    8.750            384.79         65   
                                     8.500            384.79       60,000.00
ORANGE COVE      CA   93646          2            06/11/97         00   
0430261388                           05           08/01/97          0   
95000177013                          N            07/01/12              
0                                                                       

1586824          637/G02             F          112,000.00         ZZ   
                                  180        111,011.32          1
11308 ACADEMY RIDGE ROAD           8.000          1,070.33         70   
                                     7.750          1,070.33      160,000.00
ALBUQUERQUE      NM   87111          1            06/12/97         00   
0430299867                           05           08/01/97          0   
9755067                              O            07/01/12              
0                                                                       
1                                                                               

1586888          286/286             F           52,000.00         ZZ   
                                  180         51,468.40          3
4929 RUBICAM STREET                9.500            543.00         58   
                                     9.250            543.00       90,000.00
PHILADELPHIA     PA   19144          2            05/15/97         00   
9171320                              05           07/01/97          0   
9171320                              N            06/01/12              
0                                                                       

1586991          E18/G02             F           75,150.00         ZZ   
                                  180         74,515.42          2
19 SELLERS AVENUE                  8.375            734.54         90   
                                     8.125            734.54       83,500.00
MILLBOURNE       PA   19082          1            06/13/97         04   
0430264267                           05           08/01/97         25   
1586991                              N            07/01/12              
0                                                                       

1587289          E26/G02             F           56,150.00         ZZ   
                                  180         55,562.94          1
4023 RANDOLPH ROAD                 9.250            577.90         80   
                                     9.000            577.90       70,200.00
CHARLOTTE        NC   28211          1            05/28/97         00   
0430280263                           05           07/01/97          0   
50700459                             N            06/01/12              
0                                                                       

1587334          F47/G02             F          160,000.00         ZZ   
                                  180        159,141.60          1
7313 WOODMONT AVENUE               8.875          1,610.95         67   
                                     8.625          1,610.95      240,000.00
BETHESDA         MD   20814          2            07/29/97         00   
0430328880                           01           09/01/97          0   
910WH97                              O            08/01/12              
0                                                                       

1587460          A91/G02             F          107,000.00         ZZ   
                                  180        106,406.40          1
445 W 19TH STREET                  8.500          1,053.67         80   
  UNIT 2C                            8.250          1,053.67      134,000.00
NEW YORK         NY   10011          1            07/09/97         00   
0430302257                           06           09/01/97          0   
UNKNOWN                              N            08/01/12              
0                                                                       

1587468          375/G02             F           22,140.00         ZZ   
                                  180         21,774.33          1
1                                                                               

1417 LEBANON STREET                8.750            221.28         90   
                                     8.500            221.28       24,600.00
TOLEDO           OH   43605          1            03/25/97         04   
0430256263                           05           05/01/97         25   
UNKNOWN                              N            04/01/12              
0                                                                       

1587474          375/G02             F          124,950.00         ZZ   
                                  180        122,793.87          1
2230 JEFFERSON AVENUE              8.250          1,212.20         85   
                                     8.000          1,212.20      147,000.00
ESCONDIDO        CA   92027          5            04/08/97         01   
0430256040                           05           06/01/97         12   
UNKNOWN                              O            05/01/12              
0                                                                       

1587479          375/G02             F           61,750.00         ZZ   
                                  180         60,707.59          4
2201 CASCADE DRIVE                 8.500            608.08         65   
                                     8.250            608.08       95,000.00
KILLEEN          TX   76542          5            03/21/97         00   
0430255992                           05           05/01/97          0   
UNKNOWN                              N            04/01/12              
0                                                                       

1587482          375/G02             F           46,800.00         ZZ   
                                  180         45,363.59          1
102 7TH STREET                     8.125            450.63         90   
                                     7.875            450.63       52,500.00
FILER            ID   83328          1            04/15/97         04   
0430253757                           05           06/01/97         25   
UNKNOWN                              N            05/01/12              
0                                                                       

1587719          375/G02             F           97,250.00         ZZ   
                                  180         95,871.77          1
3351 BLUFF AVENUE S E              8.375            950.55         64   
                                     8.125            950.55      154,000.00
SALEM            OR   97302          2            04/08/97         00   
0430253633                           05           06/01/97          0   
651359                               O            05/01/12              
0                                                                       

1587881          624/G02             F          195,500.00         ZZ   
                                  180        193,867.35          1
30405 144TH AVENUE EAST            8.500          1,925.17         85   
                                     8.250          1,925.17      230,000.00
GRAHAM           WA   98338          2            06/17/97         11   
0430280487                           05           08/01/97         12   
1                                                                               

85100670373                          O            07/01/12              
0                                                                       

1588004          225/225             F          125,000.00         ZZ   
                                  180        124,275.12          1
80 CHAMBERLAIN PLACE               8.000          1,194.57         56   
                                     7.750          1,194.57      225,000.00
MIDLAND PARK     NJ   07432          1            07/17/97         00   
8049672                              05           09/01/97          0   
8049672                              O            08/01/12              
0                                                                       

1588053          001/G02             F           60,000.00         ZZ   
                                  120         58,885.78          4
20 SPRING STREET                   8.625            747.94         53   
                                     8.375            747.94      114,000.00
SOMERSWORTH      NH   03878          5            06/25/97         00   
0430290510                           05           08/01/97          0   
1515874                              N            07/01/07              
0                                                                       

1588194          637/G02             F           51,500.00         ZZ   
                                  180         50,924.53          1
2402 GORDON STREET                 8.500            507.14         84   
                                     8.250            507.14       62,000.00
GREENSBORO       NC   27405          2            05/23/97         01   
0430255406                           05           07/01/97         25   
9463753                              N            06/01/12              
0                                                                       

1588262          E22/G02             F          206,400.00         ZZ   
                                  180        204,193.54          1
24730 AUSTIN DRIVE                 9.000          2,093.45         80   
                                     8.750          2,093.45      258,000.00
HURON TOWNSHIP   MI   48164          1            05/14/97         00   
0410395644                           01           07/01/97          0   
410395644                            O            06/01/12              
0                                                                       

1589094          G60/G02             F           84,600.00         ZZ   
                                  180         83,909.03          1
355 ZYNN ROAD                      8.750            845.53         90   
                                     8.500            845.53       94,000.00
DOWNINGTOWN      PA   19335          1            06/20/97         10   
0430290130                           05           08/01/97         25   
1008953                              N            07/01/12              
0                                                                       

1                                                                               

1589130          G10/G02             F          105,500.00         ZZ   
                                  180        104,334.03          1
925 CROSS BEND DRIVE               8.625          1,046.65         80   
                                     8.375          1,046.65      131,930.00
IRVING           TX   75061          1            05/12/97         00   
0430251439                           05           07/01/97          0   
970375                               O            06/01/12              
0                                                                       

1589148          757/757             F           49,500.00         ZZ   
                                  180         48,976.69          1
2085 CARR ROAD                     9.125            505.75         90   
                                     8.875            505.75       55,000.00
CONYERS          GA   30207          1            05/30/97         10   
2969038                              05           07/01/97         25   
2969038                              N            06/01/12              
0                                                                       

1589761          638/G02             F          150,000.00         ZZ   
                                  180        148,719.36          1
9415 STARGAZE AVENUE               8.250          1,455.21         65   
                                     8.000          1,455.21      231,000.00
SAN DIEGO        CA   92129          1            06/23/97         00   
0430288837                           05           08/01/97          0   
08647862                             O            07/01/12              
0                                                                       

1589775          E67/G02             F          300,000.00         ZZ   
                                  180        297,352.91          1
60230 TEKAMPE ROAD                 7.875          2,845.35         49   
                                     7.625          2,845.35      615,000.00
BEND             OR   97702          1            06/10/97         00   
0430257717                           05           08/01/97          0   
6340                                 O            07/01/12              
0                                                                       

1589783          637/G02             F          109,800.00         ZZ   
                                  180        108,599.86          4
401 GRAY ROAD                      8.750          1,097.40         90   
                                     8.500          1,097.40      122,000.00
WINDHAM          ME   04092          1            05/16/97         01   
0430254953                           05           07/01/97         25   
4226296                              N            06/01/12              
0                                                                       

1589862          E22/G02             F           79,200.00         ZZ   
                                  180         77,962.16          1
9001 S.W. 9TH STREET               9.000            803.30         80   
                                     8.750            803.30       99,000.00
1                                                                               

BOCA RATON       FL   33433          5            05/22/97         00   
0410383293                           05           07/01/97          0   
410383293                            O            06/01/12              
0                                                                       

1589866          E22/G02             F          150,000.00         ZZ   
                                  180        148,396.47          1
3335 LONE PINE ROAD                9.000          1,521.40         30   
                                     8.750          1,521.40      500,000.00
WEST BLOOMFIELD  MI   48323          5            05/22/97         00   
0410412613                           05           07/01/97          0   
410412613                            O            06/01/12              
0                                                                       

1589877          E22/G02             F           73,850.00         ZZ   
                                  180         73,095.04          1
602 N CHURCH STREET                9.500            771.16         90   
                                     9.250            771.16       82,100.00
MCKINNEY         TX   75069          1            05/20/97         04   
0410319859                           05           07/01/97         25   
410319859                            N            06/01/12              
0                                                                       

1590057          439/G02             F           50,000.00         ZZ   
                                  180         49,311.79          1
1122 MAPLE STREET                  8.150            482.17         79   
                                     7.900            482.17       64,000.00
MARYSVILLE       CA   95901          2            05/01/97         00   
0430267781                           05           07/01/97          0   
1901396                              O            06/01/12              
0                                                                       

1590078          180/G02             F          102,200.00         ZZ   
                                  180        101,365.25          1
1716 PALM BEACH DRIVE              8.750          1,021.44         70   
                                     8.500          1,021.44      146,000.00
APOPKA           FL   32712          1            06/20/97         00   
0430293720                           03           08/01/97          0   
4955167                              O            07/01/12              
0                                                                       

1590310          E22/G02             F          110,000.00         T    
                                  180        107,580.99          1
3230 SHADOWLEAF DRIVE              8.750          1,099.39         65   
                                     8.500          1,099.39      170,000.00
HOUSTON          TX   77082          1            05/30/97         00   
0410315865                           05           07/01/97          0   
410315865                            O            06/01/12              
0                                                                       
1                                                                               

1590360          E22/G02             F           43,200.00         T    
                                  180         42,235.19          1
114 E. 31ST STREET #302            9.000            438.16         90   
                                     8.750            438.16       48,000.00
AUSTIN           TX   78705          1            05/28/97         10   
0410319479                           01           07/01/97         25   
410319479                            O            06/01/12              
0                                                                       

1590415          E22/G02             F          144,000.00         ZZ   
                                  180        142,408.54          3
1432 PUTNAM AVENUE                 8.625          1,428.60         80   
                                     8.375          1,428.60      180,000.00
BROOKLYN         NY   11237          1            05/19/97         00   
0410352629                           05           07/01/97          0   
410352629                            O            06/01/12              
0                                                                       

1590417          765/G02             F          188,800.00         ZZ   
                                  180        187,152.23          1
23391 GONDOR DRIVE                 8.000          1,804.28         80   
                                     7.750          1,804.28      236,000.00
LAKE FOREST      CA   92630          2            06/04/97         00   
0430257816                           03           08/01/97          0   
323294                               O            07/01/12              
0                                                                       

1590467          286/286             F           36,350.00         ZZ   
                                  180         35,965.69          1
104E LAKEVIEW TERRACE              9.125            371.40         90   
                                     8.875            371.40       40,389.00
MONTGOMERY       TX   77356          1            05/05/97         10   
09170719                             01           07/01/97         25   
09170719                             N            06/01/12              
0                                                                       

1590488          B75/G02             F          101,600.00         ZZ   
                                  180        100,489.49          1
6357 JACK RABBIT LANE              8.750          1,015.44         80   
                                     8.500          1,015.44      127,000.00
MIAMI LAKES      FL   33014          1            05/16/97         00   
0430261362                           09           07/01/97          0   
2896629                              O            06/01/12              
0                                                                       

1590709          E22/G02             F           98,000.00         ZZ   
                                  180         96,928.85          1
1                                                                               

14869 PARK STREET                  8.750            979.46         69   
                                     8.500            979.46      144,000.00
LIVONIA          MI   48154          1            05/29/97         00   
0410396519                           05           07/01/97          0   
410396519                            O            06/01/12              
0                                                                       

1590715          E22/G02             F           28,000.00         ZZ   
                                  180         27,700.70          1
2824 BRIARHURST STREET             9.000            283.99         80   
  BUILDING D UNIT #27                8.750            283.99       35,000.00
HOUSTON          TX   77057          1            05/30/97         12   
0410412779                           01           07/01/97         12   
410412779                            N            06/01/12              
0                                                                       

1590754          076/076             F          226,350.00         ZZ   
                                  157        217,191.99          1
164XX N W 83RD PLACE               7.750          2,298.37         42   
                                     7.500          2,298.37      550,000.00
MIAMI            FL   33016          1            02/24/97         00   
859999                               03           04/01/97          0   
859999                               O            04/01/10              
0                                                                       

1590758          405/405             F           43,200.00         ZZ   
                                  180         42,739.39          1
7798 PENDERGRASS ROAD              9.250            444.62         90   
                                     9.000            444.62       48,000.00
HOSCHTON         GA   30548          1            05/21/97         14   
4205506                              05           07/01/97         25   
4205506                              N            06/01/12              
0                                                                       

1590813          593/593             F           80,000.00         ZZ   
                                  180         77,885.59          1
3508 WEST EL CAJON CIRCLE          8.125            770.31         68   
                                     7.875            770.31      118,000.00
SALT LAKE CITY   UT   84119          5            12/05/96         00   
6689087                              05           02/01/97          0   
6689087                              O            01/01/12              
0                                                                       

1590835          201/G02             F           55,000.00         ZZ   
                                  180         53,598.03          2
526-528 PINE RIDER ROAD            8.875            553.77         63   
                                     8.625            553.77       87,500.00
LANTANA          FL   33462          1            05/27/97         00   
0430260240                           05           07/01/97          0   
1                                                                               

3500990241                           N            06/01/12              
0                                                                       

1591307          225/225             F          104,800.00         ZZ   
                                  180        104,225.02          1
2685 SOUTH DAYTON WAY              8.625          1,039.71         80   
  #82                                8.375          1,039.71      131,000.00
DENVER           CO   80231          2            06/30/97         00   
8050903                              09           09/01/97          0   
8050903                              O            08/01/12              
0                                                                       

1591343          313/G02             F           58,400.00         ZZ   
                                  180         57,912.29          1
138 HUMMINGBIRD AVENUE             8.500            575.09         80   
                                     8.250            575.09       73,000.00
LADSON           SC   29456          1            06/20/97         00   
0430280297                           05           08/01/97          0   
6030761                              O            07/01/12              
0                                                                       

1591360          129/G02             F          150,000.00         ZZ   
                                  180        147,965.64          1
1138 WHIPPLE ROAD                  8.875          1,510.27         78   
                                     8.625          1,510.27      193,000.00
TEWKSBURY        MA   01876          2            05/02/97         01   
0430309047                           05           06/01/97         12   
3900073986                           O            05/01/12              
0                                                                       

1591401          B35/G02             F           33,000.00         ZZ   
                                  180         32,639.30          1
2610 WALMSLEY BOULEVARD            8.750            329.82         75   
                                     8.500            329.82       44,000.00
RICHMOND         VA   23234          1            05/28/97         00   
0430262022                           05           07/01/97          0   
360219                               N            06/01/12              
0                                                                       

1591436          377/377             F           51,500.00         ZZ   
                                  180         50,885.45          1
108 LINDSEY DRIVE                  7.750            484.76         70   
                                     7.500            484.76       74,000.00
ROME             GA   30165          2            06/04/97         00   
3657319                              05           07/01/97          0   
3657319                              O            06/01/12              
0                                                                       

1                                                                               

1591494          286/286             F           37,000.00         ZZ   
                                  180         36,604.46          1
2100 TANGLEWILDE STREET            9.000            375.28         70   
  #185                               8.750            375.28       52,900.00
HOUSTON          TX   77063          1            05/20/97         00   
09173636                             01           07/01/97          0   
09173636                             O            06/01/12              
0                                                                       

1591515          180/G02             F          100,000.00         T    
                                  180         99,451.38          1
2 SCHEPPENS LANE                   8.625            992.08         50   
                                     8.375            992.08      200,000.00
KEY WEST         FL   33040          1            07/03/97         00   
0430306407                           05           09/01/97          0   
4955498                              O            08/01/12              
0                                                                       

1591526          A46/G02             F           40,500.00         ZZ   
                                  180         40,165.52          1
11711 MEMORIAL DRIVE               8.625            401.79         90   
  #47                                8.375            401.79       45,000.00
HOUSTON          TX   77024          1            06/26/97         11   
0430326116                           01           08/01/97         25   
UNKNOWN                              O            07/01/12              
0                                                                       

1591568          560/560             F          290,000.00         ZZ   
                                  180        287,524.07          1
125 MOUND AVENUE                   8.250          2,813.41         75   
                                     8.000          2,813.41      390,000.00
TONKA BAY        MN   55331          1            06/24/97         00   
450757539                            05           08/01/97          0   
450757539                            O            07/01/12              
0                                                                       

1591674          E45/G02             F          128,150.00         ZZ   
                                  180        126,702.17          1
1121 SUGAR CREEK TRAIL             8.375          1,252.57         80   
                                     8.125          1,252.57      160,200.00
BUCKHEAD         GA   30625          1            05/23/97         00   
0430333476                           05           07/01/97          0   
33055                                O            06/01/12              
0                                                                       

1591728          E22/G02             F           33,750.00         T    
                                  180         33,381.12          1
1129 SOUTH 11TH STREET #44         8.750            337.31         75   
                                     8.500            337.31       45,000.00
1                                                                               

PORT ARANSAS     TX   78373          1            05/28/97         00   
0410319339                           01           07/01/97          0   
410319339                            O            06/01/12              
0                                                                       

1591764          E22/G02             F           62,000.00         ZZ   
                                  180         61,307.19          1
5947 SE WINDSONG LANE UNIT#908     8.500            610.54         74   
                                     8.250            610.54       84,000.00
STUART           FL   34997          2            05/28/97         00   
0410413058                           09           07/01/97          0   
410413058                            O            06/01/12              
0                                                                       

1591788          591/G02             F           99,000.00         ZZ   
                                  180         98,419.54          1
133 ARNOLD ROAD                    7.875            938.97         61   
                                     7.625            938.97      163,000.00
NEW PARK         PA   17352          5            07/15/97         00   
0430302976                           05           09/01/97          0   
103503491                            O            08/01/12              
0                                                                       

1591794          225/225             F          145,000.00         ZZ   
                                  180        144,580.97          1
224 OAKESDALE AVE SW               8.000          1,385.70         79   
                                     7.750          1,385.70      184,000.00
RENTON           WA   98055          1            08/13/97         00   
8052217                              05           10/01/97          0   
8052217                              O            09/01/12              
0                                                                       

1591825          638/G02             F           78,300.00         ZZ   
                                  180         77,688.41          1
3206 EDDY COURT                    9.250            805.86         90   
                                     9.000            805.86       87,000.00
INDIANAPOLIS     IN   46214          1            07/01/97         04   
0430302018                           05           08/01/97         25   
8649916                              N            07/01/12              
0                                                                       

1591898          A50/A50             F          119,900.00         ZZ   
                                  180        118,830.41          1
3800 SIERRA DR                     7.750          1,128.59         75   
                                     7.500          1,128.59      159,900.00
TUSCALOOSA       AL   35406          1            06/20/97         00   
100655                               05           08/01/97          0   
UNKNOWN                              O            07/01/12              
0                                                                       
1                                                                               

1592021          561/G02             F           66,300.00         ZZ   
                                  180         65,764.46          1
211 BURLEIGH AVENUE                8.875            667.54         84   
                                     8.625            667.54       79,000.00
NORFOLK          VA   23505          5            05/30/97         10   
0430261396                           05           08/01/97         17   
9046244                              O            07/01/12              
0                                                                       

1592038          286/286             F           34,300.00         ZZ   
                                  180         33,903.88          1
412 SAN SABA ROAD                  8.125            330.27         70   
                                     7.875            330.27       49,000.00
EL PASO          TX   79912          1            05/09/97         00   
9171710                              05           07/01/97          0   
9171710                              N            06/01/12              
0                                                                       

1592163          E22/G02             F           32,000.00         ZZ   
                                  180         31,657.90          1
1243 BROWNE LANE                   9.000            324.57         61   
                                     8.750            324.57       53,000.00
SOUTH BEND       IN   46615          1            05/12/97         00   
0410394910                           05           07/01/97          0   
410394910                            N            06/01/12              
0                                                                       

1592187          405/405             F           30,700.00         ZZ   
                                  180         29,782.65          1
1320 MARINER AVENUE SE             8.875            309.11         82   
                                     8.625            309.11       37,500.00
PALM BAY         FL   32909          2            04/24/97         10   
4151866                              05           06/01/97         20   
4151866                              N            05/01/12              
0                                                                       

1592236          E13/G02             F           65,000.00         ZZ   
                                  180         64,631.29          1
7515 NW 88TH WAY                   8.250            630.60         48   
                                     8.000            630.60      136,000.00
TAMARAC          FL   33321          5            06/30/97         00   
0430290924                           03           09/01/97          0   
97040063                             O            08/01/12              
0                                                                       

1592264          180/G02             F          128,000.00         ZZ   
                                  180        127,289.89          2
1                                                                               

2844 SAN GABRIEL STREET            8.500          1,260.47         80   
                                     8.250          1,260.47      160,000.00
AUSTIN           TX   78705          1            07/01/97         00   
0430340679                           05           09/01/97          0   
4942710                              N            08/01/12              
0                                                                       

1592526          229/G02             F           41,300.00         ZZ   
                                  180         40,973.77          1
3853 NORTH 65TH STREET             9.125            421.97         70   
                                     8.875            421.97       59,000.00
OMAHA            NE   68104          5            07/02/97         00   
0430306134                           05           08/01/97          0   
0007504277                           N            07/01/12              
0                                                                       

1593231          623/623             F          548,000.00         ZZ   
                                  180        532,289.52          3
2417 NORTH GENEVA TERRACE          7.750          5,158.19         80   
                                     7.500          5,158.19      685,000.00
CHICAGO          IL   60614          1            03/01/97         00   
914127                               05           05/01/97          0   
914127                               O            04/01/12              
0                                                                       

1593243          623/623             F          540,000.00         ZZ   
                                  180        533,831.71          1
155 N HARBOR DR                    8.250          5,238.76         80   
  UNIT 4212/4213                     8.000          5,238.76      675,000.00
CHICAGO          IL   60601          1            05/06/97         00   
924201                               06           07/01/97          0   
924201                               O            06/01/12              
0                                                                       

1593347          623/623             F           55,500.00         ZZ   
                                  180         54,835.50          1
311 COMMONWEALTH AVENUE NE         7.875            526.39         75   
                                     7.625            526.39       74,000.00
MASSILLON        OH   44646          5            05/16/97         00   
916509                               05           07/01/97          0   
916509                               O            06/01/12              
0                                                                       

1593348          623/623             F           75,000.00         ZZ   
                                  180         74,101.15          1
1084 RUSHMORE                      8.375            733.07         65   
                                     8.125            733.07      115,500.00
JENISON          MI   49416          1            05/02/97         00   
918023                               05           07/01/97          0   
1                                                                               

918023                               O            06/01/12              
0                                                                       

1593349          623/623             F           21,800.00         ZZ   
                                  180         21,564.36          1
932 HOLLIDAY AVENUE                8.875            219.49         69   
                                     8.625            219.49       32,000.00
OWOSSO           MI   48867          5            05/08/97         00   
918119                               05           07/01/97          0   
918119                               N            06/01/12              
0                                                                       

1593350          623/623             F          105,000.00         ZZ   
                                  180        102,336.32          3
1623 RAVINA ROAD                   8.375          1,026.30         75   
                                     8.125          1,026.30      140,000.00
CHARLESTON       WV   25314          1            04/30/97         00   
918253                               05           06/01/97          0   
918253                               N            05/01/12              
0                                                                       

1593351          623/623             F          200,000.00         ZZ   
                                  180        196,567.66          1
7407 PARK SPRINGS CIRCLE           8.375          1,954.85         67   
                                     8.125          1,954.85      300,000.00
ORLANDO          FL   32835          5            05/05/97         00   
920240                               03           07/01/97          0   
920240                               O            06/01/12              
0                                                                       

1593353          623/623             F           33,000.00         ZZ   
                                  180         32,647.22          1
2310 TERM ST                       9.000            334.71         75   
                                     8.750            334.71       44,000.00
BURTON           MI   48509          5            05/01/97         00   
922666                               05           07/01/97          0   
922666                               N            06/01/12              
0                                                                       

1593355          623/623             F          262,500.00         ZZ   
                                  180        258,030.57          3
245 OLEANDER AVENUE                7.500          2,433.41         75   
                                     7.250          2,433.41      350,000.00
PALM BEACH       FL   33480          1            05/02/97         00   
923346                               05           06/01/97          0   
923346                               N            05/01/12              
0                                                                       

1                                                                               

1593356          623/623             F           75,000.00         ZZ   
                                  180         74,180.24          1
5837 9TH CIRCLE NORTH              8.750            749.59         72   
                                     8.500            749.59      105,000.00
PINELLAS PARK    FL   33782          5            05/16/97         00   
923380                               05           07/01/97          0   
923380                               O            06/01/12              
0                                                                       

1593357          623/623             F           75,000.00         ZZ   
                                  180         73,982.86          1
6912 BARRY ROAD                    8.875            755.13         75   
                                     8.625            755.13      100,000.00
TAMPA            FL   33634          5            04/30/97         00   
923524                               05           06/01/97          0   
923524                               O            05/01/12              
0                                                                       

1593358          623/623             F          188,000.00         ZZ   
                                  180        185,364.63          1
6130 NW 58TH PLACE                 8.500          1,851.31         80   
                                     8.250          1,851.31      235,000.00
GAINESVILLE      FL   32653          1            05/01/97         00   
923565                               03           06/01/97          0   
923565                               O            05/01/12              
0                                                                       

1593359          623/623             F           58,500.00         ZZ   
                                  180         57,688.92          1
1527 SURF SIDE DRIVE               8.625            580.37         90   
                                     8.375            580.37       65,000.00
ST LOUIS         MO   63138          1            04/24/97         10   
923707                               05           06/01/97         25   
923707                               N            05/01/12              
0                                                                       

1593360          623/623             F          154,000.00         T    
                                  180        152,260.10          1
7403 BAYSHORE DR                   8.375          1,505.24         70   
                                     8.125          1,505.24      220,000.00
TREASURE ISLAND  FL   33706          5            05/05/97         00   
923731                               01           07/01/97          0   
923731                               O            06/01/12              
0                                                                       

1593361          623/623             F           39,300.00         ZZ   
                                  180         38,875.19          1
362 WEST MANDALAY DRIVE            8.875            395.69         75   
                                     8.625            395.69       52,500.00
1                                                                               

SAN ANTONIO      TX   78212          5            05/23/97         00   
924945                               05           07/01/97          0   
924945                               N            06/01/12              
0                                                                       

1593362          623/623             F          115,500.00         ZZ   
                                  180        114,195.07          1
1629 TINKERS VIEW DRIVE            8.375          1,128.93         75   
                                     8.125          1,128.93      154,000.00
TWINSBURG        OH   44087          5            05/09/97         00   
925599                               05           07/01/97          0   
925599                               O            06/01/12              
0                                                                       

1593363          623/623             F          128,600.00         ZZ   
                                  180        126,855.90          1
9651 HONEYBELL CIRCLE              8.875          1,294.80         75   
                                     8.625          1,294.80      171,518.00
BOYNTON BEACH    FL   33437          1            04/30/97         00   
925707                               03           06/01/97          0   
925707                               O            05/01/12              
0                                                                       

1593365          623/623             F          206,250.00         T    
                                  180        194,880.14          1
3740 OCEAN BEACH BLVD              8.875          2,076.62         75   
                                     8.625          2,076.62      275,000.00
COCA BEACH       FL   32931          2            05/15/97         00   
925875                               08           07/01/97          0   
925875                               O            06/01/12              
0                                                                       

1593366          623/623             F           56,000.00         T    
                                  180         55,372.31          1
15400 BEEGAN                       9.000            567.99         54   
                                     8.750            567.99      104,000.00
ALPENA           MI   49707          5            05/16/97         00   
926076                               05           07/01/97          0   
926076                               O            06/01/12              
0                                                                       

1593367          623/623             F          158,000.00         ZZ   
                                  180        156,234.46          1
8741 MAN O WAR ROAD                8.500          1,555.89         34   
                                     8.250          1,555.89      475,000.00
PALM BEACH GARD  FL   33418          5            05/21/97         00   
928210                               05           07/01/97          0   
928210                               O            06/01/12              
0                                                                       
1                                                                               

1593368          623/623             F           73,500.00         ZZ   
                                  180         72,433.54          1
347 LAUREL STREET                  8.125            707.72         75   
                                     7.875            707.72       98,000.00
WILLITS          CA   95490          5            04/21/97         00   
6213586                              05           06/01/97          0   
6213586                              N            05/01/12              
0                                                                       

1593369          623/623             F           65,000.00         ZZ   
                                  180         64,273.63          1
509 V STREET                       8.500            640.09         74   
                                     8.250            640.09       88,000.00
SACRAMENTO       CA   95814          2            05/12/97         00   
6213762                              05           07/01/97          0   
6213762                              N            06/01/12              
0                                                                       

1593370          623/623             F           40,000.00         ZZ   
                                  180         39,533.17          1
5626 WEST LINDA BOULEVARD          8.500            393.90         26   
                                     8.250            393.90      156,000.00
TUCSON           AZ   85742          5            05/05/97         00   
6235669                              05           07/01/97          0   
6235669                              O            06/01/12              
0                                                                       

1593371          623/623             F           67,500.00         ZZ   
                                  180         66,575.24          1
2029 NORTH I AVENUE                8.750            674.63         75   
                                     8.500            674.63       90,000.00
DOUGLAS          AZ   85607          2            05/13/97         00   
6235671                              05           07/01/97          0   
6235671                              O            06/01/12              
0                                                                       

1593372          623/623             F           67,600.00         ZZ   
                                  180         66,572.68          1
1219 NORTHWEST FRESNO AVENUE       8.250            655.82         80   
                                     8.000            655.82       84,540.00
BEND             OR   97701          1            04/08/97         00   
6296859                              05           06/01/97          0   
6296859                              O            05/01/12              
0                                                                       

1593388          B75/G02             F          117,500.00         ZZ   
                                  180        116,215.72          1
1                                                                               

1439 NORTHWEST 202ND LANE          8.750          1,174.35         55   
                                     8.500          1,174.35      217,500.00
SEATTLE          WA   98177          1            05/23/97         00   
0430260570                           01           07/01/97          0   
2801090                              O            06/01/12              
0                                                                       

1593390          E22/G02             F          107,000.00         ZZ   
                                  180        105,643.48          1
11405 MARINE VIEW DRIVE            8.500          1,053.67         30   
  SOUTHWEST                          8.250          1,053.67      357,000.00
SEATTLE          WA   98146          1            06/09/97         00   
0410414494                           05           08/01/97          0   
410414494                            O            07/01/12              
0                                                                       

1593403          E22/G02             F          142,400.00         ZZ   
                                  180        141,249.79          1
3002 CHAPEL HILL ROAD              8.875          1,433.75         80   
                                     8.625          1,433.75      178,000.00
STILLWATER       OK   74074          1            06/05/97         00   
0410454292                           03           08/01/97          0   
410454292                            O            07/01/12              
0                                                                       

1593417          E22/G02             F           21,150.00         ZZ   
                                  180         20,923.90          1
6784 WARWICK                       9.000            214.52         90   
                                     8.750            214.52       23,500.00
DETROIT          MI   48228          1            05/27/97         04   
0410391262                           05           07/01/97         25   
410391262                            N            06/01/12              
0                                                                       

1593427          E19/G02             F          101,950.00         ZZ   
                                  180        100,909.63          1
23823 VIA DE GEMA LINDA            8.250            989.06         60   
                                     8.000            989.06      170,000.00
MURRIETA         CA   92562          5            06/13/97         00   
0430297150                           05           08/01/97          0   
100022251                            O            07/01/12              
0                                                                       

1593622          G88/G02             F           65,600.00         ZZ   
                                  180         65,215.36          1
31 ROOSEVELT AVE                   7.875            622.19         75   
                                     7.625            622.19       87,500.00
HUDSON           NH   03051          5            07/03/97         00   
0430290437                           05           09/01/97          0   
1                                                                               

9705046                              O            08/01/12              
0                                                                       

1593688          405/405             F          224,000.00         ZZ   
                                  180        220,790.57          1
450 WEST NECK ROAD                 8.250          2,173.12         48   
                                     8.000          2,173.12      475,000.00
HUNTINGTON       NY   11743          1            04/29/97         00   
4121083                              05           06/01/97          0   
4121083                              O            05/01/12              
0                                                                       

1593727          E26/G02             F           21,600.00         ZZ   
                                  180         21,423.55          1
7401 18TH AVE                      8.750            215.89         80   
                                     8.500            215.89       27,000.00
ADELPHI          MD   20783          1            06/11/97         19   
0430278937                           01           08/01/97         12   
42700455                             O            07/01/12              
0                                                                       

1593984          E82/G02             F          225,200.00         ZZ   
                                  180        223,212.92          1
28532 MARACAIBO LANE               7.875          2,135.91         77   
                                     7.625          2,135.91      295,000.00
LITTLE TORCH KE  FL   33042          2            06/11/97         00   
0400041703                           05           08/01/97          0   
400041703                            O            07/01/12              
0                                                                       

1594016          369/G02             F           51,000.00         T    
                                  180         50,330.93          1
1202 YACHT CLUB BLVD               9.250            524.89         59   
                                     9.000            524.89       86,500.00
INDIAN HARBOR B  FL   32937          1            05/01/97         00   
0430267583                           05           06/01/97          0   
60668530                             O            05/01/12              
0                                                                       

1594021          637/G02             F           34,200.00         ZZ   
                                  180         33,761.40          1
5436-5438 ELVENTH AVE.             9.000            346.88         90   
                                     8.750            346.88       38,000.00
FT. MYERS        FL   33907          1            06/04/97         01   
0430260133                           05           07/01/97         25   
9885336                              N            06/01/12              
0                                                                       

1                                                                               

1594035          369/G02             F           32,300.00         ZZ   
                                  180         31,861.90          2
1541-1543 NORTH CHESTER            8.875            325.22         90   
                                     8.625            325.22       35,900.00
INDIANAPOLIS     IN   46201          1            05/07/97         01   
0430263566                           05           06/01/97         25   
49901721                             N            05/01/12              
0                                                                       

1594038          E46/G02             F          265,000.00         ZZ   
                                  180        264,275.68          1
94 CAROL PLACE                     8.625          2,629.01         63   
                                     8.375          2,629.01      421,500.00
WAYNE            NJ   07470          1            08/01/97         00   
0430338871                           05           10/01/97          0   
25443                                O            09/01/12              
0                                                                       

1594044          405/405             F           28,450.00         ZZ   
                                  180         28,159.13          2
787-789 FAIRWOOD AVENUE            9.500            297.09         89   
                                     9.250            297.09       32,000.00
COLUMBUS         OH   43026          1            05/29/97         01   
4209730                              05           07/01/97         25   
4209730                              N            06/01/12              
0                                                                       

1594052          405/405             F           28,450.00         ZZ   
                                  180         28,159.13          2
773-775 STANLEY AVENUE             9.500            297.09         90   
                                     9.250            297.09       31,666.00
COLUMBUS         OH   43026          1            05/29/97         02   
4209722                              05           07/01/97         25   
4209722                              N            06/01/12              
0                                                                       

1594104          E22/G02             F           48,300.00         ZZ   
                                  180         47,922.74          1
4949 AMERICANA DRIVE               9.250            497.10         70   
                                     9.000            497.10       69,000.00
ANNANDALE        VA   22003          5            06/05/97         00   
0410442537                           01           08/01/97          0   
410442537                            N            07/01/12              
0                                                                       

1594118          B24/G02             F          159,650.00         ZZ   
                                  180        158,793.47          3
10-12 CLIFTON AVENUE               8.875          1,607.43         90   
                                     8.625          1,607.43      177,400.00
1                                                                               

DANBURY          CT   06810          1            07/14/97         01   
0430286401                           05           09/01/97         25   
211872                               N            08/01/12              
0                                                                       

1594121          E22/G02             F           36,350.00         ZZ   
                                  180         36,056.39          1
2108 COUNT FLEET DRIVE             8.875            365.99         75   
                                     8.625            365.99       48,500.00
ARLINGTON        TX   76011          1            06/09/97         00   
0410425334                           01           08/01/97          0   
410425334                            O            07/01/12              
0                                                                       

1594151          E22/G02             F           53,000.00         ZZ   
                                  180         52,164.54          4
4339 CONANT AVENUE                 8.750            529.71         67   
                                     8.500            529.71       80,000.00
CINCINNATI       OH   45227          5            06/06/97         00   
0410367494                           05           08/01/97          0   
410367494                            N            07/01/12              
0                                                                       

1594173          E22/G02             F           27,900.00         ZZ   
                                  180         27,492.22          1
32 E ROCKWOOD                     10.125            301.95         90   
                                     9.875            301.95       31,000.00
ECORSE           MI   48229          1            03/20/97         04   
0410364178                           05           05/01/97         25   
410364178                            N            04/01/12              
0                                                                       

1594209          E22/G02             F           76,000.00         ZZ   
                                  180         75,379.26          1
810 NW 8TH AVENUE                  8.750            759.58         80   
                                     8.500            759.58       95,000.00
DANIA            FL   33004          1            06/09/97         00   
0410403877                           05           08/01/97          0   
410403877                            O            07/01/12              
0                                                                       

1594210          E22/G02             F           41,600.00         ZZ   
                                  180         41,252.60          1
1270 CHILDERS ROAD                 8.500            409.65         80   
                                     8.250            409.65       52,000.00
CLEVELAND        NC   27013          5            06/06/97         00   
0410407324                           05           08/01/97          0   
410407324                            O            07/01/12              
0                                                                       
1                                                                               

1594211          A26/G02             F          190,000.00         ZZ   
                                  180        190,000.00          1
143 CRANMOOR DRIVE                 8.375          1,857.11         54   
                                     8.125          1,857.11      355,000.00
TOMS RIVER       NJ   08753          5            08/27/97         00   
0430375360                           05           11/01/97          0   
NG                                   O            10/01/12              
0                                                                       

1594227          E22/G02             F           63,750.00         T    
                                  180         63,053.20          1
11383 SW 65 STREET                 8.750            637.15         75   
                                     8.500            637.15       85,000.00
MIAMI            FL   33173          1            05/16/97         00   
0410381123                           09           07/01/97          0   
410381123                            O            06/01/12              
0                                                                       

1594232          E22/G02             F           40,500.00         ZZ   
                                  180         40,176.50          1
2507 MONTROSE BLVD. #22            9.000            410.78         90   
                                     8.750            410.78       45,000.00
HOUSTON          TX   77006          1            06/06/97         10   
0410432447                           01           08/01/97         25   
410432447                            N            07/01/12              
0                                                                       

1594269          286/286             F           27,900.00         ZZ   
                                  180         27,290.64          1
2425 AUGUSTA                       8.750            278.85         75   
  #36                                8.500            278.85       37,250.00
HOUSTON          TX   77057          1            05/05/97         00   
9171858                              01           07/01/97          0   
9171858                              N            06/01/12              
0                                                                       

1594281          369/G02             F          109,400.00         ZZ   
                                  180        108,217.41          1
338 CHROME ROAD                    8.875          1,101.49         83   
                                     8.625          1,101.49      133,000.00
RISING SUN       MD   21911          5            05/12/97         01   
0430283747                           05           07/01/97         12   
60637048                             O            06/01/12              
0                                                                       

1594288          E22/G02             F           50,000.00         ZZ   
                                  180         49,613.83          1
1                                                                               

195 SW CABANA POINT CIRCL          9.375            518.35         65   
                                     9.125            518.35       77,000.00
STUART           FL   34994          5            06/11/97         00   
0410453476                           05           08/01/97          0   
410453476                            N            07/01/12              
0                                                                       

1594335          387/387             F           63,000.00         ZZ   
                                  180         62,311.37          2
8601 MERCURY STREET UNITS A&B      8.750            629.66         87   
                                     8.500            629.66       73,000.00
EL PASO          TX   79904          1            05/23/97         14   
1116599                              05           07/01/97         25   
1116599                              N            06/01/12              
0                                                                       

1594406          387/387             F           61,500.00         ZZ   
                                  180         60,647.34          1
5805 WILSHIRE COURT UNIT 52D       8.625            610.13         73   
                                     8.375            610.13       85,000.00
HANOVER PARK     IL   60103          2            04/29/97         00   
1111889                              01           06/01/97          0   
1111889                              O            05/01/12              
0                                                                       

1594414          G81/G02             F           25,000.00         T    
                                  180         24,933.93          1
7401 NW 16 STREET                  9.000            253.57         48   
  UNIT A-202                         8.750            253.57       53,000.00
PLANTATION       FL   33313          1            08/04/97         00   
0430348987                           08           10/01/97          0   
021706059                            O            09/01/12              
0                                                                       

1594434          591/G02             F           34,400.00         ZZ   
                                  180         34,213.35          1
2521 GREENWOOD AVENUE              8.750            343.82         80   
                                     8.500            343.82       43,000.00
LOUISVILLE       KY   40210          1            07/07/97         00   
0430293928                           05           09/01/97          0   
103701041                            N            08/01/12              
0                                                                       

1594460          369/G02             F           26,250.00         ZZ   
                                  180         25,966.23          1
349 CHATTANOOGA DRIVE              8.875            264.30         75   
                                     8.625            264.30       35,000.00
FT MYERS         FL   33905          1            05/22/97         00   
0430279786                           05           07/01/97          0   
1                                                                               

60670221                             N            06/01/12              
0                                                                       

1594468          E22/G02             F           36,000.00         T    
                                  180         35,623.63          1
6901 ENVIRON BOULEVARD             9.250            370.51         75   
  UNIT #5A                           9.000            370.51       48,000.00
FORT LAUDERDALE  FL   33319          1            06/02/97         00   
0410401335                           06           07/01/97          0   
410401335                            O            06/01/12              
0                                                                       

1594478          766/G02             F           33,000.00         ZZ   
                                  180         32,703.45          1
17321 SW 122 AVENUE                8.500            324.96         43   
                                     8.250            324.96       78,000.00
MIAMI            FL   33177          5            06/12/97         00   
0430277913                           05           08/01/97          0   
97020398                             N            07/01/12              
0                                                                       

1594480          766/G02             F           28,125.00         ZZ   
                                  180         27,905.33          1
10477 SW 108 AVENUE                9.250            289.46         75   
  #228                               9.000            289.46       37,500.00
MIAMI            FL   33176          1            06/12/97         00   
0430280792                           01           08/01/97          0   
97SG0277                             N            07/01/12              
0                                                                       

1594500          405/405             F           68,250.00         ZZ   
                                  180         67,686.32          1
6205 MEADOW LARK LN                8.625            677.10         65   
                                     8.375            677.10      105,000.00
LAS VEGAS        NV   89103          1            06/27/97         00   
0008234239                           05           08/01/97          0   
0008234239                           N            07/01/12              
0                                                                       

1594508          405/405             F           25,750.00         ZZ   
                                  180         25,486.75          2
948-950 HEYL AVENUE                9.500            268.89         90   
                                     9.250            268.89       28,666.00
COLUMBUS         OH   43206          1            05/29/97         01   
4209755                              05           07/01/97         25   
4209755                              N            06/01/12              
0                                                                       

1                                                                               

1594575          225/225             F           35,980.00         ZZ   
                                  180         35,878.30          1
414 F ODIN LANE                    8.250            349.06         70   
                                     8.000            349.06       51,400.00
FORT WALTON BEA  FL   32548          2            08/28/97         00   
8053413                              07           10/01/97          0   
8053413                              N            09/01/12              
0                                                                       

1594578          225/225             F           97,500.00         ZZ   
                                  180         96,953.04          1
1843 NORTH 78TH PLACE              8.375            953.00         75   
                                     8.125            953.00      130,000.00
KANSAS CITY      KS   66112          5            06/30/97         00   
8052581                              05           09/01/97          0   
8052581                              O            08/01/12              
0                                                                       

1594605          B27/G02             F          140,000.00         ZZ   
                                  180        138,817.83          2
16-18 GENETTI STREET               8.375          1,368.40         80   
                                     8.125          1,368.40      175,000.00
BEDFORD          MA   01730          1            06/19/97         00   
0430280222                           05           08/01/97          0   
100208341                            N            07/01/12              
0                                                                       

1594619          G09/G02             F          427,650.00         ZZ   
                                  180        425,251.02          1
1262 AUBURN WOODS DRIVE            8.375          4,179.96         77   
                                     8.125          4,179.96      556,000.00
FISHERVILLE      TN   38028          1            07/01/97         00   
0430296194                           05           09/01/97          0   
UNKNOWN                              O            08/01/12              
0                                                                       

1594663          731/G02             F           77,600.00         ZZ   
                                  180         76,907.77          1
1404 M STREET                      7.750            730.43         80   
                                     7.500            730.43       97,000.00
SPRINGFIELD      OR   97477          5            06/12/97         00   
0430265116                           05           08/01/97          0   
421680017                            O            07/01/12              
0                                                                       

1594683          A50/A50             F          100,000.00         ZZ   
                                  180         99,407.20          1
1431 HUEY ROAD                     7.750            941.28         55   
                                     7.500            941.28      184,000.00
1                                                                               

DOUGLASVILLE     GA   30134          5            07/11/97         00   
UNKNOWN                              05           09/01/97          0   
UNKNOWN                              O            08/01/12              
0                                                                       

1594689          253/253             F           52,000.00         T    
                                  120         51,433.55          1
N 10 FAIRWAY DRIVE EAST            8.125            634.35         56   
                                     7.875            634.35       93,000.00
HOODSPORT        WA   98548          1            07/07/97         00   
330409                               05           09/01/97          0   
330409                               O            08/01/07              
0                                                                       

1594698          963/G02             F          232,000.00         ZZ   
                                  180        230,126.07          4
233 FIRST STREET                   8.875          2,335.88         78   
                                     8.625          2,335.88      300,000.00
MIAMI BEACH      FL   33119          1            06/27/97         00   
0430295824                           05           08/01/97          0   
970205                               O            07/01/12              
0                                                                       

1594766          514/G02             F          175,000.00         ZZ   
                                  180        173,129.21          1
26 DARLING STREET                  9.000          1,774.97         75   
                                     8.750          1,774.97      235,000.00
BOSTON           MA   02120          5            05/21/97         00   
0430292961                           05           07/01/97          0   
361321                               O            06/01/12              
0                                                                       

1594903          757/757             F           68,000.00         ZZ   
                                  180         67,432.11          1
12 MARGATHA DRIVE                  8.500            669.63         80   
                                     8.250            669.63       85,000.00
SAVANNAH         GA   31406          1            06/20/97         00   
2969707                              05           08/01/97          0   
2969707                              O            07/01/12              
0                                                                       

1595008          E22/G02             F           46,400.00         ZZ   
                                  180         46,003.84          1
12958A TRAIL HOLLOW                8.250            450.15         80   
                                     8.000            450.15       58,000.00
HOUSTON          TX   77079          1            06/03/97         00   
0410426514                           01           08/01/97          0   
410426514                            O            07/01/12              
0                                                                       
1                                                                               

1595030          683/G02             F           72,800.00         ZZ   
                                  180         72,409.44          1
PATTERSON ROAD                     8.875            732.98         80   
                                     8.625            732.98       91,000.00
PITTSTON         ME   04345          1            07/10/97         04   
0430296574                           05           09/01/97         12   
029888                               N            08/01/12              
0                                                                       

1595031          225/225             F           33,900.00         ZZ   
                                  180         33,806.29          1
217 SUNSTRUCK DRIVE                8.500            333.83         78   
                                     8.250            333.83       43,814.00
SYRACUSE         NY   13206          1            08/12/97         00   
8051314                              05           10/01/97          0   
8051314                              N            09/01/12              
0                                                                       

1595060          G51/G02             F           35,000.00         ZZ   
                                  180         34,720.42          1
1420 RIDGE ROAD                    9.000            355.00         59   
                                     8.750            355.00       60,000.00
WEST SENECA      NY   14224          5            07/01/97         00   
0430288019                           05           08/01/97          0   
209240                               N            07/01/12              
0                                                                       

1595086          208/G02             F          142,300.00         ZZ   
                                  180        140,193.55          1
1889 CANDELA                       7.875          1,349.64         80   
                                     7.625          1,349.64      178,000.00
SANTA FE         NM   87505          5            04/21/97         00   
0430282566                           05           06/01/97          0   
34191                                O            05/01/12              
0                                                                       

1595102          225/225             F           36,700.00         ZZ   
                                  180         36,596.26          1
828 SHADOW LANE                    8.250            356.05         65   
                                     8.000            356.05       57,000.00
FORT WALTON BEA  FL   32548          2            08/28/97         00   
8053007                              05           10/01/97          0   
8053007                              N            09/01/12              
0                                                                       

1595182          757/757             F           63,000.00         ZZ   
                                  180         62,496.77          1
1                                                                               

3812 CLARE COURT                   9.000            638.99         70   
                                     8.750            638.99       90,000.00
DULUTH           GA   30136          5            06/18/97         00   
2952554                              05           08/01/97          0   
2952554                              N            07/01/12              
0                                                                       

1595206          830/830             F           69,700.00         ZZ   
                                  180         69,098.34          1
948 LEWIS AVENUE                   8.125            671.13         85   
                                     7.875            671.13       82,000.00
HUTCHINSON       MN   55350          5            06/14/97         01   
530928                               05           08/01/97         12   
530928                               O            07/01/12              
0                                                                       

1595209          830/830             F           69,550.00         ZZ   
                                  180         68,988.23          2
6271-6273 PONTIAC STREET           8.875            700.26         65   
                                     8.625            700.26      107,000.00
COMMERCE CITY    CO   80022          5            06/04/97         00   
529975                               05           08/01/97          0   
529975                               N            07/01/12              
0                                                                       

1595225          018/G02             F           62,900.00         ZZ   
                                  180         62,391.92          2
422 424 EASTSIDE DRIVE             8.875            633.31         90   
                                     8.625            633.31       69,900.00
WHITE BLUFF      TN   37187          1            06/02/97         12   
0430281527                           05           08/01/97         25   
246266                               N            07/01/12              
0                                                                       

1595235          225/225             F          107,000.00         ZZ   
                                  180        106,419.47          1
11835 KIBLER ROAD                  8.750          1,069.42         60   
                                     8.500          1,069.42      179,000.00
GREENSBORO       MD   21639          2            07/03/97         00   
8049253                              05           09/01/97          0   
8049253                              O            08/01/12              
0                                                                       

1595248          A46/G02             F           53,500.00         ZZ   
                                  180         53,043.22          1
2040 WALKER FORD ROAD              8.250            519.03         61   
                                     8.000            519.03       88,000.00
MAYNARDVILLE     TN   37807          1            06/30/97         00   
0430308460                           05           08/01/97          0   
1                                                                               

97081                                O            07/01/12              
0                                                                       

1595288          H05/H05             F           49,600.00         ZZ   
                                  180         49,185.78          1
67 TRAVIS AVENUE                   8.500            488.43         80   
                                     8.250            488.43       62,000.00
BINGHAMTON       NY   13904          5            06/18/97         00   
240140004                            05           08/01/97          0   
240140004                            O            07/01/12              
0                                                                       

1595315          E22/G02             F           84,100.00         ZZ   
                                  180         83,413.08          1
15401 SALT CAY COURT #804          8.750            840.54         70   
                                     8.500            840.54      120,500.00
CORPUS CHRISTI   TX   78418          1            06/02/97         00   
0410319032                           09           08/01/97          0   
410319032                            N            07/01/12              
0                                                                       

1595321          F16/G02             F          106,400.00         ZZ   
                                  180        106,099.27          1
1039 BLOSSOM HILL DRIVE            8.250          1,032.23         80   
                                     8.000          1,032.23      133,000.00
CORONA           CA   91720          2            08/28/97         00   
0430381038                           05           10/01/97          0   
97117120                             N            09/01/12              
0                                                                       

1595356          624/G02             F          112,000.00         ZZ   
                                  180        111,336.07          1
216 GINGER DRIVE                   7.750          1,054.23         80   
                                     7.500          1,054.23      140,000.00
AUBURN           CA   95603          2            07/03/97         00   
0430302794                           05           09/01/97          0   
34073470063                          N            08/01/12              
0                                                                       

1595364          624/G02             F          135,200.00         ZZ   
                                  180        134,398.56          1
244 FOREST COURT                   7.750          1,272.60         80   
                                     7.500          1,272.60      169,000.00
AUBURN           CA   95603          2            07/03/97         00   
0430306357                           05           09/01/97          0   
34073478023                          N            08/01/12              
0                                                                       

1                                                                               

1595418          267/G02             F          160,000.00         ZZ   
                                  180        155,802.87          1
2340 STEVEN DR                     7.375          1,471.88         75   
                                     7.125          1,471.88      215,000.00
CORONA           CA   91719          1            03/06/97         00   
0430266304                           03           05/01/97          0   
4438116                              O            04/01/12              
0                                                                       

1595467          731/G02             F           46,800.00         ZZ   
                                  180         46,442.58          1
3281-3283 RUSSELL STREET           9.500            488.70         90   
                                     9.250            488.70       52,000.00
HAPEVILLE        GA   30354          1            06/18/97         01   
0430280016                           05           08/01/97         25   
3140664439                           N            07/01/12              
0                                                                       

1595480          H34/G02             F           54,000.00         ZZ   
                                  180         53,528.69          2
795 & 797 DOCKERY LANE             8.000            516.06         90   
                                     7.750            516.06       60,000.00
FAYETTEVILLE     AR   72701          1            07/03/97         12   
0430279620                           05           08/01/97         25   
209247                               N            07/01/12              
0                                                                       

1595505          E54/G02             F           56,400.00         ZZ   
                                  180         55,944.44          2
725 KNIGHT LANE A&B                8.875            567.86         67   
                                     8.625            567.86       85,000.00
IRVING           TX   75060          2            06/16/97         00   
0430267120                           03           08/01/97          0   
206329                               N            07/01/12              
0                                                                       

1595507          E54/G02             F           64,700.00         ZZ   
                                  180         64,177.39          2
1017-1019 VERA COURT               8.875            651.43         65   
                                     8.625            651.43      100,000.00
IRVING           TX   75060          2            06/16/97         00   
0430279919                           05           08/01/97          0   
206328                               N            07/01/12              
0                                                                       

1595509          267/G02             F          120,000.00         ZZ   
                                  180        118,552.43          1
680 W SIERRA MADRE BLVD #12        7.625          1,120.96         80   
                                     7.375          1,120.96      150,000.00
1                                                                               

SIERRA MADRE     CA   91024          1            05/06/97         00   
0430268045                           01           07/01/97          0   
4451318                              O            06/01/12              
0                                                                       

1595511          E54/G02             F           56,100.00         ZZ   
                                  180         55,646.87          2
725 KNIGHT LANE C & D              8.875            564.84         66   
                                     8.625            564.84       85,000.00
IRVING           TX   75060          2            06/16/97         00   
0430281345                           03           08/01/97          0   
206330                               N            07/01/12              
0                                                                       

1595512          225/225             F           54,000.00         ZZ   
                                  180         53,697.06          1
4126 WEST RIDGE ROAD               8.375            527.82         60   
                                     8.125            527.82       90,000.00
ROCHESTER        NY   14626          1            07/15/97         00   
8052425                              05           09/01/97          0   
8052425                              N            08/01/12              
0                                                                       

1595514          E54/G02             F           66,350.00         ZZ   
                                  180         65,814.07          2
1005 1007 VERA COURT               8.875            668.04         64   
                                     8.625            668.04      104,000.00
IRVING           TX   75060          2            06/16/97         00   
0430278507                           05           08/01/97          0   
206325                               N            07/01/12              
0                                                                       

1595521          225/225             F          103,000.00         ZZ   
                                  180        102,396.08          1
6423 BARFIELD DRIVE                7.875            976.91         79   
                                     7.625            976.91      130,656.00
DALLAS           TX   75252          1            07/11/97         00   
805208900                            05           09/01/97          0   
805208900                            O            08/01/12              
0                                                                       

1595538          225/225             F          112,200.00         ZZ   
                                  180        110,866.21          1
1532 SOUTH 500 EAST                8.500          1,104.88         85   
                                     8.250          1,104.88      132,000.00
SALT LAKE CITY   UT   84105          5            05/30/97         04   
804995100                            05           07/01/97         12   
804995100                            O            06/01/12              
0                                                                       
1                                                                               

1595654          638/G02             F           55,800.00         ZZ   
                                  180         55,507.27          1
649 SNYDER STREET                  9.125            570.12         90   
                                     8.875            570.12       62,000.00
BANGOR           PA   18013          1            07/03/97         04   
0430297754                           05           09/01/97         25   
8651798                              N            08/01/12              
0                                                                       

1595660          638/G02             F          124,000.00         ZZ   
                                  180        123,312.08          1
51 KING STREET                     8.500          1,221.08         74   
                                     8.250          1,221.08      168,000.00
MONSON           MA   01057          2            07/11/97         00   
0430311092                           05           09/01/97          0   
08651495                             O            08/01/12              
0                                                                       

1595667          E22/G02             F           44,800.00         ZZ   
                                  180         44,431.49          1
1212 SOUTH MAIN ST                 9.250            461.08         70   
                                     9.000            461.08       64,000.00
GRAHAM           NC   27253          5            06/17/97         00   
0410412704                           05           08/01/97          0   
410412704                            N            07/01/12              
0                                                                       

1595696          E22/G02             F           44,100.00         ZZ   
                                  180         43,755.56          1
2927 HERITAGE COLONY DRIVE         9.250            453.87         90   
                                     9.000            453.87       49,000.00
WEBSTER          TX   77598          1            06/06/97         04   
0410414551                           05           08/01/97         25   
410414551                            N            07/01/12              
0                                                                       

1595746          405/405             F           52,000.00         ZZ   
                                  180         51,584.64          1
LOT 30 DOGWOOD PARK ESTATES        9.000            527.42         65   
                                     8.750            527.42       80,000.00
OSAGE BEACH      MO   65065          5            06/02/97         00   
4221669                              05           08/01/97          0   
4221669                              O            07/01/12              
0                                                                       

1595750          225/225             F          120,000.00         ZZ   
                                  180        119,326.82          2
1                                                                               

64 SUNSET DRIVE                    8.375          1,172.92         55   
                                     8.125          1,172.92      219,000.00
WEST PATERSON    NJ   07424          1            07/22/97         00   
805009700                            05           09/01/97          0   
805009700                            O            08/01/12              
0                                                                       

1595768          633/G02             F           68,000.00         ZZ   
                                  180         67,419.43          1
4940 EAST ATHERTON STREET          8.250            659.70         43   
                                     8.000            659.70      160,500.00
LONG BEACH       CA   90815          5            06/11/97         00   
0430280057                           01           08/01/97          0   
687870                               N            07/01/12              
0                                                                       

1595773          F34/G02             F           50,000.00         ZZ   
                                  180         49,596.11          2
3320 SW 23 STREET                  8.875            503.43         42   
                                     8.625            503.43      121,000.00
MIAMI            FL   33133          5            06/18/97         00   
0430281246                           05           08/01/97          0   
9700389                              O            07/01/12              
0                                                                       

1595778          F34/G02             F           65,000.00         ZZ   
                                  180         64,457.18          1
13425 SW 119 STREET                8.500            640.08         29   
                                     8.250            640.08      225,000.00
MIAMI            FL   33186          1            06/19/97         00   
0430281303                           05           08/01/97          0   
9700433                              O            07/01/12              
0                                                                       

1595792          180/G02             F           23,400.00         ZZ   
                                  180         23,270.05          1
4027 BIILINGSGATE ROAD             8.750            233.87         90   
                                     8.500            233.87       26,000.00
ORLANDO          FL   32839          1            07/18/97         10   
0430339069                           01           09/01/97         25   
4956280                              N            08/01/12              
0                                                                       

1595803          757/757             F           58,400.00         ZZ   
                                  180         57,906.86          1
134 HIGHRIDGE DRIVE                8.375            570.82         80   
                                     8.125            570.82       73,000.00
SPARTANBURG      SC   29302          2            06/05/97         00   
2879914                              01           08/01/97          0   
1                                                                               

2879914                              N            07/01/12              
0                                                                       

1595810          E22/G02             F           42,250.00         ZZ   
                                  180         40,590.89          1
2940 MCKEITHEN DRIVE               8.875            425.39         65   
                                     8.625            425.39       65,000.00
ALEXANDRIA       LA   71303          5            06/12/97         00   
0410321376                           05           08/01/97          0   
410321376                            O            07/01/12              
0                                                                       

1595827          G41/G02             F          207,850.00         ZZ   
                                  180        206,114.20          1
453 UTAH STREET                    8.500          2,046.79         80   
                                     8.250          2,046.79      260,000.00
PARAMUS          NJ   07652          2            06/03/97         00   
0430278671                           05           08/01/97          0   
G41                                  O            07/01/12              
0                                                                       

1595838          687/G02             F           76,500.00         ZZ   
                                  180         75,776.87          1
2135 COTTER ROAD                   8.250            742.16         83   
                                     8.000            742.16       93,000.00
MANSFIELD        OH   44903          5            06/07/97         01   
0430307900                           05           08/01/97         12   
1604791                              O            07/01/12              
0                                                                       

1595839          966/G02             F           68,950.00         ZZ   
                                  180         68,341.59          1
ROUTE 7 BOX 7537 CR 753            7.875            653.96         70   
                                     7.625            653.96       98,500.00
ATHENS           TX   75751          1            07/02/97         00   
0430329250                           05           08/01/97          0   
30003717                             O            07/01/12              
0                                                                       

1595984          G92/G02             F          112,500.00         ZZ   
                                  180        111,435.09          1
99 DEER RUN CIRCLE #54             7.625          1,050.90         58   
                                     7.375          1,050.90      194,000.00
SAN JOSE         CA   95136          2            06/24/97         00   
0430285866                           07           08/01/97          0   
UBLASI                               O            07/01/12              
0                                                                       

1                                                                               

1595987          286/286             F           34,800.00         ZZ   
                                  180         34,385.53          1
2300 OLD SPANISH TRAIL #1124       8.750            347.81         80   
                                     8.500            347.81       43,500.00
HOUSTON          TX   77054          1            05/30/97         00   
9174132                              01           07/01/97          0   
9174132                              O            06/01/12              
0                                                                       

1596033          811/G02             F           53,200.00         T    
                                  180         52,917.77          1
13953 KENDALE LAKES CIRCLE         9.000            539.59         70   
  203B                               8.750            539.59       76,000.00
MIAMI            FL   33183          1            07/08/97         00   
0430393280                           06           09/01/97          0   
FM00106635                           O            08/01/12              
0                                                                       

1596062          A78/G02             F           48,600.00         ZZ   
                                  180         48,311.88          1
1516 GRAND #105                    7.750            457.47         90   
                                     7.500            457.47       54,000.00
LARAMIE          WY   82070          1            07/03/97         10   
0430300293                           01           09/01/97         25   
010052128                            N            08/01/12              
0                                                                       

1596100          E22/G02             F           36,000.00         ZZ   
                                  180         35,725.07          1
2409 GEORGIA AVENUE                9.500            375.92         70   
                                     9.250            375.92       51,500.00
MUSKOGEE         OK   74403          5            06/20/97         00   
0410412019                           05           08/01/97          0   
410412019                            N            07/01/12              
0                                                                       

1596116          E22/G02             F           84,800.00         ZZ   
                                  180         84,076.00          1
3601 LAWTON AVENUE, #8             8.250            822.68         80   
                                     8.000            822.68      106,000.00
AUSTIN           TX   78731          1            06/18/97         00   
0410432033                           01           08/01/97          0   
410432033                            O            07/01/12              
0                                                                       

1596131          E22/G02             F           52,500.00         T    
                                  180         52,080.65          1
825 SOUTH BAYSHORE DRIVE           9.000            532.49         75   
  UNIT 447                           8.750            532.49       70,000.00
1                                                                               

MIAMI            FL   33131          1            06/19/97         00   
0410443170                           06           08/01/97          0   
410443170                            O            07/01/12              
0                                                                       

1596204          225/225             F           36,000.00         ZZ   
                                  180         35,799.52          2
2048 PERTH                         8.500            354.51         80   
                                     8.250            354.51       45,000.00
TOLEDO           OH   43607          1            07/10/97         00   
8053293                              05           09/01/97          0   
8053293                              N            08/01/12              
0                                                                       

1596233          664/G02             F           26,750.00         ZZ   
                                  180         26,531.48          1
212 VICTORIA AVENUE                8.750            267.36         85   
                                     8.500            267.36       31,500.00
AZLE             TX   76020          1            06/16/97         01   
0430285544                           05           08/01/97         17   
2311959                              N            07/01/12              
0                                                                       

1596250          927/G02             F           85,750.00         ZZ   
                                  180         85,057.37          1
400 BOULDER DRIVE                  8.875            863.37         70   
                                     8.625            863.37      122,500.00
CARSON CITY      NV   89706          5            06/11/97         00   
0430282723                           05           08/01/97          0   
266692                               N            07/01/12              
0                                                                       

1596264          685/G02             F          170,400.00         ZZ   
                                  180        168,976.96          1
4801 EAST GARLAND STREET           8.500          1,678.00         80   
                                     8.250          1,678.00      213,000.00
ANAHEIM          CA   92807          1            06/19/97         00   
0430289942                           05           08/01/97          0   
108062                               N            07/01/12              
0                                                                       

1596284          H22/G02             F           50,000.00         ZZ   
                                  180         50,000.00          1
5 MEADOW LANE                      8.750            499.72         32   
                                     8.500            499.72      157,000.00
LEVITTOWN        NY   11756          5            08/29/97         00   
0430374272                           05           11/01/97          0   
9706004                              O            10/01/12              
0                                                                       
1                                                                               

1596362          286/286             F          184,000.00         ZZ   
                                  180        181,966.49          1
8705 GRAYSTONE LANE                8.625          1,825.43         80   
                                     8.375          1,825.43      230,000.00
LAUREL           MD   20708          2            05/21/97         00   
9167346                              05           07/01/97          0   
9167346                              O            06/01/12              
0                                                                       

1596368          225/225             F          150,000.00         ZZ   
                                  180        148,190.55          1
15 ROEMER WAY                      7.625          1,401.20         56   
                                     7.375          1,401.20      270,000.00
SAN FRANCISCO    CA   94112          1            05/27/97         00   
8050108                              05           07/01/97          0   
8050108                              O            06/01/12              
0                                                                       

1596620          225/225             F           35,000.00         ZZ   
                                  180         34,901.08          1
414 E ODIN                         8.250            339.55         70   
                                     8.000            339.55       50,000.00
FORT WALTON BEA  FL   32548          2            08/28/97         00   
8052905                              07           10/01/97          0   
8052905                              N            09/01/12              
0                                                                       

1596701          963/G02             F           58,500.00         ZZ   
                                  180         58,179.05          1
20757 SW 83 AVENUE                 8.625            580.37         90   
                                     8.375            580.37       65,000.00
MIAMI            FL   33189          1            07/11/97         04   
0430329508                           09           09/01/97         25   
970225                               N            08/01/12              
0                                                                       

1596859          E57/G02             F           30,000.00         ZZ   
                                  180         29,148.06          1
4106 MARIS AVENUE                  8.750            299.83         24   
                                     8.500            299.83      127,000.00
PICO RIVERA      CA   90660          5            06/11/97         00   
0430283994                           05           08/01/97          0   
96472005433                          N            07/01/12              
0                                                                       

1597066          E83/E83             F           88,000.00         ZZ   
                                  180         87,751.28          1
1                                                                               

19 COVE ROAD                       8.250            853.72         80   
                                     7.875            853.72      110,000.00
STERLING FOREST  NY   10979          1            08/18/97         00   
97060029                             05           10/01/97          0   
97060029                             O            09/01/12              
0                                                                       

1597084          A83/G02             F           81,250.00         ZZ   
                                  180         80,381.43          1
12765 PARRISH GAP ROAD SE          9.000            824.09         65   
                                     8.750            824.09      125,000.00
TURNER           OR   97392          5            05/15/97         00   
0430283812                           05           07/01/97          0   
A83                                  N            06/01/12              
0                                                                       

1597121          405/405             F          140,250.00         ZZ   
                                  180        139,862.34          1
276 WEST ARBORETUM DRIVE           8.500          1,381.10         75   
                                     8.250          1,381.10      187,000.00
LOMBARD          IL   60148          5            08/07/97         00   
8250607                              01           10/01/97          0   
8250607                              O            09/01/12              
0                                                                       

1597165          225/225             F           93,500.00         ZZ   
                                  180         92,963.73          1
3763 CLOVER DRIVE                  8.125            900.30         84   
                                     7.875            900.30      112,000.00
SOPHIA           NC   27350          5            07/16/97         14   
805245000                            05           09/01/97         12   
805245000                            O            08/01/12              
0                                                                       

1597189          H86/G02             F           52,000.00         T    
                                  180         51,507.59          1
1498 GOLDEN EYE LOOP               8.750            519.71         51   
                                     8.500            519.71      102,000.00
RIO RANCHO       NM   87124          1            07/07/97         00   
0430290254                           05           09/01/97          0   
82285                                O            08/01/12              
0                                                                       

1597351          F41/G02             F           60,000.00         ZZ   
                                  180         59,648.21          2
600 BEACH STREET                   7.875            569.07         60   
                                     7.625            569.07      101,000.00
REVERE           MA   02151          1            07/21/97         00   
0430308734                           05           09/01/97          0   
1                                                                               

68205                                O            08/01/12              
0                                                                       

1597385          286/286             F           38,000.00         ZZ   
                                  180         37,535.06          1
121 KENNET ST                      8.625            377.00         48   
                                     8.375            377.00       80,000.00
CANTON           GA   30114          5            06/13/97         00   
8580125                              05           08/01/97          0   
8580125                              N            07/01/12              
0                                                                       

1597592          225/225             F           39,200.00         ZZ   
                                  180         38,989.68          1
3742 149TH STREET                  8.875            394.69         70   
                                     8.625            394.69       56,000.00
TOLEDO           OH   43611          5            07/22/97         00   
8051643                              05           09/01/97          0   
8051643                              N            08/01/12              
0                                                                       

1597964          757/757             F           31,500.00         ZZ   
                                  180         31,242.71          1
413 EAST 64TH STREET               8.750            314.83         70   
                                     8.500            314.83       45,000.00
SAVANNAH         GA   31405          1            06/23/97         00   
2968907                              05           08/01/97          0   
2968907                              N            07/01/12              
0                                                                       

1598460          405/405             F           67,500.00         ZZ   
                                  180         66,936.29          1
3 CHURCH STREET                    8.500            664.70         88   
                                     8.250            664.70       77,500.00
EDISON           NJ   08817          1            06/18/97         14   
4236832                              05           08/01/97         25   
4236832                              N            07/01/12              
0                                                                       

1598562          687/G02             F           38,250.00         ZZ   
                                  180         37,919.82          1
2015 ALLISON STREET                8.125            368.30         85   
                                     7.875            368.30       45,000.00
MCKEESPORT       PA   15132          5            06/18/97         01   
0430286849                           05           08/01/97         12   
1606565                              O            07/01/12              
0                                                                       

1                                                                               

1598944          E22/G02             F           57,800.00         ZZ   
                                  180         57,317.32          1
2172 MILL VALLEY DRIVE             8.500            569.18         85   
                                     8.250            569.18       68,000.00
FLORISSANT       MO   63031          5            06/20/97         23   
0410396428                           05           08/01/97          0   
410396428                            O            07/01/12              
0                                                                       

1598965          E22/G02             F          141,400.00         ZZ   
                                  180        140,219.16          1
4245 PALMETTO TRAIL                8.500          1,392.42         70   
                                     8.250          1,392.42      202,025.00
WESTON           FL   33331          1            06/27/97         00   
0410407472                           03           08/01/97          0   
410407472                            O            07/01/12              
0                                                                       

1598986          E26/G02             F           68,400.00         ZZ   
                                  180         67,865.75          4
69-75 MAIN ROAD                    9.250            703.97         90   
                                     9.000            703.97       76,000.00
LEHIGHTON        PA   18235          1            06/17/97         04   
0430284000                           05           08/01/97         25   
60700521                             N            07/01/12              
0                                                                       

1598998          286/286             F           95,200.00         ZZ   
                                  180         94,439.55          1
366 N MAIN ST                      9.000            965.59         80   
                                     8.750            965.59      119,000.00
PORT CHESTER     NY   10573          1            06/12/97         00   
9172460                              08           08/01/97          0   
9172460                              O            07/01/12              
0                                                                       

1599276          074/G02             F          269,750.00         ZZ   
                                  180        266,834.11          1
841 19TH STREET                    8.875          2,715.96         65   
                                     8.625          2,715.96      415,000.00
MIAMI BEACH      FL   33139          1            06/02/97         00   
0430312462                           05           07/01/97          0   
1311290590                           O            06/01/12              
0                                                                       

1599296          074/G02             F           48,750.00         ZZ   
                                  180         48,096.15          2
6304-6306 E 129TH STREET           9.000            494.45         75   
                                     8.750            494.45       65,000.00
1                                                                               

GRANDVIEW        MO   64030          1            04/25/97         00   
0430312645                           05           06/01/97          0   
1456005348                           N            05/01/12              
0                                                                       

1599297          074/G02             F           43,800.00         ZZ   
                                  180         42,790.10          2
6300-6302 E 129TH STREET           9.000            444.25         68   
                                     8.750            444.25       65,000.00
GRANDVIEW        MO   64030          1            04/25/97         00   
0430312652                           05           06/01/97          0   
1456005359                           N            05/01/12              
0                                                                       

1599343          074/G02             F           30,000.00         ZZ   
                                  180         29,754.98          1
2719 INDIAN CREEK BLVD             8.750            299.83         57   
                                     8.500            299.83       53,000.00
OKLAHOMA CITY    OK   73120          1            06/06/97         00   
0430313114                           09           08/01/97          0   
1512120497                           N            07/01/12              
0                                                                       

1599356          074/G02             F           78,000.00         ZZ   
                                  180         64,775.71          1
3102 ROSSTON CIRCLE                8.250            756.71         70   
                                     8.000            756.71      111,490.00
HOUSTON          TX   77082          1            04/28/97         00   
0430313247                           03           06/01/97          0   
1521036959                           O            05/01/12              
0                                                                       

1599584          074/G02             F          430,000.00         ZZ   
                                  180        426,046.45          1
1415 W LILL AVENUE                 8.000          4,109.30         72   
                                     7.750          4,109.30      600,000.00
CHICAGO          IL   60614          1            06/18/97         00   
0430315432                           05           08/01/97          0   
1613024810                           O            07/01/12              
0                                                                       

1599649          942/G02             F          159,000.00         ZZ   
                                  180        159,000.00          1
18 CARPENTER TERRACE N             8.500          1,565.74         75   
                                     8.250          1,565.74      212,000.00
BELLEVILLE       NJ   07109          2            09/24/97         00   
0430424101                           05           11/01/97          0   
1131R7SA02                           N            10/01/12              
0                                                                       
1                                                                               

1599662          624/G02             F           47,920.00         ZZ   
                                  180         47,660.01          1
920 NORTH FIRST STREET             8.750            478.94         80   
                                     8.500            478.94       59,900.00
BANNING          CA   92220          1            07/08/97         00   
0430302851                           05           09/01/97          0   
34077270233                          N            08/01/12              
0                                                                       

1599777          E22/G02             F           80,000.00         ZZ   
                                  180         79,353.81          1
6815 HAZEL AVENUE                  8.875            805.48         80   
                                     8.625            805.48      100,000.00
ORANGEVALE       CA   95662          1            06/23/97         00   
0410454300                           05           08/01/97          0   
410454300                            N            07/01/12              
0                                                                       

1599789          E22/G02             F           90,000.00         ZZ   
                                  180         89,312.69          1
14710 GULF BOULEVARD UNIT #403     9.500            939.80         57   
                                     9.250            939.80      158,000.00
MADEIRA BEACH    FL   33708          1            06/25/97         00   
0410411698                           08           08/01/97          0   
410411698                            N            07/01/12              
0                                                                       

1599814          E22/G02             F          122,400.00         ZZ   
                                  180        121,377.83          1
814 SOUTH BERMONT DRIVE            8.500          1,205.32         85   
                                     8.250          1,205.32      144,000.00
LAFAYETTE        CO   80026          5            06/23/97         23   
0410388748                           05           08/01/97          0   
410388748                            O            07/01/12              
0                                                                       

1599821          E22/G02             F          145,000.00         ZZ   
                                  180        143,815.68          1
25817 SNYDER AVENUE                8.750          1,449.20         89   
                                     8.500          1,449.20      163,000.00
CONIFER          CO   80433          1            06/27/97         04   
0410470496                           05           08/01/97         25   
410470496                            N            07/01/12              
0                                                                       

1599834          E22/G02             F           25,900.00         T    
                                  180         25,670.86          1
1                                                                               

605 EUCLID AVENUE UNIT #104        8.500            255.05         70   
                                     8.250            255.05       37,000.00
MIAMI BEACH      FL   33139          1            06/12/97         00   
0410407399                           01           08/01/97          0   
410407399                            O            07/01/12              
0                                                                       

1599876          685/G02             F          100,000.00         ZZ   
                                  180         99,155.60          1
28745 HOWARD MARIE COURT           8.375            977.43         38   
                                     8.125            977.43      270,000.00
SANTA CLARITA    CA   91350          5            06/16/97         00   
0430286260                           05           08/01/97          0   
108015                               O            07/01/12              
0                                                                       

1599912          E09/G02             F           60,000.00         ZZ   
                                  180         59,472.55          1
448 WEST THOMAS AVENUE             8.250            582.08         80   
                                     8.000            582.08       75,000.00
OVERTON          NV   89040          1            06/16/97         00   
0430285692                           05           08/01/97          0   
1002710                              O            07/01/12              
0                                                                       

1599926          E53/G02             F           43,200.00         ZZ   
                                  180         42,968.23          2
5450-52 8TH AVE                    8.875            434.96         80   
                                     8.625            434.96       54,000.00
FT MYERS         FL   33907          5            07/21/97         00   
0430329649                           05           09/01/97          0   
11401069                             O            08/01/12              
0                                                                       

1599932          E53/G02             F           53,000.00         ZZ   
                                  180         52,712.45          2
14201 OLD OLGA RD                  8.750            529.71         89   
                                     8.500            529.71       60,000.00
ALVA             FL   33905          2            08/06/97         01   
0430345512                           05           09/01/97         25   
0011401068                           N            08/01/12              
0                                                                       

1600017          757/757             F          100,000.00         ZZ   
                                  180         99,115.30          1
3734 CLINE DRIVE                   8.500            984.74         56   
                                     8.250            984.74      179,500.00
SMYRNA           GA   30082          1            06/30/97         00   
2964500                              05           08/01/97          0   
1                                                                               

2964500                              O            07/01/12              
0                                                                       

1600169          E22/G02             F           70,000.00         ZZ   
                                  180         69,187.06          2
1443-1445 COACHLITE DRIVE          8.000            668.96         70   
                                     7.750            668.96      100,000.00
GREENFIELD       IN   46140          5            06/26/97         00   
0410418719                           05           08/01/97          0   
410418719                            N            07/01/12              
0                                                                       

1600197          637/G02             F           24,000.00         ZZ   
                                  180         23,865.35          1
36 ANDORA STREET                   8.375            234.59         75   
                                     8.125            234.59       32,000.00
LEHIGH ACRES     FL   33936          1            07/24/97         00   
0430339663                           05           09/01/97          0   
9628728                              N            08/01/12              
0                                                                       

1600247          927/G02             F           50,350.00         ZZ   
                                  180         49,678.55          1
1715 11TH STREET                   8.750            503.23         63   
                                     8.500            503.23       80,000.00
ANACORTES        WA   98221          2            06/24/97         00   
0430345538                           05           08/01/97          0   
318444                               N            07/01/12              
0                                                                       

1600281          560/560             F           36,500.00         ZZ   
                                  180         36,198.54          2
3778-80 HYACINTH DRIVE             8.625            362.11         53   
                                     8.375            362.11       70,000.00
MEMPHIS          TN   38115          1            06/13/97         00   
450747134                            05           08/01/97          0   
450747134                            N            07/01/12              
0                                                                       

1600288          H99/G02             F          114,750.00         ZZ   
                                  180        114,134.36          2
4880 NW 6TH STREET                 8.875          1,155.35         90   
                                     8.625          1,155.35      127,500.00
MIAMI            FL   33126          1            07/11/97         01   
0430305813                           05           09/01/97         25   
UNKNOWN                              N            08/01/12              
0                                                                       

1                                                                               

1600289          076/076             F           94,000.00         ZZ   
                                  180         92,983.87          1
3309 RIVERSIDE DRIVE               8.875            946.44         76   
                                     8.625            946.44      124,000.00
ROSWELL          NM   88201          1            05/09/97         00   
7083431                              05           07/01/97          0   
7083431                              O            06/01/12              
0                                                                       

1600294          076/076             F          216,000.00         ZZ   
                                  180        213,532.66          1
5441 TURNER COURT                  8.250          2,095.51         80   
                                     8.000          2,095.51      270,000.00
LAKEWOOD         CA   90712          1            05/13/97         00   
7092692                              03           07/01/97          0   
7092692                              O            06/01/12              
0                                                                       

1600296          076/076             F          141,000.00         ZZ   
                                  180        139,354.87          1
203 S FOREST AVENUE                8.250          1,367.90         77   
                                     8.000          1,367.90      184,000.00
MASON            OH   45040          2            05/30/97         00   
7093051                              05           07/01/97          0   
7093051                              O            06/01/12              
0                                                                       

1600300          076/076             F          350,000.00         ZZ   
                                  180        345,957.99          1
4840 RHETT ROAD                    8.125          3,370.09         62   
                                     7.875          3,370.09      569,000.00
ROGERSVILLE      MO   65742          1            05/09/97         00   
8218852                              05           07/01/97          0   
8218852                              O            06/01/12              
0                                                                       

1600306          225/225             F           64,550.00         ZZ   
                                  180         64,203.69          1
1329 11TH STREET                   8.875            649.92         90   
                                     8.625            649.92       71,750.00
MANHATTAN        KS   66502          1            07/31/97         04   
8050814                              05           09/01/97         25   
8050814                              N            08/01/12              
0                                                                       

1600450          943/943             F          297,500.00         ZZ   
                                  180        290,152.82          1
4 YALE PLACE                       7.500          2,757.87         70   
                                     7.250          2,757.87      425,000.00
1                                                                               

NORTH CASTLE     NY   10504          1            01/07/97         00   
6546500304                           05           03/01/97          0   
6546500304                           N            02/01/12              
0                                                                       

1600515          943/943             F          280,000.00         ZZ   
                                  180        275,169.23          2
5511 NORTH WAYNE                   8.250          2,716.40         66   
                                     8.000          2,716.40      430,000.00
CHICAGO          IL   60640          2            03/28/97         00   
7111114069                           05           05/01/97          0   
7111114069                           N            04/01/12              
0                                                                       

1600565          E86/G02             F          306,000.00         ZZ   
                                  180        305,144.71          2
217 KRAMER AVENUE                  8.375          2,990.92         80   
                                     8.125          2,990.92      382,500.00
STATEN ISLAND    NY   10309          1            08/26/97         00   
0430378018                           05           10/01/97          0   
18744                                O            09/01/12              
0                                                                       

1600591          E82/G02             F           99,400.00         ZZ   
                                  180         98,532.48          3
89 BANK STREET                     8.000            949.92         70   
                                     7.750            949.92      142,000.00
NORTH ATTLEBORO  MA   02760          2            06/23/97         00   
0400043766                           05           08/01/97          0   
400043766                            N            07/01/12              
0                                                                       

1600764          497/G02             F          282,500.00         ZZ   
                                  180        281,646.82          1
49 H LANE                          7.500          2,618.81         49   
                                     7.250          2,618.81      586,000.00
NOVATO           CA   94945          2            08/05/97         00   
0430380295                           05           10/01/97          0   
9900218448                           O            09/01/12              
0                                                                       

1600779          405/405             F           75,000.00         T    
                                  180         73,814.30          1
260 PELICAN POINT                  9.000            760.71         39   
                                     8.750            760.71      195,000.00
STREETMAN        TX   75859          5            05/02/97         00   
004198321                            03           06/01/97          0   
004198321                            O            05/01/12              
0                                                                       
1                                                                               

1600818          638/G02             F           72,000.00         ZZ   
                                  180         71,609.38          2
365 SCUDDER AVENUE                 8.750            719.60         90   
                                     8.500            719.60       80,000.00
WEST HYANNISPOR  MA   02672          1            07/30/97         14   
0430344374                           05           09/01/97         25   
8653328                              N            08/01/12              
0                                                                       

1600837          286/286             F           60,000.00         ZZ   
                                  180         59,520.74          1
115 DALLAS AVENUE                  9.000            608.56         80   
                                     8.750            608.56       75,000.00
NEWARK           DE   19711          1            06/17/97         00   
8639376                              05           08/01/97          0   
8639376                              O            07/01/12              
0                                                                       

1600840          E22/G02             F           74,150.00         ZZ   
                                  180         73,257.65          1
5026 YORKTOWN BLVD, #8             7.375            682.12         80   
                                     7.125            682.12       92,700.00
CORPUS CHRISTI   TX   78412          1            06/27/97         00   
0410478663                           09           08/01/97          0   
410478663                            O            07/01/12              
0                                                                       

1600844          E22/G02             F           31,500.00         ZZ   
                                  180         31,256.71          1
41215 WOODBURY                     9.375            326.56         70   
                                     9.125            326.56       45,000.00
BELLEVILLE       MI   48111          5            06/27/97         00   
0410419006                           01           08/01/97          0   
410419006                            N            07/01/12              
0                                                                       

1600863          E22/G02             F          157,500.00         ZZ   
                                  180        155,897.04          1
10429 BUENA VENTURA DRIVE          8.625          1,562.53         70   
                                     8.375          1,562.53      225,000.00
BOCA RATON       FL   33498          5            06/25/97         00   
0410456057                           03           08/01/97          0   
410456057                            O            07/01/12              
0                                                                       

1600872          E22/G02             F           26,000.00         ZZ   
                                  180         25,789.99          1
1                                                                               

3016 PENWAY AVENUE                 8.875            261.78         52   
                                     8.625            261.78       50,000.00
LOUISVILLE       KY   40211          5            06/27/97         00   
0410406961                           05           08/01/97          0   
410406961                            N            07/01/12              
0                                                                       

1600877          E22/G02             F           24,750.00         ZZ   
                                  180         24,560.97          2
1544 W S. CATHERINE STREE          9.500            258.45         55   
                                     9.250            258.45       45,000.00
LOUISVILLE       KY   40211          5            06/27/97         00   
0410407118                           05           08/01/97          0   
410407118                            N            07/01/12              
0                                                                       

1600892          E22/G02             F           26,000.00         ZZ   
                                  180         25,789.99          1
3506 PENWAY                        8.875            261.78         54   
                                     8.625            261.78       49,000.00
LOUISVILLE       KY   40211          5            06/27/97         00   
0410407126                           05           08/01/97          0   
410407126                            N            07/01/12              
0                                                                       

1600893          E22/G02             F           27,500.00         ZZ   
                                  180         27,277.88          1
1246 S 16TH STREET                 8.875            276.88         55   
                                     8.625            276.88       50,000.00
LOUISVILLE       KY   40210          5            06/27/97         00   
0410406953                           05           08/01/97          0   
410406953                            N            07/01/12              
0                                                                       

1600895          E53/G02             F           53,000.00         ZZ   
                                  180         52,712.45          2
14181-14183 OLD OLGA RD            8.750            529.71         89   
                                     8.500            529.71       60,000.00
ALVA             FL   33905          2            08/06/97         01   
0430350413                           05           09/01/97         25   
0011401076                           N            08/01/12              
0                                                                       

1600903          E22/G02             F           49,400.00         ZZ   
                                  180         44,915.10          1
15221 BERRY TRAIL - #1106          8.750            493.73         75   
                                     8.500            493.73       65,900.00
DALLAS           TX   75248          1            06/26/97         00   
0410429229                           01           08/01/97          0   
1                                                                               

410429229                            O            07/01/12              
0                                                                       

1600918          E53/G02             F           53,000.00         ZZ   
                                  180         52,712.45          2
14191-14193 OLD OLGA RD            8.750            529.71         89   
                                     8.500            529.71       60,000.00
ALVA             FL   33905          2            08/06/97         01   
0430345280                           05           09/01/97         25   
0011401077                           N            08/01/12              
0                                                                       

1600921          E22/G02             F           28,500.00         ZZ   
                                  180         28,262.00          1
3400 NE 13TH TERRACE               8.500            280.65         39   
                                     8.250            280.65       73,500.00
POMPANO BEACH    FL   33064          1            06/30/97         00   
0410455901                           05           08/01/97          0   
410455901                            O            07/01/12              
0                                                                       

1600939          E22/G02             F           39,750.00         ZZ   
                                  180         39,406.86          1
1891 S. OCEAN DRIVE - #303         8.125            382.75         75   
                                     7.875            382.75       53,000.00
HALLANDALE       FL   33009          1            06/24/97         00   
0410454722                           01           08/01/97          0   
410454722                            O            07/01/12              
0                                                                       

1601036          G57/G02             F           82,000.00         ZZ   
                                  180         81,755.05          1
5020 NW 41 CT                      7.625            765.99         79   
                                     7.375            765.99      105,000.00
LAUDERDALE LAKE  FL   33319          2            08/04/97         00   
0430330449                           05           10/01/97          0   
1601036                              O            09/01/12              
0                                                                       

1601062          687/G02             F           50,000.00         ZZ   
                                  180         49,558.84          1
1655 COOPERS WAY                   7.875            474.22         39   
                                     7.625            474.22      131,250.00
FREDERICK        MD   21701          1            06/26/97         00   
0430289728                           07           08/01/97          0   
WF6856                               O            07/01/12              
0                                                                       

1                                                                               

1601123          560/560             F           45,500.00         ZZ   
                                  180         45,120.01          2
506 S KEYSER AVENUE                8.500            448.06         70   
                                     8.250            448.06       65,000.00
TAYLOR           PA   18517          5            06/09/97         00   
450747472                            05           08/01/97          0   
450747472                            N            07/01/12              
0                                                                       

1601155          E22/G02             F           17,150.00         ZZ   
                                  180         17,019.04          1
717 LEE STREET UNIT #8             9.500            179.08         57   
                                     9.250            179.08       30,500.00
MESQUITE         TX   75149          1            06/26/97         00   
0410427140                           01           08/01/97          0   
410427140                            N            07/01/12              
0                                                                       

1601177          E22/G02             F           53,600.00         ZZ   
                                  180         52,832.01          1
2913 HIDALGO DR.                   8.250            520.00         80   
                                     8.000            520.00       67,000.00
ORLANDO          FL   32812          1            06/30/97         00   
0410436828                           05           08/01/97          0   
410436828                            N            07/01/12              
0                                                                       

1601186          637/G02             F          200,000.00         ZZ   
                                  180        198,008.05          1
6652 EAST RIVER ROAD               7.750          1,882.56         50   
                                     7.500          1,882.56      400,000.00
MINNEAPOLIS      MN   55432          2            08/01/97         00   
0430386706                           05           09/01/97          0   
8048605                              O            08/01/12              
0                                                                       

1601203          E22/G02             F           57,600.00         ZZ   
                                  180         57,150.12          1
706 EAST 10-1/2 AVENUE             9.250            592.81         90   
                                     9.000            592.81       64,000.00
HOUSTON          TX   77008          1            06/30/97         04   
0410429732                           05           08/01/97         25   
410429732                            N            07/01/12              
0                                                                       

1601231          B75/G02             F          150,000.00         ZZ   
                                  180        149,556.84          1
7415 SOUTHWEST EAST LAKE COURT     7.750          1,411.91         40   
                                     7.500          1,411.91      379,000.00
1                                                                               

WILSONVILLE      OR   97070          1            08/01/97         00   
0430376038                           09           10/01/97          0   
2947232                              O            09/01/12              
0                                                                       

1601280          A01/G02             F           62,400.00         ZZ   
                                  180         61,895.98          1
8016 LA SOLANA WAY                 8.875            628.27         78   
                                     8.625            628.27       80,000.00
SACRAMENTO       CA   95823          1            06/25/97         00   
0430290023                           05           08/01/97          0   
100374                               N            07/01/12              
0                                                                       

1601363          560/560             F           68,875.00         ZZ   
                                  180         68,273.88          1
226 JAMAICA WAY UNIT 8             8.000            658.21         95   
                                     7.750            658.21       72,500.00
JAMAICA PLAIN    MA   02130          1            06/02/97         04   
450738364                            01           08/01/97         30   
450738364                            O            07/01/12              
0                                                                       

1601830          369/G02             F           36,900.00         ZZ   
                                  180         36,611.14          1
8109 EAST 37TH STREET              9.250            379.78         90   
                                     9.000            379.78       41,000.00
INDIANAPOLIS     IN   46226          1            06/11/97         01   
0430289827                           05           08/01/97         25   
60236739                             N            07/01/12              
0                                                                       

1601831          369/G02             F           43,650.00         ZZ   
                                  180         43,243.38          1
9143 EAST 34TH STREET              9.250            449.25         90   
                                     9.000            449.25       48,500.00
INDIANAPOLIS     IN   46226          1            06/16/97         01   
0430289066                           05           08/01/97         25   
60236338                             N            07/01/12              
0                                                                       

1601842          E26/G02             F          163,100.00         ZZ   
                                  180        161,707.50          1
6 RENWICK COURT                    8.250          1,582.30         75   
                                     8.000          1,582.30      217,500.00
ROCKVILLE        MD   20850          5            06/25/97         00   
0430292599                           03           08/01/97          0   
45700328                             O            07/01/12              
0                                                                       
1                                                                               

1601898          E22/G02             F           92,000.00         T    
                                  180         91,248.57          1
2463 ST AUGUSTINE BLVD             8.750            919.49         80   
                                     8.500            919.49      115,000.00
HAINES CITY      FL   33844          1            06/19/97         00   
0410406045                           09           08/01/97          0   
410406045                            O            07/01/12              
0                                                                       

1601910          E22/G02             F           85,500.00         ZZ   
                                  180         84,832.18          4
1427 CHURCH STREET                 9.250            879.96         90   
                                     9.000            879.96       95,000.00
GALVESTON        TX   77550          1            06/30/97         04   
0410453575                           05           08/01/97         25   
410453575                            N            07/01/12              
0                                                                       

1601918          E22/G02             F           86,250.00         ZZ   
                                  120         84,826.20          1
9218 SOUTH LAKEWOOD AVENUE         8.000          1,046.45         75   
                                     7.750          1,046.45      115,000.00
TULSA            OK   74137          5            06/25/97         00   
0410456909                           05           08/01/97          0   
410456909                            O            07/01/07              
0                                                                       

1601944          E22/G02             F           62,400.00         ZZ   
                                  180         61,895.98          1
2157 NW 37TH AVENUE                8.875            628.27         80   
                                     8.625            628.27       78,000.00
COCONUT CREEK    FL   33066          1            06/30/97         04   
0410446512                           09           08/01/97         12   
410446512                            N            07/01/12              
0                                                                       

1602091          E23/G02             F          136,000.00         ZZ   
                                  180        134,815.02          1
156 BANFF WAY                      8.125          1,309.52         62   
                                     7.875          1,309.52      220,000.00
PETALUMA         CA   94954          2            06/26/97         00   
0430293845                           05           08/01/97          0   
112343                               O            07/01/12              
0                                                                       

1602113          180/G02             F           45,000.00         ZZ   
                                  180         44,755.87          2
1                                                                               

1400 NW 24 STREET                  8.750            449.75         90   
                                     8.500            449.75       50,000.00
MIAMI            FL   33142          1            07/31/97         10   
0430376095                           05           09/01/97         25   
4796280                              N            08/01/12              
0                                                                       

1602121          G44/G02             F           51,000.00         ZZ   
                                  180         50,717.06          1
5872 WEST 25TH COURT UNIT #7       8.500            502.22         75   
                                     8.250            502.22       68,000.00
HIALEAH          FL   33016          5            07/22/97         00   
0430344804                           01           09/01/97          0   
0697049                              O            08/01/12              
0                                                                       

1602127          140/G02             F           96,800.00         T    
                                  180         96,526.40          1
1556 OAK HILL TRAIL                8.250            939.10         80   
                                     8.000            939.10      121,000.00
KISSIMMEE        FL   34747          1            08/18/97         00   
0430376996                           03           10/01/97          0   
435974                               O            09/01/12              
0                                                                       

1602960          E22/G02             F           37,450.00         ZZ   
                                  180         37,144.12          1
1510 NORTH LOOP BOULEVARD          8.750            374.29         75   
  UNIT # 324                         8.500            374.29       49,950.00
AUSTIN           TX   78756          1            06/27/97         00   
0410429088                           01           08/01/97          0   
410429088                            N            07/01/12              
0                                                                       

1602998          286/286             F           64,800.00         ZZ   
                                  180         64,038.06          1
235 ARVIN DRIVE                    9.250            666.92         90   
                                     9.000            666.92       72,000.00
TERRELL HILLS    TX   78209          1            05/30/97         10   
9174383                              05           07/01/97         25   
9174383                              N            06/01/12              
0                                                                       

1603064          A33/G02             F           75,250.00         ZZ   
                                  180         74,841.73          1
2940 HENSMAN                       8.750            752.09         70   
                                     8.500            752.09      107,500.00
KEEGO HARBOR     MI   48320          5            07/25/97         00   
0430329177                           05           09/01/97          0   
1                                                                               

H0001038991                          N            08/01/12              
0                                                                       

1603098          E22/G02             F           22,500.00         ZZ   
                                  180         22,316.21          1
2116 35TH STREET                   8.750            224.88         90   
                                     8.500            224.88       25,000.00
LUBBOCK          TX   79412          1            06/25/97         10   
0410321343                           05           08/01/97         25   
410321343                            N            07/01/12              
0                                                                       

1603099          637/G02             F          264,000.00         ZZ   
                                  180        262,535.39          4
417 ST MARYS STREET                8.500          2,599.72         80   
                                     8.250          2,599.72      330,000.00
PLEASANTON       CA   94566          1            07/17/97         00   
0430346213                           05           09/01/97          0   
9900630                              N            08/01/12              
0                                                                       

1603127          E22/G02             F           45,750.00         ZZ   
                                  180         45,512.69          1
281 TANGELO                        9.250            470.86         75   
                                     9.000            470.86       61,000.00
IRVINE           CA   92720          1            07/03/97         00   
0410386866                           01           09/01/97          0   
410386866                            N            08/01/12              
0                                                                       

1603131          480/G02             F           63,700.00         T    
                                  180         63,527.83          1
10129 EAST LOST TRAILS STREET      8.750            636.65         70   
                                     8.500            636.65       91,000.00
TUCSON           AZ   85748          1            08/01/97         00   
0430348128                           03           10/01/97          0   
1956895                              O            09/01/12              
0                                                                       

1603158          E22/G02             F          145,000.00         ZZ   
                                  180        143,762.06          1
103 REIDS HILL ROAD                8.250          1,406.70         49   
                                     8.000          1,406.70      300,000.00
MARLBORO         NJ   07751          2            06/27/97         00   
0410413926                           03           08/01/97          0   
410413926                            O            07/01/12              
0                                                                       

1                                                                               

1603171          E22/G02             F           49,950.00         ZZ   
                                  180         49,568.54          2
9519 MITCHELL                      9.500            521.59         90   
                                     9.250            521.59       55,500.00
HAMTRAMCK        MI   48212          1            06/20/97         04   
0410396352                           05           08/01/97         25   
410396352                            N            07/01/12              
0                                                                       

1603249          E22/G02             F           54,900.00         ZZ   
                                  180         54,475.98          1
1309 N 10TH STREET                 9.375            569.15         90   
                                     9.125            569.15       61,000.00
MANHATTAN        KS   66502          1            07/01/97         04   
0410318380                           05           08/01/97         25   
410318380                            N            07/01/12              
0                                                                       

1603305          757/757             F           60,000.00         ZZ   
                                  180         37,689.39          1
2917 AIRMAX ROAD                   7.750            564.77         32   
                                     7.500            564.77      190,000.00
RALEIGH          NC   27616          5            06/27/97         00   
3147634                              05           08/01/97          0   
3147634                              O            07/01/12              
0                                                                       

1603440          B75/G02             F           50,400.00         ZZ   
                                  180         49,997.42          1
58 LESTER ROAD                     9.000            511.19         90   
                                     8.750            511.19       56,000.00
LAWRENCEVILLE    GA   30244          1            06/25/97         12   
0430294678                           05           08/01/97         25   
2953263                              N            07/01/12              
0                                                                       

1603460          687/G02             F          108,000.00         ZZ   
                                  180        107,708.10          2
2316 HUGHES AVE                    8.750          1,079.40         80   
                                     8.500          1,079.40      135,000.00
BRONX            NY   10469          1            08/20/97         00   
0430351403                           05           10/01/97          0   
1616404                              O            09/01/12              
0                                                                       

1603477          225/225             F           41,850.00         ZZ   
                                  180         41,625.47          1
1617 SPRING STREET                 8.875            421.37         90   
                                     8.625            421.37       46,500.00
1                                                                               

KINGSPORT        TN   37664          1            07/18/97         14   
8051698                              05           09/01/97         25   
8051698                              N            08/01/12              
0                                                                       

1603495          E22/G02             F           87,000.00         ZZ   
                                  180         86,289.41          4
1160 NE 25TH AVENUE                8.750            869.52         72   
                                     8.500            869.52      122,000.00
POMPANO BEACH    FL   33062          1            07/03/97         00   
0410453690                           05           08/01/97          0   
410453690                            O            07/01/12              
0                                                                       

1603586          H05/H05             F           49,000.00         ZZ   
                                  180         48,731.17          1
512 JENNINGS STREET                8.625            486.12         82   
                                     8.375            486.12       60,000.00
ENDICOTT         NY   13760          2            07/03/97         04   
240140004                            05           09/01/97         12   
240140004                            O            08/01/12              
0                                                                       

1603614          975/G02             F          115,450.00         ZZ   
                                  180        114,802.35          1
11114 WOODWARD AVENUE              8.375          1,128.44         70   
  LOS ANGELES                        8.125          1,128.44      167,000.00
SUNLAND AREA     CA   91040          2            07/01/97         00   
0430296475                           05           09/01/97          0   
970788                               O            08/01/12              
0                                                                       

1603714          664/G02             F           46,500.00         ZZ   
                                  180         46,111.65          1
1505 DIVISION AVENUE               8.500            457.91         75   
                                     8.250            457.91       62,000.00
TACOMA           WA   98403          1            06/30/97         00   
0430295022                           05           08/01/97          0   
2319945                              N            07/01/12              
0                                                                       

1603864          688/G02             F           36,800.00         ZZ   
                                  180         35,992.47          1
503 KELSOE DRIVE                   8.625            365.09         80   
                                     8.375            365.09       46,000.00
LUELLA           TX   75090          1            06/30/97         00   
0430298323                           05           08/01/97          0   
48246                                N            07/01/12              
0                                                                       
1                                                                               

1603877          286/286             F           38,700.00         ZZ   
                                  180         38,397.72          1
456 POGUE STREET                   9.250            398.30         90   
                                     9.000            398.30       43,000.00
CEDAR HILL       TX   75104          1            06/18/97         10   
9174677                              05           08/01/97         25   
9174677                              N            07/01/12              
0                                                                       

1603920          687/G02             F           24,600.00         ZZ   
                                  120         24,343.01          1
4806 KLONDIKE ROAD                 8.875            309.96         65   
                                     8.625            309.96       38,000.00
CHARLESTON       WV   25313          2            08/01/97         00   
0430345090                           05           09/01/97          0   
1614339                              O            08/01/07              
0                                                                       

1603960          317/G02             F           90,000.00         ZZ   
                                  180         89,197.13          1
3229 INDIAN CREEK ROAD             7.750            847.15         60   
                                     7.500            847.15      150,000.00
VIRGINIA BEACH   VA   23457          1            06/20/97         00   
0430295469                           05           08/01/97          0   
248167                               O            07/01/12              
0                                                                       

1603984          561/561             F           62,000.00         ZZ   
                                  180         61,656.04          1
411 GUST LANE                      8.500            610.54         85   
                                     8.250            610.54       73,000.00
PORTSMOUTH       VA   23701          5            07/03/97         10   
9078700                              05           09/01/97         12   
9078700                              O            08/01/12              
0                                                                       

1604108          E67/G02             F          111,920.00         ZZ   
                                  180        111,256.54          1
1156 GOLDEN PHEASANT DRIVE         7.750          1,053.48         80   
                                     7.500          1,053.48      140,020.00
REDMOND          OR   97756          1            07/07/97         00   
0430295519                           03           09/01/97          0   
D06480                               N            08/01/12              
0                                                                       

1604254          E22/G02             F           91,000.00         ZZ   
                                  180         90,392.56          1
1                                                                               

3814 SOUTH 59TH COURT              8.500            896.11         73   
                                     8.250            896.11      125,000.00
CICERO           IL   60804          2            07/01/97         00   
0410328058                           05           09/01/97          0   
410328058                            O            08/01/12              
0                                                                       

1604255          E22/G02             F           43,000.00         ZZ   
                                  180         42,656.55          1
416 THOMAS AVE                     9.000            436.13         80   
                                     8.750            436.13       54,000.00
FERGUSON         MO   63135          2            06/27/97         04   
0410397400                           05           08/01/97         12   
410397400                            N            07/01/12              
0                                                                       

1604483          286/286             F           47,600.00         ZZ   
                                  180         47,062.19          3
2821 FORT BLVD                     8.375            465.26         70   
                                     8.125            465.26       68,000.00
EL PASO          TX   79930          5            05/22/97         00   
9174824                              05           07/01/97          0   
9174824                              N            06/01/12              
0                                                                       

1604498          286/286             F           47,600.00         ZZ   
                                  180         47,062.19          3
2817 FORT BLVD                     8.375            465.26         70   
                                     8.125            465.26       68,000.00
EL PASO          TX   79930          5            05/22/97         00   
9174826                              05           07/01/97          0   
9174826                              N            06/01/12              
0                                                                       

1604525          E22/G02             F          142,400.00         ZZ   
                                  180        141,601.19          1
RT 3  BOX 240                      8.375          1,391.85         80   
                                     8.125          1,391.85      178,000.00
STILLWATER       OK   74074          1            07/09/97         00   
0410428783                           05           09/01/97          0   
410428783                            O            08/01/12              
0                                                                       

1604539          E22/G02             F           25,200.00         ZZ   
                                  180         25,075.07          1
3197 ALPENA STREET                 9.750            266.96         90   
                                     9.500            266.96       28,000.00
BURTON           MI   48529          1            07/08/97         04   
0410456586                           05           09/01/97         25   
1                                                                               

410456586                            N            08/01/12              
0                                                                       

1604552          E22/G02             F           79,000.00         ZZ   
                                  180         78,382.97          2
4414 SPEEDWAY BOULEVARD            9.250            813.06         85   
                                     9.000            813.06       93,000.00
AUSTIN           TX   78751          1            06/19/97         01   
0410431910                           05           08/01/97         20   
410431910                            N            07/01/12              
0                                                                       

1604557          E22/G02             F           25,850.00         ZZ   
                                  180         25,712.86          2
4416 HOOPER STREET                 9.000            262.19         85   
                                     8.750            262.19       30,450.00
ZEPHYRHILLS      FL   33540          1            07/08/97         04   
0410457014                           05           09/01/97         20   
410457014                            N            08/01/12              
0                                                                       

1604566          005/G02             F           92,950.00         ZZ   
                                  180         92,434.34          1
1420 W REGENCY OAKS DR             8.500            915.32         65   
                                     8.250            915.32      143,000.00
MOBILE           AL   36609          5            07/28/97         00   
0430306100                           05           09/01/97          0   
193435                               N            08/01/12              
0                                                                       

1604570          687/G02             F           65,950.00         ZZ   
                                  180         65,604.03          3
704-06 SOULARD                     9.125            673.82         90   
                                     8.875            673.82       73,300.00
ST LOUIS         MO   63104          1            07/28/97         04   
0430343178                           05           09/01/97         25   
114539                               N            08/01/12              
0                                                                       

1604618          623/623             F           81,360.00         ZZ   
                                  180         80,688.05          1
1609-1611 WEALTHY STREET SE        8.625            807.16         90   
                                     8.375            807.16       90,400.00
EAST GRAND RAPI  MI   49506          1            06/11/97         10   
0926524                              05           08/01/97         25   
0926524                              N            07/01/12              
0                                                                       

1                                                                               

1604682          A48/G02             F           66,400.00         ZZ   
                                  180         66,043.77          1
3204 FOUR SEASONS BLVD             8.875            668.54         80   
                                     8.625            668.54       83,000.00
GREENSBORO       NC   27406          2            08/01/97         00   
0430374090                           05           09/01/97          0   
3000171330007                        N            08/01/12              
0                                                                       

1604692          225/225             F           39,200.00         ZZ   
                                  180         38,893.68          1
3750 149TH STREET                  8.875            394.69         70   
                                     8.625            394.69       56,000.00
TOLEDO           OH   43611          5            07/22/97         00   
8051648                              05           09/01/97          0   
8051648                              N            08/01/12              
0                                                                       

1604693          225/225             F           39,200.00         ZZ   
                                  180         38,989.68          1
3746 149TH STREET                  8.875            394.69         70   
                                     8.625            394.69       56,000.00
TOLEDO           OH   43611          5            07/22/97         00   
8051640                              05           09/01/97          0   
8051640                              N            08/01/12              
0                                                                       

1604715          098/G02             F          101,400.00         ZZ   
                                  180        101,116.57          1
34 CAMPUS LANE                     8.375            991.12         80   
                                     8.125            991.12      126,750.00
FARMINGVILLE     NY   11738          1            08/11/97         00   
0430340471                           05           10/01/97          0   
975701009                            N            09/01/12              
0                                                                       

1604749          811/G02             F           86,250.00         T    
                                  180         86,014.25          1
2000 POMPELII COURT                8.625            855.67         75   
                                     8.375            855.67      115,000.00
FORT LAUDERDALE  FL   33327          1            08/29/97         00   
0430385369                           09           10/01/97          0   
FM00104799                           O            09/01/12              
0                                                                       

1604751          225/225             F           22,400.00         ZZ   
                                  180         22,339.45          1
805 HIGHLAND HILL DRIVE            8.750            223.88         70   
                                     8.500            223.88       32,000.00
1                                                                               

TUSKEGEE         AL   36083          5            08/26/97         00   
8050423                              05           10/01/97          0   
8050423                              N            09/01/12              
0                                                                       

1604775          369/G02             F           40,000.00         ZZ   
                                  180         39,673.29          1
6242 WEST 875 SOUTH                8.750            399.78         42   
                                     8.500            399.78       96,000.00
KNIGHTSTOWN      IN   46148          5            06/24/97         00   
0430300459                           05           08/01/97          0   
60236494                             N            07/01/12              
0                                                                       

1604818          369/G02             F          141,750.00         T    
                                  180        140,539.77          1
2829 FORMOSA BOULEVARD             8.250          1,375.18         70   
                                     8.000          1,375.18      202,549.00
KISSIMMEE        FL   34747          1            06/20/97         00   
0430302372                           03           08/01/97          0   
60777992                             O            07/01/12              
0                                                                       

1604838          369/G02             F           55,350.00         ZZ   
                                  180         54,907.88          1
1890 LESLIE ANN LANE               9.000            561.40         90   
                                     8.750            561.40       61,500.00
OCOEE            FL   34761          1            06/24/97         01   
0430296954                           05           08/01/97         25   
60781622                             N            07/01/12              
0                                                                       

1604890          E22/G02             F          172,000.00         ZZ   
                                  180        169,873.75          1
107-44 105TH STREET                8.500          1,693.75         80   
                                     8.250          1,693.75      215,000.00
OZONE PARK       NY   11417          2            06/26/97         00   
0410415004                           05           08/01/97          0   
410415004                            O            07/01/12              
0                                                                       

1604900          229/G02             F           78,500.00         ZZ   
                                  180         78,500.00          1
1060 MEEKER DRIVE                  8.125            755.87         74   
                                     7.875            755.87      107,000.00
KALAMA           WA   98625          2            09/04/97         00   
0430423681                           05           11/01/97          0   
7557119                              O            10/01/12              
0                                                                       
1                                                                               

1604918          E22/G02             F           63,000.00         ZZ   
                                  180         62,530.30          1
12054 NORTHWEST 11TH STREET        7.875            597.52         80   
                                     7.625            597.52       79,000.00
PEMBROKE PINES   FL   33026          1            07/08/97         00   
0410446744                           01           09/01/97          0   
410446744                            O            08/01/12              
0                                                                       

1604933          076/076             F           90,000.00         ZZ   
                                  180         89,281.12          1
309 NOBLE DRIVE                    9.000            912.84         64   
                                     8.750            912.84      142,000.00
BROOKHAVEN       MS   39601          1            06/03/97         00   
8207482                              05           08/01/97          0   
8207482                              O            07/01/12              
0                                                                       

1604966          965/G02             F           52,650.00         ZZ   
                                  180         52,364.36          1
7240 EAST 38TH STREET              8.750            526.21         90   
                                     8.500            526.21       58,500.00
TUCSON           AZ   85730          1            07/29/97         04   
0430370049                           07           09/01/97         25   
208722                               N            08/01/12              
0                                                                       

1604984          560/560             F           72,000.00         ZZ   
                                  180         71,405.35          3
58-60 SECOND STREET                8.625            714.30         55   
                                     8.375            714.30      133,000.00
KEYPORT          NJ   07735          5            06/20/97         00   
450752456                            05           08/01/97          0   
450752456                            N            07/01/12              
0                                                                       

1604986          896/G02             F          150,000.00         ZZ   
                                  180        149,585.39          1
5098 VIKING WALK                   8.500          1,477.11         74   
                                     8.250          1,477.11      205,000.00
MARIETTA         GA   30068          5            08/18/97         00   
0430378240                           05           10/01/97          0   
970308                               O            09/01/12              
0                                                                       

1604989          560/560             F          142,800.00         ZZ   
                                  180        141,580.80          4
1                                                                               

2748 ALDER CREEK DRIVE SOUTH       8.250          1,385.37         85   
                                     8.000          1,385.37      168,000.00
WHEATFIELD       NY   14120          1            06/30/97         04   
450764915                            05           08/01/97         20   
450764915                            N            07/01/12              
0                                                                       

1605015          891/G02             F           46,550.00         ZZ   
                                  180         46,283.02          1
2A PRICES COURT                    8.125            448.22         95   
                                     7.875            448.22       49,000.00
COLUMBIA         SC   29202          1            07/24/97         12   
0430329748                           01           09/01/97         25   
970715154                            O            08/01/12              
0                                                                       

1605453          623/623             F           96,900.00         ZZ   
                                  180         95,875.56          2
2300 - 2302 NEW HOPE CHURCH        9.125            990.05         73   
                                     8.875            990.05      133,000.00
RALEIGH          NC   27604          2            05/02/97         00   
917813                               05           07/01/97          0   
917813                               N            06/01/12              
0                                                                       

1605454          623/623             F           40,500.00         ZZ   
                                  180         39,962.78          1
3118 N THAYER                      9.125            413.80         90   
                                     8.875            413.80       45,000.00
INDIANAPOLIS     IN   46222          1            04/30/97         14   
918993                               05           06/01/97         25   
918993                               N            05/01/12              
0                                                                       

1605455          623/623             F          300,000.00         ZZ   
                                  180        296,647.71          1
8405 BAILEAU OAKS DRIVE            8.500          2,954.22         66   
                                     8.250          2,954.22      460,000.00
ADA              MI   49301          1            05/30/97         00   
922381                               05           07/01/97          0   
922381                               O            06/01/12              
0                                                                       

1605456          623/623             F           40,500.00         ZZ   
                                  180         40,057.31          1
2848 HIGHGATE AVENUE               8.750            404.78         75   
                                     8.500            404.78       54,000.00
WYOMING          MI   49509          5            05/22/97         00   
922654                               05           07/01/97          0   
1                                                                               

922654                               N            06/01/12              
0                                                                       

1605457          623/623             F           55,000.00         T    
                                  180         54,535.59          1
9347 GEDMAN ROAD                   8.375            537.58         39   
                                     8.125            537.58      142,000.00
BLUE LAKE TOWNS  MI   49659          5            06/12/97         00   
922708                               05           08/01/97          0   
922708                               O            07/01/12              
0                                                                       

1605458          623/623             F          210,000.00         ZZ   
                                  180        206,362.33          1
19805 GILL                         8.500          2,067.96         68   
                                     8.250          2,067.96      310,000.00
LIVONIA          MI   48152          5            06/10/97         00   
924515                               05           08/01/97          0   
924515                               O            07/01/12              
0                                                                       

1605459          623/623             F           61,500.00         ZZ   
                                  180         60,812.80          1
2631 ROBERTA STREET                8.500            605.61         59   
                                     8.250            605.61      106,000.00
LARGO            FL   33771          5            05/27/97         00   
925798                               05           07/01/97          0   
925798                               O            06/01/12              
0                                                                       

1605460          623/623             F           54,000.00         ZZ   
                                  180         53,563.81          1
5 SUNSET BLAVD                     8.875            543.70         66   
                                     8.625            543.70       83,000.00
ORMOND BEACH     FL   32176          5            06/05/97         00   
925805                               05           08/01/97          0   
925805                               N            07/01/12              
0                                                                       

1605461          623/623             F           40,000.00         ZZ   
                                  180         39,268.46          1
223 FAIRCROFT ROAD                 8.750            399.78         20   
                                     8.500            399.78      200,000.00
BARTLETT         IL   60103          5            06/13/97         00   
926249                               05           08/01/97          0   
926249                               O            07/01/12              
0                                                                       

1                                                                               

1605462          623/623             F          181,000.00         ZZ   
                                  180        178,932.51          1
3N435 PATRICIA LANE                8.250          1,755.95         71   
                                     8.000          1,755.95      255,000.00
ELMHURST         IL   60126          5            05/28/97         00   
926268                               05           07/01/97          0   
926268                               O            06/01/12              
0                                                                       

1605464          623/623             F           67,500.00         ZZ   
                                  180         66,954.78          1
3040 W MICHIGAN                    8.875            679.62         67   
                                     8.625            679.62      102,000.00
KALAMAZOO        MI   49006          5            06/06/97         00   
927164                               05           08/01/97          0   
927164                               N            07/01/12              
0                                                                       

1605465          623/623             F           60,000.00         ZZ   
                                  180         59,515.35          1
1123 LAFAYETTE                     8.875            604.11         69   
                                     8.625            604.11       87,000.00
KALAMAZOO        MI   49006          5            06/06/97         00   
927166                               05           08/01/97          0   
927166                               N            07/01/12              
0                                                                       

1605467          623/623             F          172,400.00         ZZ   
                                  180        170,928.12          1
3718 EDGEVALE                      8.250          1,672.52         75   
                                     8.000          1,672.52      229,900.00
TOLEDO           OH   43606          1            06/13/97         00   
927829                               05           08/01/97          0   
927829                               O            07/01/12              
0                                                                       

1605469          623/623             F          150,750.00         ZZ   
                                  180        149,088.82          1
7010 LIDO COURT                    8.750          1,506.67         75   
                                     8.500          1,506.67      201,000.00
PARMA            OH   44129          5            05/31/97         00   
927992                               05           07/01/97          0   
927992                               O            06/01/12              
0                                                                       

1605470          623/623             F          177,600.00         ZZ   
                                  180        176,133.22          1
7919 WINGATE DRIVE                 8.625          1,761.93         54   
                                     8.375          1,761.93      335,000.00
1                                                                               

GLENN DALE       MD   20769          2            06/09/97         00   
928129                               05           08/01/97          0   
928129                               O            07/01/12              
0                                                                       

1605471          623/623             F           78,000.00         T    
                                  180         77,147.44          1
3257 AVON COURT                    8.750            779.57         75   
                                     8.500            779.57      104,000.00
LAND O LAKES     FL   34639          1            05/30/97         00   
928159                               03           07/01/97          0   
928159                               O            06/01/12              
0                                                                       

1605476          623/623             F           35,000.00         ZZ   
                                  180         34,694.53          1
13608 LA VILLA DRIVE               8.000            334.48         41   
                                     7.750            334.48       86,000.00
VICTORVILLE      CA   92392          5            06/09/97         00   
929264                               05           08/01/97          0   
929264                               N            07/01/12              
0                                                                       

1605478          623/623             F          113,500.00         ZZ   
                                  180        111,881.68          1
2727 CAMP MITCHELL ROAD            7.750          1,068.35         69   
                                     7.500          1,068.35      165,500.00
LOGANVILLE       GA   30249          1            06/16/97         00   
930370                               05           08/01/97          0   
930370                               O            07/01/12              
0                                                                       

1605479          623/623             F           52,000.00         T    
                                  180         51,546.17          1
1526 RIVERSIDE DRIVE               8.000            496.94         52   
                                     7.750            496.94      100,000.00
PROSPECT         KY   40059          5            06/18/97         00   
930949                               05           08/01/97          0   
930949                               O            07/01/12              
0                                                                       

1605481          623/623             F          120,000.00         ZZ   
                                  180        118,688.38          4
1100-1106 ALAMEDA STREET           8.750          1,199.34         75   
                                     8.500          1,199.34      160,000.00
VALLEJO          CA   94590          1            05/27/97         00   
6213896                              05           07/01/97          0   
6213896                              N            06/01/12              
0                                                                       
1                                                                               

1605482          623/623             F          270,000.00         ZZ   
                                  180        266,813.03          1
6990 WHITESAND PLACE               7.875          2,560.82         42   
                                     7.625          2,560.82      648,500.00
MALIBU           CA   90265          5            05/23/97         00   
6233864                              05           07/01/97          0   
6233864                              O            06/01/12              
0                                                                       

1605485          623/623             F          101,500.00         ZZ   
                                  180        100,301.93          1
4138 W CACTUS WREN DRIVE           7.875            962.68         80   
                                     7.625            962.68      126,922.00
PHOENIX          AZ   85051          1            05/22/97         00   
6235784                              03           07/01/97          0   
6235784                              O            06/01/12              
0                                                                       

1605486          623/623             F           49,500.00         ZZ   
                                  180         48,958.95          1
2580 ROYENE DRIVE                  8.750            494.73         90   
                                     8.500            494.73       55,000.00
PINETOP          AZ   85935          1            05/23/97         10   
6235800                              09           07/01/97         25   
6235800                              N            06/01/12              
0                                                                       

1605488          623/623             F           79,000.00         ZZ   
                                  180         78,117.21          1
1718 SOUTH LONGMORE UNIT 119       8.500            777.95         84   
                                     8.250            777.95       94,500.00
MESA             AZ   85202          2            05/21/97         10   
6297822                              09           07/01/97         25   
6297822                              N            06/01/12              
0                                                                       

1605582          757/757             F           49,950.00         ZZ   
                                  180         49,678.99          1
350 OAK TREE SQUARE                8.750            499.23         90   
                                     8.500            499.23       55,500.00
ATHENS           GA   30606          1            07/15/97         10   
3145018                              01           09/01/97         25   
3145018                              N            08/01/12              
0                                                                       

1605598          687/G02             F           97,000.00         ZZ   
                                  180         96,734.87          1
1                                                                               

7721 SOUTH CENTRAL                 8.625            962.32         70   
                                     8.375            962.32      140,000.00
BURBANK          IL   60459          2            08/05/97         00   
0430343608                           05           10/01/97          0   
5E0587                               O            09/01/12              
0                                                                       

1605675          E22/G02             F           31,500.00         ZZ   
                                  180         31,342.07          2
1032-34 FRENCHMAN STREET           9.625            331.31         90   
                                     9.375            331.31       35,000.00
NEW ORLEANS      LA   70116          1            07/11/97         04   
0410456180                           05           09/01/97         25   
410456180                            N            08/01/12              
0                                                                       

1605677          E22/G02             F          152,000.00         ZZ   
                                  180        151,184.53          1
1411 NORTH LIMEKILN PIKE           8.875          1,530.40         80   
                                     8.625          1,530.40      190,000.00
DRESHER          PA   19025          2            07/07/97         00   
0410412977                           05           09/01/97          0   
410412977                            O            08/01/12              
0                                                                       

1605706          E22/G02             F           58,000.00         ZZ   
                                  180         57,681.80          1
524 LAKE LOUISE CIRCLE             8.625            575.41         40   
  UNIT#501                           8.375            575.41      145,000.00
NAPLES           FL   34110          5            07/01/97         00   
0410442248                           01           09/01/97          0   
410442248                            O            08/01/12              
0                                                                       

1605708          E22/G02             F           26,250.00         T    
                                  180         26,102.75          1
25230 N.E. 133RD LANE              8.375            256.57         75   
                                     8.125            256.57       35,000.00
SALT SPRINGS     FL   32134          1            07/09/97         00   
0410456479                           05           09/01/97          0   
410456479                            O            08/01/12              
0                                                                       

1605719          E22/G02             F          134,400.00         ZZ   
                                  180        133,646.06          1
2017 SEIDENBERG AVENUE             8.375          1,313.66         80   
                                     8.125          1,313.66      168,000.00
KEY WEST         FL   33040          1            07/09/97         00   
0410444426                           05           09/01/97          0   
1                                                                               

410444426                            O            08/01/12              
0                                                                       

1605720          286/286             F           31,875.00         ZZ   
                                  180         31,702.05          1
110 WELLINGTON DRIVE               8.750            318.58         75   
                                     8.500            318.58       42,500.00
FARMINGTON       CT   06032          1            07/31/97         00   
8676177                              01           09/01/97          0   
8676177                              N            08/01/12              
0                                                                       

1605774          E26/G02             F           47,100.00         ZZ   
                                  180         43,502.03          1
RR2  BOX 1030                      9.250            484.75         65   
                                     9.000            484.75       72,500.00
DRUMS            PA   18222          1            06/25/97         00   
0430340208                           05           08/01/97          0   
60700482                             N            07/01/12              
0                                                                       

1605830          001/G02             F           87,375.00         ZZ   
                                  180         86,879.37          1
612 COLUMBUS AVENUE 2              8.250            847.67         75   
                                     8.000            847.67      116,500.00
BOSTON           MA   02118          1            08/01/97         00   
0430349126                           01           09/01/97          0   
1517511                              N            08/01/12              
0                                                                       

1605840          387/387             F           64,500.00         T    
                                  180         63,771.29          1
12222 PARADISE VILLAGE PKWY S      8.375            630.44         62   
  UNIT # 209A                        8.125            630.44      105,000.00
PHOENIX          AZ   85032          2            05/19/97         00   
1057736                              01           07/01/97          0   
1057736                              O            06/01/12              
0                                                                       

1605929          560/560             F           48,150.00         ZZ   
                                  180         47,743.40          1
1436 HERITAGE LANDING              8.375            470.64         90   
                                     8.125            470.64       53,500.00
SAINT CHARLES    MO   63303          1            06/26/97         21   
450759097                            01           08/01/97         25   
450759097                            N            07/01/12              
0                                                                       

1                                                                               

1606066          129/G02             F           54,000.00         ZZ   
                                  180         54,000.00          3
94 WEST STREET                     9.000            547.70         90   
                                     8.750            547.70       60,000.00
WORCESTER        MA   01605          1            09/09/97         04   
0430415240                           05           11/01/97         25   
9701026                              N            10/01/12              
0                                                                       

1606069          129/G02             F           54,000.00         ZZ   
                                  180         54,000.00          3
4 DAYTON STREET                    9.000            547.70         90   
                                     8.750            547.70       60,000.00
WORCESTER        MA   01605          1            09/09/97         10   
0430396622                           05           11/01/97         25   
9701026                              N            10/01/12              
0                                                                       

1606084          375/G02             F           75,950.00         ZZ   
                                  180         75,134.72          1
1255 NORTH SIERRS STREET           9.000            770.34         90   
                                     8.750            770.34       84,390.00
RENO             NV   89503          1            05/12/97         04   
0430309385                           05           07/01/97         25   
659332                               N            06/01/12              
0                                                                       

1606086          129/G02             F           63,750.00         ZZ   
                                  180         63,223.46          1
58252 BUTCHER RD                   8.625            632.46         75   
                                     8.375            632.46       85,000.00
LAWRENCE         MI   49064          5            06/16/97         00   
0430298760                           05           08/01/97          0   
3800025920                           O            07/01/12              
0                                                                       

1606107          375/G02             F          113,750.00         ZZ   
                                  180        111,896.45          2
575-577 EAST 25TH STREET           9.250          1,170.71         65   
                                     9.000          1,170.71      175,000.00
PATERSON         NJ   07514          5            04/16/97         00   
0430346197                           05           06/01/97          0   
654789                               N            05/01/12              
0                                                                       

1606113          375/G02             F          120,000.00         ZZ   
                                  180        114,379.33          1
66 CROTON PLACE                    9.000          1,217.12         37   
                                     8.750          1,217.12      330,000.00
1                                                                               

PARAMUS          NJ   07652          5            05/09/97         00   
0430326280                           05           07/01/97          0   
657056                               O            06/01/12              
0                                                                       

1606117          375/G02             F           85,400.00         ZZ   
                                  180         84,199.99          1
12701 CRUSTED BUTTE DRIVE          8.625            847.24         70   
                                     8.375            847.24      122,000.00
EAGLE RIVER      AK   99577          5            04/08/97         00   
0430309906                           05           06/01/97          0   
650165                               N            05/01/12              
0                                                                       

1606121          375/G02             F           81,000.00         ZZ   
                                  180         79,876.96          1
928 COTORRO AVENUE                 8.625            803.59         21   
                                     8.375            803.59      400,000.00
CORAL GABLES     FL   33146          5            04/17/97         00   
0430309898                           05           06/01/97          0   
653197                               O            05/01/12              
0                                                                       

1606124          375/G02             F           41,600.00         ZZ   
                                  180         41,066.28          1
3754 BEL PRE RD                    9.500            434.40         80   
  ##9                                9.250            434.40       52,000.00
SILVER SPRING    MD   20906          1            04/17/97         00   
0430298653                           01           06/01/97          0   
1654976                              O            05/01/12              
0                                                                       

1606220          131/G02             F          127,800.00         ZZ   
                                  180        126,684.64          1
1616 SW 149TH AVENUE               8.000          1,221.32         80   
                                     7.750          1,221.32      159,800.00
PEMBROKE PINES   FL   33027          1            06/30/97         00   
0430300053                           03           08/01/97          0   
9816513                              O            07/01/12              
0                                                                       

1606243          637/G02             F          123,200.00         ZZ   
                                  180        121,922.74          1
371 SIMPSON ROAD                   8.000          1,177.37         80   
                                     7.750          1,177.37      154,000.00
BUXTON           ME   04093          1            07/03/97         00   
0430299677                           05           08/01/97          0   
9700576                              O            07/01/12              
0                                                                       
1                                                                               

1606279          E29/G02             F           27,000.00         ZZ   
                                  180         26,858.37          1
2525 NORTH BROADWAY                9.125            275.86         90   
                                     8.875            275.86       30,000.00
SHAWNEE          OK   74801          1            07/11/97         04   
0430306225                           05           09/01/97         25   
A19706053                            N            08/01/12              
0                                                                       

1606294          498/G02             F           77,300.00         ZZ   
                                  180         76,661.58          1
3597 WILLOW WOOD WAY               8.625            766.88         90   
                                     8.375            766.88       85,900.00
LAWRENCEVILLE    GA   30244          1            07/01/97         01   
0430311050                           05           08/01/97         25   
NG                                   N            07/01/12              
0                                                                       

1606659          874/G02             F          137,600.00         ZZ   
                                  180        136,819.51          4
2261-2263-2267 PATTON DRIVE        8.250          1,334.91         80   
                                     8.000          1,334.91      172,000.00
RENO             NV   89512          2            07/28/97         00   
0430325969                           05           09/01/97          0   
3714871                              N            08/01/12              
0                                                                       

1606682          E22/G02             F           40,500.00         ZZ   
                                  180         40,303.75          2
2931 & 2933 SOUTH STAPLES STRE    10.000            435.22         90   
                                     9.750            435.22       45,000.00
CORPUS CHRISTI   TX   78404          1            07/11/97         10   
0410394621                           05           09/01/97         25   
410394621                            N            08/01/12              
0                                                                       

1606694          E22/G02             F           45,900.00         ZZ   
                                  180         45,636.75          1
2100 TANGLEWILDE #491              8.125            441.96         90   
                                     7.875            441.96       51,000.00
HOUSTON          TX   77063          1            07/11/97         12   
0410428445                           01           09/01/97         25   
410428445                            O            08/01/12              
0                                                                       

1606696          624/G02             F           36,750.00         ZZ   
                                  180         36,548.38          1
1                                                                               

9440 DOTY                          8.625            364.59         70   
                                     8.375            364.59       52,500.00
BEAUMONT         TX   77706          5            07/30/97         00   
0430332700                           05           09/01/97          0   
8500597001                           N            08/01/12              
0                                                                       

1606708          874/G02             F          115,000.00         ZZ   
                                  180        114,347.70          2
410 & 410 1/2 VASSAR STREET        8.250          1,115.66         83   
                                     8.000          1,115.66      139,000.00
RENO             NV   89502          5            07/28/97         04   
0430325944                           05           09/01/97         20   
3714897                              N            08/01/12              
0                                                                       

1606740          201/G02             F           58,400.00         ZZ   
                                  180         58,083.15          1
118 VINCENT AVENUE                 8.750            583.68         80   
                                     8.500            583.68       73,000.00
STOCKBRIDGE      GA   30281          1            07/09/97         04   
0430300244                           05           09/01/97         12   
108372                               N            08/01/12              
0                                                                       

1606797          687/G02             F           19,000.00         ZZ   
                                  180         18,851.59          2
827 KIRKPATRICK AVENUE             9.250            195.55         89   
                                     9.000            195.55       21,500.00
BRADDOCK         PA   15104          1            07/01/97         01   
0430301358                           05           08/01/97         25   
0200106048                           N            07/01/12              
0                                                                       

1606826          E22/G02             F           16,850.00         ZZ   
                                  180         16,709.65          2
4902-4904 ORION AVENUE             9.250            173.42         80   
                                     9.000            173.42       21,075.00
INDIANAPOLIS     IN   46201          1            07/01/97         00   
0410419055                           05           08/01/97          0   
410419055                            N            07/01/12              
0                                                                       

1606945          E26/G02             F          188,100.00         T    
                                  180        187,079.48          1
1414 OLD ROAD                      8.750          1,879.97         90   
                                     8.500          1,879.97      209,000.00
CHAPIN           SC   29036          1            07/30/97         01   
0430333179                           05           09/01/97         25   
1                                                                               

33700008                             O            08/01/12              
0                                                                       

1607104          B75/G02             F           66,500.00         ZZ   
                                  180         65,932.26          1
3245 EAGLE WATCH DRIVE             8.250            645.14         20   
                                     8.000            645.14      334,000.00
WOODSTOCK        GA   30189          2            06/27/97         00   
0430301580                           05           08/01/97          0   
2872489                              O            07/01/12              
0                                                                       

1607112          E22/G02             F           51,500.00         ZZ   
                                  180         51,106.69          1
1686 AVALON ROAD                   9.500            537.78         70   
                                     9.250            537.78       74,000.00
CLEVELAND        OH   44112          5            06/27/97         00   
0410393631                           05           08/01/97          0   
410393631                            N            07/01/12              
0                                                                       

1607135          131/G02             F           19,800.00         ZZ   
                                  180         19,594.61          1
4338 9TH STREET                    9.500            206.76         90   
                                     9.250            206.76       22,000.00
EAST MOLINE      IL   61244          1            07/01/97         11   
0430303826                           05           08/01/97         20   
1071200                              N            07/01/12              
0                                                                       

1607165          560/560             F           52,800.00         ZZ   
                                  180         52,500.49          3
10-12 ANDREWS AVE                  8.250            512.24         55   
                                     8.000            512.24       96,000.00
WEST WARWICK     RI   02893          5            07/25/97         00   
450788187                            05           09/01/97          0   
450788187                            N            08/01/12              
0                                                                       

1607183          225/225             F           12,000.00         ZZ   
                                  180         11,967.56          2
911 ROGERS ST                      8.750            119.94         36   
                                     8.500            119.94       34,000.00
TOLEDO           OH   43605          5            08/28/97         00   
8055192                              05           10/01/97          0   
8055192                              N            09/01/12              
0                                                                       

1                                                                               

1607192          623/623             F           44,450.00         ZZ   
                                  180         44,082.88          2
7 - 9 MISSOURI AVENUE              8.625            440.98         70   
                                     8.375            440.98       63,500.00
ST CLOUD         FL   34769          5            06/30/97         00   
928115                               05           08/01/97          0   
928115                               N            07/01/12              
0                                                                       

1607198          623/623             F          162,000.00         ZZ   
                                  180        160,391.47          1
99 LAKEVIEW LANE                   8.875          1,631.09         75   
                                     8.625          1,631.09      216,000.00
SOUTH RUSSELL    OH   44022          5            06/20/97         00   
930068                               05           08/01/97          0   
930068                               O            07/01/12              
0                                                                       

1607242          E22/G02             F           28,800.00         ZZ   
                                  180         28,653.94          1
1229 ADAMS STREET                  9.500            300.74         90   
                                     9.250            300.74       32,000.00
SOUTH BEND       IN   46628          1            07/08/97         04   
0410455349                           05           09/01/97         25   
410455349                            N            08/01/12              
0                                                                       

1607248          E22/G02             F           58,500.00         ZZ   
                                  180         57,777.33          1
7430 SUNSHINE SKYWAY LAND #206     9.500            610.87         65   
                                     9.250            610.87       91,000.00
ST PETERSBURG    FL   33711          2            06/13/97         00   
0410400030                           06           08/01/97          0   
410400030                            N            07/01/12              
0                                                                       

1607260          E22/G02             F          206,700.00         T    
                                  180        204,420.09          1
11365 NORTHWEST 66TH STREET        8.250          2,005.28         75   
                                     8.000          2,005.28      275,620.00
MIAMI            FL   33178          1            06/30/97         00   
0410446736                           03           08/01/97          0   
410446736                            O            07/01/12              
0                                                                       

1607264          E22/G02             F          150,000.00         ZZ   
                                  180        148,100.91          1
41864 PLUMTREE DR                  8.000          1,433.48         57   
                                     7.750          1,433.48      263,480.00
1                                                                               

STERLING HEIGHT  MI   48314          4            06/20/97         00   
0410167480                           05           08/01/97          0   
410167480                            O            07/01/12              
0                                                                       

1607282          G81/G02             F           82,875.00         T    
                                  180         82,643.36          1
3725 S OCEAN DRIVE                 8.375            810.04         75   
  UNIT 1517                          8.125            810.04      110,500.00
HOLLYWOOD        FL   33019          1            08/07/97         00   
0430335927                           06           10/01/97          0   
021707056                            O            09/01/12              
0                                                                       

1607297          G81/G02             F           45,000.00         ZZ   
                                  180         44,874.22          1
3694 ESTEPONA AVE                  8.375            439.84         48   
  UNIT 17-A-2                        8.125            439.84       95,000.00
MIAMI            FL   33178          5            08/07/97         00   
0430342089                           03           10/01/97          0   
021707072                            O            09/01/12              
0                                                                       

1607313          G81/G02             F           52,000.00         ZZ   
                                  180         51,695.12          1
1698 JEFFERSON AVENUE              7.875            493.19         80   
  #11                                7.625            493.19       65,000.00
MIAMI BEACH      FL   33139          1            07/30/97         00   
0430337444                           01           09/01/97          0   
21707082                             O            08/01/12              
0                                                                       

1607347          H05/H05             F           56,000.00         ZZ   
                                  180         55,696.18          1
4130 ALESIA TO LINEBORO ROAD       8.750            559.69         44   
                                     8.500            559.69      130,000.00
MANCHESTER       MD   21102          5            07/01/97         00   
7060091                              05           09/01/97          0   
7060091                              O            08/01/12              
0                                                                       

1607354          H05/H05             F           80,750.00         ZZ   
                                  180         80,216.45          1
117 CONNIE DRIVE                   8.250            783.39         85   
                                     8.000            783.39       95,000.00
HENDERSONVILLE   TN   37075          5            07/17/97         01   
7060296                              05           09/01/97         12   
7060296                              O            08/01/12              
0                                                                       
1                                                                               

1607386          937/G02             F           93,600.00         ZZ   
                                  180         93,063.17          1
7608 PEACOCK AVENUE                8.125            901.26         80   
                                     7.875            901.26      117,000.00
LAS VEGAS        NV   89128          1            07/17/97         00   
0430300418                           05           09/01/97          0   
48759006                             N            08/01/12              
0                                                                       

1607398          683/G02             F           88,000.00         ZZ   
                                  180         87,728.35          1
96 WALDEN POND DRIVE               7.250            803.32         80   
                                     7.000            803.32      110,000.00
NASHUA           NH   03060          1            08/07/97         00   
0430341701                           01           10/01/97          0   
110137                               O            09/01/12              
0                                                                       

1607411          B49/G02             F          197,600.00         ZZ   
                                  180        195,949.82          4
1055 HOLLI SPRINGS LANE            8.500          1,945.85         85   
                                     8.250          1,945.85      232,500.00
COLORADO SPRING  CO   80907          1            07/31/97         04   
0430332759                           05           09/01/97         25   
211312                               N            08/01/12              
0                                                                       

1607542          354/354             F           34,000.00         ZZ   
                                  180         32,954.78          1
1840 KIRKWOOD DRIVE                7.625            317.61         33   
                                     7.375            317.61      104,000.00
MACON            GA   31201          1            11/04/96         00   
2483322                              05           01/01/97          0   
2483322                              O            12/01/11              
0                                                                       

1607543          354/354             F          118,600.00         ZZ   
                                  180        117,230.34          1
102 WILD TURKEY WAY                8.125          1,141.98         70   
                                     7.875          1,141.98      169,600.00
GREENVILLE       SC   29617          1            05/02/97         00   
24850083                             05           07/01/97          0   
24850083                             O            06/01/12              
0                                                                       

1607546          354/354             F          163,293.00         ZZ   
                                  180        161,386.44          1
1                                                                               

3396 SOUTHWEST 181ST TERRACE       8.000          1,560.52         75   
                                     7.750          1,560.52      217,725.00
MIRAMAR          FL   33029          1            05/07/97         00   
24946881                             03           07/01/97          0   
24946881                             O            06/01/12              
0                                                                       

1607547          354/354             F          100,000.00         ZZ   
                                  180         98,519.69          1
9724 TAYLORS CROSSING CT           7.875            948.45         56   
                                     7.625            948.45      179,500.00
GLEN ALLEN       VA   23060          1            04/17/97         00   
24968075                             05           06/01/97          0   
24968075                             O            05/01/12              
0                                                                       

1607548          354/354             F           48,500.00         ZZ   
                                  180         47,208.85          1
600 PENIEL ROAD                    8.250            470.52         61   
                                     8.000            470.52       80,000.00
COLUMBUS         NC   28722          1            01/27/97         00   
2496923                              05           03/01/97          0   
2496923                              O            02/01/12              
0                                                                       

1607550          354/354             F          225,600.00         ZZ   
                                  180        223,051.15          1
4401 DRUID LANE                    8.375          2,205.08         62   
                                     8.125          2,205.08      365,000.00
UNIVERSITY PARK  TX   75205          2            05/20/97         00   
24989204                             05           07/01/97          0   
24989204                             O            06/01/12              
0                                                                       

1607552          354/354             F          200,000.00         ZZ   
                                  180        197,639.28          1
1905 DEEP CREEK ROAD               7.875          1,896.90         64   
                                     7.625          1,896.90      315,000.00
OKLAHOMA CITY    OK   73131          1            05/13/97         00   
25084245                             03           07/01/97          0   
25084245                             O            06/01/12              
0                                                                       

1607558          354/354             F           99,450.00         ZZ   
                                  180         97,977.80          1
4009 SEDGEWOOD LANE                7.875            943.24         63   
                                     7.625            943.24      158,000.00
GREENSBORO       NC   27407          1            05/05/97         00   
2513791                              05           06/01/97          0   
1                                                                               

2513791                              O            05/01/12              
0                                                                       

1607571          354/354             F           74,200.00         T    
                                  180         72,326.46          1
2651 NORTHEAST 15TH STREET         8.500            730.68         70   
                                     8.250            730.68      106,000.00
POMPANO BEACH    FL   33062          1            05/30/97         00   
25206921                             03           07/01/97          0   
25206921                             O            06/01/12              
0                                                                       

1607591          354/354             F          103,000.00         ZZ   
                                  180        101,836.29          1
4224 GEORGIA                       8.375          1,006.75         53   
                                     8.125          1,006.75      198,000.00
SPRINGDALE       AR   72762          2            05/20/97         00   
3009007                              05           07/01/97          0   
3009007                              O            06/01/12              
0                                                                       

1607683          E22/G02             F           59,150.00         ZZ   
                                  180         58,698.28          1
7430 SUNSHINE SKYWAY LANE #806     9.500            617.66         65   
                                     9.250            617.66       91,000.00
ST PETERSBURG    FL   33711          2            06/13/97         00   
0410400048                           06           08/01/97          0   
410400048                            N            07/01/12              
0                                                                       

1607697          961/G02             F          285,000.00         ZZ   
                                  180        282,429.74          1
10991 COVENTRY PLACE               7.625          2,662.27         79   
                                     7.375          2,662.27      362,000.00
(SANTA ANA AREA  CA   92705          2            06/23/97         00   
0430302216                           05           08/01/97          0   
09110147                             O            07/01/12              
0                                                                       

1607718          E22/G02             F           36,850.00         ZZ   
                                  180         36,652.31          1
131 PRICE STREET                   8.875            371.02         55   
                                     8.625            371.02       67,000.00
NAPLES           FL   34112          5            07/18/97         00   
0410445068                           05           09/01/97          0   
410445068                            N            08/01/12              
0                                                                       

1                                                                               

1607720          E22/G02             F           55,000.00         ZZ   
                                  180         54,681.06          1
4016 ESPERANZA CIRCLE              8.000            525.61         62   
                                     7.750            525.61       89,000.00
EL PASO          TX   79922          1            07/16/97         00   
0410470991                           05           09/01/97          0   
410470991                            O            08/01/12              
0                                                                       

1607751          G30/G02             F           16,000.00         ZZ   
                                  180         15,954.26          1
225 COLEBROOK ROAD                 8.125            154.07         12   
                                     7.875            154.07      138,000.00
FREDERICKSBURG   VA   22405          5            08/07/97         00   
0430340539                           05           10/01/97          0   
098376                               O            09/01/12              
0                                                                       

1607779          317/G02             F           85,000.00         ZZ   
                                  180         84,049.96          1
2796 E HANCOCK COURT               7.875            806.19         43   
                                     7.625            806.19      198,470.00
LINDENHURST      IL   60046          1            06/28/97         00   
0430303958                           03           08/01/97          0   
249876                               O            07/01/12              
0                                                                       

1607786          375/G02             F          100,000.00         ZZ   
                                  180         98,819.64          1
6 REGENT DRIVE                     7.875            948.45         17   
                                     7.625            948.45      590,000.00
LAWRENCE         NY   11559          5            05/12/97         00   
0430309401                           05           07/01/97          0   
643866                               O            06/01/12              
0                                                                       

1607834          590/G02             F           52,000.00         ZZ   
                                  180         51,848.06          1
15601 SW 302ND STREET              7.875            493.19         80   
                                     7.625            493.19       65,000.00
MIAMI            FL   33033          1            08/28/97         00   
0430375162                           05           10/01/97          0   
0501016486                           N            09/01/12              
0                                                                       

1607843          E54/G02             F           44,400.00         ZZ   
                                  180         44,400.00          1
109 OAK TRAIL                      7.875            421.11         32   
                                     7.625            421.11      140,000.00
1                                                                               

BURLESON         TX   76028          5            09/12/97         00   
0430391482                           05           11/01/97          0   
217337                               O            10/01/12              
0                                                                       

1607858          286/286             F           35,000.00         ZZ   
                                  180         34,803.66          1
492 OWAD RD                        8.375            342.10         30   
                                     8.125            342.10      120,000.00
AIRVILLE         PA   17302          1            07/18/97         00   
8619004                              05           09/01/97          0   
8619004                              O            08/01/12              
0                                                                       

1607887          685/G02             F           70,000.00         ZZ   
                                  180         69,611.65          1
925 ORANGE GROVE AVENUE            8.500            689.32         50   
                                     8.250            689.32      140,000.00
SAN FERNANDO     CA   91340          5            07/11/97         00   
0430303834                           05           09/01/97          0   
108254                               O            08/01/12              
0                                                                       

1607893          514/G02             F          124,000.00         ZZ   
                                  180        123,288.82          4
325 SOUTH 5TH AVENUE               8.125          1,193.97         80   
                                     7.875          1,193.97      155,000.00
JACKSONVILLE BE  FL   32250          1            07/11/97         00   
0430304303                           05           09/01/97          0   
361965                               N            08/01/12              
0                                                                       

1607896          514/G02             F           62,000.00         ZZ   
                                  180         61,473.09          1
3200 DUVAL STREET                  8.750            619.66         61   
                                     8.500            619.66      102,800.00
AUSTIN           TX   78705          1            06/30/97         00   
0430304626                           01           08/01/97          0   
361764                               N            07/01/12              
0                                                                       

1608450          757/757             F           96,300.00         ZZ   
                                  180         95,777.54          1
4122 BRIDGE COURT                  8.750            962.47         90   
                                     8.500            962.47      107,000.00
WINTERVILLE      NC   28590          1            07/22/97         01   
3144714                              05           09/01/97         25   
3144714                              N            08/01/12              
0                                                                       
1                                                                               

1608451          757/757             F           50,000.00         ZZ   
                                  180         49,706.84          1
201 E 55TH ST                      7.875            474.23         50   
                                     7.625            474.23      100,000.00
SAVANNAH         GA   31405          5            07/23/97         00   
3144896                              05           09/01/97          0   
3144896                              N            08/01/12              
0                                                                       

1608510          180/G02             F           27,000.00         ZZ   
                                  180         26,779.48          1
206 SOUTH ROSE HILL ROAD           8.750            269.85         90   
                                     8.500            269.85       30,000.00
ROSE HILL        KS   67113          1            07/02/97         04   
0430303008                           05           08/01/97         25   
4690962                              N            07/01/12              
0                                                                       

1608546          E08/G02             F           20,000.00         T    
                                  180         19,945.94          1
1000 NE 14 AVENUE                  8.750            199.89         43   
  #101                               8.500            199.89       47,500.00
HALLANDALE       FL   33009          1            08/13/97         00   
0430348060                           08           10/01/97          0   
213774HF                             O            09/01/12              
0                                                                       

1608549          A37/G02             F           92,300.00         ZZ   
                                  180         91,810.33          2
2819 S LOOMIS                      9.000            936.17         85   
                                     8.750            936.17      108,700.00
CHICAGO          IL   60608          2            07/18/97         04   
0430330753                           05           09/01/97         17   
97W63173                             O            08/01/12              
0                                                                       

1608559          225/225             F           99,000.00         ZZ   
                                  180         98,723.28          1
25 LONGBOW ROAD                    8.375            967.66         36   
                                     8.125            967.66      282,000.00
DANVERS          MA   01923          5            08/05/97         00   
8056879                              05           10/01/97          0   
8056879                              O            09/01/12              
0                                                                       

1608588          G81/G02             F           52,000.00         ZZ   
                                  180         52,000.00          1
1                                                                               

11311 SW 186 STREET                8.875            523.56         69   
                                     8.625            523.56       76,000.00
MIAMI            FL   33157          5            09/15/97         00   
0430389619                           05           11/01/97          0   
21707096                             N            10/01/12              
0                                                                       

1608657          E13/G02             F          101,250.00         ZZ   
                                  180        100,976.33          3
3652 WEST SHAKESPEARE AVENUE       8.750          1,011.95         75   
                                     8.500          1,011.95      135,000.00
CHICAGO          IL   60647          5            08/20/97         00   
0430390898                           05           10/01/97          0   
217915                               O            09/01/12              
0                                                                       

1608674          286/286             F           50,400.00         ZZ   
                                  180         50,120.39          1
116 BRADLEE STREET                 8.500            496.31         80   
  UNIT 7                             8.250            496.31       63,000.00
HYDE PARK        MA   02136          1            07/10/97         00   
8639362                              01           09/01/97          0   
8639362                              N            08/01/12              
0                                                                       

1608698          676/G02             F           50,000.00         ZZ   
                                  180         48,064.58          1
98-501 KOAUKA LOOP #A-207          8.250            485.08         39   
                                     8.000            485.08      129,000.00
AIEA             HI   96701          5            06/27/97         00   
0430335240                           02           08/01/97          0   
3001291872                           O            07/01/12              
0                                                                       

1608724          E22/G02             F           98,400.00         ZZ   
                                  180         97,631.42          1
6079 W. GOLDRING ROAD              9.250          1,012.73         80   
                                     9.000          1,012.73      123,000.00
LAPORTE          IN   46350          1            06/27/97         00   
0410418214                           05           08/01/97          0   
410418214                            O            07/01/12              
0                                                                       

1608736          E22/G02             F           29,200.00         ZZ   
                                  180         28,966.75          1
7228 RUTHERFORD AVE                9.000            296.17         80   
                                     8.750            296.17       36,500.00
DETROIT          MI   48228          1            06/13/97         10   
0410396675                           05           08/01/97         12   
1                                                                               

410396675                            N            07/01/12              
0                                                                       

1608743          E22/G02             F           41,500.00         ZZ   
                                  180         41,256.67          1
6300 SEAWALL BLVD                  7.875            393.61         59   
  UNIT 1203                          7.625            393.61       71,000.00
GALVESTON        TX   77551          1            07/14/97         00   
0410430193                           20           09/01/97          0   
410430193                            N            08/01/12              
0                                                                       

1608748          E22/G02             F           27,000.00         ZZ   
                                  180         26,861.52          1
22787 PENNY LOOP                   9.375            279.91         88   
                                     9.125            279.91       30,792.00
LAND OF LAKES    FL   34639          1            07/18/97         04   
0410454912                           07           09/01/97         25   
410454912                            N            08/01/12              
0                                                                       

1608890          E53/G02             F          148,800.00         ZZ   
                                  180        148,397.82          2
136 A & B SPARROW DR               8.750          1,487.18         80   
                                     8.500          1,487.18      186,000.00
ROYAL PALM BEAC  FL   33411          1            08/08/97         00   
0430349878                           05           10/01/97          0   
11502139                             N            09/01/12              
0                                                                       

1608898          405/405             F          172,500.00         ZZ   
                                  180        172,500.00          1
10741 MIST HAVEN TERRACE           8.500          1,698.68         75   
                                     8.250          1,698.68      230,000.00
ROCKVILLE        MD   20852          2            09/05/97         00   
8268005                              09           11/01/97          0   
8268005                              O            10/01/12              
0                                                                       

1608929          E53/G02             F          148,800.00         ZZ   
                                  180        148,397.82          2
134 A & B SPARROW DR               8.750          1,487.18         80   
                                     8.500          1,487.18      186,000.00
ROYAL PALM BEAC  FL   33411          1            08/08/97         00   
0430350132                           05           10/01/97          0   
11502138                             N            09/01/12              
0                                                                       

1                                                                               

1608990          A06/G02             F           45,500.00         ZZ   
                                  180         45,233.21          1
1756 COLLEGE                       7.875            431.55         70   
                                     7.625            431.55       65,000.00
FERNDALE         MI   48220          2            07/23/97         00   
0430381343                           05           09/01/97          0   
001000009707607                      N            08/01/12              
0                                                                       

1609150          766/G02             F          101,250.00         ZZ   
                                  180        100,712.87          1
1717 N. BAYSHORE DR.               9.000          1,026.94         75   
  #A254                              8.750          1,026.94      135,000.00
MIAMI            FL   33132          1            07/24/97         00   
0430309427                           06           09/01/97          0   
970Z0524                             O            08/01/12              
0                                                                       

1609202          E22/G02             F           65,500.00         ZZ   
                                  180         65,152.52          1
2521 CIMARRON DR                   9.000            664.34         89   
                                     8.750            664.34       74,000.00
LAWRENCE         KS   66046          1            07/14/97         04   
0410428353                           05           09/01/97         25   
410428353                            N            08/01/12              
0                                                                       

1609204          E22/G02             F           89,250.00         ZZ   
                                  180         88,754.87          1
17 IRIS COURT                      8.500            878.88         75   
                                     8.250            878.88      119,000.00
TINTON FALLS     NJ   07724          5            07/17/97         00   
0410381958                           01           09/01/97          0   
410381958                            O            08/01/12              
0                                                                       

1609226          E22/G02             F          100,000.00         ZZ   
                                  180         99,457.47          2
211 VAN BUREN STREET               8.750            999.45         49   
                                     8.500            999.45      205,200.00
LYNDHURST        NJ   07071          5            07/21/97         00   
0410433379                           05           09/01/97          0   
410433379                            N            08/01/12              
0                                                                       

1609251          700/G02             F          176,000.00         ZZ   
                                  180        174,979.37          1
6510 N POST OAK ROAD               8.000          1,681.95         80   
                                     7.750          1,681.95      220,000.00
1                                                                               

PEORIA           IL   61615          5            07/21/97         00   
0430326017                           05           09/01/97          0   
123783                               O            08/01/12              
0                                                                       

1609378          560/560             F           56,550.00         ZZ   
                                  180         56,236.26          1
20 SOUTH LAKE DRIVE                8.500            556.88         65   
                                     8.250            556.88       87,000.00
SAVANNAH         GA   31410          2            07/09/97         00   
450773775                            05           09/01/97          0   
450773775                            N            08/01/12              
0                                                                       

1609389          560/560             F           26,600.00         ZZ   
                                  180         26,380.29          1
4721 NORTHLAND                     8.625            263.90         70   
                                     8.375            263.90       38,000.00
ST LOUIS         MO   63113          5            06/11/97         00   
450744503                            05           08/01/97          0   
450744503                            N            07/01/12              
0                                                                       

1609422          129/G02             F           60,000.00         ZZ   
                                  180         59,509.94          1
11530 SW 56TH STREET               8.750            599.67         51   
                                     8.500            599.67      119,000.00
MIAMI            FL   33165          5            07/02/97         00   
0430308015                           05           08/01/97          0   
3500008697                           O            07/01/12              
0                                                                       

1609451          A06/G02             F          260,000.00         T    
                                  180        259,265.13          1
3536 CLIFFS DR                     8.250          2,522.37         79   
                                     8.000          2,522.37      332,000.00
PETOSKEY         MI   49770          2            08/08/97         00   
0430334458                           01           10/01/97          0   
001000009700117                      O            09/01/12              
0                                                                       

1609457          E22/G02             F           98,600.00         ZZ   
                                  180         98,034.50          1
858 SOUTH 300 WEST                 8.125            949.40         85   
                                     7.875            949.40      116,000.00
BRIGHAM CITY     UT   84302          2            07/18/97         23   
0410464895                           05           09/01/97          0   
410464895                            O            08/01/12              
0                                                                       
1                                                                               

1609464          E22/G02             F          140,000.00         ZZ   
                                  180        139,223.32          1
62 STORIG AVENUE                   8.500          1,378.64         78   
                                     8.250          1,378.64      180,000.00
CLOSTER          NJ   07624          1            07/25/97         14   
0410434245                           05           09/01/97         12   
410434245                            N            08/01/12              
0                                                                       

1609581          638/G02             F          160,000.00         ZZ   
                                  180        159,062.67          1
20686 WEST LAKE COOK ROAD          8.625          1,587.33         80   
                                     8.375          1,587.33      200,000.00
PALATINE         IL   60074          1            08/11/97         00   
0430346163                           05           10/01/97          0   
8656872                              O            09/01/12              
0                                                                       

1609605          E13/G02             F           95,000.00         ZZ   
                                  180         95,000.00          1
9907 WINANDS ROAD                  8.375            928.56         95   
                                     8.125            928.56      100,000.00
RANALLSTOWN      MD   21133          2            09/05/97         11   
0430389429                           03           11/01/97         25   
221888                               O            10/01/12              
0                                                                       

1609618          098/G02             F          170,000.00         ZZ   
                                  180        169,508.72          1
19 ZAVRA STREET                    8.000          1,624.61         85   
                                     7.750          1,624.61      200,000.00
BOHEMIA          NY   11716          5            08/18/97         23   
0430397257                           05           10/01/97          0   
975605109                            O            09/01/12              
0                                                                       

1610566          369/G02             F           69,000.00         ZZ   
                                  180         68,617.19          1
2722 STETSON DRIVE                 8.500            679.48         75   
                                     8.250            679.48       92,000.00
HOUSTON          TX   77043          1            07/07/97         00   
0430307553                           03           09/01/97          0   
0060618048                           O            08/01/12              
0                                                                       

1610574          369/G02             F          103,500.00         ZZ   
                                  180        102,879.71          1
1                                                                               

255 ONEAWA STREET                  7.625            966.82         69   
                                     7.375            966.82      152,000.00
KAILUA           HI   96734          1            07/11/97         00   
0430326371                           02           09/01/97          0   
60104361                             O            08/01/12              
0                                                                       

1610583          369/G02             F           86,400.00         T    
                                  180         85,931.24          1
1145 MARNI RIDGE COURT             8.750            863.53         80   
                                     8.500            863.53      108,000.00
KISSIMMEE        FL   34747          1            07/15/97         00   
0430311340                           03           09/01/97          0   
0060781820                           O            08/01/12              
0                                                                       

1610598          286/286             F           26,100.00         ZZ   
                                  180         25,884.41          1
9664 MCGALLION ROAD                8.625            258.94         90   
                                     8.375            258.94       29,000.00
HOUSTON          TX   77076          1            06/06/97         04   
09176036                             05           08/01/97         20   
09176036                             N            07/01/12              
0                                                                       

1610611          105/G02             F           33,800.00         ZZ   
                                  180         33,542.75          1
4526 LONGVALE DRIVE                8.500            332.84         90   
                                     8.250            332.84       37,566.00
SAN ANTONIO      TX   78217          1            07/18/97         04   
0430414490                           05           09/01/97         25   
936724                               N            08/01/12              
0                                                                       

1610672          560/560             F           71,600.00         ZZ   
                                  180         71,142.02          1
116 COFFEE VILLA ROAD              8.500            705.08         51   
                                     8.250            705.08      142,000.00
SAVANNAH         GA   31416          2            07/09/97         00   
450776810                            05           09/01/97          0   
450776810                            O            08/01/12              
0                                                                       

1610697          E22/G02             F           33,750.00         ZZ   
                                  180         33,572.95          1
717 W. 5TH ST.                     9.125            344.83         90   
                                     8.875            344.83       37,500.00
TAYLOR           TX   76574          1            07/18/97         04   
0410473318                           05           09/01/97         25   
1                                                                               

410473318                            N            08/01/12              
0                                                                       

1610701          E22/G02             F          125,000.00         ZZ   
                                  180        124,290.97          1
701 SURREY LANE                    8.250          1,212.68         15   
                                     8.000          1,212.68      850,000.00
FRANKLIN LAKES   NJ   07417          5            07/21/97         00   
0410433924                           05           09/01/97          0   
410433924                            O            08/01/12              
0                                                                       

1610743          638/G02             F          328,000.00         ZZ   
                                  180        327,030.95          1
2095 SPYGLASS DRIVE                7.750          3,087.38         80   
                                     7.500          3,087.38      410,000.00
SAN BRUNO        CA   94066          1            08/06/97         00   
0430344390                           05           10/01/97          0   
8654670                              O            09/01/12              
0                                                                       

1610939          G51/G02             F           81,600.00         ZZ   
                                  180         81,381.91          2
164 HARTFORD ROAD                  8.875            821.59         80   
                                     8.625            821.59      102,000.00
AMHERST          NY   14226          1            08/29/97         00   
0430383604                           05           10/01/97          0   
221038                               N            09/01/12              
0                                                                       

1610961          E13/G02             F           89,200.00         ZZ   
                                  180         88,942.22          1
5035 OLEANDER DRIVE                8.000            852.45         80   
                                     7.750            852.45      111,500.00
WILMINGTON       NC   28403          1            08/15/97         00   
0430375279                           05           10/01/97          0   
215994                               O            09/01/12              
0                                                                       

1610970          828/G02             F          139,000.00         ZZ   
                                  180        139,000.00          1
311 MOCKINGBIRD LANE               7.375          1,278.70         80   
                                     7.125          1,278.70      174,000.00
WEATHERFORD      TX   76086          2            09/05/97         00   
0430386391                           05           11/01/97          0   
77030002                             O            10/01/12              
0                                                                       

1                                                                               

1611037          G92/G02             F          150,000.00         ZZ   
                                  180        149,130.15          1
616 DES MOINES PLACE               8.000          1,433.48         59   
                                     7.750          1,433.48      255,000.00
SAN JOSE         CA   95133          5            07/22/97         00   
0430315838                           05           09/01/97          0   
213906                               O            08/01/12              
0                                                                       

1611114          965/G02             F           85,425.00         ZZ   
                                  180         85,178.13          1
6510 WEST ORANGE DRIVE             8.000            816.37         85   
                                     7.750            816.37      100,500.00
GLENDALE         AZ   85301          5            08/20/97         19   
0430349118                           05           10/01/97         12   
5133                                 O            09/01/12              
0                                                                       

1611163          E22/G02             F           27,000.00         T    
                                  180         26,574.91          1
6300 SEAWALL BLVD.                 8.250            261.94         75   
  UNIT #9119                         8.000            261.94       36,000.00
GALVESTON        TX   77551          1            07/21/97         00   
0410473185                           20           09/01/97          0   
410473185                            O            08/01/12              
0                                                                       

1611181          909/G02             F          160,000.00         ZZ   
                                  180        159,082.35          1
1525 HILLSMONT DRIVE               8.125          1,540.61         80   
                                     7.875          1,540.61      200,000.00
EL CAJON         CA   92020          1            07/23/97         00   
0430328658                           05           09/01/97          0   
6004714                              O            08/01/12              
0                                                                       

1611183          E22/G02             F           45,600.00         T    
                                  180         45,352.60          1
921 MARINE DRIVE UNIT #340         8.750            455.75         80   
                                     8.500            455.75       57,000.00
GALVESTON        TX   77550          1            07/18/97         10   
0410471684                           01           09/01/97         12   
410471684                            O            08/01/12              
0                                                                       

1611226          225/225             F          136,000.00         ZZ   
                                  180        135,593.75          1
6231 WEST BERENICE                 7.625          1,270.42         78   
                                     7.375          1,270.42      174,500.00
1                                                                               

CHICAGO          IL   60634          2            08/13/97         00   
805475200                            05           10/01/97          0   
805475200                            O            09/01/12              
0                                                                       

1611283          907/G02             F           70,000.00         ZZ   
                                  180         70,000.00          2
509 5TH AVE                        8.000            668.96         47   
                                     7.750            668.96      150,000.00
BRADLEY BEACH    NJ   07720          5            08/14/97         00   
0430373019                           05           11/01/97          0   
NG                                   O            10/01/12              
0                                                                       

1611297          B75/G02             F           46,800.00         ZZ   
                                  180         46,800.00          1
5844 WALLACE ROAD                  8.125            450.63         90   
                                     7.875            450.63       52,000.00
HAMMOND          IN   46320          2            09/11/97         04   
0430391490                           05           11/01/97         25   
2934164                              O            10/01/12              
0                                                                       

1611301          403/403             F          325,000.00         ZZ   
                                  180        323,073.42          3
74 BYRAM TERRACE                   7.750          3,059.15         69   
                                     7.500          3,059.15      475,000.00
GREENWICH        CT   06831          1            07/24/97         00   
6576136                              05           09/01/97          0   
6576136                              N            08/01/12              
0                                                                       

1611313          253/253             F           28,800.00         ZZ   
                                  180         28,640.22          1
3804 OSCAR                         8.500            283.61         90   
                                     8.250            283.61       32,000.00
FORT WORTH       TX   76106          1            07/18/97         04   
900532                               05           09/01/97         25   
900532                               N            08/01/12              
0                                                                       

1611318          514/G02             F           68,250.00         ZZ   
                                  180         67,706.56          2
5252-5254 KARL ROAD                8.750            682.12         65   
                                     8.500            682.12      105,000.00
COLUMBUS         OH   43224          5            07/21/97         00   
0430326389                           05           09/01/97          0   
362114                               N            08/01/12              
0                                                                       
1                                                                               

1611319          003/G02             F          147,650.00         ZZ   
                                  180        146,803.17          1
4511 DRIFTWATER ROAD               8.125          1,421.70         80   
                                     7.875          1,421.70      184,600.00
DULUTH           GA   30136          1            07/14/97         00   
0430310003                           03           09/01/97          0   
3842531                              O            08/01/12              
0                                                                       

1611336          E22/G02             F           37,800.00         ZZ   
                                  180         37,608.30          1
57999 ELLIS STREET                 9.500            394.72         90   
                                     9.250            394.72       42,000.00
ELKHART          IN   46517          1            07/10/97         04   
0410455380                           05           09/01/97         25   
410455380                            N            08/01/12              
0                                                                       

1611338          286/286             F           49,950.00         ZZ   
                                  180         49,682.01          1
512-514 9TH ST                     8.875            502.92         90   
                                     8.625            502.92       55,500.00
ALTOONA          PA   16602          1            07/25/97         10   
8596069                              05           09/01/97         25   
8596069                              N            08/01/12              
0                                                                       

1611484          F46/G02             F          350,000.00         ZZ   
                                  180        348,954.51          1
115 SOUTH 92ND STREET              7.625          3,269.45         52   
                                     7.375          3,269.45      675,000.00
OMAHA            NE   68114          5            08/18/97         00   
0430368928                           05           10/01/97          0   
123199                               O            09/01/12              
0                                                                       

1612112          129/G02             F           68,250.00         ZZ   
                                  180         67,157.10          1
120 MT CARMEL CHURCH ROAD          9.125            697.32         65   
                                     8.875            697.32      105,000.00
TEMPLE           GA   30179          5            06/12/97         00   
0430329185                           05           08/01/97          0   
3900080064                           O            07/01/12              
0                                                                       

1612126          B75/G02             F           45,000.00         T    
                                  180         44,727.48          1
1                                                                               

16 GENE DRIVE                      8.500            443.13         53   
                                     8.250            443.13       85,000.00
PAYSON           AZ   85541          1            07/11/97         00   
0430329359                           05           09/01/97          0   
2964146                              O            08/01/12              
0                                                                       

1612137          E22/G02             F           27,900.00         ZZ   
                                  180         27,755.29          1
111 S. RONEY                       9.250            287.14         90   
                                     9.000            287.14       31,000.00
CARL JUNCTION    MO   64834          1            07/21/97         04   
0410428346                           05           09/01/97         25   
410428346                            N            08/01/12              
0                                                                       

1612166          E22/G02             F           15,750.00         ZZ   
                                  180         15,673.68          1
18317 GREENFIELD AVENUE           10.000            169.25         90   
                                     9.750            169.25       17,500.00
DETROIT          MI   48235          1            07/29/97         10   
0410395941                           07           09/01/97         25   
410395941                            N            08/01/12              
0                                                                       

1612235          246/G02             F           50,000.00         ZZ   
                                  180         49,553.96          1
1721 TOTANKA LANE                  7.750            470.64         37   
                                     7.500            470.64      136,500.00
KNOXVILLE        TN   37931          1            07/11/97         00   
0430327106                           05           09/01/97          0   
025095                               O            08/01/12              
0                                                                       

1612251          687/G02             F           77,600.00         ZZ   
                                  180         77,600.00          1
4133 PAXTON AVENUE                 8.625            769.85         80   
                                     8.375            769.85       97,000.00
CINCINNATI       OH   45209          1            09/11/97         00   
0430391664                           05           11/01/97          0   
1621068                              N            10/01/12              
0                                                                       

1612253          B24/G02             F          140,000.00         ZZ   
                                  180        139,572.53          1
496 RIDGE ROAD                     7.375          1,287.89         62   
                                     7.125          1,287.89      228,000.00
SOUTH BRUNSWICK  NJ   08852          5            08/15/97         00   
0430336271                           05           10/01/97          0   
1                                                                               

00000                                O            09/01/12              
0                                                                       

1612351          E13/G02             F           99,000.00         ZZ   
                                  180         98,726.35          1
4101 OLIVER STREET                 8.500            974.90         90   
                                     8.250            974.90      110,000.00
HYATTSVILLE      MD   20782          1            08/29/97         01   
0430390468                           05           10/01/97         25   
213595                               N            09/01/12              
0                                                                       

1612353          601/G02             F          855,000.00         ZZ   
                                  180        852,417.79          1
16300 CANTRELL                     7.500          7,925.96         60   
                                     7.250          7,925.96    1,425,000.00
LITTLE ROCK      AR   72212          2            08/25/97         00   
0430389940                           05           10/01/97          0   
1161137                              O            09/01/12              
0                                                                       

1612358          375/G02             F          103,500.00         ZZ   
                                  180        102,291.59          1
20 EAST MAPLE STREET               8.000            989.10         90   
                                     7.750            989.10      116,000.00
TEANECK          NJ   07666          2            05/30/97         04   
0430310953                           01           07/01/97         25   
659806                               N            06/01/12              
0                                                                       

1612667          286/286             F           31,500.00         ZZ   
                                  180         31,259.42          1
699 S MAIN ST                      9.500            328.94         90   
  UNIT 426                           9.250            328.94       35,000.00
TORRINGTON       CT   06790          1            06/30/97         04   
8675690                              01           08/01/97         25   
8675690                              N            07/01/12              
0                                                                       

1612721          286/286             F           47,000.00         ZZ   
                                  180         46,742.14          1
625 NORTH ST                       8.625            466.28         56   
                                     8.375            466.28       85,000.00
MCSHERRYSTOWN    PA   17344          5            07/22/97         00   
8619022                              05           09/01/97          0   
8619022                              N            08/01/12              
0                                                                       

1                                                                               

1612853          E22/G02             F           85,600.00         ZZ   
                                  180         85,135.59          3
2623 HAMPSHIRE RD                  8.750            855.53         80   
                                     8.500            855.53      107,000.00
CLEVELAND HTS    OH   44118          1            07/25/97         23   
0410454466                           05           09/01/97          0   
410454466                            N            08/01/12              
0                                                                       

1612857          E22/G02             F           23,800.00         ZZ   
                                  180         23,676.54          1
357 NORTH 6TH STREET               9.250            244.95         70   
                                     9.000            244.95       34,000.00
COSBY            MO   64436          5            07/25/97         00   
0410469357                           05           09/01/97          0   
410469357                            N            08/01/12              
0                                                                       

1612876          561/561             F           50,000.00         ZZ   
                                  180         49,719.50          1
4 CEDAR TERRACE                    8.375            488.72         31   
                                     8.125            488.72      165,000.00
DENVILLE         NJ   07834          5            07/25/97         00   
9072109                              05           09/01/97          0   
9072109                              O            08/01/12              
0                                                                       

1612910          253/253             F           80,000.00         ZZ   
                                  180         79,530.95          1
3230 SOUTHWESTERN DR               7.875            758.76         73   
                                     7.625            758.76      110,000.00
MANVEL           TX   77578          1            07/23/97         00   
900792                               05           09/01/97          0   
900792                               O            08/01/12              
0                                                                       

1614012          B90/G02             F           65,600.00         ZZ   
                                  180         65,418.68          4
813 BUCKBEE STREET                 8.500            645.99         80   
                                     8.250            645.99       82,000.00
ROCKFORD         IL   61104          1            08/29/97         00   
0430396630                           05           10/01/97          0   
900534191                            N            09/01/12              
0                                                                       

1614037          E22/G02             F          360,000.00         ZZ   
                                  180        357,957.98          1
14101 INDIO DRIVE                  8.250          3,492.51         72   
                                     8.000          3,492.51      500,000.00
1                                                                               

SLOUGHHOUSE      CA   95683          5            07/25/97         00   
0410466684                           05           09/01/97          0   
410466684                            O            08/01/12              
0                                                                       

1614092          896/G02             F           71,200.00         ZZ   
                                  180         71,003.20          1
1076 MCMILLAN STREET               8.500            701.13         80   
                                     8.250            701.13       89,000.00
ATLANTA          GA   30318          1            08/28/97         00   
0430381095                           05           10/01/97          0   
0217075                              O            09/01/12              
0                                                                       

1614103          696/G02             F          371,000.00         ZZ   
                                  180        369,009.59          1
9710 GLYNSHIRE WAY                 8.875          3,735.39         70   
                                     8.625          3,735.39      530,000.00
POTOMAC          MD   20854          1            07/31/97         00   
0430333252                           03           09/01/97          0   
6090954                              O            08/01/12              
0                                                                       

1614163          180/G02             F           30,000.00         ZZ   
                                  180         29,837.25          1
4411 SPARROW CREEK                 8.750            299.83         45   
                                     8.500            299.83       67,000.00
SAN ANTONIO      TX   78238          5            07/07/97         00   
0430337956                           05           09/01/97          0   
4998274                              N            08/01/12              
0                                                                       

1614166          757/757             F           48,600.00         ZZ   
                                  180         48,461.09          1
208 RICHARDS STREET                8.125            467.97         90   
                                     7.875            467.97       54,000.00
CARROLLTON       GA   30117          1            08/05/97         01   
3145000                              05           10/01/97         25   
3145000                              N            09/01/12              
0                                                                       

1614463          180/G02             F           41,400.00         ZZ   
                                  180         41,172.87          2
1031 BAILEY AVENUE                 8.625            410.72         90   
                                     8.375            410.72       46,000.00
SAN ANTONIO      TX   78210          1            07/16/97         04   
0430335182                           05           09/01/97         25   
4707469                              N            08/01/12              
0                                                                       
1                                                                               

1614467          253/253             F           63,900.00         ZZ   
                                  180         63,553.32          2
912 914 AUSTIN ST                  8.750            638.65         90   
                                     8.500            638.65       71,000.00
DENTON           TX   76201          1            07/31/97         10   
331418                               05           09/01/97         20   
331418                               N            08/01/12              
0                                                                       

1614540          H22/G02             F          224,250.00         ZZ   
                                  180        223,630.16          1
211-30 34TH ROAD                   8.500          2,208.28         65   
                                     8.250          2,208.28      345,000.00
BAYSIDE          NY   11361          5            08/15/97         00   
0430346692                           05           10/01/97          0   
9707019                              N            09/01/12              
0                                                                       

1614741          225/225             F           75,000.00         ZZ   
                                  180         74,773.49          1
6 HOLLY CIRCLE                     7.500            695.26         32   
                                     7.250            695.26      235,000.00
MONSEY           NY   10952          2            08/22/97         00   
8057836                              05           10/01/97          0   
8057836                              O            09/01/12              
0                                                                       

1614778          F03/G02             F          111,800.00         ZZ   
                                  180        111,800.00          1
6112 SOUTH MIDDLEFIELD ROAD        7.750          1,052.35         49   
                                     7.500          1,052.35      230,000.00
LITTLETON        CO   80123          5            09/05/97         00   
0430389528                           05           11/01/97          0   
DEN11278                             O            10/01/12              
0                                                                       

1614824          A33/G02             F           50,400.00         ZZ   
                                  180         50,268.31          2
2014 BAYER AVENUE                  9.125            514.94         90   
                                     8.875            514.94       56,000.00
FORT WAYNE       IN   46805          1            08/18/97         04   
0430373936                           05           10/01/97         20   
9041176                              N            09/01/12              
0                                                                       

1614849          H34/G02             F           41,000.00         T    
                                  180         40,881.51          1
1                                                                               

HCR 60, BOX 138R                   8.000            391.82         64   
                                     7.750            391.82       65,000.00
PINEVILLE        MO   64856          2            08/15/97         00   
0430336115                           05           10/01/97          0   
218566                               O            09/01/12              
0                                                                       

1614987          G51/G02             F           19,950.00         ZZ   
                                  180         19,846.50          2
838 LAFAYETTE STREET               9.250            205.33         95   
                                     9.000            205.33       21,000.00
JAMESTOWN        NY   14701          1            07/31/97         04   
0430335091                           05           09/01/97         30   
214365                               O            08/01/12              
0                                                                       

1615039          180/G02             F           76,900.00         ZZ   
                                  180         76,687.45          1
2728 BEDFORD WAY                   8.500            757.26         90   
                                     8.250            757.26       85,450.00
TALLAHASSEE      FL   32308          1            08/21/97         10   
0430376749                           05           10/01/97         25   
0012048039                           N            09/01/12              
0                                                                       

1615054          638/G02             F           66,100.00         ZZ   
                                  180         65,925.32          2
81-83 QUAKER ROAD                  9.000            670.43         90   
                                     8.750            670.43       73,450.00
HYANNIS          MA   02601          1            09/04/97         14   
0430394361                           05           10/01/97         25   
08661285                             N            09/01/12              
0                                                                       

1615055          638/G02             F           66,100.00         ZZ   
                                  180         65,925.32          2
64-66 QUAKER ROAD                  9.000            670.43         90   
                                     8.750            670.43       73,450.00
HYANNIS          MA   02601          1            09/04/97         14   
0430394486                           05           10/01/97         25   
08661293                             N            09/01/12              
0                                                                       

1615134          966/G02             F           45,850.00         ZZ   
                                  180         45,720.41          1
4117 A-B BILL OWENS PARKWAY        8.250            444.81         70   
                                     8.000            444.81       65,500.00
LONGVIEW         TX   75605          5            08/28/97         00   
0430380741                           05           10/01/97          0   
1                                                                               

30004087                             N            09/01/12              
0                                                                       

1615302          757/757             F           89,100.00         ZZ   
                                  180         88,600.17          1
180 BUNKER DRIVE                   8.375            870.89         90   
                                     8.125            870.89       99,000.00
ATHENS           GA   30607          1            07/31/97         10   
2145208                              05           09/01/97         25   
2145208                              N            08/01/12              
0                                                                       

1615319          286/286             F           32,000.00         ZZ   
                                  180         31,822.47          1
313 MARSHALL ST                    8.500            315.12         80   
                                     8.250            315.12       40,000.00
CLINTON          TN   37716          1            07/31/97         00   
8661018                              05           09/01/97          0   
8661018                              N            08/01/12              
0                                                                       

1615385          560/560             F           31,550.00         ZZ   
                                  180         31,371.04          1
87 BLUESTONE DRIVE                 8.250            306.08         54   
                                     8.000            306.08       58,900.00
NASHUA           NH   03060          5            07/09/97         00   
450773296                            01           09/01/97          0   
450773296                            N            08/01/12              
0                                                                       

1615387          560/560             F          177,000.00         ZZ   
                                  180        174,978.06          1
765 PEMBERTON                      8.125          1,704.31         60   
                                     7.875          1,704.31      295,000.00
GROSSE POINTE P  MI   48230          1            07/07/97         00   
450772132                            05           09/01/97          0   
450772132                            O            08/01/12              
0                                                                       

1615388          560/560             F           44,100.00         ZZ   
                                  180         43,847.05          1
4266 NW 114TH TERRACE #66          8.125            424.64         90   
                                     7.875            424.64       49,000.00
CORAL SPRINGS    FL   33065          1            07/15/97         21   
450778451                            07           09/01/97         25   
450778451                            N            08/01/12              
0                                                                       

1                                                                               

1615445          882/G02             F           22,500.00         ZZ   
                                  180         22,437.80          1
4899 NW 26 COURT                   8.500            221.57         75   
  UNIT 448                           8.250            221.57       30,000.00
LAUDERDALE LAKE  FL   33313          1            08/29/97         00   
0430377523                           01           10/01/97          0   
975214                               O            09/01/12              
0                                                                       

1615495          638/G02             F           68,000.00         ZZ   
                                  180         67,812.05          1
265 HALLTOWN ROAD                  8.500            669.62         85   
                                     8.250            669.62       80,000.00
MARYDEL          DE   19964          5            08/20/97         04   
0430374132                           05           10/01/97         12   
08657501                             O            09/01/12              
0                                                                       

1615543          757/757             F           40,600.00         ZZ   
                                  180         40,489.02          2
410-412 NORTH BLUFF ROAD           8.625            402.79         70   
                                     8.375            402.79       58,000.00
ATHENS           GA   30607          1            08/07/97         00   
3145190                              05           10/01/97          0   
3145190                              N            09/01/12              
0                                                                       

1615612          927/G02             F           39,000.00         ZZ   
                                  180         38,788.41          1
335 NORTH FORK AVENUE              8.750            389.79         71   
                                     8.500            389.79       55,000.00
PAONIA           CO   81428          2            07/14/97         00   
0430336446                           05           09/01/97          0   
300137                               O            08/01/12              
0                                                                       

1616035          H05/H05             F           56,250.00         ZZ   
                                  180         56,080.12          1
161 HERITAGE TRACE DRIVE           7.500            521.44         75   
                                     7.250            521.44       75,000.00
MADISON          TN   37115          5            07/30/97         00   
7060280                              01           10/01/97          0   
7060280                              N            09/01/12              
0                                                                       

1616040          H05/H05             F           88,000.00         ZZ   
                                  180         87,500.85          1
18 SCENIC DRIVE                    8.250            853.72         55   
                                     8.000            853.72      160,000.00
1                                                                               

WEST MILFORD     NJ   07438          5            07/31/97         00   
240140004                            05           09/01/97          0   
240140004                            O            08/01/12              
0                                                                       

1616063          225/225             F           64,500.00         ZZ   
                                  180         64,271.23          1
1715 INDIA PALM DRIVE              7.750            607.13         75   
                                     7.500            607.13       86,000.00
EDGEWATER        FL   32132          5            08/27/97         00   
8057324                              05           10/01/97          0   
8057324                              O            09/01/12              
0                                                                       

1616082          H13/G02             F           84,000.00         ZZ   
                                  180         83,772.96          3
3120 WESTBROOK DRIVE               8.750            839.54         58   
                                     8.500            839.54      145,000.00
CINCINNATI       OH   45238          1            08/27/97         00   
0430374884                           05           10/01/97          0   
10140363                             N            09/01/12              
0                                                                       

1616103          405/405             F           77,000.00         ZZ   
                                  180         76,548.53          1
1330 NORTH BENDER AVENUE           7.875            730.31         48   
                                     7.625            730.31      163,000.00
COVINA           CA   91724          5            07/22/97         00   
8264384                              05           09/01/97          0   
8264384                              O            08/01/12              
0                                                                       

1616177          700/G02             F           35,000.00         ZZ   
                                  180         34,903.26          1
20 S IOLA                          8.500            344.66         41   
                                     8.250            344.66       87,000.00
WEBSTER GROVES   MO   63119          5            08/08/97         00   
0430334375                           05           10/01/97          0   
124201                               N            09/01/12              
0                                                                       

1616532          B75/G02             F           59,200.00         ZZ   
                                  180         58,849.05          1
7919 GATEHOUSE DRIVE               7.750            557.24         80   
                                     7.500            557.24       74,000.00
HOUSTON          TX   77040          1            07/28/97         00   
0430343558                           03           09/01/97          0   
2945673                              O            08/01/12              
0                                                                       
1                                                                               

1616540          E09/G02             F           95,950.00         ZZ   
                                  180         95,684.79          1
2741 CANARSY COURT                 8.500            944.86         80   
                                     8.250            944.86      119,990.00
HENDERSON        NV   89012          1            08/26/97         00   
0430387860                           03           10/01/97          0   
01002853                             N            09/01/12              
0                                                                       

1616578          G75/G75             F           80,000.00         ZZ   
                                  180         79,546.21          1
1632 BLAIRE STREET                 8.250            776.12         69   
                                     8.000            776.12      116,000.00
ROCKY MOUNT      NC   27804          2            07/16/97         00   
3284205                              05           09/01/97          0   
3284205                              N            08/01/12              
0                                                                       

1616579          G75/G75             F          292,500.00         ZZ   
                                  180        290,785.01          1
7960 HOPPER ROAD                   7.875          2,774.22         80   
                                     7.625          2,774.22      365,625.00
CINCINNATI       OH   45255          1            07/30/97         00   
3305186                              05           09/01/97          0   
3305186                              O            08/01/12              
0                                                                       

1616598          G75/G75             F           50,800.00         ZZ   
                                  180         50,653.19          1
242 HARLEM ROAD                    8.000            485.48         80   
                                     7.750            485.48       63,500.00
MACHESNEY PARK   IL   61115          1            08/05/97         00   
03320114                             05           10/01/97          0   
03320114                             N            09/01/12              
0                                                                       

1616599          G75/G75             F           67,000.00         ZZ   
                                  180         66,458.81          2
379-381 STRYKER AVENUE             8.875            674.59         70   
                                     8.625            674.59       97,000.00
ST PAUL          MN   55107          5            06/20/97         00   
03299383                             05           08/01/97          0   
03299383                             N            07/01/12              
0                                                                       

1616656          560/560             F           55,250.00         ZZ   
                                  180         54,936.59          2
1                                                                               

2162/2164 SINGLETON STREET         8.250            536.01         65   
                                     8.000            536.01       85,000.00
INDIANAPOLIS     IN   46225          5            07/28/97         00   
450789789                            05           09/01/97          0   
450789789                            N            08/01/12              
0                                                                       

1617182          E22/G02             F           68,800.00         ZZ   
                                  180         68,396.62          1
2857 SE EAGLE DRIVE                7.875            652.53         80   
                                     7.625            652.53       86,000.00
PORT ST LUCIE    FL   34984          1            07/31/97         00   
0410472518                           05           09/01/97          0   
410472518                            O            08/01/12              
0                                                                       

1617192          E22/G02             F           31,200.00         ZZ   
                                  180         31,032.60          1
1803 PHILADELPHIA AVENUE           8.875            314.14         60   
  UNIT # 1                           8.625            314.14       52,000.00
OCEAN CITY       MD   21842          1            07/31/97         00   
0410473938                           01           09/01/97          0   
410473938                            N            08/01/12              
0                                                                       

1617200          E22/G02             F           53,600.00         T    
                                  180         53,309.21          1
4254 CAMELIA STREET                8.750            535.70         75   
                                     8.500            535.70       71,500.00
LAKE WALES       FL   33853          1            07/21/97         00   
0410353106                           03           09/01/97          0   
410353106                            O            08/01/12              
0                                                                       

1617225          E22/G02             F           63,600.00         ZZ   
                                  180         63,254.95          2
13134-13136 LOS ESPANADA           8.750            635.65         80   
                                     8.500            635.65       79,500.00
SAN ANTONIO      TX   78233          1            07/31/97         04   
0410474878                           05           09/01/97         12   
410474878                            N            08/01/12              
0                                                                       

1617252          E22/G02             F           39,050.00         ZZ   
                                  180         38,835.75          2
303 WEST 112TH STREET              8.625            387.41         55   
                                     8.375            387.41       71,000.00
CHICAGO          IL   60628          5            07/31/97         00   
0410329577                           05           09/01/97          0   
1                                                                               

410329577                            N            08/01/12              
0                                                                       

1617258          E22/G02             F           88,000.00         ZZ   
                                  180         87,506.34          1
13212 SHADY TREE PLACE             8.375            860.14         80   
                                     8.125            860.14      110,000.00
EDMOND           OK   73013          2            07/25/97         00   
0410319917                           05           09/01/97          0   
410319917                            O            08/01/12              
0                                                                       

1617276          E22/G02             F           53,900.00         ZZ   
                                  180         53,614.05          1
1447 SOUTH 122ND EAST AVE          9.000            546.69         90   
                                     8.750            546.69       59,900.00
TULSA            OK   74128          1            07/31/97         04   
0410428643                           05           09/01/97         25   
410428643                            N            08/01/12              
0                                                                       

1617305          K08/G02             F           83,900.00         ZZ   
                                  180         83,413.47          1
8500 N.W. 5TH STREET               8.000            801.79         80   
                                     7.750            801.79      104,900.00
PEMBROKE PINES   FL   33024          1            07/30/97         00   
0410381446                           05           09/01/97          0   
410381446                            O            08/01/12              
0                                                                       

1617341          E22/G02             F          259,850.00         ZZ   
                                  180        258,408.42          1
1318 MYRTLE AVENUE                 8.500          2,558.85         71   
                                     8.250          2,558.85      367,500.00
CHARLOTTE        NC   28203          5            07/28/97         00   
0410470835                           05           09/01/97          0   
410470835                            O            08/01/12              
0                                                                       

1617353          E22/G02             F           61,600.00         ZZ   
                                  180         61,254.46          1
428 HANLEY ROAD                    8.375            602.09         85   
                                     8.125            602.09       72,500.00
OCEAN SPRINGS    MS   39564          5            07/28/97         23   
0410428213                           05           09/01/97          0   
410428213                            O            08/01/12              
0                                                                       

1                                                                               

1617414          E22/G02             F          168,750.00         ZZ   
                                  180        167,277.25          1
30 MIDDLEBROOK DRIVE               8.000          1,612.66         75   
                                     7.750          1,612.66      225,000.00
OCEAN TOWNSHIP   NJ   07712          5            06/24/97         00   
0410443667                           05           08/01/97          0   
410443667                            O            07/01/12              
0                                                                       

1617420          E22/G02             F           46,200.00         ZZ   
                                  180         45,957.63          1
784 W 1080N                        9.125            472.04         70   
                                     8.875            472.04       66,000.00
FOUNTAINTOWN     IN   46130          5            07/25/97         00   
0410471890                           05           09/01/97          0   
410471890                            N            08/01/12              
0                                                                       

1617434          E22/G02             F           83,200.00         ZZ   
                                  180         82,758.61          2
5456-5458 LONGVIEW STREET          9.000            843.87         65   
                                     8.750            843.87      128,000.00
DALLAS           TX   75206          5            07/25/97         00   
0410427579                           05           09/01/97          0   
410427579                            N            08/01/12              
0                                                                       

1617453          E22/G02             F           45,900.00         ZZ   
                                  180         45,639.65          1
RT 2 BOX 87                        8.250            445.29         85   
                                     8.000            445.29       54,000.00
SALINA           OK   74365          5            07/29/97         04   
0410430490                           05           09/01/97         25   
410430490                            O            08/01/12              
0                                                                       

1617469          E22/G02             F           55,800.00         ZZ   
                                  180         55,446.90          1
9910 ROYAL LANE #1303              8.750            557.70         90   
                                     8.500            557.70       62,000.00
DALLAS           TX   75231          1            07/30/97         01   
0410428460                           01           09/01/97         25   
410428460                            O            08/01/12              
0                                                                       

1617481          E22/G02             F           40,000.00         ZZ   
                                  180         39,886.94          1
2345 NW 13TH COURT                 8.250            388.06         80   
                                     8.000            388.06       50,000.00
1                                                                               

FORT LAUDERDALE  FL   33311          1            08/08/97         00   
0410449177                           05           10/01/97          0   
410449177                            O            09/01/12              
0                                                                       

1617483          E22/G02             F          124,800.00         ZZ   
                                  180        124,084.22          1
8206 SE PALM STREET                8.125          1,201.68         80   
                                     7.875          1,201.68      156,000.00
HOBE SOUND       FL   33455          5            08/01/97         00   
0410448872                           05           09/01/97          0   
410448872                            O            08/01/12              
0                                                                       

1617490          E22/G02             F           42,000.00         ZZ   
                                  180         41,673.46          1
3703 NE 166 STREET                 8.250            407.46         67   
  UNIT # 608                         8.000            407.46       63,500.00
N. MIAMI BEACH   FL   33160          5            07/29/97         00   
0410447916                           06           09/01/97          0   
410447916                            O            08/01/12              
0                                                                       

1617495          K08/G02             F          114,400.00         ZZ   
                                  180        113,736.59          1
8218 MISSION ESTATES DRIVE         8.000          1,093.27         80   
                                     7.750          1,093.27      143,000.00
HOUSTON          TX   77083          2            07/31/97         00   
0410493928                           05           09/01/97          0   
410493928                            O            08/01/12              
0                                                                       

1617502          K08/G02             F          114,950.00         ZZ   
                                  180        114,602.84          2
6360 & 6362 VANDERBELT AVENUE      7.500          1,065.60         95   
                                     7.250          1,065.60      121,000.00
DALLAS           TX   75214          1            08/06/97         04   
0410493878                           05           10/01/97         30   
410493878                            O            09/01/12              
0                                                                       

1617518          K08/G02             F           52,500.00         ZZ   
                                  180         52,215.17          1
1032 N.E. 9TH AVENUE               8.750            524.71         70   
                                     8.500            524.71       75,000.00
FORT LAUDERDALE  FL   33304          1            08/04/97         00   
0410491104                           05           09/01/97          0   
410491104                            N            08/01/12              
0                                                                       
1                                                                               

1617669          758/G02             F           82,800.00         ZZ   
                                  180         82,571.14          3
1401 TULANE STREET                 8.500            815.36         80   
                                     8.250            815.36      103,550.00
HOUSTON          TX   77008          1            08/21/97         00   
0430372946                           05           10/01/97          0   
UNKNOWN                              N            09/01/12              
0                                                                       

1617844          B75/G02             F           94,500.00         ZZ   
                                  180         93,987.30          1
2322 SOUTH DAWSON WAY              8.750            944.48         90   
                                     8.500            944.48      105,000.00
AURORA           CO   80014          1            07/23/97         10   
0430347401                           05           09/01/97         20   
2942498                              N            08/01/12              
0                                                                       

1617850          731/G02             F           61,200.00         ZZ   
                                  180         61,034.59          1
18 BETHESDA  CHURCH ROAD           8.750            611.66         85   
                                     8.500            611.66       72,000.00
CARROLLTON       GA   30117          5            08/05/97         01   
0430344044                           05           10/01/97         12   
3140864625                           O            09/01/12              
0                                                                       

1617855          286/286             F          156,750.00         ZZ   
                                  180        155,880.39          1
454 RIDGE ROAD                     8.500          1,543.58         95   
                                     8.250          1,543.58      165,000.00
RISING SUN       MD   21911          2            07/24/97         10   
8639485                              05           09/01/97         30   
8639485                              O            08/01/12              
0                                                                       

1617886          686/G02             F          217,500.00         ZZ   
                                  180        216,213.48          2
42-08 UNION STREET                 7.775          2,050.40         75   
                                     7.525          2,050.40      290,000.00
FLUSHING         NY   11354          1            08/01/97         00   
0430370916                           05           09/01/97          0   
818301384                            O            08/01/12              
0                                                                       

1617901          B75/G02             F           28,350.00         ZZ   
                                  180         28,275.09          1
1                                                                               

612 HARDING AVENUE                 9.000            287.54         90   
                                     8.750            287.54       31,500.00
KANNAPOLIS       NC   28081          1            08/05/97         14   
0430375295                           05           10/01/97         25   
2940930                              N            09/01/12              
0                                                                       

1617924          H05/H05             F          112,000.00         ZZ   
                                  180        111,669.10          1
2216 FALLSBURG ROAD NE             7.750          1,054.23         80   
                                     7.500          1,054.23      140,000.00
NEWARK           OH   43055          5            08/08/97         00   
279400608                            05           10/01/97          0   
279400608                            O            09/01/12              
0                                                                       

1617927          E22/G02             F           78,750.00         T    
                                  180         78,266.28          1
1503 BROOK HOLLOW DRIVE            8.625            781.26         73   
                                     8.375            781.26      108,000.00
ORLANDO          FL   32824          1            07/23/97         00   
0410437214                           03           09/01/97          0   
410437214                            O            08/01/12              
0                                                                       

1617929          B75/G02             F           57,750.00         ZZ   
                                  180         57,433.16          1
2149 EAST GEMINI DRIVE             8.625            572.93         55   
                                     8.375            572.93      105,000.00
TEMPE            AZ   85283          2            07/18/97         00   
0430350181                           05           09/01/97          0   
2871044                              N            08/01/12              
0                                                                       

1617936          286/286             F           37,500.00         ZZ   
                                  180         37,395.18          1
819 SALEM AVE                      8.375            366.54         62   
                                     8.125            366.54       61,000.00
DAYTON           OH   45406          5            08/08/97         00   
8580365                              05           10/01/97          0   
8580365                              N            09/01/12              
0                                                                       

1617940          286/286             F          227,300.00         ZZ   
                                  180        226,582.88          1
1609 GROVE AVE                     7.000          2,043.04         80   
                                     6.750          2,043.04      284,350.00
RICHMOND         VA   23220          1            08/06/97         00   
8657924                              07           10/01/97          0   
1                                                                               

8657924                              O            09/01/12              
0                                                                       

1618048          B24/G02             F          312,000.00         ZZ   
                                  180        311,098.37          2
22 LOCUST STREET                   8.000          2,981.63         80   
                                     7.750          2,981.63      390,000.00
GREENWICH        CT   06830          2            08/29/97         00   
0430346874                           05           10/01/97          0   
216486                               O            09/01/12              
0                                                                       

1618073          H05/H05             F           84,700.00         ZZ   
                                  180         84,471.07          1
158 MELBA STREET                   8.750            846.53         70   
                                     8.500            846.53      121,000.00
MILFORD          CT   06460          5            08/01/97         00   
045320776                            05           10/01/97          0   
045320776                            O            09/01/12              
0                                                                       

1618129          A78/G02             F           74,400.00         ZZ   
                                  180         73,963.77          1
2818 WEST 12TH STREET              7.875            705.65         80   
                                     7.625            705.65       93,000.00
GREELEY          CO   80631          1            07/31/97         00   
0430340075                           03           09/01/97          0   
010052191                            O            08/01/12              
0                                                                       

1618147          757/757             F           76,800.00         ZZ   
                                  180         76,580.50          1
223 AMBERWOOD DRIVE                8.125            739.50         80   
                                     7.875            739.50       96,000.00
VIDALIA          GA   30474          2            08/08/97         00   
3145083                              05           10/01/97          0   
3145083                              O            09/01/12              
0                                                                       

1618232          661/661             F           50,000.00         ZZ   
                                  180         49,321.89          1
509 CHARTIER                       8.875            503.42         36   
                                     8.625            503.42      140,000.00
FERGUSON         MO   63135          5            04/20/97         00   
2860799                              05           06/01/97          0   
2860799                              O            05/01/12              
0                                                                       

1                                                                               

1618239          661/661             F           50,000.00         T    
                                  180         49,348.81          1
9011 LEE CIRCLE                    8.000            477.82         77   
                                     7.750            477.82       65,000.00
BELLEVUE         NE   68147          5            05/21/97         00   
2896991                              05           07/01/97          0   
2896991                              O            06/01/12              
0                                                                       

1618271          K08/G02             F          109,000.00         ZZ   
                                  180        108,685.01          1
35030 HEES                         8.000          1,041.66         74   
                                     7.750          1,041.66      149,000.00
LIVONIA          MI   48150          1            08/07/97         00   
0410484794                           05           10/01/97          0   
410484794                            O            09/01/12              
0                                                                       

1618280          K08/G02             F          100,000.00         ZZ   
                                  180         99,720.49          1
10 TROON DRIVE                     8.375            977.43         80   
                                     8.125            977.43      125,000.00
TROPHY CLUB      TX   76262          1            08/08/97         00   
0410479067                           03           10/01/97          0   
410479067                            O            09/01/12              
0                                                                       

1618302          K08/G02             F          125,000.00         T    
                                  180        124,654.50          1
96000 OVERSEAS HWY                 8.500          1,230.92         56   
  UNIT # I-4                         8.250          1,230.92      225,000.00
KEY LARGO        FL   33037          1            08/07/97         00   
0410447163                           01           10/01/97          0   
410447163                            O            09/01/12              
0                                                                       

1618354          B75/G02             F          103,600.00         ZZ   
                                  180        103,050.39          4
641-643 HOLDERNESS STREET          9.000          1,050.78         70   
                                     8.750          1,050.78      148,000.00
ATLANTA          GA   30310          5            07/23/97         00   
0430342329                           05           09/01/97          0   
2949659                              N            08/01/12              
0                                                                       

1618359          369/G02             F           71,900.00         ZZ   
                                  180         71,509.90          2
103 ALDERSON AVENUE                8.750            718.61         90   
                                     8.500            718.61       79,900.00
1                                                                               

BILLINGS         MT   59101          1            07/25/97         01   
0430339838                           05           09/01/97         25   
60805280                             N            08/01/12              
0                                                                       

1618366          480/G02             F           45,000.00         ZZ   
                                  180         44,747.56          1
605 INDIANA AVENUE                 8.375            439.84         70   
                                     8.125            439.84       65,000.00
CRYSTAL BEACH    FL   34681          5            07/10/97         00   
0430343541                           05           09/01/97          0   
1912419                              N            08/01/12              
0                                                                       

1618368          286/286             F           29,250.00         ZZ   
                                  180         29,008.40          1
1946 MCCLUNG AVE                   8.625            290.19         90   
                                     8.375            290.19       32,500.00
KNOXVILLE        TN   37920          1            06/20/97         10   
8660978                              05           08/01/97         25   
8660978                              N            07/01/12              
0                                                                       

1618378          664/G02             F          129,500.00         ZZ   
                                  180        128,863.94          1
109 EAST WASHINGTON BLVD           8.375          1,265.77         60   
                                     8.125          1,265.77      219,000.00
LOMBARD          IL   60148          2            08/04/97         00   
0430339390                           05           10/01/97          0   
2331692                              O            09/01/12              
0                                                                       

1618390          828/G02             F          121,500.00         ZZ   
                                  180        120,810.80          4
708 VISTA ROAD                     8.250          1,178.73         90   
                                     8.000          1,178.73      135,000.00
PASADENA         TX   77504          1            07/28/97         11   
0430382713                           05           09/01/97         25   
78350007                             O            08/01/12              
0                                                                       

1618450          B75/G02             F           83,600.00         ZZ   
                                  180         83,355.73          1
2137 NORTH FLEETWOOD DRIVE         7.875            792.90         78   
                                     7.625            792.90      108,000.00
GREENSBURG       IN   47240          2            08/29/97         00   
0430412973                           05           10/01/97          0   
7089733                              O            09/01/12              
0                                                                       
1                                                                               

1618463          G52/G02             F          150,000.00         ZZ   
                                  180        149,149.17          1
8624 EAST SAN DANIEL DRIVE         8.250          1,455.21         75   
                                     8.000          1,455.21      200,000.00
SCOTTSDALE       AZ   85258          1            07/24/97         00   
0430341222                           03           09/01/97          0   
215828                               O            08/01/12              
0                                                                       

1618604          B24/G02             F           59,200.00         ZZ   
                                  180         58,928.92          1
69 PAUL STREET                     8.000            565.75         80   
                                     7.750            565.75       74,000.00
EAST HAVEN       CT   06512          1            08/14/97         00   
0430337329                           05           10/01/97          0   
217888                               O            09/01/12              
0                                                                       

1618613          560/560             F           25,000.00         ZZ   
                                  180         24,928.54          1
1663 MCKINNON DRIVE                8.125            240.73         42   
                                     7.875            240.73       60,000.00
SAVANNAH         GA   31404          5            08/06/97         00   
450787411                            05           10/01/97          0   
450787411                            N            09/01/12              
0                                                                       

1618786          E22/G02             F          100,000.00         ZZ   
                                  180         99,714.20          1
43 SE 7TH AVENUE                   8.125            962.88         77   
                                     7.875            962.88      130,000.00
DEERFIELD BEACH  FL   33441          1            08/11/97         00   
0410471213                           05           10/01/97          0   
410471213                            O            09/01/12              
0                                                                       

1618859          637/G02             F          101,250.00         ZZ   
                                  180        101,250.00          1
3714 DEMING DRIVE                  7.875            960.31         75   
                                     7.625            960.31      135,000.00
SUITLAND         MD   20746          5            09/08/97         00   
0430383703                           05           11/01/97          0   
8026544                              O            10/01/12              
0                                                                       

1618867          G81/G02             F           36,000.00         T    
                                  180         36,000.00          1
1                                                                               

2304 NW 99TH STREET                8.875            362.46         75   
                                     8.625            362.46       48,000.00
MIAMI            FL   33147          1            09/19/97         00   
0430395186                           05           11/01/97          0   
21708030                             O            10/01/12              
0                                                                       

1618916          608/G02             F           25,200.00         ZZ   
                                  180         25,063.28          1
3333 ALMOND STREET                 8.750            251.86         90   
                                     8.500            251.86       28,000.00
PHILADELPHIA     PA   19134          1            07/25/97         04   
0430341693                           07           09/01/97         25   
06713                                N            08/01/12              
0                                                                       

1618968          F03/G02             F           77,700.00         ZZ   
                                  180         77,700.00          1
11694 CLAUDE COURT                 8.500            765.15         70   
                                     8.250            765.15      111,000.00
NORTHGLENN       CO   80233          5            09/12/97         00   
0430395806                           05           11/01/97          0   
DEN11322                             N            10/01/12              
0                                                                       

1619132          B75/G02             F           67,900.00         ZZ   
                                  180         67,531.61          4
2716 DESTREHAN AVENUE              8.750            678.63         70   
                                     8.500            678.63       97,000.00
HARVEY           LA   70058          2            07/29/97         00   
0430348508                           05           09/01/97          0   
2943850                              N            08/01/12              
0                                                                       

1619145          E22/G02             F           30,600.00         ZZ   
                                  180         30,443.05          1
921 CONGRESS AVE                   9.375            317.23         90   
                                     9.125            317.23       34,000.00
SAGINAW          MI   48602          1            07/17/97         04   
0410419824                           05           09/01/97         25   
410419824                            N            08/01/12              
0                                                                       

1619149          E22/G02             F           54,350.00         T    
                                  180         54,058.41          1
441 SE 10 STREET UNIT #202A        8.875            547.22         75   
                                     8.625            547.22       72,500.00
DANIA            FL   33004          1            07/28/97         00   
0410446058                           01           09/01/97          0   
1                                                                               

410446058                            O            08/01/12              
0                                                                       

1619188          B75/G02             F           67,900.00         ZZ   
                                  180         67,531.61          4
2720 DESTREHAN AVE                 8.750            678.63         70   
                                     8.500            678.63       97,000.00
HARVEY           LA   70058          2            07/29/97         00   
0430345363                           05           09/01/97          0   
2943868                              N            08/01/12              
0                                                                       

1619192          B75/G02             F           67,900.00         ZZ   
                                  180         67,531.61          4
2724 DESTREHAN AVENUE              8.750            678.63         70   
  UNITS A-D                          8.500            678.63       97,000.00
HARVEY           LA   70058          2            07/29/97         00   
0430348490                           05           09/01/97          0   
2943785                              O            08/01/12              
0                                                                       

1619293          637/G02             F          210,000.00         T    
                                  180        209,386.39          1
16775 B PERDIDO KEY DRIVE          7.875          1,991.74         53   
                                     7.625          1,991.74      400,000.00
PENSACOLA        FL   32507          2            08/07/97         00   
0430376301                           05           10/01/97          0   
8043119                              O            09/01/12              
0                                                                       

1619325          747/G02             F          128,000.00         ZZ   
                                  180        128,000.00          1
27390 RICHVIEW COURT               7.625          1,195.69         80   
                                     7.375          1,195.69      160,000.00
BONITA SPRINGS   FL   34135          5            08/29/97         00   
0430373944                           05           11/01/97          0   
174123                               O            10/01/12              
0                                                                       

1619403          G81/G02             F           65,000.00         T    
                                  180         64,818.32          1
9858 LEEWARD AVENUE                8.375            635.33         50   
                                     8.125            635.33      131,000.00
KEY LARGO        FL   33037          1            08/29/97         00   
0430375154                           01           10/01/97          0   
021708071                            O            09/01/12              
0                                                                       

1                                                                               

1619417          H51/G02             F           89,200.00         ZZ   
                                  180         88,945.07          1
162 S ROSLYN                       8.125            858.89         80   
                                     7.875            858.89      111,500.00
WATERFORD        MI   48327          1            08/29/97         00   
0430387241                           05           10/01/97          0   
NG                                   N            09/01/12              
0                                                                       

1620004          H51/G02             F           75,920.00         ZZ   
                                  180         75,703.02          1
315 ROSLYN N                       8.125            731.02         80   
                                     7.875            731.02       94,900.00
WATERFORD        MI   48327          1            08/27/97         00   
0430387340                           05           10/01/97          0   
NG                                   N            09/01/12              
0                                                                       

1620035          G18/G02             F          117,900.00         ZZ   
                                  180        117,563.04          2
5445/5447 PENN AVENUE SOUTH        8.125          1,135.24         87   
                                     7.875          1,135.24      135,900.00
MINNEAPOLIS      MN   55419          1            08/27/97         10   
0430377580                           05           10/01/97         25   
NG                                   N            09/01/12              
0                                                                       

1620038          253/253             F          108,000.00         ZZ   
                                  180        107,701.48          1
3226 SUGARBUSH DR                  8.500          1,063.52         89   
                                     8.250          1,063.52      122,000.00
CARROLLTON       TX   75007          2            08/14/97         12   
331256                               05           10/01/97         25   
331256                               N            09/01/12              
0                                                                       

1620058          E22/G02             F          102,000.00         ZZ   
                                  180        101,724.31          1
1722 UTAH N.E.                     8.750          1,019.44         85   
                                     8.500          1,019.44      120,000.00
ALBUQUERQUE      NM   87110          5            08/08/97         23   
0410472369                           05           10/01/97          0   
410472369                            O            09/01/12              
0                                                                       

1620064          E22/G02             F           52,750.00         ZZ   
                                  180         52,610.60          3
1351 S.W. 44TH TERRACE             9.000            535.03         60   
                                     8.750            535.03       88,000.00
1                                                                               

FORT LAUDERDALE  FL   33317          2            08/12/97         00   
0410447502                           05           10/01/97          0   
410447502                            N            09/01/12              
0                                                                       

1620066          E22/G02             F          136,500.00         ZZ   
                                  180        136,122.70          1
16004 4TH STREET EAST              8.500          1,344.17         70   
                                     8.250          1,344.17      195,000.00
REDINGTON BEACH  FL   33708          5            08/11/97         00   
0410439640                           05           10/01/97          0   
410439640                            O            09/01/12              
0                                                                       

1620188          624/G02             F           65,600.00         ZZ   
                                  180         65,412.52          1
1741 SPYGLASS #226                 8.125            631.65         80   
                                     7.875            631.65       82,000.00
AUSTIN           TX   78746          1            08/29/97         00   
0430377846                           01           10/01/97          0   
82005978003F                         N            09/01/12              
0                                                                       

1620207          267/267             F          121,000.00         ZZ   
                                  180        120,630.54          1
1227 OLD CANYON DR                 7.375          1,113.11         58   
                                     7.125          1,113.11      210,000.00
HACIENDA HEIGHT  CA   91745          2            08/05/97         00   
4457843                              05           10/01/97          0   
4457843                              O            09/01/12              
0                                                                       

1620290          G39/G02             F           88,400.00         ZZ   
                                  180         88,127.11          1
10201 A WILLOW MIST COURT          7.250            806.97         80   
  UNIT 97                            7.000            806.97      110,500.00
OAKTON           VA   22124          1            08/27/97         00   
0430377705                           05           10/01/97          0   
215354                               N            09/01/12              
0                                                                       

1620449          H34/G02             F           33,000.00         ZZ   
                                  180         32,251.87          1
1702 W CYPRESS STREET              8.500            324.97         66   
                                     8.250            324.97       50,000.00
ROGERS           AR   72756          5            02/03/97         00   
0430349811                           05           03/01/97          0   
961220CR                             N            02/01/12              
0                                                                       
1                                                                               

1620453          G34/G02             F           50,000.00         ZZ   
                                  180         49,713.21          1
1186 BEVERLY AVENUE                8.125            481.45         80   
                                     7.875            481.45       62,500.00
ZANESVILLE       OH   43701          1            08/01/97         00   
0430373266                           05           09/01/97          0   
1078                                 N            08/01/12              
0                                                                       

1620454          480/G02             F          209,150.00         T    
                                  180        208,002.55          1
997 SW 159 WAY                     8.625          2,074.94         70   
                                     8.375          2,074.94      298,825.00
PEMBROKE PINES   FL   33027          1            07/25/97         00   
0430373662                           05           09/01/97          0   
2072460                              O            08/01/12              
0                                                                       

1620484          F03/G02             F          120,600.00         ZZ   
                                  180        120,600.00          1
3321 WEST 10TH AVENUE PLACE        7.875          1,143.84         80   
                                     7.625          1,143.84      152,000.00
BROOMFIELD       CO   80020          5            09/03/97         00   
0430393652                           05           11/01/97          0   
0215721                              O            10/01/12              
0                                                                       

1620609          369/G02             F           34,000.00         ZZ   
                                  180         33,817.59          1
4730 W. NORTHERN AVE #1157         8.875            342.33         80   
                                     8.625            342.33       42,500.00
GLENDALE         AZ   85302          1            07/29/97         01   
0430345561                           01           09/01/97         12   
60367737                             N            08/01/12              
0                                                                       

1620610          E56/G02             F          140,000.00         ZZ   
                                  180        139,188.13          1
6013 STILLMEADOW DRIVE             8.000          1,337.92         53   
                                     7.750          1,337.92      265,000.00
NASHVILLE        TN   37211          5            07/29/97         00   
0430345066                           05           09/01/97          0   
99500605                             O            08/01/12              
0                                                                       

1620615          758/G02             F           83,250.00         ZZ   
                                  180         83,022.45          1
1                                                                               

1036 BAXTER DRIVE                  8.625            825.91         90   
                                     8.375            825.91       92,500.00
PLANO            TX   75025          1            08/26/97         11   
0430394270                           05           10/01/97         30   
UNKNOWN                              N            09/01/12              
0                                                                       

1620648          B75/G02             F           65,000.00         ZZ   
                                  120         65,000.00          1
7521 MUTINY AVENUE                 8.375            801.57         65   
                                     8.125            801.57      101,000.00
NORTH BAY VILLA  FL   33141          1            09/12/97         00   
0430407056                           05           11/01/97          0   
29997187                             O            10/01/07              
0                                                                       

1620656          B75/G02             F           36,800.00         ZZ   
                                  180         36,800.00          1
1250 WEST AVENUE                   8.625            365.09         80   
  #10-M                              8.375            365.09       46,000.00
MIAMI BEACH      FL   33139          1            09/15/97         00   
0430391722                           06           11/01/97          0   
7090897                              O            10/01/12              
0                                                                       

1620744          B75/G02             F           23,400.00         ZZ   
                                  180         23,273.05          1
5034 HALL STREET                   8.750            233.87         90   
  UNIT D                             8.500            233.87       26,000.00
DALLAS           TX   75235          1            07/29/97         14   
0430370163                           01           09/01/97         25   
7146269                              N            08/01/12              
0                                                                       

1620773          514/G02             F          167,900.00         ZZ   
                                  180        166,947.62          1
4829 TIMBERLINE DRIVE              8.250          1,628.87         80   
                                     8.000          1,628.87      209,900.00
AUSTIN           TX   78746          1            07/23/97         00   
0430344242                           05           09/01/97          0   
361853                               O            08/01/12              
0                                                                       

1620872          661/661             F          178,000.00         T    
                                  180        176,429.43          1
6353 BIG BAY ROAD                  7.875          1,688.23        100   
                                     7.625          1,688.23      178,000.00
BEAR LAKE        MI   49614          1            06/11/97         92   
2957496                              05           08/01/97         30   
1                                                                               

2957496                              O            07/01/12              
0                                                                       

1620875          661/661             F           92,000.00         ZZ   
                                  180         91,478.15          1
6 COLONIAL VILLAGE                 8.250            892.53         92   
  UNIT A-6                           8.000            892.53      100,000.00
SHELTON          CT   06484          2            07/21/97         92   
2956886                              01           09/01/97         30   
2956886                              O            08/01/12              
0                                                                       

1620884          661/661             F          325,000.00         ZZ   
                                  180        322,194.50          1
1500 OAKMONT AVENUE                8.125          3,129.37        100   
                                     7.875          3,129.37      325,000.00
WILLIAMSPORT     PA   17701          1            06/30/97         92   
2956720                              05           08/01/97         30   
2956720                              O            07/01/12              
0                                                                       

1620885          661/661             F          137,000.00         ZZ   
                                  180        134,471.60          1
505 LIBERTY POINTE DRIVE           7.750          1,289.55        100   
  UNIT 95                            7.500          1,289.55      137,000.00
ANN ARBOR        MI   48103          1            06/27/97         92   
2943686                              01           08/01/97         30   
2943686                              N            07/01/12              
0                                                                       

1620887          661/661             F           35,000.00         ZZ   
                                  180         34,591.39          1
6216 20TH PLACE                    8.000            334.47         29   
                                     7.750            334.47      122,000.00
HYATTSVILLE      MD   20782          5            05/12/97         00   
2883890                              05           07/01/97          0   
2883890                              N            06/01/12              
0                                                                       

1620891          661/661             F          340,000.00         ZZ   
                                  180        336,073.47          1
40 FOLMSBEE DRIVE                  8.125          3,273.80        100   
                                     7.875          3,273.80      340,000.00
MENANDS          NY   12204          1            05/15/97         92   
2863421                              05           07/01/97         30   
2863421                              O            06/01/12              
0                                                                       

1                                                                               

1620894          661/661             F          232,000.00         ZZ   
                                  180        228,490.56          1
2960 WEST GREGORY STREET           7.625          2,167.19         80   
                                     7.375          2,167.19      291,000.00
CHICAGO          IL   60625          5            04/23/97         00   
2852143                              05           06/01/97          0   
2852143                              O            05/01/12              
0                                                                       

1620895          661/661             F          336,000.00         ZZ   
                                  180        331,079.84          1
2106 HILDA AVENUE                  8.000          3,211.00         80   
                                     7.750          3,211.00      420,000.00
MISSOULA         MT   59801          4            04/07/97         00   
2751543                              05           06/01/97          0   
2751543                              O            05/01/12              
0                                                                       

1620969          076/076             F          123,750.00         ZZ   
                                  180        122,693.47          1
88 BAY ROAD                        8.250          1,200.55         75   
                                     8.000          1,200.55      165,500.00
BARRINGTON       RI   02806          1            06/27/97         00   
1256653                              05           08/01/97          0   
1256653                              O            07/01/12              
0                                                                       

1620970          076/076             F          125,000.00         ZZ   
                                  180        123,967.60          1
149 COUNTY ROAD                    8.625          1,240.11         59   
                                     8.375          1,240.11      215,000.00
READING          MA   01867          5            06/03/97         00   
1276913                              05           08/01/97          0   
1276913                              O            07/01/12              
0                                                                       

1620972          076/076             F           71,900.00         ZZ   
                                  180         71,473.77          1
30 CANAVAN DRIVE                   7.750            676.78         20   
                                     7.500            676.78      368,000.00
BRAINTREE        MA   02184          2            07/15/97         00   
5849472                              05           09/01/97          0   
5849472                              O            08/01/12              
0                                                                       

1620973          076/076             F           25,500.00         ZZ   
                                  180         25,352.11          1
214 WASHINGTON STREET              8.000            243.70         75   
                                     7.750            243.70       34,000.00
1                                                                               

HAMBURG          PA   19526          1            07/24/97         00   
5866472                              07           09/01/97          0   
5866472                              O            08/01/12              
0                                                                       

1620974          076/076             F          130,000.00         ZZ   
                                  180        128,025.70          1
39 TURNING MILL LANE               7.875          1,232.98         44   
                                     7.625          1,232.98      300,000.00
QUINCY           MA   02169          1            06/23/97         00   
6811502                              05           08/01/97          0   
6811502                              O            07/01/12              
0                                                                       

1620975          076/076             F          310,000.00         ZZ   
                                  180        306,380.55          1
42 PENFIELD PLACE                  8.000          2,962.53         68   
                                     7.750          2,962.53      460,000.00
FARMINGTON       CT   06032          5            05/23/97         00   
7093303                              05           07/01/97          0   
7093303                              O            06/01/12              
0                                                                       

1620977          076/076             F           51,000.00         ZZ   
                                  180         50,704.26          1
916 FAIRWAY DRIVE                  8.000            487.38         37   
                                     7.750            487.38      140,000.00
PENSACOLA        FL   32507          1            07/15/97         00   
7097667                              05           09/01/97          0   
7097667                              O            08/01/12              
0                                                                       

1620978          076/076             F           70,000.00         ZZ   
                                  180         69,510.94          1
818 D BAHIA DEL SOL                8.500            689.32         74   
                                     8.250            689.32       95,000.00
RUSKIN           FL   33570          2            07/28/97         00   
7100820                              01           09/01/97          0   
7100820                              O            08/01/12              
0                                                                       

1620979          076/076             F           78,000.00         ZZ   
                                  180         77,089.30          1
2311 STATE HIGHWAY 82 NORTH        8.000            745.41         51   
                                     7.750            745.41      153,000.00
TAHLEQUAH        OK   74464          1            05/29/97         00   
8207002                              05           07/01/97          0   
8207002                              O            06/01/12              
0                                                                       
1                                                                               

1620980          076/076             F           55,000.00         ZZ   
                                  180         54,698.26          1
ROUTE 2, BOX 158AA                 8.625            545.64         69   
                                     8.375            545.64       80,500.00
CLARKSVILLE      AR   72830          5            07/08/97         00   
8269072                              05           09/01/97          0   
8269072                              O            08/01/12              
0                                                                       

1620981          076/076             F           13,000.00         ZZ   
                                  180         12,643.48          1
9418 METZ AVENUE                   9.000            131.86         65   
                                     8.750            131.86       20,000.00
DALLAS           TX   75232          5            07/21/97         00   
8384212                              05           09/01/97          0   
8384212                              N            08/01/12              
0                                                                       

1620982          076/076             F          110,000.00         ZZ   
                                  180        109,382.93          1
1277 LARKMOOR                      8.375          1,075.17         53   
                                     8.125          1,075.17      210,000.00
BERKLEY          MI   48072          2            07/10/97         00   
8417232                              05           09/01/97          0   
8417232                              O            08/01/12              
0                                                                       

1620983          076/076             F           91,100.00         ZZ   
                                  180         90,275.33          1
101 E AUSTIN AVENUE                8.000            870.60         54   
                                     7.750            870.60      170,000.00
HARLINGEN        TX   78550          2            06/25/97         00   
8501992                              05           08/01/97          0   
8501992                              O            07/01/12              
0                                                                       

1620985          076/076             F           30,000.00         ZZ   
                                  180         29,760.38          1
615 WESTCHESTER DRIVE              9.000            304.28         60   
                                     8.750            304.28       50,000.00
EVANSVILLE       IN   47710          5            06/16/97         00   
8510382                              05           08/01/97          0   
8510382                              N            07/01/12              
0                                                                       

1620986          076/076             F           78,300.00         ZZ   
                                  180         77,860.77          1
1                                                                               

1409 CLUB CIRCLE                   8.375            765.32         29   
                                     8.125            765.32      275,000.00
MIDDLETON        WI   53562          2            07/09/97         00   
8519162                              05           09/01/97          0   
8519162                              O            08/01/12              
0                                                                       

1620988          076/076             F           69,150.00         ZZ   
                                  180         68,559.63          1
6318 HONEYSUCKLE                   8.250            670.85         65   
                                     8.000            670.85      107,000.00
LITTLE ROCK      AR   72206          5            06/25/97         00   
8545702                              05           08/01/97          0   
8545702                              O            07/01/12              
0                                                                       

1620989          076/076             F           50,000.00         ZZ   
                                  180         49,706.84          1
5710 LINDSAY LANE                  7.875            474.23         43   
                                     7.625            474.23      116,544.00
CUMMING          GA   30040          1            07/31/97         00   
8644422                              03           09/01/97          0   
8644422                              O            08/01/12              
0                                                                       

1620991          A26/G02             F          254,575.00         ZZ   
                                  180        254,575.00          1
1006 EAST 22ND STREET              7.875          2,414.52         60   
                                     7.625          2,414.52      425,000.00
BROOKLYN         NY   11210          5            09/16/97         00   
0430392951                           05           11/01/97          0   
9186                                 O            10/01/12              
0                                                                       

1621001          377/377             F           63,000.00         ZZ   
                                  180         62,831.62          3
5907 ERDRICK STREET                8.875            634.32         90   
                                     8.625            634.32       70,000.00
CITY OF PHILADE  PA   19135          1            08/15/97         01   
3606829                              05           10/01/97         25   
3606829                              N            09/01/12              
0                                                                       

1621033          H34/G02             F           50,400.00         ZZ   
                                  180         50,266.80          1
12803 KINGS LANE                   9.000            511.20         90   
                                     8.750            511.20       56,000.00
HIWASSE          AR   72739          5            08/29/97         12   
0430347526                           05           10/01/97         25   
1                                                                               

970723TRW01                          O            09/01/12              
0                                                                       

1621062          624/G02             F           80,000.00         ZZ   
                                  180         80,000.00          1
2665 ANZA TRAIL                    8.375            781.94         80   
                                     8.125            781.94      100,000.00
PALM SPRINGS     CA   92264          1            09/05/97         00   
0430383240                           05           11/01/97          0   
34092778033                          O            10/01/12              
0                                                                       

1621067          737/G02             F          105,000.00         ZZ   
                                  180        104,686.35          1
6029 PARK STREET                   7.625            980.84         70   
                                     7.375            980.84      150,000.00
EVERGREEN        CO   80439          5            08/12/97         00   
0430351346                           05           10/01/97          0   
574367                               O            09/01/12              
0                                                                       

1621096          514/G02             F           85,500.00         ZZ   
                                  180         85,252.92          1
12907 CLUSTER PINE COURT           8.000            817.08         80   
                                     7.750            817.08      106,900.00
CYPRESS          TX   77429          1            08/07/97         00   
0430344267                           03           10/01/97          0   
362330                               O            09/01/12              
0                                                                       

1621120          136/G02             F           52,000.00         ZZ   
                                  180         51,853.02          1
200 LEMONTREE LANE                 8.250            504.48         80   
                                     8.000            504.48       65,000.00
ORMOND BEACH     FL   32174          1            08/06/97         00   
0430346510                           01           10/01/97          0   
4503330                              N            09/01/12              
0                                                                       

1621147          H99/G02             F           29,900.00         ZZ   
                                  180         29,900.00          1
8000 SW 81 DR #210                 8.500            294.44         60   
                                     8.250            294.44       50,000.00
MIAMI            FL   33143          1            09/02/97         00   
0430395566                           01           11/01/97          0   
1621147                              O            10/01/12              
0                                                                       

1                                                                               

1621155          253/253             F          120,000.00         ZZ   
                                  180        119,637.58          1
2 SATURN COURT                     7.500          1,112.42         67   
                                     7.250          1,112.42      180,000.00
TIJERAS          NM   87059          5            08/13/97         00   
331376                               05           10/01/97          0   
331376                               O            09/01/12              
0                                                                       

1621219          560/560             F           15,750.00         ZZ   
                                  180         15,703.97          1
8477 SANDS POINT #51               7.875            149.38         75   
                                     7.625            149.38       21,000.00
HOUSTON          TX   77036          1            08/04/97         00   
450803275                            07           10/01/97          0   
450803275                            N            09/01/12              
0                                                                       

1621222          560/560             F           45,500.00         ZZ   
                                  180         45,369.95          1
7607 WINDSOR AVENUE                8.125            438.12         70   
                                     7.875            438.12       65,000.00
HESPERIA         CA   92345          5            08/07/97         00   
450809827                            05           10/01/97          0   
450809827                            N            09/01/12              
0                                                                       

1621638          664/G02             F           93,750.00         ZZ   
                                  180         93,487.96          1
2445 FULLERTON ROAD                8.375            916.34         75   
                                     8.125            916.34      125,000.00
ROWLAND HEIGTHS  CA   91748          1            08/12/97         00   
0430347534                           05           10/01/97          0   
2299733                              O            09/01/12              
0                                                                       

1621650          E22/G02             F          104,000.00         ZZ   
                                  180        103,699.45          1
43 HANCOCK PLACE                   8.000            993.88         80   
                                     7.750            993.88      130,000.00
VALLEY STREAM    NY   11580          2            08/15/97         00   
0410471494                           05           10/01/97          0   
410471494                            N            09/01/12              
0                                                                       

1621670          K08/G02             F           29,600.00         ZZ   
                                  180         29,520.89          1
430 LINDSEY STREET UNIT A-3        8.875            298.03         75   
                                     8.625            298.03       39,500.00
1                                                                               

SAN MARCOS       TX   78666          1            08/11/97         00   
0410479315                           01           10/01/97          0   
410479315                            N            09/01/12              
0                                                                       

1621682          K08/G02             F          340,850.00         ZZ   
                                  180        339,875.86          1
5531 HIDDEN PINES DRIVE            8.125          3,281.98         75   
                                     7.875          3,281.98      454,500.00
GENOA TOWNSHIP   MI   48116          1            08/14/97         00   
0410485270                           03           10/01/97          0   
410485270                            O            09/01/12              
0                                                                       

1621712          K08/G02             F           33,500.00         ZZ   
                                  180         33,407.40          1
735 HUBBARD STREET                 8.500            329.89         58   
                                     8.250            329.89       58,000.00
ELKHART          IN   46516          5            08/11/97         00   
0410329965                           05           10/01/97          0   
410329965                            O            09/01/12              
0                                                                       

1621735          E22/G02             F          120,000.00         ZZ   
                                  180        119,645.47          1
61 CAROL STREET                    7.750          1,129.53         58   
                                     7.500          1,129.53      209,000.00
LYNBROOK         NY   11563          5            08/15/97         00   
0410493381                           05           10/01/97          0   
410493381                            O            09/01/12              
0                                                                       

1621870          591/G02             F           74,375.00         ZZ   
                                  180         74,375.00          1
544 SCHOOL WAY                     8.375            726.97         85   
                                     8.125            726.97       87,500.00
LOUISVILLE       KY   40214          5            09/10/97         12   
0430392233                           05           11/01/97         12   
103701140                            O            10/01/12              
0                                                                       

1621881          561/561             F          114,000.00         ZZ   
                                  180        113,681.36          4
6247 CORBLY ROAD                   8.375          1,114.27         80   
                                     8.125          1,114.27      142,500.00
CINCINNATI       OH   45230          1            08/13/97         00   
UNKNOWN                              05           10/01/97          0   
UNKNOWN                              N            09/01/12              
0                                                                       
1                                                                               

1621885          561/561             F           82,000.00         ZZ   
                                  180         81,757.73          1
4239 LINDBERGH AVENUE              7.750            771.85         80   
                                     7.500            771.85      103,500.00
KITTY HAWK       NC   27949          1            08/13/97         00   
UNKNOWN                              05           10/01/97          0   
UNKNOWN                              O            09/01/12              
0                                                                       

1622023          076/076             F           25,200.00         ZZ   
                                  180         24,998.70          1
4549 SEWARD ST                     9.000            255.60         90   
                                     8.750            255.60       28,000.00
OMAHA            NE   68104          1            06/30/97         04   
8510352                              05           08/01/97         25   
8510352                              N            07/01/12              
0                                                                       

1622122          J95/J95             F          225,000.00         ZZ   
                                  180        223,709.54          1
4412 W ESTRELLA STREET             8.125          2,166.49         80   
                                     7.875          2,166.49      282,000.00
TAMPA            FL   33629          5            07/11/97         00   
7503139                              05           09/01/97          0   
7503139                              O            08/01/12              
0                                                                       

1622523          560/560             F           71,993.00         ZZ   
                                  180         71,780.29          2
1317  EAST MARKET ST               7.750            677.66         90   
                                     7.500            677.66       80,000.00
CHARLOTTESVILLE  VA   22902          1            08/08/97         21   
450805908                            05           10/01/97         25   
450805908                            N            09/01/12              
0                                                                       

1622537          180/G02             F           38,250.00         ZZ   
                                  180         38,146.62          2
2821 FOREST PARK BOULEVARD         8.750            382.29         90   
                                     8.500            382.29       42,500.00
FORT WORTH       TX   76110          1            08/06/97         04   
0430385237                           05           10/01/97         25   
31799/12038311                       N            09/01/12              
0                                                                       

1622550          560/560             F           56,000.00         ZZ   
                                  180         55,682.35          2
1                                                                               

30  WASHINGTON                     8.250            543.28         70   
                                     8.000            543.28       80,000.00
SARANAC          MI   48881          5            07/10/97         00   
450774401                            05           09/01/97          0   
450774401                            N            08/01/12              
0                                                                       

1622570          G10/G02             F           36,550.00         ZZ   
                                  180         36,451.21          1
728 AND 730 WEST PAGE STREET       8.750            365.30         95   
                                     8.500            365.30       38,500.00
DALLAS           TX   75208          1            08/15/97         01   
0430370585                           05           10/01/97         30   
970695                               O            09/01/12              
0                                                                       

1622611          J72/G02             F          337,500.00         ZZ   
                                  180        337,500.00          1
1105 SOMERSET BLVD                 7.875          3,201.02         62   
                                     7.625          3,201.02      550,000.00
COLLEYVILLE      TX   76034          2            09/03/97         00   
0430396341                           05           11/01/97          0   
9005                                 O            10/01/12              
0                                                                       

1622636          A74/G02             F          276,000.00         ZZ   
                                  180        276,000.00          1
42 HEMLOCK LANE                    8.125          2,657.56         80   
                                     7.875          2,657.56      346,000.00
ROSLYN HEIGHTS   NY   11577          1            09/16/97         00   
0430393868                           05           11/01/97          0   
97140                                O            10/01/12              
0                                                                       

1622644          267/267             F          170,400.00         ZZ   
                                  180        169,879.70          1
46 MATEO AVENUE                    7.375          1,567.55         80   
                                     7.125          1,567.55      213,000.00
MILLBRAE         CA   94030          1            08/12/97         00   
4303696                              05           10/01/97          0   
4303696                              O            09/01/12              
0                                                                       

1622729          830/830             F          105,600.00         ZZ   
                                  180        105,288.01          1
2491 EAST 2860 SOUTH               7.750            993.99         80   
                                     7.500            993.99      132,000.00
SALT LAKE CITY   UT   84109          5            08/16/97         00   
532098                               05           10/01/97          0   
1                                                                               

532098                               O            09/01/12              
0                                                                       

1622794          225/225             F          224,000.00         ZZ   
                                  180        223,345.47          4
27177 BELVEDERE COURT              7.875          2,124.53         80   
                                     7.625          2,124.53      280,000.00
HAYWARD          CA   94544          1            08/01/97         00   
8055636                              05           10/01/97          0   
8055636                              O            09/01/12              
0                                                                       

1622901          B75/G02             F          110,000.00         ZZ   
                                  180        110,000.00          1
14980 BOLLING DRIVE                8.250          1,067.15         80   
                                     8.000          1,067.15      137,600.00
DENVER           CO   80239          1            09/12/97         00   
0430393835                           05           11/01/97          0   
2997005                              N            10/01/12              
0                                                                       

1623017          E22/G02             F           30,000.00         ZZ   
                                  180         29,911.37          1
201 DAFFODIL - #16                 7.750            282.38         35   
                                     7.500            282.38       87,000.00
HOT SPRINGS      AR   71913          1            08/21/97         00   
0410493423                           01           10/01/97          0   
410493423                            O            09/01/12              
0                                                                       

1623030          K08/G02             F           54,000.00         ZZ   
                                  180         53,847.37          1
2534 MICHIGAN COURT                8.250            523.88         80   
                                     8.000            523.88       67,500.00
PANAMA CITY      FL   32405          1            08/20/97         00   
0410495881                           05           10/01/97          0   
410495881                            O            09/01/12              
0                                                                       

1623059          K08/G02             F           97,600.00         ZZ   
                                  180         97,305.24          1
10101 CARIBBEAN BOULEVARD          7.500            904.76         80   
                                     7.250            904.76      122,000.00
MIAMI            FL   33189          5            08/12/97         00   
0410490908                           05           10/01/97          0   
410490908                            O            09/01/12              
0                                                                       

1                                                                               

1623084          K08/G02             F           36,000.00         ZZ   
                                  180         35,898.25          1
1301 AVENUE B                      8.250            349.25         80   
                                     8.000            349.25       45,000.00
MARRERO          LA   70072          1            08/20/97         00   
0410479505                           05           10/01/97          0   
410479505                            O            09/01/12              
0                                                                       

1623088          K08/G02             F           85,000.00         ZZ   
                                  180         84,770.26          1
13122 VIRGINIA COURT WEST          8.750            849.53         70   
                                     8.500            849.53      121,485.00
GOODYEAR         AZ   85338          1            08/21/97         00   
0410466049                           03           10/01/97          0   
410466049                            N            09/01/12              
0                                                                       

1623127          K08/G02             F          224,900.00         T    
                                  180        224,278.36          1
201 SQUAW PEAK ROAD                8.500          2,214.68         75   
  UNIT # 514                         8.250          2,214.68      300,000.00
OLYMPIC VALLEY   CA   96146          1            08/22/97         00   
0410499735                           20           10/01/97          0   
410499735                            O            09/01/12              
0                                                                       

1623156          731/G02             F           87,000.00         ZZ   
                                  180         86,762.20          1
731 RANLETT AVENUE                 8.625            863.11         64   
                                     8.375            863.11      137,000.00
LA PUENTE        CA   91744          2            08/15/97         00   
0430349993                           05           10/01/97          0   
412611365                            O            09/01/12              
0                                                                       

1623173          757/757             F           45,500.00         ZZ   
                                  180         45,364.08          1
2418 DEBORAH DRIVE                 7.625            425.03         70   
                                     7.375            425.03       65,500.00
VALDOSTA         GA   31602          5            08/21/97         00   
3145059                              05           10/01/97          0   
3145059                              N            09/01/12              
0                                                                       

1623277          286/286             F           98,000.00         ZZ   
                                  180         97,462.35          1
303 SAILMASTER                     8.625            972.24         80   
                                     8.375            972.24      122,500.00
1                                                                               

HILTON HEAD ISL  SC   29928          1            07/31/97         00   
8697581                              01           09/01/97          0   
8697581                              O            08/01/12              
0                                                                       

1624048          F22/G02             F           52,000.00         ZZ   
                                  180         51,870.15          1
6581 HAYES STREET                  9.625            546.93         80   
                                     9.375            546.93       65,000.00
HOLLYWOOD        FL   33024          1            08/15/97         00   
0430373399                           05           10/01/97          0   
68007477                             N            09/01/12              
0                                                                       

1624068          737/G02             F           64,000.00         ZZ   
                                  180         64,000.00          1
3236 RIDGELY CT                    8.250            620.89         62   
                                     8.000            620.89      104,000.00
BIRMINGHAM       AL   35243          1            09/05/97         00   
0430381269                           05           11/01/97          0   
950862                               O            10/01/12              
0                                                                       

1624106          K08/G02             F           25,950.00         ZZ   
                                  180         25,812.34          1
16465 NE 22ND AVENUE               9.000            263.20         90   
  UNIT 215                           8.750            263.20       28,840.00
NORTH MIAMI BEA  FL   33160          1            07/31/97         04   
0410446314                           08           09/01/97         25   
410446314                            N            08/01/12              
0                                                                       

1624154          766/G02             F           29,500.00         ZZ   
                                  180         29,421.16          1
6125 W 20 AVE #308                 8.875            297.02         85   
                                     8.625            297.02       35,000.00
HIALEAH          FL   33012          1            08/18/97         12   
0430368688                           01           10/01/97         20   
97OZ0579                             N            09/01/12              
0                                                                       

1624188          292/G02             F           32,000.00         ZZ   
                                  180         31,913.51          1
3683 BOWEN AVENUE                  8.750            319.82         80   
                                     8.500            319.82       40,000.00
MEMPHIS          TN   38122          1            09/04/97         01   
0430414458                           05           10/01/97         20   
1298356                              N            09/01/12              
0                                                                       
1                                                                               

1624197          757/757             F           72,000.00         ZZ   
                                  180         71,798.75          2
6606 A & B JOHNNY MERCER BLVD      8.375            703.75         80   
                                     8.125            703.75       90,000.00
SAVANNAH         GA   31410          1            08/28/97         00   
3145380                              05           10/01/97          0   
3145380                              N            09/01/12              
0                                                                       

1624199          757/757             F           88,000.00         ZZ   
                                  180         87,754.03          1
6612 A & B JOHNNY MERCER BLVD      8.375            860.14         80   
                                     8.125            860.14      110,000.00
SAVANNAH         GA   31410          1            08/28/97         00   
3145398                              05           10/01/97          0   
3145398                              N            09/01/12              
0                                                                       

1624215          K08/G02             F           75,000.00         ZZ   
                                  180         74,799.56          1
814 NORTH HOMAN AVENUE             8.875            755.13         66   
                                     8.625            755.13      115,000.00
CHICAGO          IL   60651          5            08/25/97         00   
0410331458                           05           10/01/97          0   
410331458                            N            09/01/12              
0                                                                       

1624234          K08/G02             F           86,350.00         ZZ   
                                  180         86,092.06          1
5582 CYNTHIA DRIVE                 7.625            806.62         80   
                                     7.375            806.62      107,950.00
ROANOKE          VA   24018          1            08/25/97         00   
0410495691                           05           10/01/97          0   
410495691                            O            09/01/12              
0                                                                       

1624258          B75/G02             F           56,850.00         T    
                                  180         56,689.32          1
130 OAK LANE                       8.250            551.52         73   
                                     8.000            551.52       78,000.00
EATONTON         GA   31024          1            08/08/97         00   
0430413245                           05           10/01/97          0   
2982890                              O            09/01/12              
0                                                                       

1624379          573/G02             F           75,400.00         ZZ   
                                  180         75,196.20          1
1                                                                               

220 EAST ROSECREST AVENUE          8.750            753.59         65   
                                     8.500            753.59      116,000.00
LA HABRA         CA   90131          1            08/18/97         00   
0430376236                           05           10/01/97          0   
707781                               N            09/01/12              
0                                                                       

1624386          B37/G02             F           47,300.00         ZZ   
                                  180         47,172.16          1
2005 WARBERRY ROAD                 8.750            472.74         55   
                                     8.500            472.74       86,000.00
CARROLLTON       TX   75007          2            08/27/97         00   
0430374660                           05           10/01/97          0   
0217393                              N            09/01/12              
0                                                                       

1624400          K08/G02             F           83,000.00         T    
                                  180         82,770.59          1
2899 COLLINS AVENUE                8.500            817.33         73   
  UNIT # 1743                        8.250            817.33      115,000.00
MIAMI BEACH      FL   33140          5            08/22/97         00   
0410523203                           06           10/01/97          0   
410523203                            O            09/01/12              
0                                                                       

1624444          K08/G02             F           28,800.00         ZZ   
                                  180         28,728.90          2
57 EAST 22ND COURT                 9.750            305.10         90   
  AND 56 EAST 22ND STREET            9.500            305.10       32,000.00
RIVERA BEACH     FL   33404          1            08/18/97         04   
0410448088                           05           10/01/97         25   
410448088                            N            09/01/12              
0                                                                       

1624461          E22/G02             F           93,000.00         ZZ   
                                  180         92,731.24          4
200 FLEMING AVENUE                 8.000            888.76         75   
                                     7.750            888.76      124,000.00
PORT ORANGE      FL   32127          2            08/22/97         00   
0410473797                           05           10/01/97          0   
410473797                            N            09/01/12              
0                                                                       

1624498          661/661             F          300,000.00         ZZ   
                                  180        294,572.77          1
286 LIVINGSTON STREET              8.000          2,866.96         93   
                                     7.750          2,866.96      325,000.00
NEW HAVEN        CT   06511          5            05/21/97         92   
2891208                              05           07/01/97         30   
1                                                                               

2891208                              O            06/01/12              
0                                                                       

1624499          661/661             F           29,200.00         ZZ   
                                  180         28,884.35          1
1006 BROWN STREET                  8.875            294.00         80   
                                     8.625            294.00       36,500.00
ALTON            IL   62002          5            05/05/97         00   
2905636                              05           07/01/97          0   
2905636                              O            06/01/12              
0                                                                       

1624501          661/661             F           74,000.00         ZZ   
                                  180         73,361.23          1
402 EAST GRISWOLD ROAD             8.125            712.53         80   
                                     7.875            712.53       93,000.00
PHOENIX          AZ   85020          2            06/03/97         00   
2907384                              05           08/01/97          0   
2907384                              O            07/01/12              
0                                                                       

1624507          661/661             F           37,000.00         ZZ   
                                  180         36,586.56          1
343 WELLINGTON H                   8.500            364.35         91   
  UNIT 343                           8.250            364.35       41,000.00
WEST PALM BEACH  FL   33417          1            05/30/97         92   
2912905                              01           07/01/97         30   
2912905                              O            06/01/12              
0                                                                       

1624515          664/G02             F           40,500.00         ZZ   
                                  180         40,388.05          1
4306 FIRST VIEW DRIVE              8.500            398.82         90   
                                     8.250            398.82       45,000.00
SAN ANTONIO      TX   78217          1            08/12/97         01   
0430371690                           05           10/01/97         25   
2314664                              N            09/01/12              
0                                                                       

1624517          661/661             F          122,500.00         ZZ   
                                  180        121,430.87          1
340 SORRELL TREE COURT             8.000          1,170.68         70   
                                     7.750          1,170.68      175,000.00
CHERRY HILL      NJ   08003          5            06/11/97         00   
2917888                              01           08/01/97          0   
2917888                              O            07/01/12              
0                                                                       

1                                                                               

1624580          661/661             F          165,000.00         ZZ   
                                  180        163,989.29          1
5 EAST 26TH AVENUE                 7.375          1,517.87        100   
                                     7.125          1,517.87      165,000.00
SPOKANE          WA   99203          1            07/16/97         92   
2928620                              05           09/01/97         30   
2928620                              O            08/01/12              
0                                                                       

1624583          661/661             F          118,000.00         T    
                                  180        116,970.15          1
900 GULF BOULEVARD                 8.000          1,127.67         80   
  #905                               7.750          1,127.67      147,500.00
INDIAN ROCKS BE  FL   33785          1            06/02/97         00   
2937258                              06           08/01/97          0   
2937258                              O            07/01/12              
0                                                                       

1624592          661/661             F          188,000.00         ZZ   
                                  180        186,909.80          1
6406 ARBORWOOD LANE                8.000          1,796.62         80   
                                     7.750          1,796.62      235,000.00
FAIRVIEW         PA   16505          5            07/15/97         00   
2954121                              05           09/01/97          0   
2954121                              O            08/01/12              
0                                                                       

1624952          661/661             F          150,000.00         ZZ   
                                  180        147,097.90          1
7 VIA DA VINCI                     7.750          1,411.91         79   
                                     7.500          1,411.91      190,000.00
CLIFTON PARK     NY   12065          5            06/27/97         00   
2964377                              05           09/01/97          0   
2964377                              O            08/01/12              
0                                                                       

1624955          661/661             F           44,000.00         ZZ   
                                  180         43,742.02          1
2300 OLD SPANISH TRAIL #1101       7.875            417.32        100   
  RIVERWALK CONDOS                   7.625            417.32       44,000.00
HOUSTON          TX   77054          1            07/11/97         92   
2968162                              01           09/01/97         30   
2968162                              O            08/01/12              
0                                                                       

1624960          661/661             F          190,000.00         ZZ   
                                  180        188,861.30          1
54 WINTERBERRY CIRCLE              7.625          1,774.84        100   
  UNIT #254                          7.375          1,774.84      190,000.00
1                                                                               

TOWN OF LEWISBO  NY   10518          1            07/15/97         92   
2975464                              01           09/01/97         30   
2975464                              O            08/01/12              
0                                                                       

1624985          661/661             F          125,000.00         ZZ   
                                  180        124,250.85          1
76 SUMMIT DRIVE                    7.625          1,167.66         91   
                                     7.375          1,167.66      138,000.00
TABERNACLE       NJ   08088          5            07/24/97         92   
2987253                              05           09/01/97         30   
2987253                              O            08/01/12              
0                                                                       

1624986          757/757             F           50,000.00         ZZ   
                                  180         49,863.33          2
702 DUNLAP AVENUE                  8.625            496.05         70   
                                     8.375            496.05       72,000.00
EAST RIDGE       TN   37412          5            08/27/97         00   
3145240                              05           10/01/97          0   
3145240                              N            09/01/12              
0                                                                       

1624987          661/661             F           32,000.00         ZZ   
                                  180         31,908.54          1
22007 NORTH MILITARY AVENUE        8.125            308.13         79   
                                     7.875            308.13       41,000.00
EDMOND           OK   73034          5            07/28/97         00   
2997070                              05           10/01/97          0   
2997070                              O            09/01/12              
0                                                                       

1624989          661/661             F          249,500.00         ZZ   
                                  180        239,946.14          1
5666 STARWOOD COURT                8.000          2,384.35         97   
                                     7.750          2,384.35      257,500.00
THOUSAND OAKS    CA   91362          1            07/18/97         92   
3003597                              01           09/01/97         30   
3003597                              O            08/01/12              
0                                                                       

1624990          661/661             F          163,500.00         ZZ   
                                  180        162,487.51          1
1747 BAYHILL DRIVE                 7.250          1,492.53        100   
                                     7.000          1,492.53      163,500.00
ROCKWALL         TX   75087          1            07/17/97         92   
3007994                              05           09/01/97         30   
3007994                              O            08/01/12              
0                                                                       
1                                                                               

1624992          661/661             F          118,000.00         ZZ   
                                  180         67,330.67          1
2804 PONCA STREET                  8.250          1,144.77        100   
                                     8.000          1,144.77      118,000.00
LINCOLN          NE   68506          1            07/18/97         92   
3008448                              09           09/01/97         30   
3008448                              O            08/01/12              
0                                                                       

1625021          514/G02             F          136,000.00         ZZ   
                                  180        135,598.19          1
301 BELVEDERE DRIVE                7.750          1,280.14         80   
                                     7.500          1,280.14      171,250.00
ALLEN            TX   75013          1            08/14/97         00   
0430374520                           03           10/01/97          0   
362357                               O            09/01/12              
0                                                                       

1625026          561/561             F           81,000.00         ZZ   
                                  180         80,755.37          1
9708 TUCKERMAN STREET              7.500            750.88         54   
                                     7.250            750.88      150,000.00
LANHAM           MD   20706          5            08/08/97         00   
971472                               05           10/01/97          0   
971472                               O            09/01/12              
0                                                                       

1625063          E22/G02             F          101,500.00         T    
                                  180        101,208.47          1
6592 BERRY AVENUE                  8.750          1,014.44         70   
                                     8.500          1,014.44      145,000.00
BUENA PARK       CA   90620          1            08/19/97         00   
0410495600                           05           10/01/97          0   
410495600                            O            09/01/12              
0                                                                       

1625086          K08/G02             F           74,400.00         ZZ   
                                  180         73,189.72          1
2031 VICTORIA GARDEN DRIVE         8.250            721.78         80   
                                     8.000            721.78       93,000.00
RICHMOND         TX   77469          1            08/27/97         00   
0410514285                           03           10/01/97          0   
410514285                            O            09/01/12              
0                                                                       

1625093          K08/G02             F           33,000.00         ZZ   
                                  180         32,911.80          1
1                                                                               

6030 SW 39TH STREET                8.875            332.26         55   
                                     8.625            332.26       60,000.00
MIRAMAR          FL   33023          5            08/22/97         00   
0410512990                           05           10/01/97          0   
410512990                            N            09/01/12              
0                                                                       

1625094          K08/G02             F           39,150.00         ZZ   
                                  180         39,047.70          1
8 MCDADE STREET                    9.125            400.00         90   
                                     8.875            400.00       43,500.00
GREENVILLE       SC   29611          1            08/22/97         04   
0410486484                           05           10/01/97         25   
410486484                            N            09/01/12              
0                                                                       

1625123          K08/G02             F           45,200.00         ZZ   
                                  180         45,067.93          1
5807 HIDDEN SKY                    7.875            428.70         80   
                                     7.625            428.70       56,500.00
SAN ANTONIO      TX   78250          2            08/27/97         00   
0410513717                           05           10/01/97          0   
410513717                            N            09/01/12              
0                                                                       

1625211          286/286             F           65,000.00         ZZ   
                                  180         64,643.38          1
4160 ROSEWOOD AVE                  8.625            644.86         42   
                                     8.375            644.86      158,000.00
MALABAR          FL   32950          2            07/23/97         00   
0008686621                           03           09/01/97          0   
0008686621                           O            08/01/12              
0                                                                       

1625219          225/225             F          208,000.00         ZZ   
                                  180        207,405.53          1
147 CELADA COURT                   8.125          2,002.80         53   
                                     7.875          2,002.80      394,000.00
FREMONT          CA   94539          2            08/14/97         00   
805952800                            05           10/01/97          0   
805952800                            N            09/01/12              
0                                                                       

1626084          F22/G02             F           64,300.00         ZZ   
                                  180         64,114.19          1
2361 S. W. 17TH SREET              8.000            614.48         52   
                                     7.750            614.48      125,000.00
MIAMI            FL   33145          2            08/12/97         00   
0430374066                           05           10/01/97          0   
1                                                                               

68007656                             O            09/01/12              
0                                                                       

1626137          136/G02             F           45,500.00         ZZ   
                                  180         45,247.57          1
320 SOUTH BROADWAY #7N             8.500            448.06         70   
                                     8.250            448.06       65,000.00
TARRYTOWN        NY   10591          5            07/31/97         00   
0430374256                           01           09/01/97          0   
4502850                              N            08/01/12              
0                                                                       

1626139          661/661             F          250,000.00         T    
                                  180        247,695.85          1
225 WEST 83RD STREET               7.375          2,299.81         87   
  UNIT 19 I                          7.125          2,299.81      289,000.00
NEW YORK         NY   10025          1            06/26/97         92   
2913887                              06           08/01/97         30   
2913887                              O            07/01/12              
0                                                                       

1626142          K08/G02             F           37,000.00         ZZ   
                                  180         36,898.87          1
2616 MEADOW LANE                   8.625            367.07         73   
                                     8.375            367.07       51,000.00
GRANITE CITY     IL   62040          2            08/22/97         00   
0410502959                           05           10/01/97          0   
410502959                            N            09/01/12              
0                                                                       

1626165          E22/G02             F           21,500.00         ZZ   
                                  180         21,250.79          1
1932 HANCOCK STREET               10.625            239.33         90   
                                    10.375            239.33       23,900.00
SAGINAW          MI   48602          1            04/16/97         04   
0410365258                           05           06/01/97         25   
410365258                            N            05/01/12              
0                                                                       

1626568          686/686             F          105,000.00         ZZ   
                                  180        104,690.88          1
7 CAVALLERO CT                     7.790            990.75         79   
                                     7.540            990.75      133,000.00
NEW CASTLE       DE   19720          2            08/11/97         00   
818102584                            05           10/01/97          0   
818102584                            O            09/01/12              
0                                                                       

1                                                                               

1626582          G10/G02             F           40,700.00         ZZ   
                                  180         40,587.50          1
3217 SW 84TH                       8.500            400.79         79   
                                     8.250            400.79       51,750.00
OKLAHOMA CITY    OK   73159          1            08/22/97         00   
0430381087                           05           10/01/97          0   
970768                               N            09/01/12              
0                                                                       

1626586          136/G02             F           49,200.00         ZZ   
                                  180         48,927.04          1
320 SOUTH BROADWAY #P1             8.500            484.50         80   
                                     8.250            484.50       61,500.00
TARRYTOWN        NY   10591          1            07/31/97         00   
0430374223                           01           09/01/97          0   
4502870                              N            08/01/12              
0                                                                       

1626592          661/661             F           83,200.00         ZZ   
                                  180         82,497.46          1
3517 DALE HOLLOW ROAD              8.375            813.22         80   
                                     8.125            813.22      104,000.00
ANNISTON         AL   36207          5            06/24/97         00   
2947679                              05           08/01/97          0   
2947679                              O            07/01/12              
0                                                                       

1627528          E82/G02             F           34,000.00         ZZ   
                                  180         33,904.97          1
4321 WEST BERTHA & 303 FLEMING     8.375            332.32         85   
                                     8.125            332.32       40,000.00
INDIANAPOLIS     IN   46241          1            08/26/97         23   
0400057006                           05           10/01/97          0   
0400057006                           N            09/01/12              
0                                                                       

1627543          480/G02             F           24,000.00         ZZ   
                                  180         23,935.13          1
1549 HUNTINGTON LANE               8.750            239.87         33   
                                     8.500            239.87       74,000.00
CLEARWATER       FL   34615          1            08/22/97         00   
0430374546                           05           10/01/97          0   
2174902                              O            09/01/12              
0                                                                       

1627580          H60/H60             F          128,000.00         ZZ   
                                  180        127,657.91          1
6509 CRAYFORD STREET               8.875          1,288.76         80   
                                     8.375          1,288.76      160,000.00
1                                                                               

BURKE            VA   22015          1            08/29/97         00   
7189343                              05           10/01/97          0   
14202                                O            09/01/12              
0                                                                       

1627638          664/G02             F           87,800.00         ZZ   
                                  180         87,549.06          1
1808 GARRETT DRIVE                 8.125            845.42         75   
                                     7.875            845.42      117,105.00
CARROLLTON       TX   75010          1            08/20/97         00   
0430383711                           03           10/01/97          0   
2316222                              N            09/01/12              
0                                                                       

1627763          K08/G02             F          195,000.00         ZZ   
                                  180        194,448.86          1
1929 LANDING WAY                   8.250          1,891.77         74   
                                     8.000          1,891.77      265,000.00
FORT LAUDERDALE  FL   33326          5            08/20/97         00   
0410448302                           03           10/01/97          0   
410448302                            O            09/01/12              
0                                                                       

1627781          K08/G02             F          171,000.00         ZZ   
                                  180        170,494.79          1
10560 NW 18TH DRIVE                7.750          1,609.58         80   
                                     7.500          1,609.58      214,000.00
PLANTATION       FL   33322          1            08/21/97         00   
0410494991                           03           10/01/97          0   
410494991                            O            09/01/12              
0                                                                       

1627787          F73/G02             F          393,750.00         ZZ   
                                  180        393,750.00          1
805 SOUTH MCKNIGHT ROAD            7.750          3,706.28         75   
                                     7.500          3,706.28      525,000.00
ST LOUIS         MO   63124          5            09/08/97         00   
0430390294                           05           11/01/97          0   
9716762                              O            10/01/12              
0                                                                       

1627811          K08/G02             F          140,650.00         ZZ   
                                  180        140,261.23          1
1735 RESERVE WAY                   8.500          1,385.04         90   
                                     8.250          1,385.04      156,729.00
ANN ARBOR        MI   48104          1            08/08/97         04   
0410485536                           03           10/01/97         25   
410485536                            N            09/01/12              
0                                                                       
1                                                                               

1627814          K08/G02             F           29,250.00         ZZ   
                                  180         29,156.02          2
2457 W. PHILADELPHIA               8.875            294.50         90   
                                     8.625            294.50       32,500.00
DETROIT          MI   48206          1            08/25/97         04   
0410483994                           05           10/01/97         25   
410483994                            N            09/01/12              
0                                                                       

1627824          686/686             F          176,250.00         ZZ   
                                  180        175,715.36          1
116     HARBOR ROAD                7.450          1,628.86         75   
                                     7.200          1,628.86      235,000.00
PORT WASHINGTON  NY   11050          5            08/13/97         00   
818262875                            05           10/01/97          0   
818262875                            O            09/01/12              
0                                                                       

1627859          E22/G02             F           21,150.00         ZZ   
                                  180         21,095.36          1
4112 N. BELT WEST                  9.250            217.67         90   
                                     9.000            217.67       23,500.00
BELLEVILLE       IL   62221          1            08/22/97         04   
0410473169                           05           10/01/97         25   
410473169                            N            09/01/12              
0                                                                       

1627902          A37/G02             F           52,000.00         ZZ   
                                  180         51,848.05          2
1003 GARFIELD STREET               7.875            493.20         45   
                                     7.625            493.20      116,000.00
HARVARD          IL   60033          5            08/28/97         00   
0430377044                           05           10/01/97          0   
97W74297                             N            09/01/12              
0                                                                       

1627903          A37/G02             F           52,000.00         ZZ   
                                  180         51,848.05          2
1005 GARFIELD STREET               7.875            493.20         45   
                                     7.625            493.20      116,000.00
HARVARD          IL   60033          5            08/28/97         00   
0430377028                           05           10/01/97          0   
97W74269                             N            09/01/12              
0                                                                       

1627919          E26/G02             F           39,900.00         ZZ   
                                  180         39,793.35          1
1                                                                               

118 SHERMAN AVE                    8.875            401.74         70   
                                     8.625            401.74       57,000.00
BERKELEY TOWNSH  NJ   08721          1            08/25/97         00   
0430387399                           05           10/01/97          0   
62700339                             N            09/01/12              
0                                                                       

1628117          H86/G02             F          104,900.00         ZZ   
                                  180        104,572.62          1
1025 NORTH CLUBHOUSE COURT         7.125            950.22         44   
                                     6.875            950.22      239,900.00
FRANKLIN         TN   37064          1            08/29/97         00   
0430390443                           03           10/01/97          0   
085831                               O            09/01/12              
0                                                                       

1628233          K08/G02             F           34,950.00         T    
                                  180         34,852.31          1
909 W OAK RIDGE RD UNIT#921D       8.375            341.61         70   
                                     8.125            341.61       49,990.00
ORLANDO          FL   32809          1            08/22/97         00   
0410438329                           01           10/01/97          0   
410438329                            O            09/01/12              
0                                                                       

1628235          E22/G02             F           55,600.00         ZZ   
                                  180         55,448.03          1
7557 SOUTHPOINTE PLACE             8.625            551.60         80   
                                     8.375            551.60       69,500.00
PENSACOLA        FL   32514          1            08/28/97         04   
0410494850                           05           10/01/97         12   
410494850                            N            09/01/12              
0                                                                       

1628325          737/G02             F           31,500.00         ZZ   
                                  180         31,419.53          1
120 BIRDIE ROAD                    9.375            326.56         90   
                                     9.125            326.56       35,000.00
GRIFFIN          GA   30228          1            08/29/97         01   
0430379800                           05           10/01/97         25   
950760                               N            09/01/12              
0                                                                       

1628394          E22/G02             F           65,100.00         ZZ   
                                  180         64,924.05          1
2201 SHILOH DRIVE                  8.750            650.64         70   
                                     8.500            650.64       93,000.00
AUSTIN           TX   78745          5            08/26/97         00   
0410473565                           05           10/01/97          0   
1                                                                               

410473565                            N            09/01/12              
0                                                                       

1628428          K08/G02             F           33,300.00         ZZ   
                                  180         33,211.00          1
8804 S. HOLLAND AVE.               8.875            335.28         90   
                                     8.625            335.28       37,000.00
CHICAGO          IL   60620          1            09/02/97         04   
0410331052                           05           10/01/97         25   
410331052                            N            09/01/12              
0                                                                       

1628438          E73/G02             F          128,000.00         ZZ   
                                  180        127,617.64          1
150 KOSSUTH STREET                 7.625          1,195.69         72   
                                     7.375          1,195.69      178,000.00
PISCATAWAY       NJ   08854          1            08/28/97         00   
0430377077                           05           10/01/97          0   
4000066526                           O            09/01/12              
0                                                                       

1628450          E22/G02             F          217,500.00         ZZ   
                                  180        216,864.46          1
2830 SUNSET HILLS DRIVE            7.875          2,062.88         75   
                                     7.625          2,062.88      290,000.00
ESCONDIDO        CA   92025          5            08/27/97         00   
0410341580                           05           10/01/97          0   
410341580                            O            09/01/12              
0                                                                       

1628475          E22/G02             F           59,950.00         ZZ   
                                  180         59,950.00          1
1731 NEW HAMPSHIRE STREET          8.875            603.60         60   
                                     8.625            603.60      100,000.00
FAIRFIELD        CA   94533          5            09/03/97         00   
0410494843                           05           11/01/97          0   
410494843                            N            10/01/12              
0                                                                       

1628540          E26/G02             F           56,000.00         ZZ   
                                  180         55,823.32          1
2614 ROLLING GREEN DRIVE           7.000            503.35         80   
                                     6.750            503.35       70,000.00
MACUNGIE         PA   18062          1            08/14/97         00   
0430374231                           01           10/01/97          0   
60700508                             N            09/01/12              
0                                                                       

1                                                                               

1628550          375/G02             F          204,000.00         ZZ   
                                  180        202,855.62          1
88 CLAREMONT AVENUE                8.375          1,993.95         85   
                                     8.125          1,993.95      240,000.00
VERONA           NJ   07044          2            07/10/97         11   
0430385740                           05           09/01/97          6   
663437                               O            08/01/12              
0                                                                       

1628565          375/G02             F           73,500.00         ZZ   
                                  180         72,492.10          1
27080 EAST WELCHES ROAD            8.750            734.60         53   
                                     8.500            734.60      140,000.00
WELCHES          OR   97067          5            04/28/97         00   
0430384834                           05           06/01/97          0   
654488                               O            05/01/12              
0                                                                       

1628568          375/G02             F          110,400.00         ZZ   
                                  180        108,975.11          1
1736 - 212TH LANE NE               8.500          1,087.15         80   
                                     8.250          1,087.15      138,000.00
EAST BETHEL      MN   55011          5            06/24/97         00   
0430396382                           05           08/01/97          0   
663595                               O            07/01/12              
0                                                                       

1628618          664/G02             F           53,900.00         ZZ   
                                  180         53,751.01          1
13210 LA VENTANA STREET            8.500            530.78         70   
                                     8.250            530.78       77,000.00
SAN ANTONIO      TX   78233          5            08/22/97         00   
0430378737                           05           10/01/97          0   
2315208                              N            09/01/12              
0                                                                       

1628642          633/G02             F          125,000.00         T    
                                  180        125,000.00          1
5917 STOPE WAY                     7.750          1,176.59         50   
                                     7.500          1,176.59      255,000.00
EL DORADO        CA   95623          1            09/10/97         00   
0430395970                           05           11/01/97          0   
691336                               O            10/01/12              
0                                                                       

1628643          633/G02             F          224,800.00         ZZ   
                                  180        224,800.00          1
3798 HANCOCK DRIVE                 7.625          2,099.92         59   
                                     7.375          2,099.92      386,000.00
1                                                                               

SANTA CLARA      CA   95051          5            09/10/97         00   
0430395947                           05           11/01/97          0   
691334                               O            10/01/12              
0                                                                       

1628662          375/G02             F           29,610.00         ZZ   
                                  180         29,449.35          1
1406 NEVADA STREET                 8.750            295.94         90   
                                     8.500            295.94       32,900.00
TOLEDO           OH   43605          1            07/15/97         04   
0430388249                           05           09/01/97         20   
669503                               N            08/01/12              
0                                                                       

1628697          286/286             F           28,700.00         ZZ   
                                  180         28,700.00          1
1167 DUANE AVE                     8.000            274.28         70   
                                     7.750            274.28       41,000.00
AKRON            OH   44306          2            09/03/97         00   
8675493                              05           11/01/97          0   
8675493                              N            10/01/12              
0                                                                       

1628732          H05/H05             F           40,600.00         ZZ   
                                  180         40,481.37          1
1672 EAST PARK WAY                 7.875            385.07         51   
                                     7.625            385.07       80,000.00
DINUBA           CA   93618          5            08/25/97         00   
1500196                              05           10/01/97          0   
1500196                              O            09/01/12              
0                                                                       

1628812          K08/G02             F           68,800.00         ZZ   
                                  180         68,605.54          1
4427 LOGAN AVE NORTH               8.250            667.46         80   
                                     8.000            667.46       86,000.00
MINNEAPOLIS      MN   55412          1            09/03/97         00   
0410535645                           05           10/01/97          0   
410535645                            O            09/01/12              
0                                                                       

1628832          E22/G02             F          125,000.00         ZZ   
                                  180        124,336.86          1
3743 LAKESHORE DRIVE               9.000          1,267.83         90   
                                     8.750          1,267.83      139,000.00
NORTH LITTLE RO  AR   72116          1            08/01/97         10   
0410474167                           05           09/01/97         25   
410474167                            N            08/01/12              
0                                                                       
1                                                                               

1629079          286/286             F           16,950.00         ZZ   
                                  180         16,858.03          1
105 DENNIS STREET                  8.750            169.41         80   
                                     8.500            169.41       21,200.00
GOOSE CREEK      SC   29445          1            08/01/97         00   
8697578                              05           09/01/97          0   
8697578                              N            08/01/12              
0                                                                       

1629093          B75/G02             F           58,950.00         ZZ   
                                  180         58,777.75          1
5900 BOURNE ROAD                   7.875            559.11         90   
                                     7.625            559.11       65,500.00
THEODORE         AL   36582          1            08/21/97         01   
0430379933                           05           10/01/97         25   
2985877                              N            09/01/12              
0                                                                       

1629096          253/253             F           55,800.00         ZZ   
                                  180         55,644.03          1
4924 WAMPLER DR                    8.375            545.41         90   
                                     8.125            545.41       62,000.00
THE COLONY       TX   75056          1            08/29/97         14   
331962                               05           10/01/97         25   
331962                               N            09/01/12              
0                                                                       

1629121          267/267             F           70,000.00         ZZ   
                                  180         69,786.26          1
647 GUADALUPE AVE                  7.375            643.95         21   
                                     7.125            643.95      345,000.00
MILLBRAE         CA   94030          2            08/21/97         00   
4303044                              05           10/01/97          0   
4303044                              O            09/01/12              
0                                                                       

1629227          K08/G02             F           63,000.00         ZZ   
                                  180         62,813.87          1
809 WESTWOOD DRIVE                 7.750            593.00         70   
                                     7.500            593.00       90,000.00
TULLAHOMA        TN   37388          5            08/25/97         00   
0410452106                           05           10/01/97          0   
410452106                            O            09/01/12              
0                                                                       

1629253          K08/G02             F          175,000.00         ZZ   
                                  180        175,000.00          1
1                                                                               

9269 PRISCILLA STREET              7.375          1,609.87         75   
                                     7.125          1,609.87      235,000.00
DOWNEY           CA   90242          1            08/29/97         00   
0410523716                           05           11/01/97          0   
410523716                            O            10/01/12              
0                                                                       

1629284          405/405             F           54,400.00         ZZ   
                                  180         54,249.63          1
1300 BLAKENEY LANE                 8.500            535.70         80   
                                     8.250            535.70       68,500.00
AUSTIN           TX   78753          1            08/15/97         00   
8584002                              05           10/01/97          0   
8584002                              O            09/01/12              
0                                                                       

1629324          536/536             F          350,000.00         ZZ   
                                  180        350,000.00          1
1015 WILDER AVENUE #201            7.625          3,269.45         78   
                                     7.375          3,269.45      450,000.00
HONOLULU         HI   96822          2            09/19/97         00   
1173889                              06           11/01/97          0   
1173889                              N            10/01/12              
0                                                                       

1629505          E67/G02             F           60,000.00         ZZ   
                                  180         60,000.00          1
61487 SOUTHEAST ORION DRIVE        7.500            556.21         34   
                                     7.250            556.21      177,000.00
BEND             OR   97702          5            09/12/97         00   
0430379719                           05           11/01/97          0   
6549                                 O            10/01/12              
0                                                                       

1629600          624/G02             F          118,000.00         ZZ   
                                  180        117,659.00          1
426 SHERIDAN PLACE                 8.000          1,127.67         70   
                                     7.750          1,127.67      170,000.00
SAN JOSE         CA   95111          2            08/27/97         00   
0430377754                           05           10/01/97          0   
87503170096F                         O            09/01/12              
0                                                                       

1629632          757/757             F           95,000.00         ZZ   
                                  180         95,000.00          1
20690 COUNTY ROAD 64               8.250            921.64         62   
                                     8.000            921.64      155,000.00
ROBERTSDALE      AL   36567          1            09/08/97         00   
3160488                              05           11/01/97          0   
1                                                                               

3160488                              O            10/01/12              
0                                                                       

1629642          286/286             F           68,850.00         ZZ   
                                  180         68,659.69          1
3345 GLEN HOLLOW DRIVE             8.500            678.00         90   
                                     8.250            678.00       76,500.00
DOVER            PA   17315          1            08/28/97         10   
0006319099                           01           10/01/97         25   
0006319099                           N            09/01/12              
0                                                                       

1629827          K08/G02             F           51,450.00         ZZ   
                                  180         51,318.57          1
18641 CENTRALIA                    9.375            533.38         70   
                                     9.125            533.38       73,500.00
REDFORD          MI   48239          5            09/04/97         00   
0410521496                           05           10/01/97          0   
410521496                            N            09/01/12              
0                                                                       

1629963          B75/G02             F           32,400.00         ZZ   
                                  180         32,308.42          1
5495 NORTHWEST 10TH COURT          8.250            314.33         90   
  #102                               8.000            314.33       36,000.00
PLANTATION       FL   33313          1            08/29/97         01   
0430383521                           01           10/01/97         35   
2938827                              N            09/01/12              
0                                                                       

1630006          K08/G02             F           42,400.00         ZZ   
                                  180         42,277.47          1
5109 YVETTE AVENUE                 8.000            405.20         80   
                                     7.750            405.20       53,000.00
EL PASO          TX   79924          1            08/29/97         04   
0410521439                           05           10/01/97         12   
410521439                            N            09/01/12              
0                                                                       

1630008          K08/G02             F           82,500.00         ZZ   
                                  180         82,271.96          1
20236 STAFFORD                     8.500            812.41         75   
                                     8.250            812.41      110,000.00
CLINTON TWP      MI   48035          5            08/26/97         00   
0410501613                           05           10/01/97          0   
410501613                            O            09/01/12              
0                                                                       

1                                                                               

1630016          K08/G02             F           31,000.00         ZZ   
                                  180         30,914.31          2
3958 PARKER AVENUE                 8.500            305.27         48   
                                     8.250            305.27       65,000.00
ST LOUIS         MO   63116          5            08/27/97         00   
0410397285                           05           10/01/97          0   
410397285                            O            09/01/12              
0                                                                       

1630022          K08/G02             F          110,500.00         ZZ   
                                  180        110,171.38          1
7012 SWEETBRIAR AVE. NW            7.750          1,040.11         85   
                                     7.500          1,040.11      130,000.00
ALBUQUERQUE      NM   87120          5            08/26/97         04   
0410524516                           05           10/01/97         12   
410524516                            O            09/01/12              
0                                                                       

1630044          K08/G02             F           95,000.00         ZZ   
                                  180         95,000.00          1
504 NURSERY STREET                 8.250            921.63         50   
                                     8.000            921.63      190,000.00
NEVADA CITY      CA   95959          1            09/10/97         00   
0410539621                           05           11/01/97          0   
410539621                            O            10/01/12              
0                                                                       

1630136          369/G02             F           21,600.00         ZZ   
                                  180         21,540.96          1
1825 SANDEFER STREET               8.625            214.29         82   
                                     8.375            214.29       26,500.00
ABILENE          TX   79603          2            08/08/97         01   
0430387043                           05           10/01/97         20   
60861077                             N            09/01/12              
0                                                                       

1630141          369/G02             F           30,000.00         ZZ   
                                  180         29,917.08          1
112 PONANA STREET                  8.500            295.42         10   
                                     8.250            295.42      302,750.00
KIHEI            HI   96753          1            08/13/97         00   
0430385765                           05           10/01/97          0   
49142201                             O            09/01/12              
0                                                                       

1630275          B75/G02             F          107,200.00         ZZ   
                                  180        106,893.62          1
13615 SAN MARTIN LANE              8.125          1,032.21         80   
                                     7.875          1,032.21      134,000.00
1                                                                               

HOUSTON          TX   77083          1            08/26/97         00   
0430424010                           05           10/01/97          0   
2939262                              O            09/01/12              
0                                                                       

1630276          K13/G02             F          108,000.00         ZZ   
                                  180        108,000.00          1
1210 MACDUFF AVENUE                7.750          1,016.58         80   
                                     7.500          1,016.58      135,000.00
STOCKTON         CA   95209          5            09/10/97         00   
0430396283                           05           11/01/97          0   
9709016                              O            10/01/12              
0                                                                       

1630401          696/G02             F           60,200.00         ZZ   
                                  180         60,200.00          1
5500 FRIENDSHIP BLVD #1501         8.625            597.23         70   
                                     8.375            597.23       86,000.00
CHEVY CHASE      MD   20815          5            09/08/97         00   
0430391086                           06           11/01/97          0   
22310509                             N            10/01/12              
0                                                                       

1630421          623/623             F          111,000.00         ZZ   
                                  180        110,675.66          1
2479 E HOUGHTON LAKE ROAD          7.875          1,052.78         75   
                                     7.625          1,052.78      148,000.00
LAKE CITY        MI   49651          5            08/04/97         00   
926780                               05           10/01/97          0   
926780                               O            09/01/12              
0                                                                       

1630427          623/623             F          133,500.00         ZZ   
                                  180        132,759.37          2
614 WOODINGHAM EAST                8.500          1,314.63         75   
                                     8.250          1,314.63      178,000.00
LANSING          MI   48823          1            07/21/97         00   
930893                               05           09/01/97          0   
930893                               N            08/01/12              
0                                                                       

1630428          623/623             F           87,000.00         ZZ   
                                  120         85,602.86          1
201 PINE AVENUE                    8.500          1,078.68         57   
                                     8.250          1,078.68      153,000.00
MACCLENNY        FL   32063          5            06/24/97         00   
931075                               05           08/01/97          0   
931075                               O            07/01/07              
0                                                                       
1                                                                               

1630445          623/623             F           51,000.00         ZZ   
                                  180         50,710.72          2
846 TRINA LN 845 SHIRLEY           8.250            494.77         75   
                                     8.000            494.77       68,000.00
LAKELAND         FL   33809          2            07/14/97         00   
933909                               05           09/01/97          0   
933909                               N            08/01/12              
0                                                                       

1630448          623/623             F           67,000.00         ZZ   
                                  180         66,628.29          2
1615 AND 1613 WHIRLWIND TRAIL      8.500            659.78         59   
                                     8.250            659.78      115,000.00
ROUND ROCK       TX   78664          5            07/03/97         00   
935022                               03           09/01/97          0   
935022                               N            08/01/12              
0                                                                       

1630451          623/623             F           56,000.00         ZZ   
                                  180         55,836.37          1
1415 S HARBOR DRIVE                7.875            531.13         80   
                                     7.625            531.13       70,000.00
MERRITT ISLAND   FL   32952          1            08/21/97         00   
935335                               05           10/01/97          0   
935335                               N            09/01/12              
0                                                                       

1630458          623/623             F           63,750.00         ZZ   
                                  180         63,569.82          2
4430 WESTSIDE DR                   8.250            618.46         75   
                                     8.000            618.46       85,000.00
ACWORTH          GA   30101          5            08/06/97         00   
937195                               05           10/01/97          0   
937195                               N            09/01/12              
0                                                                       

1630460          623/623             F          107,900.00         ZZ   
                                  180        107,228.56          1
8967 ESGUERRA LANE                 8.125          1,038.95         80   
                                     7.875          1,038.95      134,900.00
ORLANDO          FL   32836          1            07/31/97         00   
937375                               05           09/01/97          0   
937375                               N            08/01/12              
0                                                                       

1630461          623/623             F           36,800.00         ZZ   
                                  180         36,606.95          1
1                                                                               

9370 52ND WAY NORTH                9.125            375.99         80   
                                     8.875            375.99       46,000.00
PINELLAS PARK    FL   33782          1            08/05/97         00   
937412                               05           09/01/97          0   
937412                               N            08/01/12              
0                                                                       

1630462          623/623             F           42,200.00         ZZ   
                                  180         41,893.68          1
3211 AIRWAY AVENUE                 7.875            400.25         90   
                                     7.625            400.25       46,900.00
ST LOUIS         MO   63114          1            08/01/97         10   
938288                               05           09/01/97         25   
938288                               N            08/01/12              
0                                                                       

1630467          623/623             F           72,000.00         ZZ   
                                  180         71,596.10          2
3346 & 3348 WYCKLIFFE              8.375            703.75         80   
  PARKWAY                            8.125            703.75       90,000.00
TOLDEO           OH   43606          1            07/31/97         00   
939167                               05           09/01/97          0   
939167                               N            08/01/12              
0                                                                       

1630468          623/623             F           57,000.00         T    
                                  180         56,829.74          1
25804 COCKELSHELL DRIVE            7.625            532.45         75   
  B313                               7.375            532.45       76,000.00
BONITA SPRINGS   FL   34135          5            08/07/97         00   
939705                               01           10/01/97          0   
939705                               O            09/01/12              
0                                                                       

1630470          623/623             F           57,600.00         ZZ   
                                  180         56,388.42          1
600 SOUTH C STREET                 8.125            554.63         85   
                                     7.875            554.63       68,000.00
TULARE           CA   93274          2            07/09/97         10   
6222667                              05           09/01/97         25   
6222667                              N            08/01/12              
0                                                                       

1630472          623/623             F          156,750.00         ZZ   
                                  180        155,850.98          1
9459 NORTH 33RD WAY                8.125          1,509.32         75   
                                     7.875          1,509.32      209,000.00
PHOENIX          AZ   85028          5            07/22/97         00   
6236257                              05           09/01/97          0   
1                                                                               

6236257                              O            08/01/12              
0                                                                       

1630479          623/623             F           26,250.00         ZZ   
                                  180         26,109.16          1
1613 CONCORD                       8.875            264.30         75   
                                     8.625            264.30       35,000.00
FLINT            MI   48504          5            07/24/97         00   
909125                               05           09/01/97          0   
909125                               N            08/01/12              
0                                                                       

1630480          623/623             F           30,750.00         ZZ   
                                  180         30,478.77          1
1403 COMANCHE AVENUE EAST          8.875            309.61         75   
                                     8.625            309.61       41,000.00
TAMPA            FL   33604          5            07/11/97         00   
927953                               05           09/01/97          0   
927953                               N            08/01/12              
0                                                                       

1630481          623/623             F           63,750.00         ZZ   
                                  180         63,380.31          1
689 NANTUCKET WAY                  8.000            609.23         75   
                                     7.750            609.23       85,000.00
ISLAND LAKE      IL   60042          5            07/11/97         00   
928463                               09           09/01/97          0   
928463                               N            08/01/12              
0                                                                       

1630482          623/623             F           62,250.00         ZZ   
                                  180         61,889.02          1
707 NANTUCKET WAY                  8.000            594.89         75   
                                     7.750            594.89       83,000.00
ISLAND LAKE      IL   60042          5            07/11/97         00   
928464                               09           09/01/97          0   
928464                               N            08/01/12              
0                                                                       

1630483          623/623             F          400,000.00         ZZ   
                                  180        397,576.35          1
2201 WEST COURSE DRIVE             7.500          3,708.05         77   
                                     7.250          3,708.05      520,000.00
RIVERWOODS       IL   60015          2            07/08/97         00   
929685                               05           09/01/97          0   
929685                               O            08/01/12              
0                                                                       

1                                                                               

1630484          623/623             F           58,000.00         ZZ   
                                  180         57,510.24          1
12843 ASHFORD MEADOW DRIVE         8.375            566.91         80   
                                     8.125            566.91       72,500.00
HOUSTON          TX   77082          1            06/18/97         00   
930468                               03           08/01/97          0   
930468                               O            07/01/12              
0                                                                       

1630485          623/623             F          126,750.00         ZZ   
                                  180        126,046.82          1
34016 HENWELL RD                   8.500          1,248.16         75   
                                     8.250          1,248.16      169,000.00
COLUMBIA STATIO  OH   44028          5            07/01/97         00   
932005                               05           09/01/97          0   
932005                               O            08/01/12              
0                                                                       

1630486          623/623             F           90,000.00         ZZ   
                                  180         89,419.01          1
2608 ALTA VISTA CIRCLE             8.250            873.13         75   
                                     8.000            873.13      120,000.00
BIRMINGHAM       AL   35243          5            07/25/97         00   
934096                               05           09/01/97          0   
934096                               O            08/01/12              
0                                                                       

1630487          623/623             F           86,250.00         ZZ   
                                  180         85,760.76          1
3020 WHITEHURST WAY                8.250            836.75         75   
                                     8.000            836.75      115,000.00
MARIETTA         GA   30068          5            07/31/97         00   
935331                               05           09/01/97          0   
935331                               N            08/01/12              
0                                                                       

1630488          623/623             F           70,000.00         ZZ   
                                  180         69,795.47          1
00863 FOURTH ST                    7.875            663.91         66   
                                     7.625            663.91      107,000.00
CHARLEVOIX       MI   49720          5            08/18/97         00   
935818                               05           10/01/97          0   
935818                               O            09/01/12              
0                                                                       

1630489          623/623             F           40,000.00         ZZ   
                                  180         39,886.94          1
5898 FELSKE DR                     8.250            388.06         54   
                                     8.000            388.06       75,200.00
1                                                                               

BRIGHTON         MI   48116          5            08/09/97         00   
935842                               05           10/01/97          0   
935842                               N            09/01/12              
0                                                                       

1630490          623/623             F          207,000.00         ZZ   
                                  180        206,427.84          1
544 ABBEYWOOD DRIVE                8.500          2,038.41         86   
                                     8.250          2,038.41      241,000.00
CARY             IL   60013          1            08/15/97         10   
936361                               05           10/01/97         25   
936361                               N            09/01/12              
0                                                                       

1630491          623/623             F           37,000.00         ZZ   
                                  180         36,894.25          1
703 SOUTH 11TH AVE                 8.125            356.27         29   
                                     7.875            356.27      128,000.00
ST CHARLES       IL   60174          5            08/08/97         00   
937016                               05           10/01/97          0   
937016                               N            09/01/12              
0                                                                       

1630492          623/623             F          318,750.00         ZZ   
                                  180        316,860.46          1
904OXMOOR WOODS PARKWAY            7.750          3,000.32         75   
                                     7.500          3,000.32      425,000.00
LOUISVILLE       KY   40222          5            07/25/97         00   
937324                               05           09/01/97          0   
937324                               O            08/01/12              
0                                                                       

1630493          623/623             F           87,250.00         ZZ   
                                  180         86,738.45          1
SAUSALITO DRIVE                    7.875            827.52         80   
                                     7.625            827.52      109,119.00
BOYNTON BEACH    FL   33436          1            07/29/97         00   
937365                               09           09/01/97          0   
937365                               O            08/01/12              
0                                                                       

1630494          623/623             F          108,000.00         ZZ   
                                  180        107,691.34          1
103 SPYGLASS HILL DRIVE            8.125          1,039.91         72   
                                     7.875          1,039.91      150,000.00
ASHLAND          MA   01721          2            08/21/97         00   
937370                               01           10/01/97          0   
937370                               O            09/01/12              
0                                                                       
1                                                                               

1630495          623/623             F          186,750.00         ZZ   
                                  180        185,690.71          1
4340 CROWN POINT DRIVE             8.250          1,811.74         75   
                                     8.000          1,811.74      249,000.00
COLUMBUS         OH   43220          2            07/30/97         00   
939668                               05           09/01/97          0   
939668                               O            08/01/12              
0                                                                       

1630496          623/623             F          125,000.00         ZZ   
                                  180        124,079.84          1
5218 POST HOUSE LANE               7.625          1,167.66         74   
                                     7.375          1,167.66      170,000.00
BIRMINGHAM       AL   35242          5            08/08/97         00   
940538                               05           10/01/97          0   
940538                               O            09/01/12              
0                                                                       

1630497          623/623             F           62,500.00         ZZ   
                                  180         62,119.07          1
2319 12TH AVENUE                   7.875            592.79         50   
                                     7.625            592.79      127,500.00
FOREST GROVE     OR   97116          5            07/17/97         00   
6211378                              05           09/01/97          0   
6211378                              O            08/01/12              
0                                                                       

1630499          623/623             F           84,000.00         ZZ   
                                  180         83,491.01          2
542 & 544 EAST 3RD AVENUE          7.500            778.70         75   
                                     7.250            778.70      112,000.00
ESCONDIDO        CA   92025          1            07/24/97         00   
6310077                              05           09/01/97          0   
6310077                              N            08/01/12              
0                                                                       

1630500          623/623             F           90,000.00         ZZ   
                                  180         89,731.16          1
2122 COUNTRY PLACE                 7.625            840.72         75   
                                     7.375            840.72      120,000.00
ESCONDIDO        CA   92026          5            08/15/97         00   
6310280                              01           10/01/97          0   
6310280                              N            09/01/12              
0                                                                       

1630501          623/623             F           55,000.00         ZZ   
                                  180         54,691.45          1
1                                                                               

15525 FALDA AVENUE                 8.375            537.59         36   
                                     8.125            537.59      155,000.00
GARDENA(AREA)    CA   90249          5            07/23/97         00   
6311401                              05           09/01/97          0   
6311401                              O            08/01/12              
0                                                                       

1630502          623/623             F          103,500.00         ZZ   
                                  180        103,213.91          1
7433 EAST SUNDANCE TRAIL           8.500          1,019.21         75   
  #302                               8.250          1,019.21      138,000.00
CAREFREE         AZ   85377          1            08/15/97         00   
6312409                              01           10/01/97          0   
6312409                              N            09/01/12              
0                                                                       

1630503          623/623             F          183,500.00         ZZ   
                                  180        182,034.27          1
781 WEST 520 NORTH                 9.000          1,861.18         75   
                                     8.750          1,861.18      245,000.00
LINDON           UT   84042          5            06/16/97         00   
7105005                              05           08/01/97          0   
7105005                              O            07/01/12              
0                                                                       

1630624          K08/G02             F          121,500.00         ZZ   
                                  180        121,171.61          2
51-53 RANDOLPH AVENUE              8.750          1,214.33         89   
                                     8.500          1,214.33      138,000.00
DOVER            NJ   07801          2            08/29/97         10   
0410434708                           05           10/01/97         25   
410434708                            N            09/01/12              
0                                                                       

1630625          K08/G02             F          110,600.00         ZZ   
                                  180        110,269.60          1
4640 SW 153 TERR                   8.250          1,072.98         80   
                                     8.000          1,072.98      138,330.00
MIRAMAR          FL   33027          1            08/22/97         00   
0410521744                           03           10/01/97          0   
410521744                            O            09/01/12              
0                                                                       

1630629          K08/G02             F          144,000.00         ZZ   
                                  180        143,610.79          2
4032-34 BOWSER AVENUE              8.750          1,439.21         90   
                                     8.500          1,439.21      160,000.00
DALLAS           TX   75219          1            09/04/97         04   
0410536171                           05           10/01/97         25   
1                                                                               

410536171                            N            09/01/12              
0                                                                       

1630652          E22/G02             F           61,600.00         ZZ   
                                  180         61,425.89          1
2171 N.E. 1ST AVENUE               8.250            597.61         80   
                                     8.000            597.61       77,000.00
POMPANO BEACH    FL   33060          2            08/27/97         00   
0410492763                           05           10/01/97          0   
410492763                            O            09/01/12              
0                                                                       

1630666          K08/G02             F           32,400.00         ZZ   
                                  180         32,307.40          1
3304 W. 4TH STREET                 8.125            311.97         90   
                                     7.875            311.97       36,000.00
FORT WORTH       TX   76107          1            08/29/97         04   
0410523542                           05           10/01/97         25   
410523542                            N            09/01/12              
0                                                                       

1630707          661/661             F          100,000.00         ZZ   
                                  180         99,400.68          1
23 LESEUR ROAD                     7.625            934.13         48   
                                     7.375            934.13      210,000.00
HYDE PARK        MA   02136          5            08/21/97         00   
3026580                              05           10/01/97          0   
3026580                              O            09/01/12              
0                                                                       

1630735          661/661             F          240,000.00         ZZ   
                                  180        239,314.08          1
31 PALMER AVENUE                   8.125          2,310.92         80   
                                     7.875          2,310.92      301,000.00
WEST LONG BRANC  NJ   07764          5            08/08/97         00   
3018249                              05           10/01/97          0   
3018249                              O            09/01/12              
0                                                                       

1630779          664/G02             F          110,200.00         ZZ   
                                  180        109,888.53          2
11905 DOUBLOON COVE                8.250          1,069.10         78   
                                     8.000          1,069.10      142,500.00
AUSTIN           TX   78759          1            08/27/97         00   
0430390229                           05           10/01/97          0   
2316248                              O            09/01/12              
0                                                                       

1                                                                               

1630833          514/G02             F           55,800.00         ZZ   
                                  180         55,642.29          1
13735 MARYLEBONE DRIVE             8.250            541.34         85   
                                     8.000            541.34       66,000.00
HOUSTON          TX   77034          1            08/29/97         10   
0430390930                           05           10/01/97         25   
362500                               N            09/01/12              
0                                                                       

1630858          560/560             F           59,600.00         ZZ   
                                  180         59,429.66          1
1 ELWYN ROAD EXTENSION             8.125            573.88         80   
                                     7.875            573.88       74,500.00
PORTSMOUTH       NH   03801          1            09/04/97         00   
450838248                            05           10/01/97          0   
450838248                            O            09/01/12              
0                                                                       

1630867          E22/G02             F           52,500.00         T    
                                  180         52,356.50          1
7066 COLBATH                       8.625            520.84         75   
                                     8.375            520.84       70,000.00
OSCODA           MI   48750          1            08/29/97         00   
0410502876                           05           10/01/97          0   
410502876                            O            09/01/12              
0                                                                       

1630869          560/560             F           22,750.00         ZZ   
                                  180         22,684.98          1
1351 GLENROSE ST.                  8.125            219.06         70   
                                     7.875            219.06       32,500.00
LANSING          MI   48910          5            08/25/97         00   
450820717                            05           10/01/97          0   
450820717                            N            09/01/12              
0                                                                       

1630956          A32/G02             F          122,300.00         ZZ   
                                  180        121,950.46          1
5008 ST.ANNE DRIVE                 8.125          1,177.61         90   
                                     7.875          1,177.61      135,900.00
LAS VEGAS        NV   89129          1            08/25/97         01   
0430387050                           03           10/01/97         25   
139423                               O            09/01/12              
0                                                                       

1631003          514/G02             F          101,500.00         ZZ   
                                  180        101,213.12          1
509 BACK BAY LANE                  8.250            984.69         80   
                                     8.000            984.69      126,900.00
1                                                                               

LEAGUE CITY      TX   77539          1            08/29/97         00   
0430391656                           03           10/01/97          0   
362545                               O            09/01/12              
0                                                                       

1631024          560/560             F           73,500.00         ZZ   
                                  180         73,285.22          1
4708 E MONTECITO AVENUE            7.875            697.12         85   
                                     7.625            697.12       87,000.00
PHOENIX          AZ   85018          5            08/27/97         21   
450823489                            05           10/01/97         20   
450823489                            O            09/01/12              
0                                                                       

1631104          B57/G02             F           56,950.00         ZZ   
                                  180         56,950.00          1
813 W AVENUE H5                    8.375            556.65         90   
                                     8.125            556.65       63,650.00
LANCASTER        CA   93534          1            09/09/97         14   
0430383596                           05           11/01/97         20   
9711114                              N            10/01/12              
0                                                                       

1631139          405/405             F          181,600.00         ZZ   
                                  180        181,069.36          1
14200 SOUTHWEST 81 AVENUE          7.875          1,722.39         80   
                                     7.625          1,722.39      227,000.00
MIAMI            FL   33158          1            08/21/97         00   
8300782                              05           10/01/97          0   
8300782                              O            09/01/12              
0                                                                       

1631200          637/G02             F           72,000.00         ZZ   
                                  180         71,613.72          2
311-313 EAST SIXTH AVENUE          8.875            724.93         90   
                                     8.625            724.93       80,000.00
MESA             AZ   85210          1            07/31/97         04   
0430384479                           05           09/01/97         25   
9970054                              N            08/01/12              
0                                                                       

1631210          E45/G02             F           40,000.00         ZZ   
                                  180         39,889.43          1
1315 CAVE SPRINGS ROAD             8.500            393.90         80   
                                     8.250            393.90       50,000.00
ROME             GA   30161          1            08/19/97         00   
0430387100                           05           10/01/97          0   
33414                                N            09/01/12              
0                                                                       
1                                                                               

1631215          E45/G02             F           28,000.00         ZZ   
                                  180         27,923.47          1
1317 CAVE SPRINGS ROAD             8.625            277.78         56   
                                     8.375            277.78       50,000.00
ROME             GA   30161          4            08/19/97         00   
0430385799                           05           10/01/97          0   
33415                                N            09/01/12              
0                                                                       

1631494          208/G02             F           53,250.00         ZZ   
                                  180         53,097.82          1
2510 CALLE DE RINCON BONITA        8.125            512.73         42   
                                     7.875            512.73      128,000.00
SANTA FE         NM   87505          2            08/22/97         00   
0430390252                           05           10/01/97          0   
34279                                N            09/01/12              
0                                                                       

1631574          F22/G02             F           57,000.00         ZZ   
                                  180         56,833.44          1
1900 SW 83RD COURT                 7.875            540.62         40   
                                     7.625            540.62      145,000.00
MIAMI            FL   33155          5            08/25/97         00   
0430387753                           05           10/01/97          0   
68007781                             O            09/01/12              
0                                                                       

1631578          F22/G02             F          177,000.00         ZZ   
                                  180        176,521.61          1
5741 NW 50TH STREET                8.750          1,769.02         80   
                                     8.500          1,769.02      221,315.00
CORAL SPRINGS    FL   33067          1            08/28/97         00   
0430387613                           03           10/01/97          0   
68007283                             O            09/01/12              
0                                                                       

1631692          F22/G02             F          120,000.00         ZZ   
                                  180        119,672.00          1
115 BUTTONWOOD DRIVE               8.625          1,190.50         80   
                                     8.375          1,190.50      150,000.00
EAST BRUNSWICK   NJ   08816          5            08/29/97         00   
0430387589                           09           10/01/97          0   
73059587                             O            09/01/12              
0                                                                       

1631992          K08/G02             F           96,000.00         ZZ   
                                  180         96,000.00          1
1                                                                               

7228 BANDOLERO WAY                 8.750            959.47         80   
                                     8.500            959.47      120,000.00
BAKERSFIELD      CA   93308          2            09/09/97         00   
0410477582                           05           11/01/97          0   
410477582                            N            10/01/12              
0                                                                       

1632008          K08/G02             F          276,000.00         ZZ   
                                  180        276,000.00          1
417 BALLY WAY                      7.875          2,617.72         80   
                                     7.625          2,617.72      345,000.00
PACIFICA         CA   94044          5            09/09/97         00   
0410538540                           05           11/01/97          0   
410538540                            O            10/01/12              
0                                                                       

1632086          225/225             F           54,000.00         ZZ   
                                  180         53,854.04          1
700 CREEKBEND DRIVE                8.750            539.71         90   
                                     8.500            539.71       60,000.00
PFLUGERVILLE     TX   78660          1            08/22/97         14   
8060987                              05           10/01/97         25   
8060987                              N            09/01/12              
0                                                                       

1632095          560/560             F           32,400.00         T    
                                  180         32,307.39          3
5 GAMAGE AVENUE                    8.125            311.98         90   
                                     7.875            311.98       36,000.00
AUBURN           ME   04210          1            08/28/97         21   
450826698                            05           10/01/97         25   
450826698                            O            09/01/12              
0                                                                       

1632096          560/560             F           25,000.00         ZZ   
                                  180         24,929.34          1
209 SHEETS STREET                  8.250            242.54         32   
                                     8.000            242.54       80,000.00
UNION            OH   45322          5            09/03/97         00   
450836820                            05           10/01/97          0   
450836820                            N            09/01/12              
0                                                                       

1632099          560/560             F           90,000.00         ZZ   
                                  180         89,722.17          1
38 RISING STREET                   7.250            821.58         72   
                                     7.000            821.58      125,000.00
FEEDING HILLS    MA   01030          1            08/29/97         00   
450833199                            05           10/01/97          0   
1                                                                               

450833199                            O            09/01/12              
0                                                                       

1632124          B77/G02             F           34,000.00         ZZ   
                                  180         34,000.00          1
10501 SW 108 AVE                   8.750            339.82         78   
                                     8.500            339.82       44,000.00
MIAMI            FL   33176          1            09/09/97         00   
0430392670                           01           11/01/97          0   
9700725                              N            10/01/12              
0                                                                       

1632234          757/757             F           64,800.00         ZZ   
                                  180         64,800.00          1
605 CANDLER STREET B-7             7.875            614.60         90   
                                     7.625            614.60       72,000.00
GAINESVILLE      GA   30501          1            09/10/97         10   
3160439                              01           11/01/97         25   
3160439                              O            10/01/12              
0                                                                       

1632269          K08/G02             F          104,400.00         ZZ   
                                  180        104,400.00          1
29324 TWELVE MILE RD.              9.125          1,066.67         90   
                                     8.875          1,066.67      116,000.00
FARMINGTON HILL  MI   48334          1            09/09/97         04   
0410539522                           05           11/01/97         25   
410539522                            N            10/01/12              
0                                                                       

1632270          K08/G02             F          170,000.00         ZZ   
                                  180        170,000.00          1
20445 VIA DULCINEA                 7.875          1,612.36         41   
                                     7.625          1,612.36      420,000.00
YORBA LINDA      CA   92886          1            09/08/97         00   
0410531107                           05           11/01/97          0   
410531107                            O            10/01/12              
0                                                                       

1632292          593/593             F           43,800.00         ZZ   
                                  180         43,310.55          2
111 HUDSON AVENUE UNITS A & B      8.500            431.32         60   
                                     8.250            431.32       73,000.00
NAMPA            ID   83651          2            05/30/97         00   
6088264                              05           07/01/97          0   
6088264                              N            06/01/12              
0                                                                       

1                                                                               

1632294          593/593             F           74,950.00         ZZ   
                                  180         74,112.46          4
115 HUDSON AVENUE                  8.500            738.07         60   
  UNITS A,B,C & D                    8.250            738.07      125,000.00
NAMPA            ID   83651          2            05/06/97         00   
6088272                              05           07/01/97          0   
6088272                              N            06/01/12              
0                                                                       

1632397          286/286             F          239,400.00         ZZ   
                                  180        238,692.70          1
408 SOLMAR COURT                   7.750          2,253.42         85   
                                     7.500          2,253.42      282,883.00
OAKDALE          CA   95361          1            08/22/97         11   
0009167944                           03           10/01/97         12   
0009167944                           O            09/01/12              
0                                                                       

1632672          076/076             F          508,000.00         ZZ   
                                  180        504,955.43          1
3100 ROYAL SYNDEY COURT            7.625          4,745.38         80   
                                     7.375          4,745.38      635,000.00
PLANO            TX   75093          2            07/24/97         00   
8601952                              03           09/01/97          0   
8601952                              O            08/01/12              
0                                                                       

1632887          E26/G02             F           18,900.00         ZZ   
                                  180         18,900.00          1
226 EUGENE STREET                  9.250            194.52         90   
                                     9.000            194.52       21,000.00
CATASAUQUA       PA   18032          1            09/11/97         01   
0430391748                           05           11/01/97         25   
60700589                             N            10/01/12              
0                                                                       

1633006          927/G02             F          120,000.00         ZZ   
                                  180        119,660.83          1
30411 8TH AVENUE EAST              8.250          1,164.17         80   
                                     8.000          1,164.17      150,000.00
ROY              WA   98580          1            08/19/97         00   
0430385104                           05           10/01/97          0   
318782                               N            09/01/12              
0                                                                       

1633026          J96/G02             F           61,500.00         ZZ   
                                  180         61,500.00          1
966 WORCHESTER PLACE               7.875            583.30         66   
                                     7.625            583.30       94,000.00
1                                                                               

LILBURN          GA   30247          2            09/25/97         00   
0430422659                           05           11/01/97          0   
9780238                              N            10/01/12              
0                                                                       

1633052          K08/G02             F           78,500.00         ZZ   
                                  180         78,500.00          1
4743 FUHRER COURT NE               7.750            738.90         60   
                                     7.500            738.90      131,000.00
SALEM            OR   97305          1            09/10/97         00   
0410524540                           05           11/01/97          0   
410524540                            O            10/01/12              
0                                                                       

1633068          K08/G02             F          185,500.00         ZZ   
                                  120        185,500.00          1
318 WINDCHIME DRIVE                8.250          2,275.21         43   
                                     8.000          2,275.21      435,000.00
DANVILLE         CA   94506          2            09/10/97         00   
0410537617                           05           11/01/97          0   
410537617                            O            10/01/07              
0                                                                       

1633118          201/G02             F           66,400.00         ZZ   
                                  180         66,210.22          1
3161 CREST VIEW CIRCLE             8.125            639.36         80   
                                     7.875            639.36       83,000.00
DULUTH           GA   30096          1            08/26/97         00   
0430393157                           05           10/01/97          0   
601473                               N            09/01/12              
0                                                                       

1633135          B75/G02             F          118,800.00         ZZ   
                                  180        118,482.49          4
1519-21 NORTH DUPRE STREET         8.875          1,196.13         90   
                                     8.625          1,196.13      132,000.00
NEW ORLEANS      LA   70119          1            08/28/97         14   
0430388884                           05           10/01/97         25   
2995652                              N            09/01/12              
0                                                                       

1633331          686/686             F          142,500.00         ZZ   
                                  180        142,500.00          1
312 WEST 234TH STREET              7.615          1,330.33         75   
                                     7.365          1,330.33      190,000.00
BRONX            NY   10463          5            09/10/97         00   
818302655                            05           11/01/97          0   
818302655                            O            10/01/12              
0                                                                       
1                                                                               

1633397          757/757             F           55,000.00         ZZ   
                                  180         55,000.00          3
56 RACKLEFF STREET                 8.375            537.58         34   
                                     8.125            537.58      165,000.00
PORTLAND         ME   04103          5            09/02/97         00   
0003170065                           05           11/01/97          0   
0003170065                           O            10/01/12              
0                                                                       

1633453          286/286             F           45,600.00         T    
                                  180         45,472.54          1
6429 LANGSTER AVE                  8.375            445.71         80   
                                     8.125            445.71       57,000.00
NEW PORT RICHEY  FL   34653          1            08/26/97         00   
0008686977                           05           10/01/97          0   
0008686977                           O            09/01/12              
0                                                                       

1633486          K08/G02             F           55,000.00         ZZ   
                                  180         55,000.00          1
6010 NE 3 AVENUE                   8.250            533.58         70   
                                     8.000            533.58       79,000.00
FORT LAUDERDALE  FL   33334          2            09/05/97         00   
0410527170                           05           11/01/97          0   
410527170                            O            10/01/12              
0                                                                       

1633490          K08/G02             F           33,500.00         ZZ   
                                  180         33,500.00          1
5304 BURNING TREE DRIVE            8.750            334.82         59   
                                     8.500            334.82       57,500.00
ORLANDO          FL   32811          1            09/15/97         00   
0410512867                           01           11/01/97          0   
410512867                            N            10/01/12              
0                                                                       

1633674          A83/G02             F          206,400.00         ZZ   
                                  180        205,134.40          1
870 ETHELDORE STREET               7.375          1,898.72         80   
                                     7.125          1,898.72      258,000.00
MOSS BEACH       CA   94038          1            07/25/97         00   
0430393934                           05           09/01/97          0   
1001117                              O            08/01/12              
0                                                                       

1633709          405/405             F          116,000.00         ZZ   
                                  180        116,000.00          1
1                                                                               

9078 CREEKFORD DRIVE               7.875          1,100.21         79   
                                     7.625          1,100.21      147,000.00
LAKESIDE         CA   92040          5            09/05/97         00   
008304354                            05           11/01/97          0   
008304354                            O            10/01/12              
0                                                                       

1633804          K08/G02             F          126,800.00         ZZ   
                                  180        126,800.00          1
3510 SHADOW BLUFF COURT            8.125          1,220.93         80   
                                     7.875          1,220.93      158,506.00
HOUSTON          TX   77082          1            09/11/97         00   
0410529739                           03           11/01/97          0   
410529739                            O            10/01/12              
0                                                                       

1633993          076/076             F           43,800.00         ZZ   
                                  180         43,562.37          1
1104 IOLA AVENUE                   8.750            437.76         80   
                                     8.500            437.76       54,750.00
LUBBOCK          TX   79416          1            07/22/97         10   
8620452                              05           09/01/97         17   
8620452                              N            08/01/12              
0                                                                       

1634332          E23/G02             F           75,000.00         ZZ   
                                  180         75,000.00          1
17 POWELL AVENUE                   8.375            733.07         75   
                                     8.125            733.07      100,000.00
LEMOORE          CA   93245          2            09/04/97         00   
0430395376                           05           11/01/97          0   
50501056                             O            10/01/12              
0                                                                       

1634345          K08/G02             F           99,200.00         ZZ   
                                  180         98,910.14          1
11280 SW 157TH COURT               7.875            940.86         80   
                                     7.625            940.86      124,000.00
MIAMI            FL   33196          2            08/28/97         00   
0410490866                           05           10/01/97          0   
410490866                            O            09/01/12              
0                                                                       

1634468          F30/G02             F          115,000.00         ZZ   
                                  180        115,000.00          3
2304 SOUTH 800 EAST                8.250          1,115.66         52   
                                     8.000          1,115.66      225,000.00
SALT LAKE CITY   UT   84106          5            09/17/97         00   
0430391144                           05           11/01/97          0   
1                                                                               

12950                                O            10/01/12              
0                                                                       

1634473          387/387             F           45,600.00         ZZ   
                                  180         45,341.34          1
34 APRIL POINT NORTH               8.250            442.39         80   
                                     8.000            442.39       57,000.00
MONTGOMERY       TX   77356          1            07/03/97         00   
0001162858                           09           09/01/97          0   
0001162858                           N            08/01/12              
0                                                                       

1634490          K08/G02             F          206,400.00         ZZ   
                                  180        206,400.00          1
18604 E. TANFORAN PLACE            8.000          1,972.47         80   
                                     7.750          1,972.47      258,000.00
AURORA           CO   80015          5            09/08/97         00   
0410531453                           05           11/01/97          0   
410531453                            O            10/01/12              
0                                                                       

1638473          K08/G02             F           40,000.00         ZZ   
                                  180         40,000.00          1
4905 SEINER COURT                  8.375            390.97         28   
                                     8.125            390.97      147,500.00
HERMITAGE        TN   37076          1            09/19/97         00   
0410534366                           05           11/01/97          0   
410534366                            O            10/01/12              
0                                                                       

1638476          K08/G02             F           38,000.00         ZZ   
                                  180         38,000.00          3
804 N.E. 17TH AVENUE               8.125            365.90         43   
                                     7.875            365.90       90,000.00
FORT LAUDERDALE  FL   33304          5            09/15/97         00   
0410546584                           05           11/01/97          0   
410546584                            O            10/01/12              
0                                                                       

1638491          K08/G02             F           37,050.00         ZZ   
                                  180         37,050.00          1
3414 W COUNTRY CLUB RD. BLDG C     8.000            354.07         95   
  UNIT #131                          7.750            354.07       39,000.00
IRVING           TX   75062          1            09/17/97         10   
0410534267                           01           11/01/97         30   
410534267                            O            10/01/12              
0                                                                       
1                                                                               

TOTAL NUMBER OF LOANS   :      1,116                                      

TOTAL ORIGINAL BALANCE  :   106,260,932.00                                

TOTAL PRINCIPAL BALANCE :   104,940,731.29                                

TOTAL ORIGINAL P+I      :     1,039,135.73                                

TOTAL CURRENT P+I       :     1,039,135.73                                

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

RUN ON     : 10/21/97           RFC DISCLOSURE SYSTEM       RFFSDFIX-01     
 AT         : 07.45.38           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
 SERIES     : RALI 1997-QS11  15 YR                          CUTOFF : 10/01/97
POOL       : 0004265                                                        
:                                                     
:                                                     
POOL STATUS: F                                                              

RFC LOAN NUMBER                      SUB SERV FEE                       
PRINCIPAL BALANCE                    MSTR SERV FEE                      
CURR NOTE RATE                       ALL EXP                            
RFC NET RATE                         MISC EXP                           
NET MTG RATE(INVSTR RATE)            SPREAD                             
POST STRIP RATE                      STRIP                              
---------------------------------------------------------                   

1419886                              .2500                          
33,999.74                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1419888                              .2500                          
33,999.74                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1422025                              .2500                          
25,220.57                           .0800                         
9.3500                         .0000                    
9.1000                         .0000                    
9.0200                         .0000                    
7.0000                        2.0200                    

1454861                              .2500                          
301,924.19                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1488774                              .2500                          
85,391.82                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1494445                              .2500                          
302,843.81                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1494510                              .2500                          
668,590.05                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1503434                              .2500                          
31,480.63                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1506197                              .2500                          
31,274.91                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1506303                              .2500                          
49,240.87                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1507714                              .2500                          
107,113.68                           .0800                          
6.6250                         .0000                    
6.3750                         .0000                    
6.2950                         .0000                    
6.2950                         .0000                    

1508114                              .2500                          
38,817.14                           .0800                         
9.8750                         .0000                    
9.6250                         .0000                    
9.5450                         .0000                    
7.0000                        2.5450                    

1509822                              .2500                          
143,906.52                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1513946                              .2500                          
106,640.77                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1514674                              .2500                          
217,376.27                           .0800                          
6.8750                         .0000                    
6.6250                         .0000                    
6.5450                         .0000                    
6.5450                         .0000                    

1515419                              .2500                          
613,349.86                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1515981                              .2500                          
33,793.07                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1531540                              .2500                          
121,432.74                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1531785                              .2500                          
76,398.45                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1532322                              .2500                          
126,241.94                           .0800                          
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1534734                              .2500                          
92,993.13                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    

1537155                              .2500                          
42,008.77                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1537240                              .2500                          
48,299.49                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1537390                              .2500                          
30,550.75                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    

1538259                              .2500                          
87,644.30                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1539744                              .2500                          
96,805.48                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1539893                              .2500                          
139,958.47                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1540766                              .2500                          
97,105.02                           .0800                         
9.8750                         .0000                    
9.6250                         .0000                    
9.5450                         .0000                    
7.0000                        2.5450                    

1541083                              .2500                          
43,745.78                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1541291                              .2500                          
23,757.53                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    
1                                                                               

1544781                              .2500                          
61,418.89                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1546355                              .2500                          
174,807.81                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1546672                              .2500                          
44,474.67                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1546751                              .2500                          
196,050.62                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1547017                              .2500                          
60,676.93                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1547101                              .2500                          
146,451.58                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1548877                              .2500                          
112,249.18                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1549639                              .2500                          
70,454.90                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    
1                                                                               

1550084                              .2500                          
132,975.75                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1550557                              .2500                          
130,564.96                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1551918                              .3750                          
95,598.12                           .0800                         
9.2500                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1552496                              .2500                          
92,159.46                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1552513                              .2500                          
85,599.31                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1555579                              .2500                          
75,829.52                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1555738                              .2500                          
49,201.03                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1555771                              .2500                          
294,418.74                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    
1                                                                               

1556128                              .2500                          
76,867.17                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1556271                              .2500                          
71,949.57                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1556601                              .2500                          
55,615.34                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1556748                              .2500                          
117,778.96                           .0800                          
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1557282                              .2500                          
58,345.31                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1557286                              .2500                          
26,423.75                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1557290                              .2500                          
50,240.89                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1557293                              .2500                          
209,422.58                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1557296                              .2500                          
53,296.04                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1557311                              .2500                          
52,996.93                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1557330                              .2500                          
17,867.39                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1557333                              .2500                          
94,487.87                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1557345                              .2500                          
32,832.03                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1557892                              .2500                          
101,237.53                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1558691                              .2500                          
31,401.17                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1558983                              .2500                          
102,773.33                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1559107                              .2500                          
79,500.76                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1559146                              .2500                          
73,565.39                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1559883                              .2500                          
86,861.58                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1560735                              .2500                          
192,412.09                           .0800                          
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1561033                              .2500                          
121,197.22                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1561428                              .2500                          
271,901.50                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1561802                              .2500                          
65,683.31                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1563934                              .2500                          
59,175.24                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1564013                              .2500                          
44,302.01                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1564357                              .2500                          
38,199.74                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1564496                              .2500                          
103,856.06                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1564603                              .2500                          
47,800.71                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1564742                              .2500                          
49,965.63                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1564902                              .2500                          
108,559.21                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1565658                              .2500                          
26,483.52                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1565896                              .2500                          
171,879.29                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1566192                              .2500                          
980,578.69                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1566423                              .2500                          
26,858.89                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1566428                              .2500                          
74,648.92                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1566810                              .2500                          
66,348.18                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1567599                              .2500                          
99,710.39                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1567769                              .2500                          
33,795.40                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    

1567770                              .2500                          
40,619.46                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    

1568652                              .2500                          
67,025.70                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1568697                              .2500                          
146,119.47                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1568753                              .2500                          
33,495.82                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1569479                              .2500                          
98,989.09                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    

1569969                              .2500                          
29,257.39                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1570087                              .2500                          
113,546.44                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1570335                              .2500                          
260,355.95                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1570475                              .2500                          
47,600.45                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1570744                              .2500                          
28,853.27                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    
1                                                                               

1570826                              .2500                          
65,032.07                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1571420                              .2500                          
114,892.03                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1571570                              .2500                          
95,448.93                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1571649                              .2500                          
104,597.16                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1572215                              .2500                          
38,192.65                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1572338                              .2500                          
90,907.30                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1572404                              .2500                          
138,262.34                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1572658                              .2500                          
93,484.77                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    
1                                                                               

1572840                              .2500                          
35,517.11                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1572916                              .2500                          
46,490.65                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1573627                              .2500                          
43,376.41                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1573654                              .2500                          
30,596.55                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1573717                              .2500                          
91,401.17                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1573777                              .3750                          
41,056.36                           .0800                         
9.0000                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1574004                              .2500                          
34,617.43                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1574304                              .2500                          
62,896.12                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    
1                                                                               

1574342                              .2500                          
49,435.11                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1574378                              .2500                          
50,324.31                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1574387                              .2500                          
108,824.09                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1575426                              .2500                          
48,452.46                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1575638                              .2500                          
53,127.59                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1576303                              .2500                          
48,798.54                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1576340                              .2500                          
62,296.00                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1576722                              .2500                          
117,813.12                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1576824                              .2500                          
420,419.76                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1576843                              .2500                          
84,018.37                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1576908                              .2500                          
125,718.74                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1576928                              .2500                          
46,500.54                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1576976                              .2500                          
72,343.28                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1577110                              .2500                          
30,606.71                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    

1577306                              .2500                          
51,275.62                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1577359                              .2500                          
255,611.01                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1577364                              .2500                          
38,189.41                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1577519                              .2500                          
111,591.31                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1577847                              .2500                          
56,844.20                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1577869                              .2500                          
67,519.81                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1577945                              .2500                          
67,066.05                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1578215                              .2500                          
118,826.99                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1579044                              .2500                          
38,579.53                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1579436                              .2500                          
17,860.97                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    
1                                                                               

1579470                              .2500                          
39,562.79                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1579477                              .2500                          
130,873.02                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1579510                              .2500                          
61,808.93                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1579567                              .2500                          
84,788.18                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1579814                              .2500                          
14,242.57                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1579827                              .2500                          
44,648.51                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1579842                              .2500                          
58,043.07                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1579976                              .2500                          
45,071.14                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    
1                                                                               

1579988                              .2500                          
107,445.15                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1580020                              .2500                          
67,976.88                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1580270                              .2500                          
460,846.43                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1580339                              .2500                          
45,381.42                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1580408                              .2500                          
65,454.03                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1580480                              .2500                          
131,148.55                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1580559                              .2500                          
110,901.15                           .0800                          
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1580837                              .2500                          
166,581.40                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1580947                              .2500                          
41,521.89                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1580955                              .2500                          
34,481.17                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1581250                              .2500                          
74,036.24                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1581528                              .2500                          
133,330.23                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1582122                              .2500                          
48,562.87                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1582158                              .2500                          
104,123.12                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1582358                              .2500                          
114,577.42                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1582466                              .2500                          
61,673.75                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    
1                                                                               

1582669                              .2500                          
98,629.74                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1582687                              .2500                          
119,341.64                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1582976                              .2500                          
79,360.97                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1582981                              .2500                          
108,140.49                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1583023                              .2500                          
63,011.43                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1583065                              .2500                          
43,210.99                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1583239                              .2500                          
93,810.28                           .0800                         
10.0000                         .0000                     
9.7500                         .0000                    
9.6700                         .0000                    
7.0000                        2.6700                    

1583299                              .2500                          
51,345.80                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    
1                                                                               

1583513                              .2500                          
140,158.74                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1583773                              .2500                          
83,102.01                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1584043                              .2500                          
57,160.13                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1584072                              .2500                          
29,749.44                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1584107                              .2500                          
49,893.72                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1584281                              .2500                          
61,251.21                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1584285                              .2500                          
85,076.99                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1584671                              .2500                          
140,391.07                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1584689                              .2500                          
130,189.95                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1584745                              .2500                          
185,404.80                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1584846                              .2500                          
27,574.87                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1584866                              .2500                          
95,556.67                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1585031                              .2500                          
55,295.12                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1585075                              .2500                          
20,099.64                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1585197                              .2500                          
81,345.01                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1585217                              .2500                          
43,549.08                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    
1                                                                               

1585310                              .2500                          
66,409.64                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1585313                              .2500                          
92,313.41                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1585451                              .2500                          
82,350.77                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1585629                              .2500                          
222,900.92                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1585703                              .2500                          
152,711.06                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1585704                              .2500                          
105,500.09                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1585711                              .2500                          
43,534.82                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1585771                              .2500                          
99,126.92                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1585823                              .2500                          
39,669.64                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1585883                              .2500                          
76,164.40                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1586089                              .2500                          
129,019.60                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1586098                              .2500                          
86,503.48                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1586128                              .2500                          
89,430.73                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1586143                              .2500                          
91,122.43                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1586185                              .2500                          
184,933.23                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1586251                              .2500                          
132,124.09                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    
1                                                                               

1586365                              .2500                          
72,558.27                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1586468                              .2500                          
44,025.85                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1586527                              .2500                          
296,497.33                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1586547                              .2500                          
109,121.34                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1586628                              .2500                          
197,319.46                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1586691                              .2500                          
89,005.33                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1586708                              .2500                          
40,067.04                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1586755                              .2500                          
157,481.15                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1586806                              .2500                          
32,708.75                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1586814                              .2500                          
38,155.98                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1586824                              .2500                          
111,011.32                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1586888                              .2500                          
51,468.40                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1586991                              .2500                          
74,515.42                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1587289                              .2500                          
55,562.94                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1587334                              .2500                          
159,141.60                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1587460                              .2500                          
106,406.40                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1587468                              .2500                          
21,774.33                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1587474                              .2500                          
122,793.87                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1587479                              .2500                          
60,707.59                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1587482                              .2500                          
45,363.59                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1587719                              .2500                          
95,871.77                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1587881                              .2500                          
193,867.35                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1588004                              .2500                          
124,275.12                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1588053                              .2500                          
58,885.78                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    
1                                                                               

1588194                              .2500                          
50,924.53                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1588262                              .2500                          
204,193.54                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1589094                              .2500                          
83,909.03                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1589130                              .2500                          
104,334.03                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1589148                              .2500                          
48,976.69                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1589761                              .2500                          
148,719.36                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1589775                              .2500                          
297,352.91                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1589783                              .2500                          
108,599.86                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1589862                              .2500                          
77,962.16                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1589866                              .2500                          
148,396.47                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1589877                              .2500                          
73,095.04                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1590057                              .2500                          
49,311.79                           .0800                         
8.1500                         .0000                    
7.9000                         .0000                    
7.8200                         .0000                    
7.0000                         .8200                    

1590078                              .2500                          
101,365.25                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1590310                              .2500                          
107,580.99                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1590360                              .2500                          
42,235.19                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1590415                              .2500                          
142,408.54                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    
1                                                                               

1590417                              .2500                          
187,152.23                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1590467                              .2500                          
35,965.69                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1590488                              .2500                          
100,489.49                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1590709                              .2500                          
96,928.85                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1590715                              .2500                          
27,700.70                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1590754                              .2500                          
217,191.99                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1590758                              .2500                          
42,739.39                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1590813                              .2500                          
77,885.59                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1590835                              .2500                          
53,598.03                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1591307                              .2500                          
104,225.02                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1591343                              .2500                          
57,912.29                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1591360                              .2500                          
147,965.64                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1591401                              .2500                          
32,639.30                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1591436                              .2500                          
50,885.45                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1591494                              .2500                          
36,604.46                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1591515                              .2500                          
99,451.38                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    
1                                                                               

1591526                              .2500                          
40,165.52                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1591568                              .2500                          
287,524.07                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1591674                              .2500                          
126,702.17                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1591728                              .2500                          
33,381.12                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1591764                              .2500                          
61,307.19                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1591788                              .2500                          
98,419.54                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1591794                              .2500                          
144,580.97                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1591825                              .2500                          
77,688.41                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    
1                                                                               

1591898                              .2500                          
118,830.41                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1592021                              .2500                          
65,764.46                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1592038                              .2500                          
33,903.88                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1592163                              .2500                          
31,657.90                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1592187                              .2500                          
29,782.65                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1592236                              .2500                          
64,631.29                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1592264                              .2500                          
127,289.89                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1592526                              .2500                          
40,973.77                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    
1                                                                               

1593231                              .2500                          
532,289.52                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1593243                              .2500                          
533,831.71                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1593347                              .2500                          
54,835.50                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1593348                              .2500                          
74,101.15                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1593349                              .2500                          
21,564.36                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1593350                              .2500                          
102,336.32                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1593351                              .2500                          
196,567.66                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1593353                              .2500                          
32,647.22                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1593355                              .2500                          
258,030.57                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1593356                              .2500                          
74,180.24                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1593357                              .2500                          
73,982.86                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1593358                              .2500                          
185,364.63                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1593359                              .2500                          
57,688.92                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1593360                              .2500                          
152,260.10                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1593361                              .2500                          
38,875.19                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1593362                              .2500                          
114,195.07                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1593363                              .2500                          
126,855.90                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1593365                              .2500                          
194,880.14                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1593366                              .2500                          
55,372.31                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1593367                              .2500                          
156,234.46                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1593368                              .2500                          
72,433.54                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1593369                              .2500                          
64,273.63                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1593370                              .2500                          
39,533.17                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1593371                              .2500                          
66,575.24                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1593372                              .2500                          
66,572.68                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1593388                              .2500                          
116,215.72                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1593390                              .2500                          
105,643.48                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1593403                              .2500                          
141,249.79                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1593417                              .2500                          
20,923.90                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1593427                              .2500                          
100,909.63                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1593622                              .2500                          
65,215.36                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1593688                              .2500                          
220,790.57                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1593727                              .2500                          
21,423.55                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1593984                              .2500                          
223,212.92                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1594016                              .2500                          
50,330.93                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1594021                              .2500                          
33,761.40                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1594035                              .2500                          
31,861.90                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1594038                              .2500                          
264,275.68                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1594044                              .2500                          
28,159.13                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1594052                              .2500                          
28,159.13                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    
1                                                                               

1594104                              .2500                          
47,922.74                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1594118                              .2500                          
158,793.47                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1594121                              .2500                          
36,056.39                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1594151                              .2500                          
52,164.54                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1594173                              .2500                          
27,492.22                           .0800                         
10.1250                         .0000                     
9.8750                         .0000                    
9.7950                         .0000                    
7.0000                        2.7950                    

1594209                              .2500                          
75,379.26                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1594210                              .2500                          
41,252.60                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1594211                              .2500                          
190,000.00                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1594227                              .2500                          
63,053.20                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1594232                              .2500                          
40,176.50                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1594269                              .2500                          
27,290.64                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1594281                              .2500                          
108,217.41                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1594288                              .2500                          
49,613.83                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1594335                              .2500                          
62,311.37                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1594406                              .2500                          
60,647.34                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1594414                              .2500                          
24,933.93                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1594434                              .2500                          
34,213.35                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1594460                              .2500                          
25,966.23                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1594468                              .2500                          
35,623.63                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1594478                              .2500                          
32,703.45                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1594480                              .2500                          
27,905.33                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1594500                              .2500                          
67,686.32                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1594508                              .2500                          
25,486.75                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1594575                              .2500                          
35,878.30                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1594578                              .2500                          
96,953.04                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1594605                              .2500                          
138,817.83                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1594619                              .2500                          
425,251.02                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1594663                              .2500                          
76,907.77                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1594683                              .2500                          
99,407.20                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1594689                              .2500                          
51,433.55                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1594698                              .2500                          
230,126.07                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1594766                              .2500                          
173,129.21                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1594903                              .2500                          
67,432.11                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1595008                              .2500                          
46,003.84                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1595030                              .2500                          
72,409.44                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595031                              .2500                          
33,806.29                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1595060                              .2500                          
34,720.42                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1595086                              .2500                          
140,193.55                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1595102                              .2500                          
36,596.26                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1595182                              .2500                          
62,496.77                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1595206                              .2500                          
69,098.34                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1595209                              .2500                          
68,988.23                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595225                              .2500                          
62,391.92                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595235                              .2500                          
106,419.47                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1595248                              .2500                          
53,043.22                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1595288                              .2500                          
49,185.78                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1595315                              .2500                          
83,413.08                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1595321                              .2500                          
106,099.27                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1595356                              .2500                          
111,336.07                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1595364                              .2500                          
134,398.56                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1595418                              .2500                          
155,802.87                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1595467                              .2500                          
46,442.58                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1595480                              .2500                          
53,528.69                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1595505                              .2500                          
55,944.44                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595507                              .2500                          
64,177.39                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595509                              .2500                          
118,552.43                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    
1                                                                               

1595511                              .2500                          
55,646.87                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595512                              .2500                          
53,697.06                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1595514                              .2500                          
65,814.07                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595521                              .2500                          
102,396.08                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1595538                              .2500                          
110,866.21                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1595654                              .2500                          
55,507.27                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1595660                              .2500                          
123,312.08                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1595667                              .2500                          
44,431.49                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    
1                                                                               

1595696                              .2500                          
43,755.56                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1595746                              .2500                          
51,584.64                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1595750                              .2500                          
119,326.82                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1595768                              .2500                          
67,419.43                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1595773                              .2500                          
49,596.11                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595778                              .2500                          
64,457.18                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1595792                              .2500                          
23,270.05                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1595803                              .2500                          
57,906.86                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1595810                              .2500                          
40,590.89                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1595827                              .2500                          
206,114.20                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1595838                              .2500                          
75,776.87                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1595839                              .2500                          
68,341.59                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1595984                              .2500                          
111,435.09                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1595987                              .2500                          
34,385.53                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1596033                              .2500                          
52,917.77                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1596062                              .2500                          
48,311.88                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1596100                              .2500                          
35,725.07                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1596116                              .2500                          
84,076.00                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1596131                              .2500                          
52,080.65                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1596204                              .2500                          
35,799.52                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1596233                              .2500                          
26,531.48                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1596250                              .2500                          
85,057.37                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1596264                              .2500                          
168,976.96                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1596284                              .2500                          
50,000.00                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1596362                              .2500                          
181,966.49                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1596368                              .2500                          
148,190.55                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1596620                              .2500                          
34,901.08                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1596701                              .2500                          
58,179.05                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1596859                              .2500                          
29,148.06                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1597066                              .3750                          
87,751.28                           .0800                         
8.2500                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1597084                              .2500                          
80,381.43                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1597121                              .2500                          
139,862.34                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1597165                              .2500                          
92,963.73                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1597189                              .2500                          
51,507.59                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1597351                              .2500                          
59,648.21                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1597385                              .2500                          
37,535.06                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1597592                              .2500                          
38,989.68                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1597964                              .2500                          
31,242.71                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1598460                              .2500                          
66,936.29                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1598562                              .2500                          
37,919.82                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1598944                              .2500                          
57,317.32                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1598965                              .2500                          
140,219.16                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1598986                              .2500                          
67,865.75                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1598998                              .2500                          
94,439.55                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1599276                              .2500                          
266,834.11                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1599296                              .2500                          
48,096.15                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1599297                              .2500                          
42,790.10                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1599343                              .2500                          
29,754.98                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1599356                              .2500                          
64,775.71                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1599584                              .2500                          
426,046.45                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1599649                              .2500                          
159,000.00                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1599662                              .2500                          
47,660.01                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1599777                              .2500                          
79,353.81                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1599789                              .2500                          
89,312.69                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1599814                              .2500                          
121,377.83                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1599821                              .2500                          
143,815.68                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1599834                              .2500                          
25,670.86                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1599876                              .2500                          
99,155.60                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1599912                              .2500                          
59,472.55                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1599926                              .2500                          
42,968.23                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1599932                              .2500                          
52,712.45                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1600017                              .2500                          
99,115.30                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1600169                              .2500                          
69,187.06                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1600197                              .2500                          
23,865.35                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1600247                              .2500                          
49,678.55                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1600281                              .2500                          
36,198.54                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1600288                              .2500                          
114,134.36                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1600289                              .2500                          
92,983.87                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1600294                              .2500                          
213,532.66                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1600296                              .2500                          
139,354.87                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1600300                              .2500                          
345,957.99                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1600306                              .2500                          
64,203.69                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    
1                                                                               

1600450                              .2500                          
290,152.82                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1600515                              .2500                          
275,169.23                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1600565                              .2500                          
305,144.71                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1600591                              .2500                          
98,532.48                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1600764                              .2500                          
281,646.82                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1600779                              .2500                          
73,814.30                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1600818                              .2500                          
71,609.38                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1600837                              .2500                          
59,520.74                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1600840                              .2500                          
73,257.65                           .0800                         
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1600844                              .2500                          
31,256.71                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1600863                              .2500                          
155,897.04                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1600872                              .2500                          
25,789.99                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1600877                              .2500                          
24,560.97                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1600892                              .2500                          
25,789.99                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1600893                              .2500                          
27,277.88                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1600895                              .2500                          
52,712.45                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1600903                              .2500                          
44,915.10                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1600918                              .2500                          
52,712.45                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1600921                              .2500                          
28,262.00                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1600939                              .2500                          
39,406.86                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1601036                              .2500                          
81,755.05                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1601062                              .2500                          
49,558.84                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1601123                              .2500                          
45,120.01                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1601155                              .2500                          
17,019.04                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    
1                                                                               

1601177                              .2500                          
52,832.01                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1601186                              .2500                          
198,008.05                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1601203                              .2500                          
57,150.12                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1601231                              .2500                          
149,556.84                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1601280                              .2500                          
61,895.98                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1601363                              .2500                          
68,273.88                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1601830                              .2500                          
36,611.14                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1601831                              .2500                          
43,243.38                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    
1                                                                               

1601842                              .2500                          
161,707.50                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1601898                              .2500                          
91,248.57                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1601910                              .2500                          
84,832.18                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1601918                              .2500                          
84,826.20                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1601944                              .2500                          
61,895.98                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1602091                              .2500                          
134,815.02                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1602113                              .2500                          
44,755.87                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1602121                              .2500                          
50,717.06                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1602127                              .2500                          
96,526.40                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1602960                              .2500                          
37,144.12                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1602998                              .2500                          
64,038.06                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1603064                              .2500                          
74,841.73                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1603098                              .2500                          
22,316.21                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1603099                              .2500                          
262,535.39                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1603127                              .2500                          
45,512.69                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1603131                              .2500                          
63,527.83                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1603158                              .2500                          
143,762.06                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1603171                              .2500                          
49,568.54                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1603249                              .2500                          
54,475.98                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1603305                              .2500                          
37,689.39                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1603440                              .2500                          
49,997.42                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1603460                              .2500                          
107,708.10                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1603477                              .2500                          
41,625.47                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1603495                              .2500                          
86,289.41                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1603586                              .2500                          
48,731.17                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1603614                              .2500                          
114,802.35                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1603714                              .2500                          
46,111.65                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1603864                              .2500                          
35,992.47                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1603877                              .2500                          
38,397.72                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1603920                              .2500                          
24,343.01                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1603960                              .2500                          
89,197.13                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1603984                              .2500                          
61,656.04                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1604108                              .2500                          
111,256.54                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1604254                              .2500                          
90,392.56                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1604255                              .2500                          
42,656.55                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1604483                              .2500                          
47,062.19                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1604498                              .2500                          
47,062.19                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1604525                              .2500                          
141,601.19                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1604539                              .2500                          
25,075.07                           .0800                         
9.7500                         .0000                    
9.5000                         .0000                    
9.4200                         .0000                    
7.0000                        2.4200                    

1604552                              .2500                          
78,382.97                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    
1                                                                               

1604557                              .2500                          
25,712.86                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1604566                              .2500                          
92,434.34                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1604570                              .2500                          
65,604.03                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1604618                              .2500                          
80,688.05                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1604682                              .2500                          
66,043.77                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1604692                              .2500                          
38,893.68                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1604693                              .2500                          
38,989.68                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1604715                              .2500                          
101,116.57                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1604749                              .2500                          
86,014.25                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1604751                              .2500                          
22,339.45                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1604775                              .2500                          
39,673.29                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1604818                              .2500                          
140,539.77                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1604838                              .2500                          
54,907.88                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1604890                              .2500                          
169,873.75                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1604900                              .2500                          
78,500.00                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1604918                              .2500                          
62,530.30                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1604933                              .2500                          
89,281.12                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1604966                              .2500                          
52,364.36                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1604984                              .2500                          
71,405.35                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1604986                              .2500                          
149,585.39                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1604989                              .2500                          
141,580.80                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1605015                              .2500                          
46,283.02                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1605453                              .2500                          
95,875.56                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1605454                              .2500                          
39,962.78                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    
1                                                                               

1605455                              .2500                          
296,647.71                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1605456                              .2500                          
40,057.31                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1605457                              .2500                          
54,535.59                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1605458                              .2500                          
206,362.33                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1605459                              .2500                          
60,812.80                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1605460                              .2500                          
53,563.81                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1605461                              .2500                          
39,268.46                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1605462                              .2500                          
178,932.51                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1605464                              .2500                          
66,954.78                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1605465                              .2500                          
59,515.35                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1605467                              .2500                          
170,928.12                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1605469                              .2500                          
149,088.82                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1605470                              .2500                          
176,133.22                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1605471                              .2500                          
77,147.44                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1605476                              .2500                          
34,694.53                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1605478                              .2500                          
111,881.68                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1605479                              .2500                          
51,546.17                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1605481                              .2500                          
118,688.38                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1605482                              .2500                          
266,813.03                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1605485                              .2500                          
100,301.93                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1605486                              .2500                          
48,958.95                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1605488                              .2500                          
78,117.21                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1605582                              .2500                          
49,678.99                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1605598                              .2500                          
96,734.87                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    
1                                                                               

1605675                              .2500                          
31,342.07                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    

1605677                              .2500                          
151,184.53                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1605706                              .2500                          
57,681.80                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1605708                              .2500                          
26,102.75                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1605719                              .2500                          
133,646.06                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1605720                              .2500                          
31,702.05                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1605774                              .2500                          
43,502.03                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1605830                              .2500                          
86,879.37                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1605840                              .2500                          
63,771.29                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1605929                              .2500                          
47,743.40                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1606066                              .2500                          
54,000.00                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1606069                              .2500                          
54,000.00                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1606084                              .2500                          
75,134.72                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1606086                              .2500                          
63,223.46                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1606107                              .2500                          
111,896.45                           .0800                          
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1606113                              .2500                          
114,379.33                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1606117                              .2500                          
84,199.99                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1606121                              .2500                          
79,876.96                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1606124                              .2500                          
41,066.28                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1606220                              .2500                          
126,684.64                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1606243                              .2500                          
121,922.74                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1606279                              .2500                          
26,858.37                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1606294                              .2500                          
76,661.58                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1606659                              .2500                          
136,819.51                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1606682                              .2500                          
40,303.75                           .0800                         
10.0000                         .0000                     
9.7500                         .0000                    
9.6700                         .0000                    
7.0000                        2.6700                    

1606694                              .2500                          
45,636.75                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1606696                              .2500                          
36,548.38                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1606708                              .2500                          
114,347.70                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1606740                              .2500                          
58,083.15                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1606797                              .2500                          
18,851.59                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1606826                              .2500                          
16,709.65                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1606945                              .2500                          
187,079.48                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1607104                              .2500                          
65,932.26                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1607112                              .2500                          
51,106.69                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1607135                              .2500                          
19,594.61                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1607165                              .2500                          
52,500.49                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1607183                              .2500                          
11,967.56                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1607192                              .2500                          
44,082.88                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1607198                              .2500                          
160,391.47                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1607242                              .2500                          
28,653.94                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    
1                                                                               

1607248                              .2500                          
57,777.33                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1607260                              .2500                          
204,420.09                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1607264                              .2500                          
148,100.91                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1607282                              .2500                          
82,643.36                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1607297                              .2500                          
44,874.22                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1607313                              .2500                          
51,695.12                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1607347                              .2500                          
55,696.18                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1607354                              .2500                          
80,216.45                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1607386                              .2500                          
93,063.17                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1607398                              .2500                          
87,728.35                           .0300                         
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1607411                              .2500                          
195,949.82                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1607542                              .2500                          
32,954.78                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1607543                              .2500                          
117,230.34                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1607546                              .2500                          
161,386.44                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1607547                              .2500                          
98,519.69                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1607548                              .2500                          
47,208.85                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1607550                              .2500                          
223,051.15                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1607552                              .2500                          
197,639.28                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1607558                              .2500                          
97,977.80                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1607571                              .2500                          
72,326.46                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1607591                              .2500                          
101,836.29                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1607683                              .2500                          
58,698.28                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1607697                              .2500                          
282,429.74                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1607718                              .2500                          
36,652.31                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    
1                                                                               

1607720                              .2500                          
54,681.06                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1607751                              .2500                          
15,954.26                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1607779                              .2500                          
84,049.96                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1607786                              .2500                          
98,819.64                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1607834                              .2500                          
51,848.06                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1607843                              .2500                          
44,400.00                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1607858                              .2500                          
34,803.66                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1607887                              .2500                          
69,611.65                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1607893                              .2500                          
123,288.82                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1607896                              .2500                          
61,473.09                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1608450                              .2500                          
95,777.54                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1608451                              .2500                          
49,706.84                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1608510                              .2500                          
26,779.48                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1608546                              .2500                          
19,945.94                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1608549                              .2500                          
91,810.33                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1608559                              .2500                          
98,723.28                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1608588                              .2500                          
52,000.00                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1608657                              .2500                          
100,976.33                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1608674                              .2500                          
50,120.39                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1608698                              .2500                          
48,064.58                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1608724                              .2500                          
97,631.42                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1608736                              .2500                          
28,966.75                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1608743                              .2500                          
41,256.67                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1608748                              .2500                          
26,861.52                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    
1                                                                               

1608890                              .2500                          
148,397.82                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1608898                              .2500                          
172,500.00                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1608929                              .2500                          
148,397.82                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1608990                              .2500                          
45,233.21                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1609150                              .2500                          
100,712.87                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1609202                              .2500                          
65,152.52                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1609204                              .2500                          
88,754.87                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1609226                              .2500                          
99,457.47                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1609251                              .2500                          
174,979.37                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1609378                              .2500                          
56,236.26                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1609389                              .2500                          
26,380.29                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1609422                              .2500                          
59,509.94                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1609451                              .2500                          
259,265.13                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1609457                              .2500                          
98,034.50                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1609464                              .2500                          
139,223.32                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1609581                              .2500                          
159,062.67                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    
1                                                                               

1609605                              .2500                          
95,000.00                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1609618                              .2500                          
169,508.72                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1610566                              .2500                          
68,617.19                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1610574                              .2500                          
102,879.71                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1610583                              .2500                          
85,931.24                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1610598                              .2500                          
25,884.41                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1610611                              .2500                          
33,542.75                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1610672                              .2500                          
71,142.02                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1610697                              .2500                          
33,572.95                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1610701                              .2500                          
124,290.97                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1610743                              .2500                          
327,030.95                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1610939                              .2500                          
81,381.91                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1610961                              .2500                          
88,942.22                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1610970                              .2500                          
139,000.00                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1611037                              .2500                          
149,130.15                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1611114                              .2500                          
85,178.13                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1611163                              .2500                          
26,574.91                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1611181                              .2500                          
159,082.35                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1611183                              .2500                          
45,352.60                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1611226                              .2500                          
135,593.75                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1611283                              .2500                          
70,000.00                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1611297                              .2500                          
46,800.00                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1611301                              .2500                          
323,073.42                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1611313                              .2500                          
28,640.22                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1611318                              .2500                          
67,706.56                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1611319                              .2500                          
146,803.17                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1611336                              .2500                          
37,608.30                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    

1611338                              .2500                          
49,682.01                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1611484                              .2500                          
348,954.51                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1612112                              .2500                          
67,157.10                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1612126                              .2500                          
44,727.48                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1612137                              .2500                          
27,755.29                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    
1                                                                               

1612166                              .2500                          
15,673.68                           .0800                         
10.0000                         .0000                     
9.7500                         .0000                    
9.6700                         .0000                    
7.0000                        2.6700                    

1612235                              .2500                          
49,553.96                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1612251                              .2500                          
77,600.00                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1612253                              .2500                          
139,572.53                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1612351                              .2500                          
98,726.35                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1612353                              .2500                          
852,417.79                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1612358                              .2500                          
102,291.59                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1612667                              .2500                          
31,259.42                           .0800                         
9.5000                         .0000                    
9.2500                         .0000                    
9.1700                         .0000                    
7.0000                        2.1700                    
1                                                                               

1612721                              .2500                          
46,742.14                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1612853                              .2500                          
85,135.59                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1612857                              .2500                          
23,676.54                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1612876                              .2500                          
49,719.50                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1612910                              .2500                          
79,530.95                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1614012                              .2500                          
65,418.68                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1614037                              .2500                          
357,957.98                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1614092                              .2500                          
71,003.20                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1614103                              .2500                          
369,009.59                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1614163                              .2500                          
29,837.25                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1614166                              .2500                          
48,461.09                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1614463                              .2500                          
41,172.87                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1614467                              .2500                          
63,553.32                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1614540                              .2500                          
223,630.16                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1614741                              .2500                          
74,773.49                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1614778                              .2500                          
111,800.00                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1614824                              .2500                          
50,268.31                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1614849                              .2500                          
40,881.51                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1614987                              .2500                          
19,846.50                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1615039                              .2500                          
76,687.45                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1615054                              .2500                          
65,925.32                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1615055                              .2500                          
65,925.32                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1615134                              .2500                          
45,720.41                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1615302                              .2500                          
88,600.17                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1615319                              .2500                          
31,822.47                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1615385                              .2500                          
31,371.04                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1615387                              .2500                          
174,978.06                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1615388                              .2500                          
43,847.05                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1615445                              .2500                          
22,437.80                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1615495                              .2500                          
67,812.05                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1615543                              .2500                          
40,489.02                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1615612                              .2500                          
38,788.41                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1616035                              .2500                          
56,080.12                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1616040                              .2500                          
87,500.85                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1616063                              .2500                          
64,271.23                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1616082                              .2500                          
83,772.96                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1616103                              .2500                          
76,548.53                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1616177                              .2500                          
34,903.26                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1616532                              .2500                          
58,849.05                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1616540                              .2500                          
95,684.79                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1616578                              .2500                          
79,546.21                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1616579                              .2500                          
290,785.01                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1616598                              .2500                          
50,653.19                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1616599                              .2500                          
66,458.81                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1616656                              .2500                          
54,936.59                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1617182                              .2500                          
68,396.62                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1617192                              .2500                          
31,032.60                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1617200                              .2500                          
53,309.21                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1617225                              .2500                          
63,254.95                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1617252                              .2500                          
38,835.75                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1617258                              .2500                          
87,506.34                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1617276                              .2500                          
53,614.05                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1617305                              .2500                          
83,413.47                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1617341                              .2500                          
258,408.42                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1617353                              .2500                          
61,254.46                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1617414                              .2500                          
167,277.25                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1617420                              .2500                          
45,957.63                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1617434                              .2500                          
82,758.61                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1617453                              .2500                          
45,639.65                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1617469                              .2500                          
55,446.90                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1617481                              .2500                          
39,886.94                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1617483                              .2500                          
124,084.22                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1617490                              .2500                          
41,673.46                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1617495                              .2500                          
113,736.59                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1617502                              .2500                          
114,602.84                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1617518                              .2500                          
52,215.17                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1617669                              .2500                          
82,571.14                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1617844                              .2500                          
93,987.30                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1617850                              .2500                          
61,034.59                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1617855                              .2500                          
155,880.39                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1617886                              .2500                          
216,213.48                           .0800                          
7.7750                         .0000                    
7.5250                         .0000                    
7.4450                         .0000                    
7.0000                         .4450                    

1617901                              .2500                          
28,275.09                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1617924                              .2500                          
111,669.10                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1617927                              .2500                          
78,266.28                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1617929                              .2500                          
57,433.16                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1617936                              .2500                          
37,395.18                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1617940                              .2500                          
226,582.88                           .0800                          
7.0000                         .0000                    
6.7500                         .0000                    
6.6700                         .0000                    
6.6700                         .0000                    

1618048                              .2500                          
311,098.37                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1618073                              .2500                          
84,471.07                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1618129                              .2500                          
73,963.77                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1618147                              .2500                          
76,580.50                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1618232                              .2500                          
49,321.89                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1618239                              .2500                          
49,348.81                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1618271                              .2500                          
108,685.01                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1618280                              .2500                          
99,720.49                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1618302                              .2500                          
124,654.50                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1618354                              .2500                          
103,050.39                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1618359                              .2500                          
71,509.90                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1618366                              .2500                          
44,747.56                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1618368                              .2500                          
29,008.40                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1618378                              .2500                          
128,863.94                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1618390                              .2500                          
120,810.80                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1618450                              .2500                          
83,355.73                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1618463                              .2500                          
149,149.17                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1618604                              .2500                          
58,928.92                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1618613                              .2500                          
24,928.54                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1618786                              .2500                          
99,714.20                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1618859                              .2500                          
101,250.00                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1618867                              .2500                          
36,000.00                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1618916                              .2500                          
25,063.28                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1618968                              .2500                          
77,700.00                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1619132                              .2500                          
67,531.61                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1619145                              .2500                          
30,443.05                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1619149                              .2500                          
54,058.41                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    
1                                                                               

1619188                              .2500                          
67,531.61                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1619192                              .2500                          
67,531.61                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1619293                              .2500                          
209,386.39                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1619325                              .2500                          
128,000.00                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1619403                              .2500                          
64,818.32                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1619417                              .2500                          
88,945.07                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1620004                              .2500                          
75,703.02                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1620035                              .2500                          
117,563.04                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1620038                              .2500                          
107,701.48                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1620058                              .2500                          
101,724.31                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1620064                              .2500                          
52,610.60                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1620066                              .2500                          
136,122.70                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1620188                              .2500                          
65,412.52                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1620207                              .2500                          
120,630.54                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1620290                              .2500                          
88,127.11                           .0300                         
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1620449                              .2500                          
32,251.87                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1620453                              .2500                          
49,713.21                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1620454                              .2500                          
208,002.55                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1620484                              .2500                          
120,600.00                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1620609                              .2500                          
33,817.59                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1620610                              .2500                          
139,188.13                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1620615                              .2500                          
83,022.45                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1620648                              .2500                          
65,000.00                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1620656                              .2500                          
36,800.00                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    
1                                                                               

1620744                              .2500                          
23,273.05                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1620773                              .2500                          
166,947.62                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1620872                              .2500                          
176,429.43                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1620875                              .2500                          
91,478.15                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1620884                              .2500                          
322,194.50                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1620885                              .2500                          
134,471.60                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1620887                              .2500                          
34,591.39                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1620891                              .2500                          
336,073.47                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1620894                              .2500                          
228,490.56                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1620895                              .2500                          
331,079.84                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1620969                              .2500                          
122,693.47                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1620970                              .2500                          
123,967.60                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1620972                              .2500                          
71,473.77                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1620973                              .2500                          
25,352.11                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1620974                              .2500                          
128,025.70                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1620975                              .2500                          
306,380.55                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1620977                              .2500                          
50,704.26                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1620978                              .2500                          
69,510.94                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1620979                              .2500                          
77,089.30                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1620980                              .2500                          
54,698.26                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1620981                              .2500                          
12,643.48                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1620982                              .2500                          
109,382.93                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1620983                              .2500                          
90,275.33                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1620985                              .2500                          
29,760.38                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1620986                              .2500                          
77,860.77                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1620988                              .2500                          
68,559.63                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1620989                              .2500                          
49,706.84                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1620991                              .2500                          
254,575.00                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1621001                              .2500                          
62,831.62                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1621033                              .2500                          
50,266.80                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1621062                              .2500                          
80,000.00                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1621067                              .2500                          
104,686.35                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    
1                                                                               

1621096                              .2500                          
85,252.92                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1621120                              .2500                          
51,853.02                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1621147                              .2500                          
29,900.00                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1621155                              .2500                          
119,637.58                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1621219                              .2500                          
15,703.97                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1621222                              .2500                          
45,369.95                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1621638                              .2500                          
93,487.96                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1621650                              .2500                          
103,699.45                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1621670                              .2500                          
29,520.89                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1621682                              .2500                          
339,875.86                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1621712                              .2500                          
33,407.40                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1621735                              .2500                          
119,645.47                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1621870                              .2500                          
74,375.00                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1621881                              .2500                          
113,681.36                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1621885                              .2500                          
81,757.73                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1622023                              .2500                          
24,998.70                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1622122                              .2500                          
223,709.54                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1622523                              .2500                          
71,780.29                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1622537                              .2500                          
38,146.62                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1622550                              .2500                          
55,682.35                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1622570                              .2500                          
36,451.21                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1622611                              .2500                          
337,500.00                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1622636                              .2500                          
276,000.00                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1622644                              .2500                          
169,879.70                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    
1                                                                               

1622729                              .2500                          
105,288.01                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1622794                              .2500                          
223,345.47                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1622901                              .2500                          
110,000.00                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1623017                              .2500                          
29,911.37                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1623030                              .2500                          
53,847.37                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1623059                              .2500                          
97,305.24                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1623084                              .2500                          
35,898.25                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1623088                              .2500                          
84,770.26                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1623127                              .2500                          
224,278.36                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1623156                              .2500                          
86,762.20                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1623173                              .2500                          
45,364.08                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1623277                              .2500                          
97,462.35                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1624048                              .2500                          
51,870.15                           .0800                         
9.6250                         .0000                    
9.3750                         .0000                    
9.2950                         .0000                    
7.0000                        2.2950                    

1624068                              .2500                          
64,000.00                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1624106                              .2500                          
25,812.34                           .0800                         
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1624154                              .2500                          
29,421.16                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    
1                                                                               

1624188                              .2500                          
31,913.51                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1624197                              .2500                          
71,798.75                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1624199                              .2500                          
87,754.03                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1624215                              .2500                          
74,799.56                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1624234                              .2500                          
86,092.06                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1624258                              .2500                          
56,689.32                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1624379                              .2500                          
75,196.20                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1624386                              .2500                          
47,172.16                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1624400                              .2500                          
82,770.59                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1624444                              .2500                          
28,728.90                           .0800                         
9.7500                         .0000                    
9.5000                         .0000                    
9.4200                         .0000                    
7.0000                        2.4200                    

1624461                              .2500                          
92,731.24                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624498                              .2500                          
294,572.77                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624499                              .2500                          
28,884.35                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1624501                              .2500                          
73,361.23                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1624507                              .2500                          
36,586.56                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1624515                              .2500                          
40,388.05                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1624517                              .2500                          
121,430.87                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624580                              .2500                          
163,989.29                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1624583                              .2500                          
116,970.15                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624592                              .2500                          
186,909.80                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624952                              .2500                          
147,097.90                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1624955                              .2500                          
43,742.02                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1624960                              .2500                          
188,861.30                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1624985                              .2500                          
124,250.85                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    
1                                                                               

1624986                              .2500                          
49,863.33                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1624987                              .2500                          
31,908.54                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1624989                              .2500                          
239,946.14                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624990                              .2500                          
162,487.51                           .0800                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9200                         .0000                    
6.9200                         .0000                    

1624992                              .2500                          
67,330.67                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1625021                              .2500                          
135,598.19                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625026                              .2500                          
80,755.37                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1625063                              .2500                          
101,208.47                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    
1                                                                               

1625086                              .2500                          
73,189.72                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1625093                              .2500                          
32,911.80                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1625094                              .2500                          
39,047.70                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1625123                              .2500                          
45,067.93                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1625211                              .2500                          
64,643.38                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1625219                              .2500                          
207,405.53                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1626084                              .2500                          
64,114.19                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626137                              .2500                          
45,247.57                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    
1                                                                               

1626139                              .2500                          
247,695.85                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1626142                              .2500                          
36,898.87                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1626165                              .2500                          
21,250.79                           .0800                         
10.6250                         .0000                     
10.3750                         .0000                     
10.2950                         .0000                     
7.0000                        3.2950                    

1626568                              .2500                          
104,690.88                           .0800                          
7.7900                         .0000                    
7.5400                         .0000                    
7.4600                         .0000                    
7.0000                         .4600                    

1626582                              .2500                          
40,587.50                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1626586                              .2500                          
48,927.04                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1626592                              .2500                          
82,497.46                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1627528                              .2500                          
33,904.97                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1627543                              .2500                          
23,935.13                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1627580                              .5000                          
127,657.91                           .0800                          
8.8750                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1627638                              .2500                          
87,549.06                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1627763                              .2500                          
194,448.86                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1627781                              .2500                          
170,494.79                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1627787                              .2500                          
393,750.00                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1627811                              .2500                          
140,261.23                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1627814                              .2500                          
29,156.02                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    
1                                                                               

1627824                              .2500                          
175,715.36                           .0800                          
7.4500                         .0000                    
7.2000                         .0000                    
7.1200                         .0000                    
7.0000                         .1200                    

1627859                              .2500                          
21,095.36                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1627902                              .2500                          
51,848.05                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1627903                              .2500                          
51,848.05                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1627919                              .2500                          
39,793.35                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1628117                              .2500                          
104,572.62                           .0300                          
7.1250                         .0000                    
6.8750                         .0000                    
6.8450                         .0000                    
6.8450                         .0000                    

1628233                              .2500                          
34,852.31                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1628235                              .2500                          
55,448.03                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    
1                                                                               

1628325                              .2500                          
31,419.53                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1628394                              .2500                          
64,924.05                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1628428                              .2500                          
33,211.00                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1628438                              .2500                          
127,617.64                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1628450                              .2500                          
216,864.46                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1628475                              .2500                          
59,950.00                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1628540                              .2500                          
55,823.32                           .0300                         
7.0000                         .0000                    
6.7500                         .0000                    
6.7200                         .0000                    
6.7200                         .0000                    

1628550                              .2500                          
202,855.62                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1628565                              .2500                          
72,492.10                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1628568                              .2500                          
108,975.11                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1628618                              .2500                          
53,751.01                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1628642                              .2500                          
125,000.00                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1628643                              .2500                          
224,800.00                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1628662                              .2500                          
29,449.35                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1628697                              .2500                          
28,700.00                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1628732                              .2500                          
40,481.37                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1628812                              .2500                          
68,605.54                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1628832                              .2500                          
124,336.86                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    

1629079                              .2500                          
16,858.03                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1629093                              .2500                          
58,777.75                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1629096                              .2500                          
55,644.03                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1629121                              .2500                          
69,786.26                           .0800                         
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1629227                              .2500                          
62,813.87                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1629253                              .2500                          
175,000.00                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    
1                                                                               

1629284                              .2500                          
54,249.63                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1629324                              .2500                          
350,000.00                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1629505                              .2500                          
60,000.00                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1629600                              .2500                          
117,659.00                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1629632                              .2500                          
95,000.00                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1629642                              .2500                          
68,659.69                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1629827                              .2500                          
51,318.57                           .0800                         
9.3750                         .0000                    
9.1250                         .0000                    
9.0450                         .0000                    
7.0000                        2.0450                    

1629963                              .2500                          
32,308.42                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1630006                              .2500                          
42,277.47                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1630008                              .2500                          
82,271.96                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630016                              .2500                          
30,914.31                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630022                              .2500                          
110,171.38                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1630044                              .2500                          
95,000.00                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630136                              .2500                          
21,540.96                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1630141                              .2500                          
29,917.08                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630275                              .2500                          
106,893.62                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1630276                              .2500                          
108,000.00                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1630401                              .2500                          
60,200.00                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1630421                              .2500                          
110,675.66                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1630427                              .2500                          
132,759.37                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630428                              .2500                          
85,602.86                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630445                              .2500                          
50,710.72                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630448                              .2500                          
66,628.29                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630451                              .2500                          
55,836.37                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1630458                              .2500                          
63,569.82                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630460                              .2500                          
107,228.56                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1630461                              .2500                          
36,606.95                           .0800                         
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1630462                              .2500                          
41,893.68                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1630467                              .2500                          
71,596.10                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1630468                              .2500                          
56,829.74                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1630470                              .2500                          
56,388.42                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1630472                              .2500                          
155,850.98                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1630479                              .2500                          
26,109.16                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1630480                              .2500                          
30,478.77                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1630481                              .2500                          
63,380.31                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1630482                              .2500                          
61,889.02                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1630483                              .2500                          
397,576.35                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1630484                              .2500                          
57,510.24                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1630485                              .2500                          
126,046.82                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630486                              .2500                          
89,419.01                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1630487                              .2500                          
85,760.76                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630488                              .2500                          
69,795.47                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1630489                              .2500                          
39,886.94                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630490                              .2500                          
206,427.84                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630491                              .2500                          
36,894.25                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1630492                              .2500                          
316,860.46                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1630493                              .2500                          
86,738.45                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1630494                              .2500                          
107,691.34                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1630495                              .2500                          
185,690.71                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630496                              .2500                          
124,079.84                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1630497                              .2500                          
62,119.07                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1630499                              .2500                          
83,491.01                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1630500                              .2500                          
89,731.16                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1630501                              .2500                          
54,691.45                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1630502                              .2500                          
103,213.91                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1630503                              .2500                          
182,034.27                           .0800                          
9.0000                         .0000                    
8.7500                         .0000                    
8.6700                         .0000                    
7.0000                        1.6700                    
1                                                                               

1630624                              .2500                          
121,171.61                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1630625                              .2500                          
110,269.60                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630629                              .2500                          
143,610.79                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1630652                              .2500                          
61,425.89                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630666                              .2500                          
32,307.40                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1630707                              .2500                          
99,400.68                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1630735                              .2500                          
239,314.08                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1630779                              .2500                          
109,888.53                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1630833                              .2500                          
55,642.29                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1630858                              .2500                          
59,429.66                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1630867                              .2500                          
52,356.50                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1630869                              .2500                          
22,684.98                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1630956                              .2500                          
121,950.46                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1631003                              .2500                          
101,213.12                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1631024                              .2500                          
73,285.22                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1631104                              .2500                          
56,950.00                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1631139                              .2500                          
181,069.36                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1631200                              .2500                          
71,613.72                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1631210                              .2500                          
39,889.43                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1631215                              .2500                          
27,923.47                           .0800                         
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    

1631494                              .2500                          
53,097.82                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1631574                              .2500                          
56,833.44                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1631578                              .2500                          
176,521.61                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1631692                              .2500                          
119,672.00                           .0800                          
8.6250                         .0000                    
8.3750                         .0000                    
8.2950                         .0000                    
7.0000                        1.2950                    
1                                                                               

1631992                              .2500                          
96,000.00                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1632008                              .2500                          
276,000.00                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1632086                              .2500                          
53,854.04                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1632095                              .2500                          
32,307.39                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1632096                              .2500                          
24,929.34                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1632099                              .2500                          
89,722.17                           .0300                         
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1632124                              .2500                          
34,000.00                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1632234                              .2500                          
64,800.00                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1632269                              .2500                          
104,400.00                           .0800                          
9.1250                         .0000                    
8.8750                         .0000                    
8.7950                         .0000                    
7.0000                        1.7950                    

1632270                              .2500                          
170,000.00                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1632292                              .2500                          
43,310.55                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1632294                              .2500                          
74,112.46                           .0800                         
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1632397                              .2500                          
238,692.70                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1632672                              .2500                          
504,955.43                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1632887                              .2500                          
18,900.00                           .0800                         
9.2500                         .0000                    
9.0000                         .0000                    
8.9200                         .0000                    
7.0000                        1.9200                    

1633006                              .2500                          
119,660.83                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1633026                              .2500                          
61,500.00                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1633052                              .2500                          
78,500.00                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1633068                              .2500                          
185,500.00                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1633118                              .2500                          
66,210.22                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1633135                              .2500                          
118,482.49                           .0800                          
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1633331                              .2500                          
142,500.00                           .0800                          
7.6150                         .0000                    
7.3650                         .0000                    
7.2850                         .0000                    
7.0000                         .2850                    

1633397                              .2500                          
55,000.00                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1633453                              .2500                          
45,472.54                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1633486                              .2500                          
55,000.00                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1633490                              .2500                          
33,500.00                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1633674                              .2500                          
205,134.40                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1633709                              .2500                          
116,000.00                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1633804                              .2500                          
126,800.00                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1633993                              .2500                          
43,562.37                           .0800                         
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1634332                              .2500                          
75,000.00                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1634345                              .2500                          
98,910.14                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1634468                              .2500                          
115,000.00                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1634473                              .2500                          
45,341.34                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1634490                              .2500                          
206,400.00                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1638473                              .2500                          
40,000.00                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1638476                              .2500                          
38,000.00                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1638491                              .2500                          
37,050.00                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

TOTAL NUMBER OF LOANS:     1116                                             
TOTAL BALANCE........:        104,940,731.29                                

RUN ON     : 10/21/97            RFC DISCLOSURE SYSTEM      RFFSDFIX-01     
 AT         : 07.45.38            INITIAL SECURITY FEES      AMORTIZED BALANCE
 SERIES     : RALI 1997-QS11 15YR  FIXED SUMMARY REPORT      CUTOFF : 10/01/97
POOL       : 0004265                                                        
:                                                     
:                                                     
POOL STATUS: F                                                              

                            WEIGHTED AVERAGES      FROM         TO
--------------------------------------------------------------------        
CURR NOTE RATE                        8.3343            6.6250     10.6250  
RFC NET RATE                          8.0837            6.3750     10.3750  
NET MTG RATE(INVSTR RATE)             8.0039            6.2950     10.2950  
POST STRIP RATE                       6.9971            6.2950      7.0000  
SUB SERV FEE                           .2506             .2500       .5000  
MSTR SERV FEE                          .0798             .0300       .0800  
ALL EXP                                .0000             .0000       .0000  
MISC EXP                               .0000             .0000       .0000  
SPREAD                                 .0000             .0000       .0000  
STRIP                                 1.0068             .0000      3.2950  

TOTAL NUMBER OF LOANS:  1116                                                
TOTAL BALANCE........:     104,940,731.29                                   

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

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DOCSNY1:411472.4  1                                                             
EXHIBIT G   

FORM OF SELLER/SERVICER CONTRACT  

      This  Seller/Servicer  Contract  (as  may  be  amended,   supplemented  or
otherwise  modified from time to time,  this  "Contract") is made this _________
day of _______,  19____, by and between  Residential  Funding  Corporation,  its
successors and assigns ("Residential  Funding") and  _____________________  (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").                                                 

      WHEREAS,  the  Seller/Servicer  desires to sell Loans to,  and/or  service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides"). 

      NOW,  THEREFORE,   in  consideration  of  the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:        

1.    Incorporation of Guides by Reference.                                     

      The Seller/Servicer acknowledges that it has received and read the Guides.
All provisions of the Guides are  incorporated by reference into and made a part
of this Contract, and shall be binding upon the parties; provided, however, that
the Seller/Servicer  shall be entitled to sell Loans to and/or service Loans for
Residential  Funding only if and for so long as it shall have been authorized to
do so by Residential Funding in writing.  Specific reference in this Contract to
particular  provisions of the Guides and not to other  provisions  does not mean
that those provisions of the Guides not specifically  cited in this Contract are
not applicable. All terms used herein shall have the same meanings as such terms
have in the Guides, unless the context clearly requires otherwise.              

2.    Amendments.                                                               

      This Contract may not be amended or modified  orally,  and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.            

3.    Representations and Warranties.                                           

a.    Reciprocal Representations and Warranties.                    

            The  Seller/Servicer  and  Residential  Funding each  represents and
warrants to the other that as of the date of this Contract:                     

                        (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.                                     

7.    Assignment.                                                               

      This Contract may not be assigned or transferred,  in whole or in part, by
the  Seller/Servicer  without the prior written consent of Residential  Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.            

8.    Notices.                                                                  

      All  notices,  requests,  demands or other  communications  that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.     

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.                                   

If to the Seller/Servicer, notice must be sent to:                              

Attention:                                                          

Telefacsimile Number:  (___) ___-____                               

9.    Jurisdiction and Venue.                                                   

      Each of the parties  irrevocably  submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.                                      

10.   Miscellaneous.                                                            

      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.                 

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      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:
(Typed Name)                                    (Typed Name)        

Title:                                          Title:                          

ATTEST:                                   RESIDENTIAL FUNDING CORPORATION       

By:                                       By:                                   
(Signature)                               (Signature)               

 By:
(Typed Name)                                    (Typed Name)        

Title:                                          Title:                          

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DOCSNY1:411472.4  1                                                             
EXHIBIT H   

FORMS OF REQUEST FOR RELEASE  

DATE:                                                                           
TO:                                                                             
RE:         REQUEST FOR RELEASE OF DOCUMENTS                                    

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.                                                                

Pooling and Servicing Agreement Dated:                                          
Series#:                                                                        
Account#:                                                                       
Pool#:                                                                          
Loan#:                                                                          
Borrower Name(s):                                                               
Reason for Document Request: (circle one)       Mortgage Loan Prepaid in Full   
                             Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."                  

Residential Funding Corporation                                                 
Authorized Signature                                                            

****************************************************************  

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.      

Enclosed Documents:           [ ] Promissory Note       
                    [ ] Primary Insurance Policy
                     [ ] Mortgage or Deed of Trust
                                  [ ]  Assignment(s)  of Mortgage or Deed of
Trust                                                                           
                  [ ] Title Insurance Policy
[ ] Other:

Name                                                                            

Title                                                                           

Date                                                                            

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DOCSNY1:411472.4  1                                                             
EXHIBIT I-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
1997-QS11,  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" as of [date of transfer] within the meaning of Section  860E(e)(5)
of the  Internal  Revenue  Code of 1986,  as  amended  (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 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 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, 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 otherwise liable for the tax
shall be relieved of liability for the tax if the  transferee  furnishes to such
person an affidavit that the transferee is not a disqualified  organization and,
at the time of  transfer,  such person does not have actual  knowledge  that the
affidavit is false;  and (iv) that the Class R Certificates  may be "noneconomic
residual  interests"  within the  meaning of  Treasury  regulations  promulgated
pursuant to the Code and that the transferor of a noneconomic  residual interest
will remain liable for any taxes 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 at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)                

            5. The  Owner is a citizen  or  resident  of the  United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political  subdivision  thereof,  or an estate
that is  described  in Section  7701(a)(30)(D)  of the Code,  or a trust that is
described  in Section  7701(a)(30)(E)  of the Code,  or trust whose  income from
sources  without  the United  States is  includible  in gross  income for United
States federal income tax purposes regardless of its connection with the conduct
of a trade or business within the United States.                                

            6. That the Owner is aware that the Trustee  will not  register  the
transfer of any Class R Certificates unless the transferee,  or the transferee's
agent,  delivers  to it an  affidavit  and  agreement,  among other  things,  in
substantially the same form as this affidavit and agreement. The Owner expressly
agrees  that it will not  consummate  any such  transfer if it knows or believes
that any of the  representations  contained in such  affidavit and agreement are
false.                                                                          

            7. That the Owner has  reviewed  the  restrictions  set forth on the
face of the Class R Certificates  and the  provisions of Section  5.02(f) of the
Pooling and Servicing Agreement under which the Class R Certificates were issued
(in particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize
the Trustee to deliver payments to a person other than the Owner and negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.                                   

            8.  That  the  Owner  consents  to any  additional  restrictions  or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R  Certificates  will only be
owned,  directly  or  indirectly,  by  an  Owner  that  is  not  a  disqualified
organization.                                                                   

         9.  The Owner's Taxpayer Identification Number is ______________.

            10.  This  affidavit  and  agreement  relates  only  to the  Class R
Certificates  held by the  Owner  and not to any  other  holder  of the  Class R
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R Certificates.                                               

            11. That no purpose of the Owner  relating to the transfer of any of
the Class R Certificates  by the Owner is or will be to impede the assessment or
collection of any tax.                                                          

            12. That the Owner has no present  knowledge or expectation  that it
will be unable to pay any United  States  taxes owed by it so long as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.   

            13. That the Owner has no present  knowledge or expectation  that it
will become  insolvent or subject to a bankruptcy  proceeding for so long as any
of the Class R Certificates remain outstanding.                                 

            14. The  Purchaser  is not an  employee  benefit  plan or other plan
subject to the  prohibited  transaction  provisions  of the Employee  Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan.                                                 

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            IN WITNESS  WHEREOF,  the Owner has  caused  this  instrument  to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this ____ day of _______________, 199__.          

 [NAME OF OWNER]

By:     
 [Name of Officer]
          [Title of Officer]
[Corporate Seal]                                                                

ATTEST:                                                                         

[Assistant] Secretary                                                           

            Personally  appeared  before me the  above-named  [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.                                                                      

            Subscribed  and sworn  before me this ____ day of  ________________,
199__.                                                                          

 NOTARY PUBLIC

 COUNTY OF
STATE OF

                                    My  Commission   expires  the  ____  day  of
              _______________, 19__.

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EXHIBIT I-2   

FORM OF TRANSFEROR CERTIFICATE  

__________________, 19__  

Residential Accredit Loans, Inc.                                                
8400 Normandale Lake Boulevard                                                  
Suite 600                                                                       
Minneapolis, Minnesota  55437                                                   

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       
Attention:  Residential Accredit Loans, Inc. Series 1997-QS11                   

    Re:   Mortgage   Asset-Backed    Pass-Through    Certificates,    Series
1997-QS11, 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  1997-QS11,  Class  R (the  "Certificates"),  pursuant  to
Section 5.02 of the Pooling and Servicing  Agreement (the "Pooling and Servicing
Agreement"), dated as of October 1, 1997 among Residential Accredit Loans, Inc.,
as seller (the "Company"),  Residential Funding Corporation, as master servicer,
and Bankers Trust Company, 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 I-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
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.               

            4. The Seller has no actual  knowledge that the proposed  Transferee
is not both a United States Person and a Permitted Transferee.                  

                     Very truly yours,

            (Seller)

 By:
 Name:
Title:

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DOCSNY1:411472.4  1                                                             
EXHIBIT J-1   

FORM OF INVESTOR REPRESENTATION LETTER  

[date]  

Residential Accredit Loans, Inc.                                                
8400 Normandale Lake Boulevard, Suite 600                                       
Minneapolis, MN 55437                                                           

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       
Attention:  Residential Accredit Loans, Inc. Series 1997-QS11                   

    RE:   Mortgage   Asset-Backed    Pass-Through    Certificates,    Series
1997-QS11, [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
1997-QS11,  Class __ (the  "Certificates"),  issued  pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of October
1, 1997 among  Residential  Accredit  Loans,  Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and Bankers Trust Company,
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 and the Trustee 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.

            2. The Purchaser is acquiring the  Certificates  for its own account
      for investment  only and not with a view to or for sale in connection with
      any  distribution  thereof in any manner that would violate the Act or any
applicable state securities laws.                                   

            3. The Purchaser is (a) a substantial,  sophisticated  institutional
      investor  having such  knowledge and  experience in financial and business
      matters, and, in particular, in such matters related to securities similar
      to the Certificates,  such that it is capable of evaluating the merits and
      risks of  investment  in the  Certificates,  (b) able to bear the economic
      risks of such an investment  and (c) an "accredited  investor"  within the
meaning of Rule 501(a) promulgated pursuant to the Act.             

            4. The Purchaser has been furnished with, and has had an opportunity
      to  review  (a)  [a  copy  of  the  Private  Placement  Memorandum,  dated
      ___________________, 19__, relating to the Certificates (b)] a copy of the
      Pooling  and  Servicing  Agreement  and [b]  [c]  such  other  information
      concerning  the  Certificates,  the Mortgage  Loans and the Company as has
      been  requested  by the  Purchaser  from the  Company or the Seller and is
      relevant to the  Purchaser's  decision to purchase the  Certificates.  The
      Purchaser has had any questions  arising from such review  answered by the
      Company  or the  Seller  to the  satisfaction  of the  Purchaser.  [If the
      Purchaser did not purchase the Certificates  from the Seller in connection
      with the initial  distribution of the Certificates and was provided with a
      copy of the Private Placement  Memorandum (the  "Memorandum")  relating to
      the  original  sale  (the  "Original  Sale")  of the  Certificates  by the
      Company,  the Purchaser  acknowledges that such Memorandum was provided to
      it by the Seller,  that the  Memorandum was prepared by the Company solely
      for use in  connection  with the  Original  Sale and the  Company  did not
      participate  in or facilitate in any way the purchase of the  Certificates
      by the Purchaser  from the Seller,  and the Purchaser  agrees that it will
      look  solely to the  Seller  and not to the  Company  with  respect to any
      damage,  liability,  claim or expense arising out of, resulting from or in
      connection  with (a) error or  omission,  or  alleged  error or  omission,
      contained in the Memorandum, or (b) any information,  development or event
arising after the date of the Memorandum.]                          

            5. The  Purchaser has not and will not nor has it authorized or will
      it  authorize  any  person  to (a)  offer,  pledge,  sell,  dispose  of or
      otherwise transfer any Certificate, any interest in any Certificate or any
      other similar security to any person in any manner,  (b) solicit any offer
      to buy or to  accept  a  pledge,  disposition  of  other  transfer  of any
      Certificate, any interest in any Certificate or any other similar security
      from any person in any manner,  (c) otherwise  approach or negotiate  with
      respect to any  Certificate,  any interest in any Certificate or any other
      similar  security  with any  person in any  manner,  (d) make any  general
      solicitation by means of general advertising or in any other manner or (e)
      take any other  action,  that (as to any of (a) through  (e) above)  would
      constitute a  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 (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                                                

                      (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 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 Section III of PTCE 95-60.  
                     Very truly yours,

 By:
 Name:
Title:

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EXHIBIT J-2   

FORM OF ERISA REPRESENTATION LETTER   

_____________, 199_   

Residential Funding Corporation                                                 
8400 Normandale Lake Boulevard, Suite 600                                       
Minneapolis, Minnesota  55437                                                   

Residential Accredit Loans, Inc.                                                
8400 Normandale Lake Boulevard, Suite 600                                       
Minneapolis, Minnesota  55437                                                   

Bankers Trust Company                                                           
Four Albany Street                                                              
New York, New York  10006                                                       
Attention:  Residential Accredit Loans, Inc. Series 1997-QS11                   

    Re:   Mortgage   Asset-Backed    Pass-Through    Certificates,    Series
1997-QS11, Class M-__                                   

Dear Sirs:                                                                      

      ________________     (the     "Purchaser")     intends     to     purchase
from___________________  (the "Seller")  $________________  Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
1997-QS11,  Class M-__ (the "Certificates"),  issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of October
1, 1997,  among  Residential  Accredit Loans,  Inc., as seller (the  "Company"),
Residential Funding Corporation,  as master servicer (the "Master Servicer") and
Bankers  Trust  Company,  as (the  "Trustee").  All terms  used  herein  and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants  with the  Company,  the  Trustee  and the  Master  Servicer  that the
following statements in either (1) or (2) are accurate:                         

            (a) is  not  an  employee  benefit  or  other  plan  subject  to the
      prohibited  transaction  provisions  of  the  Employee  Retirement  Income
      Security  Act of  1974,  as  amended  ("ERISA"),  or  Section  4975 of the
      Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"),  or any
      other person  (including an  investment  manager,  a named  fiduciary or a
      trustee  of any Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any Certificate with "plan assets" of any Plan; 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 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 Section III of
PTCE 95-60.                                                         
                     Very truly yours,

 By:
 Name:
Title:

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DOCSNY1:411472.4  1                                                             
EXHIBIT K   

FORM OF TRANSFEROR REPRESENTATION LETTER  

_____________________, 19   

Residential Accredit Loans, Inc.                                                
8400 Normandale Lake Boulevard, Suite 600                                       
Minneapolis, MN 55437                                                           

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       

Attention:  Residential Accredit Loans, Inc. Series 1997-QS11                   

    Re:   Mortgage   Asset-Backed    Pass-Through    Certificates,    Series
1997-QS11, 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 1997-QS11, Class (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling  and  Servicing  Agreement"),   dated  as  of  October  1,  1997  among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation,  as master  servicer,  and Bankers Trust  Company,  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:

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DOCSNY1:411472.4  1                                                             
EXHIBIT L   

[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  October  1,  1997  among
Residential Funding Corporation as Master Servicer,  Residential Accredit Loans,
Inc. as depositor  pursuant to Section 5.02 of the  Agreement  and Bankers Trust
Company, 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.                          

                  c. The Buyer has been furnished with all information regarding
      the Rule  144A  Securities  that it has  requested  from the  Seller,  the
Trustee or the Servicer.                                            

                  d.  Neither  the Buyer nor  anyone  acting on its  behalf  has
      offered, transferred, pledged, sold or otherwise disposed of the Rule 144A
      Securities,  any interest in the Rule 144A Securities or any other similar
      security to, or solicited any offer to buy or accept a transfer, pledge or
      other  disposition of the Rule 144A  Securities,  any interest in the Rule
      144A  Securities  or  any  other  similar   security  from,  or  otherwise
      approached or  negotiated  with respect to the Rule 144A  Securities,  any
      interest in the Rule 144A  Securities or any other similar  security with,
      any person in any  manner,  or made any general  solicitation  by means of
      general  advertising  or in any other  manner,  or taken any other action,
      that would constitute a distribution of the Rule 144A Securities under the
      1933 Act or that would render the  disposition of the Rule 144A Securities
      a violation of Section 5 of the 1933 Act or require registration  pursuant
      thereto,  nor will it act, nor has it  authorized or will it authorize any
   person to act, in such manner with respect to the Rule 144A Securities.

                  e. The Buyer is a "qualified institutional buyer" as that term
      is defined in Rule 144A under the 1933 Act and has completed either of the
      forms of  certification to that effect attached hereto as Annex 1 or Annex
      2. The Buyer is aware  that the sale to it is being  made in  reliance  on
      Rule 144A.  The Buyer is acquiring  the Rule 144A  Securities  for its own
      account  or  the  accounts  of  other  qualified   institutional   buyers,
      understands  that such Rule 144A  Securities  may be  resold,  pledged  or
      transferred  only (i) to a person  reasonably  believed  to be a qualified
      institutional  buyer that purchases for its own account or for the account
      of a  qualified  institutional  buyer to whom  notice  is  given  that the
      resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the 1933 Act. 

[3.  The Buyer                                          

                  a. is not an  employee  benefit or other  plan  subject to the
      prohibited  transaction  provisions  of  the  Employee  Retirement  Income
      Security  Act of  1974,  as  amended  ("ERISA"),  or  Section  4975 of the
      Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"),  or any
      other person  (including an  investment  manager,  a named  fiduciary or a
      trustee  of any Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any Certificate with "plan assets" of any Plan; 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 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 Section 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:                                 

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ANNEX 1 TO EXHIBIT L  

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A  

[For Buyers Other Than Registered Investment Companies]   

       The undersigned  hereby  certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:         

            1. As indicated  below,  the  undersigned  is the  President,  Chief
Financial  Officer,  Senior Vice  President  or other  executive  officer of the
Buyer.                                                                          

            2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a
"qualified  institutional  buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis  $______________________  in securities (except for the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.                  

            ___ Corporation, etc. The Buyer is a corporation (other than a bank,
            savings and loan association or similar institution),  Massachusetts
            or similar business trust,  partnership,  or charitable organization
    described in Section 501(c)(3) of the Internal Revenue Code.

            ___ Bank.  The Buyer (a) is a national  bank or banking  institution
            organized under the laws of any State,  territory or the District of
            Columbia, the business of which is substantially confined to banking
            and is supervised by the State or territorial  banking commission or
            similar official or is a foreign bank or equivalent institution, and
            (b) has an audited net worth of at least $25,000,000 as demonstrated
            in its  latest  annual  financial  statements,  a copy of  which  is
attached hereto.                                        

            ___  Savings  and  Loan.  The  Buyer  (a)  is  a  savings  and  loan
            association,  building  and  loan  association,   cooperative  bank,
            homestead  association or similar  institution,  which is supervised
            and examined by a State or Federal authority having supervision over
            any such  institutions or is a foreign savings and loan  association
            or  equivalent  institution  and (b) has an audited  net worth of at
            least  $25,000,000 as  demonstrated  in its latest annual  financial
statements.                                             

          ___   Broker-Dealer.  The  Buyer is a dealer  registered  pursuant
to Section 15 of the Securities Exchange Act of 1934.   

            ___  Insurance  Company.  The Buyer is an  insurance  company  whose
            primary  and  predominant   business  activity  is  the  writing  of
            insurance  or the  reinsuring  of risks  underwritten  by  insurance
            companies  and which is  subject  to  supervision  by the  insurance
            commissioner or a similar official or agency of a State or territory
or the District of Columbia.                            

          ___   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.                     

___  ___        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:   

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ANNEX 2 TO EXHIBIT L  

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:         

             1. 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.     

            2. 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).                                             

            3. 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).                           

            4.  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.                                              

            5. 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.                                                            

            6. The  undersigned  will  notify  each of the parties to which this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.                                                                       

           Print Name of Buyer

By:     
Name:   
Title:  

IF AN ADVISER:

           Print Name of Buyer

Date:   

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DOCSNY1:411472.4  1                                                             
EXHIBIT M   

[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  Subservicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Subservicer  Advances  previously made,  (which will not be
Advances or  Subservicer  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  Subservicer  Advances  reimbursed  pursuant to
Section  4.02(a),  to the extent such Advances or Subservicer  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 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 orporation
at  the  date  of  such   substitution  and  (C)  the  Company  obtains  written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
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  supersession  (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  supersession  will not cause
either (a) any  federal tax to be imposed on theTrust  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.

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DOCSNY1:411472.4  1                                                             
EXHIBIT N   

[FORM OF LIMITED GUARANTY]  

LIMITED GUARANTY  

RESIDENTIAL ACCREDIT LOANS, INC.  

Mortgage Asset-Backed Pass-Through Certificates   
Series 1997-QS11  

____________, 199__   

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       
Attention:  Residential Accredit Loans, Inc.  Series 1997-QS11                  

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  October  1,  1997  (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
Bankers Trust  Company (the  "Trustee") as amended by Amendment No. ___ thereto,
dated as of ________,  with respect to the  Mortgage  Asset-Backed  Pass-Through
Certificates, Series 1997-QS11 (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.                                       

            (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.                  

            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.                                        

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                 GENERAL MOTORS ACCEPTANCE
 CORPORATION

By:     
Name:   
Title:  

Acknowledged by:                                                                

BANKERS TRUST COMPANY,                                                          
as Trustee                                                                      

By:                                                                             
Name:                                                                           
Title:                                                                          

RESIDENTIAL ACCREDIT LOANS, INC.                                                

By:                                                                             
Name:                                                                           
Title:                                                                          

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DOCSNY1:411472.4  1                                                             
EXHIBIT O   

FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN  

[date]  

Residential Accredit Loans, Inc.                                                
8400 Normandale Lake Boulevard, Suite 600                                       
Minneapolis, Minnesota  55437                                                   

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       

Attention: Residential Accredit Loans, Inc.  Series 1997-QS11                   

   Re:   Mortgage Asset-Backed Pass-Through Certificates, Series 1997-QS11
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
October  1,  1997  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:  

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DOCSNY1:411472.4  1                                                             
EXHIBIT P   

SCHEDULE OF DISCOUNT FRACTIONS  

Schedule of Discount Fractions                                                  

PRINCIPAL       NET MORTGAGE    DISCOUNT        PO              
LOAN #  BALANCE RATE    FRACTION        BALANCE                                 
1600512 230,853.29      6.420   8.2857142857%   19,127.84                       
1596722 270,160.65      6.545   6.5000000000%   17,560.44                       
1600449 222,104.77      6.545   6.5000000000%   14,436.81                       
1600529 358,851.82      6.545   6.5000000000%   23,325.37                       
1600448 248,417.90      6.670   4.7142857143%   11,711.13                       
1600453 345,544.28      6.670   4.7142857143%   16,289.94                       
1600454 267,429.54      6.670   4.7142857143%   12,607.39                       
1600510 226,483.19      6.670   4.7142857143%   10,677.06                       
1607276 277,200.00      6.670   4.7142857143%   13,068.00                       
1607433 296,180.83      6.670   4.7142857143%   13,962.81                       
1607590 250,000.00      6.670   4.7142857143%   11,785.71                       
1599062 598,127.51      6.795   2.9285714286%   17,516.59                       
1599084 190,542.95      6.795   2.9285714286%   5,580.19                        
1600465 558,688.17      6.795   2.9285714286%   16,361.58                       
1600480 214,029.96      6.795   2.9285714286%   6,268.02                        
1600481 261,850.44      6.795   2.9285714286%   7,668.48                        
1600528 255,599.82      6.795   2.9285714286%   7,485.42                        
1600532 249,219.80      6.795   2.9285714286%   7,298.58                        
1602985 234,266.60      6.795   2.9285714286%   6,860.66                        
1603629 580,000.00      6.795   2.9285714286%   16,985.71                       
1607436 318,643.86      6.795   2.9285714286%   9,331.71                        
1607438 257,947.54      6.795   2.9285714286%   7,554.18                        
1607495 591,275.20      6.795   2.9285714286%   17,315.92                       
1611593 631,200.00      6.795   2.9285714286%   18,485.14                       
1601229 370,062.75      6.845   2.2142857143%   8,194.25                        
1605715 267,861.44      6.845   2.2142857143%   5,931.22                        
1606229 155,000.00      6.845   2.2142857143%   3,432.14                        
1550600 399,022.16      6.920   1.1428571429%   4,560.25                        
1599080 258,735.43      6.920   1.1428571429%   2,956.98                        
1599112 260,588.43      6.920   1.1428571429%   2,978.15                        
1600452 252,029.55      6.920   1.1428571429%   2,880.34                        
1600459 292,179.38      6.920   1.1428571429%   3,339.19                        
1600479 301,167.69      6.920   1.1428571429%   3,441.92                        
1600487 238,513.74      6.920   1.1428571429%   2,725.87                        
1600490 372,677.79      6.920   1.1428571429%   4,259.17                        
1600492 292,267.74      6.920   1.1428571429%   3,340.20                        
1600495 263,199.83      6.920   1.1428571429%   3,008.00                        
1600507 258,389.91      6.920   1.1428571429%   2,953.03                        
1600520 440,512.39      6.920   1.1428571429%   5,034.43                        
1603581 300,000.00      6.920   1.1428571429%   3,428.57                        
1607325 230,000.00      6.920   1.1428571429%   2,628.57                        
1607458 356,645.89      6.920   1.1428571429%   4,075.95                        
1607499 282,241.31      6.920   1.1428571429%   3,225.61                        
1607529 496,903.70      6.920   1.1428571429%   5,678.90                        
1607773 249,228.26      6.920   1.1428571429%   2,848.32                        
1610746 348,919.56      6.920   1.1428571429%   3,987.65                        
1484064 216,276.55      6.970   0.4285714286%   926.90                          
1603060 104,677.28      6.970   0.4285714286%   448.62                          
1604649 239,259.13      6.970   0.4285714286%   1,025.40                        
1607670 563,255.86      6.970   0.4285714286%   2,413.95                        
1609234 295,200.00      6.970   0.4285714286%   1,265.14                        

$16,039,433.89          2.4954337362%   $400,253.44             

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DOCSNY1:411472.4  1                                                             
EXHIBIT Q                                                                       

FORM OF REQUEST FOR EXCHANGE  

[DATE]  

Bankers Trust Company                                                           
3 Park Plaza                                                                    
Irvine, California  92714                                                       

    Re:   Residential   Accredit   Loans,   Inc.,   Mortgage    Asset-Backed
Pass-Through Certificates, Series 1997-QS11             

            Residential Funding Corporation,  as the Holder of a ___% Percentage
Interest  of the Class  A-3[-1]  Certificates,  hereby  requests  the Trustee to
exchange the above-referenced Certificates for the Subclasses referred to below:

                        1.  Class  A-3-_  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 Class
                  A-3-_    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 Class A-3[-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 October
1, 1997, among Residential Accredit Loans, Inc., Residential Funding            
Corporation and Bankers Trust Company, as trustee.                              

                       RESIDENTIAL FUNDING CORPORATION

By:     
Name:   
Title: